<SEC-DOCUMENT>0001140361-19-011251.txt : 20190619
<SEC-HEADER>0001140361-19-011251.hdr.sgml : 20190619
<ACCEPTANCE-DATETIME>20190619060420
ACCESSION NUMBER:		0001140361-19-011251
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190619
DATE AS OF CHANGE:		20190619
GROUP MEMBERS:		WENGEN INVESTMENTS LTD

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42825
		FILM NUMBER:		19905021

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Wengen Alberta, LP
		CENTRAL INDEX KEY:			0001399590
		IRS NUMBER:				208658661
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O LAUREATE EDUCATION, INC.
		STREET 2:		650 SOUTH EXETER STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		212-750-8300

	MAIL ADDRESS:	
		STREET 1:		C/O LAUREATE EDUCATION, INC.
		STREET 2:		650 SOUTH EXETER STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>formsc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div><br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">SCHEDULE 13D</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Under the Securities Exchange Act of 1934</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Amendment No. 4)*</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Laureate Education, Inc.</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">(Name of Issuer)</div>
            </td>
          </tr>

      </table>
      <div><br>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Class A Common Stock, par value $0.004 per share</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">(Title of Class of Securities)</div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">518613203</div>
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            <td style="width: 100%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0);">(CUSIP Number)</div>
            </td>
          </tr>

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      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">William L. Cornog</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">c/o Wengen Alberta, Limited Partnership</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">c/o Laureate Education, Inc.</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">650 South Exeter Street</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Baltimore, Maryland 21202</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">with a copy to:</div>
      <div><br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Mark D. Wood, Esq.</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Katten Muchin Rosenman LLP</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">525 W. Monroe Street</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Chicago, Illinois&#160; 60661</div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Telephone: (312) 902-5493</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">(Name, Address and Telephone Number of Person <br>
                Authorized to Receive Notices and Communications)</div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">June 12, 2019</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">(Date of Event Which Requires Filing of this Statement)</div>
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      <div style="margin-right: 36pt; margin-left: 36pt; color: rgb(0, 0, 0);">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
        &#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g) check the following box. &#9744;</div>
      <div style="margin-right: 36pt; margin-left: 36pt; color: rgb(0, 0, 0);"> <br>
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      <div style="margin-right: 36pt; margin-left: 36pt; color: rgb(0, 0, 0);"><font style="font-weight: bold;">Note</font>: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See
        &#167;240.13d-7(b) for other parties to whom copies are to be sent.</div>
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      <div style="margin-right: 36pt; margin-left: 36pt; color: rgb(0, 0, 0);">* The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any
        subsequent amendment containing information which would alter disclosures provided in a prior cover page.</div>
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      <div style="margin-right: 36pt; margin-left: 36pt; color: rgb(0, 0, 0);">The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;<u>Act</u>&#8221;)








        or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>
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        <p style="font-weight: bold; text-align: center;" class="MsoNormal">Explanatory Note</p>
        <p class="MsoNormal">This Amendment No. 4 is being refiled to include Exhibit L and Exhibit M, which were inadvertently omitted from the original Amendment No. 4 filed on June 18, 2019. No other changes were made to the original Amendment No. 4.</p>
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              <div style="color: rgb(0, 0, 0);">CUSIP No.&#160;&#160; 518613203</div>
            </td>
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              <div style="color: rgb(0, 0, 0); font-weight: bold;">13D</div>
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                <div style="font-size: 18pt; font-weight: bold; text-align: center;">1</div>
              </td>
              <td style="border-top: 1pt solid rgb(0, 0, 0); vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">NAMES OF REPORTING PERSONS</div>
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              <td style="border-top: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
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              <td style="border-top: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
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                <div style="font-weight: bold; text-align: left;">I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</div>
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              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
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            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">Wengen Alberta, Limited Partnership</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
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              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
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              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">2</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
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              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: right;">(a)</div>
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                <div style="text-align: left;">&#9744;</div>
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            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: right;">(b)</div>
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              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 5.01%;">
                <div style="text-align: left;">&#9744;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">3</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%; background-color: rgb(191, 191, 191);" colspan="3">
                <div style="font-weight: bold; text-align: left;">SEC USE ONLY</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%; background-color: rgb(191, 191, 191);">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%; background-color: rgb(191, 191, 191);">
                <div style="text-align: left;">&#160;</div>
              </td>
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            <tr style="background-color: #bfbfbf;">
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr style="background-color: #bfbfbf;">
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">4</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">OO</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">5</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 5.01%;">
                <div style="text-align: left;">&#9744;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">6</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">Alberta, Canada</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); font-weight: bold; border-left: 1pt solid rgb(0, 0, 0); width: 12.71%;" rowspan="12" colspan="2">
                <div style="text-align: center;">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
              </td>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">7</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;">
                <div style="font-weight: bold; text-align: left;">SOLE VOTING POWER</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                <div style="text-align: left; color: rgb(0, 0, 0);">0</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">8</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;">
                <div style="font-weight: bold; text-align: left;">SHARED VOTING POWER</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                <div style="text-align: left; color: rgb(0, 0, 0);">101,147,116*</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">9</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;">
                <div style="font-weight: bold; text-align: left;">SOLE DISPOSITIVE POWER</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                <div style="text-align: left; color: rgb(0, 0, 0);">0</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">10</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;">
                <div style="font-weight: bold; text-align: left;">SHARED DISPOSITIVE POWER</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                <div style="text-align: left; color: rgb(0, 0, 0);">101,147,116*</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">11</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">101,147,116*</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">12</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 5.01%;">
                <div style="text-align: left;">&#9744;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">13</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">45.99%*</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">14</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">PN</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="color: rgb(0, 0, 0);">*See Item 5.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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          <tr>
            <td style="width: 50%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">CUSIP No.&#160;&#160; 518613203</div>
            </td>
            <td style="width: 50%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">13D</div>
            </td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="2" border="0" style="border-collapse: collapse; width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

            <tr>
              <td style="border-top: 1pt solid rgb(0, 0, 0); vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="4">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">1</div>
              </td>
              <td style="border-top: 1pt solid rgb(0, 0, 0); vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">NAMES OF REPORTING PERSONS</div>
              </td>
              <td style="border-top: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-top: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">Wengen Investments Limited</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr style="height: 13px;">
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">2</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: right;">(a)</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 5.01%;">
                <div style="text-align: left;">&#9744;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: right;">(b)</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 5.01%;">
                <div style="text-align: left;">&#9744;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">3</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%; background-color: rgb(191, 191, 191);" colspan="3">
                <div style="font-weight: bold; text-align: left;">SEC USE ONLY</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%; background-color: rgb(191, 191, 191);">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%; background-color: rgb(191, 191, 191);">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr style="background-color: #bfbfbf;">
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr style="background-color: #bfbfbf;">
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">4</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">OO</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">5</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 5.01%;">
                <div style="text-align: left;">&#9744;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">6</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">Cayman Islands</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); font-weight: bold; border-left: 1pt solid rgb(0, 0, 0); width: 12.71%;" rowspan="12" colspan="2">
                <div style="text-align: center;">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
              </td>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">7</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;">
                <div style="font-weight: bold; text-align: left;">SOLE VOTING POWER</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                <div style="text-align: left; color: rgb(0, 0, 0);">0</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">8</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;">
                <div style="font-weight: bold; text-align: left;">SHARED VOTING POWER</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                <div style="text-align: left; color: rgb(0, 0, 0);">101,147,116*</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">9</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;">
                <div style="font-weight: bold; text-align: left;">SOLE DISPOSITIVE POWER</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                <div style="text-align: left; color: rgb(0, 0, 0);">0</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">10</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;">
                <div style="font-weight: bold; text-align: left;">SHARED DISPOSITIVE POWER</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                <div style="text-align: left; color: rgb(0, 0, 0);">101,147,116*</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">11</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">101,147,116*</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">12</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: middle; width: 5.01%;">
                <div style="text-align: left;">&#9744;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">&#160;</td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">13</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">45.99%</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 6.36%;" rowspan="3">
                <div style="font-size: 18pt; font-weight: bold; text-align: center;">14</div>
              </td>
              <td style="vertical-align: middle; border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" colspan="3">
                <div style="font-weight: bold; text-align: left;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                <div style="text-align: left; color: rgb(0, 0, 0);">CO</div>
              </td>
              <td style="vertical-align: middle; width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); width: 2.59%;">
                <div style="text-align: left;">&#160;</div>
              </td>
              <td style="border-right: 1pt solid rgb(0, 0, 0); vertical-align: top; border-bottom: 1pt solid rgb(0, 0, 0); width: 5.01%;">
                <div style="text-align: left;">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze7e9f6eff6f04b73af3f59c9e141ad3e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0);">CUSIP No.&#160;&#160; 518613203</div>
            </td>
            <td style="width: 50%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">13D</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Explanatory Note</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">This Amendment No. 4 to Schedule 13D (&#8220;<u>Amendment No. 4</u>&#8221;) relates to the shares of Class A common stock, par value $0.004 per share (the &#8220;<u>Class A Common Stock</u>&#8221;), of Laureate Education, Inc., a Delaware
        public benefit corporation (the &#8220;<u>Issuer</u>&#8221;), and amends the initial statement on Schedule 13D filed by Wengen Alberta, Limited Partnership (&#8220;<u>Wengen</u>&#8221;) and Wengen Investments Limited (collectively, the &#8220;<u>Reporting Persons</u>&#8221;) with the
        Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) on February 16, 2017,&#160; as amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3 to such Schedule 13D filed on April 25, 2018, November 15, 2018 and November 21, 2018, respectively (as
        so amended, the &#8220;<u>Statement</u>&#8221;). This Amendment No. 4 is being filed by the Reporting Persons to report the sale by Wengen of 10,955,000 shares of the Issuer&#8217;s Class A Common Stock in an underwritten public offering. Except as specifically
        provided herein, this Amendment No. 4 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Schedule 13D.</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z04e601ef1ee24529aaf546dd52718e41" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Purpose of Transaction.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-style: italic;">Item 4 of the Statement is hereby amended by adding the following:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">On June 12, 2019, the Issuer commenced an underwritten secondary public offering (the &#8220;<u>June 2019 Offering</u>&#8221;) of 10,000,000 shares of Class A Common Stock (the &#8220;<u>Firm
          Shares</u>&#8221;) on behalf of Wengen as the sole selling stockholder, plus up to an additional 1,500,000 shares of Class A Common Stock subject to a 30-day over-allotment option granted to the Underwriter (as defined below), pursuant to a preliminary
        prospectus supplement filed by the Issuer with the SEC on June 12, 2019 under the Issuer&#8217;s registration statement on Form S-3 (File No. 333-224405).&#160; Also on that date, the June 2019 Offering was priced and the Issuer and Wengen entered into the
        Underwriting Agreement (as defined below) with the Underwriter.&#160; On June 17, 2019, Wengen consummated its sale of the Firm Shares, plus an additional 955,000 shares of Class A Common Stock pursuant to the over-allotment option granted to the
        Underwriter (the &#8220;<u>Optional Shares</u>&#8221;), in the June 2019 Offering, all upon conversion of an equal number of shares of Class B Common Stock held by Wengen, as contemplated by the Underwriting Agreement and set forth in the final prospectus
        supplement filed by the Issuer with the SEC on June 14, 2019 (the &#8220;<u>Supplement</u>&#8221;). The Selling Stockholder received net proceeds (before expenses) of $167,646,556 (or $15.3032 per share) from the sale of the Class A Common Stock. BMO Capital
        Markets Corp. (the &#8220;<u>Underwriter</u>&#8221;) acted as the sole underwriter of the June 2019 Offering. For additional information regarding the Underwriting Agreement, see Item 6 below.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">Of the shares sold by Wengen in the June 2019 Offering, such shares were sold on behalf of certain direct and indirect investors in Wengen as follows:</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(i)&#160; On behalf of ILM Investments Limited Partnership, Laureate Co-Investors I Limited Partnership, Laureate Co-Investors II Limited Partnership, Laureate
          Co-Investors III Limited Partnership, Laureate Co-Investors IV Limited Partnership and Laureate Co-Investors V Limited Partnership (collectively, the &#8220;</font><font style="background-color: #FFFFFF;"><u>Sterling Co-Investment Funds</u></font><font style="background-color: #FFFFFF;">&#8221;), an aggregate of 5,194,300 shares on behalf of Bregal Europe, Caisse, the Makena Funds, the SPT Funds, SSP, Stockwell, Vulcan (each as defined below) and another fund, as investors in the Sterling
          Co-Investment Funds.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(ii)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>Sterling Capital Partners II, L.P.,
          701,819 shares.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(iii)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>Bregal Europe Co-Investment Limited
          Partnership (&#8220;</font><font style="background-color: #FFFFFF;"><u>Bregal Europe</u></font><font style="background-color: #FFFFFF;">&#8221;), 284,833 shares, including 260,497 shares by the Sterling Co-Investment Funds on behalf of Bregal Europe as an
          investor in such funds.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(iv)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>Caisse de d&#233;p&#244;t et placement du Qu&#233;bec
          (&#8220;</font><font style="background-color: #FFFFFF;"><u>Caisse</u></font><font style="background-color: #FFFFFF;">&#8221;), 505,170 shares, including 151,549 shares by the Sterling Co-Investment Funds on behalf of Caisse as an investor in such funds.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(v)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>Citigroup Capital Partners II Employee
          Master Fund, L.P. and Co-Investment (Laureate) LLC, 128,393 and 265,276 shares, respectively.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(vi)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>Makena Private Equity Master Fund B,
          L.P. (&#8220;</font><font style="background-color: #FFFFFF;"><u>Makena PE B</u></font><font style="background-color: #FFFFFF;">&#8221;) and Makena Contingent Capital Account, L.P. (&#8220;</font><font style="background-color: #FFFFFF;"><u>Makena Contingent</u></font><font style="background-color: #FFFFFF;">&#8221; and, together with Makena PE B, the &#8220;</font><font style="background-color: #FFFFFF;"><u>Makena Funds</u></font><font style="background-color: #FFFFFF;">&#8221;), 2,069,433 and 280,426 shares, respectively, including
          1,892,622 and 280,426 shares by the Sterling Co-Investment Funds on behalf of Makena PE B and Makena Contingent, respectively, as investors in such funds.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(vii)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>SPT Capital Management, L.P. (&#8220;</font><font style="background-color: #FFFFFF;"><u>SPT Management</u></font><font style="background-color: #FFFFFF;">&#8221;) and SPT Capital International, Ltd. (&#8220;</font><font style="background-color: #FFFFFF;"><u>SPT International</u></font><font style="background-color: #FFFFFF;">&#8221; and, together with SPT Management, the &#8220;</font><font style="background-color: #FFFFFF;"><u>SPT Funds</u></font><font style="background-color: #FFFFFF;">&#8221;), 444,627 and 1,242,121 shares, respectively, including
          406,652 and 1,134,694 shares by the Sterling Co-Investment Funds on behalf of SPT Management and SPT International, respectively, as investors in such funds.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(viii)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>SSP Laureate Holdings LLC (&#8220;</font><font style="background-color: #FFFFFF;"><u>SSP</u></font><font style="background-color: #FFFFFF;">&#8221;), 559,702 shares, including 515,499 shares by the Sterling Co-Investment Funds on behalf of SSP as an investor in such funds.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(ix)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>StepStone Capital Partners II Onshore,
          L.P., StepStone Capital Partners II Cayman Holdings, L.P. and 2007 Co-Investment Portfolio, L.P., 98,500, 123,739 and 194,547 shares, respectively.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(x)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>Stockwell Fund Limited Partnership (&#8220;</font><font style="background-color: #FFFFFF;"><u>Stockwell</u></font><font style="background-color: #FFFFFF;">&#8221;), 251,683 shares, including 234,002 shares by the Sterling Co-Investment Funds on behalf of Stockwell as an investor in such funds.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(xi)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>Vulcan Education Holdings LLC (&#8220;</font><font style="background-color: #FFFFFF;"><u>Vulcan</u></font><font style="background-color: #FFFFFF;">&#8221;) 234,464 shares, all of which were sold by the Sterling Co-Investment Funds on behalf of Vulcan as an investor in such funds.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"><font style="background-color: #FFFFFF;">(xii)&#160; </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">On behalf of </font>the Sterling Co-Investment Funds,
          83,895 shares on behalf of another investor in such funds that beneficially owns less than 1% of the Class A Common Stock of the Issuer.</font></div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z65816aef601f4fb7a27646d924f54fcd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 5.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Interest in Securities of the Issuer.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">Items 5(a), (b) and (c) of the Statement are hereby amended and restated to read as follows:</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z2c44e27ed6d14ff09063f472898891ae" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 49.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0);">CUSIP No.&#160;&#160; 518613203</div>
            </td>
            <td style="width: 50.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">13D</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">The information set forth in Items 2, 3 and 6 of this Statement and the cover pages of this Statement is hereby incorporated by reference into this Item 5.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">(a) and (b). Following the June 2019 Offering, the Reporting Persons may be deemed to beneficially own, in the aggregate, 101,147,116 shares of Class A Common Stock, which represents, in the aggregate, approximately
        45.99% of the outstanding shares of the Issuer&#8217;s Class A Common Stock, calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934 (the &#8220;<u>Exchange Act</u>&#8221;), as a result of Wengen&#8217;s ownership of 101,147,116 shares of Class B Common
        Stock, which are convertible by Wengen on a one-for-one basis into shares of Class A Common Stock at the discretion of Wengen GP or upon transfer, subject to the terms of the Issuer&#8217;s Amended and Restated Certificate of Incorporation.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">Pursuant to the provisions of the Wengen Securityholders Agreement (defined below), Wengen GP will vote the shares of Common Stock owned by Wengen in certain matters, including in the election of certain directors,
        at the discretion of Wengen GP, and with respect to voting on certain matters and disposition of such securities, subject to certain limitations, such powers will be exercised by Wengen GP at the direction of each underlying investor in Wengen, in
        each case, with respect to a number of shares representing its pro rata interest in Wengen.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">The above does not include additional shares of Class B Common Stock owned by employees, directors and former employees and directors of the Issuer over which Wengen has been granted a voting proxy (but no rights
        with respect to conversion of such shares of Class B Common Stock into shares of Class A Common Stock) pursuant to Management Stockholders Agreements, further described in Item 6. As set forth in the Issuer&#8217;s Schedule 14A Proxy Statement with
        respect to the annual meeting of stockholders filed by the Issuer with the SEC on April 12, 2019, an aggregate of 540,872 shares of Class B Common Stock were subject to such voting proxy as of February 28, 2019.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">The aggregate percentage of beneficial ownership in this Statement for purposes of calculations under Rule 13d-3 is based on an aggregate of 219,935,739 shares of Class A Common Stock, which includes (1) 118,788,623
        outstanding shares of Class A Common Stock, in reliance on information contained in the Supplement and reflecting the consummation of the June 2019 Offering (including the sale of the 955,000 Optional Shares), based upon information contained in
        the Supplement and (2) 101,147,116 shares of Class A Common Stock that Wengen may acquire upon the conversion of the Class B Common Stock owned by Wengen, also reflecting the consummation of the June 2019 Offering (including the sale of the 955,000
        Optional Shares). The aggregate number of shares of the Issuer&#8217;s Class A Common Stock beneficially owned by the Reporting Persons as reported herein does not include any shares of Class A Common Stock which may be received by holders of Class B
        Common Stock subject to proxies given by current and former directors and employees to Wengen to vote their shares of Class B Common Stock pursuant to the Management Stockholders Agreements as described elsewhere in this Statement.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">The filing of this Statement shall not be construed as an admission that either Wengen or Wengen GP is the beneficial owner of any securities covered by this Statement.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">The Wengen Investors and certain of their affiliates have separately made Schedule 13D filings reporting their beneficial ownership of shares of Class A Common Stock.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z0f93c21d50784fffab8c30be8680bb12" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 49.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0);">CUSIP No.&#160;&#160; 518613203</div>
            </td>
            <td style="width: 50.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">13D</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">(c) Except as set forth in Item 4, no Reporting Person has effected any transaction in the Class A Common Stock during the past 60 days.</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zad0fd14d813d47b99afe64212285f1ba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 6.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">Item 6 of the Schedule 13D is hereby amended by adding the following:</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">The Selling Stockholder agreed to sell to the Underwriter, and the Underwriter agreed to purchase from the Selling Stockholder, the Firm Shares and the Optional Shares in the June 2019 Offering at
        a purchase price of $15.3032 per share, pursuant to, and subject to the terms and conditions of, an Underwriting Agreement (the &#8220;<u>Underwriting Agreement</u>&#8221;), dated June 12, 2019, entered into by Wengen (as the Selling Stockholder), the Issuer
        and the Underwriter.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">In connection with the June 2019 Offering, on June 12, 2019 Wengen also entered into a Lock-Up Agreement (the &#8220;<u>Lock-Up Agreement</u>&#8221;) with the Underwriter. The Lock-Up Agreement provides that
        Wengen will not offer, sell, contract to sell, pledge or otherwise transfer or dispose of, directly or indirectly, any shares of Class A Common Stock or securities convertible into or exchangeable or exercisable for any shares of Class 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 Class A Common Stock, 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 Underwriter, for a period of 60 days after the date of the final
        prospectus supplement used to sell securities in the June 2019 Offering (subject to certain exceptions and termination provisions specified in the Lock-Up Agreement).</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">The descriptions of the Underwriting Agreement and Lock-up Agreement set forth above in this Item 6 do not purport to be complete and each such description is qualified in its entirety by reference
        to the full text of such document, which documents are included as Exhibit L and Exhibit M, respectively, to this Statement and are incorporated herein by reference.</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3471bcbd78dd40009f5247ba1f40ae59" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 7.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Material to be Filed as Exhibits</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-style: italic;">Item 7 of the Schedule 13D is hereby amended by adding the following exhibit:</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z31fa8bf56c0f48d698acb176141575ec" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0);"><a href="ex99_l.htm">Exhibit L.</a></td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Underwriting Agreement dated June 12, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z738374fbc8ae443b9ad6344983f80394" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0);"><a href="ex99_m.htm">Exhibit M.</a></td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Lock-up Agreement dated June 12, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z5cc540722356410cbc8b45cce52b2993" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 49.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0);">CUSIP No.&#160;&#160; 518613203</div>
            </td>
            <td style="width: 50.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">13D</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SIGNATURE</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zbb33325254414e4183dc298872a5bbf9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">Dated:&#160; June 18, 2019</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">WENGEN ALBERTA, LIMITED PARTNERSHIP</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Wengen Investments Limited, its general partner</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Steven M. Taslitz</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Steven M. Taslitz</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Director</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">WENGEN INVESTMENTS LIMITED</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Steven M. Taslitz</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Steven M. Taslitz</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Director</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>

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<DOCUMENT>
<TYPE>EX-99.L
<SEQUENCE>2
<FILENAME>ex99_l.htm
<DESCRIPTION>EXHIBIT L
<TEXT>
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    <div>
      <div style="text-align: right; font-weight: bold;">Exhibit L</div>
      <div><br>
      </div>
      <div style="text-align: right; font-weight: bold;">EXECUTION VERSION</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">10,000,000 Shares</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">LAUREATE EDUCATION, INC.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Class A Common Stock</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;"><u>UNDERWRITING AGREEMENT</u></div>
      <div>&#160;</div>
      <div style="text-align: right;">June 12, 2019</div>
      <div>&#160;</div>
      <div>BMO Capital Markets Corp.</div>
      <div>3 Times Square</div>
      <div>New York, New York 10036</div>
      <div><br>
      </div>
      <div>As Representative of the several Underwriters,</div>
      <div>&#160;</div>
      <div>Dear Sirs:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Introductory</font>.&#160;




          Wengen Alberta, Limited Partnership (the &#8220;<font style="font-weight: bold;">Selling Securityholder</font>&#8221;), a stockholder&#160; of Laureate Education, Inc., a public benefit corporation organized under the laws of Delaware (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), proposes to sell to the several Underwriters named in <u>Schedule A</u> hereto (the &#8220;<font style="font-weight: bold;">Underwriters</font>&#8221;) for whom BMO Capital Markets Corp. is acting as
          representative (the &#8220;<font style="font-weight: bold;">Representative</font>&#8221;), 10,000,000 shares (the &#8220;<font style="font-weight: bold;">Firm Securities</font>&#8221;) of the Company&#8217;s Class A common stock, par value $0.004 per share (the &#8220;<font style="font-weight: bold;">Securities</font>&#8221;), and also proposes to sell to the Underwriters, at the option of the Underwriters, an aggregate of not more than 1,500,000 additional shares (&#8220;<font style="font-weight: bold;">Optional Securities</font>&#8221;)




          of the Securities as set forth below. The Firm Securities and the Optional Securities are herein collectively called the &#8220;<font style="font-weight: bold;">Offered Securities</font>&#8221;. In the event that only one Underwriter is listed in Schedule A
          hereto, any references to the &#8220;Underwriters&#8221; shall be deemed to refer to the sole Underwriter in the singular form listed in such Schedule A to this Underwriting Agreement (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">2.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-style: italic;">Representations




            and Warranties of the Company</font>.&#160; The Company represents and warrants to, and agrees with, the several Underwriters that:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Filing and Effectiveness of Registration Statement; Certain Defined Terms</font>.&#160; The Company has filed with the Commission an automatic shelf registration statement on Form S-3ASR (No. 333-224405), including a related prospectus or
          prospectuses, covering the registration of the Offered Securities under the Act, which became effective. A &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221; with reference to a particular time means such registration statement in
          the form then on file with the Commission, including any amendment thereto, any document incorporated by reference therein, and all 430B Information and all 430C Information with respect to such registration statement, that, in any case, has not
          been superseded or modified. A &#8220;Registration Statement&#8221; without reference to a particular time means the Registration Statement as of the Effective Time. For purposes of this definition, 430B Information shall be considered to be included in the
          Registration Statement as of the time specified in Rule 430B.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">For purposes of this Agreement:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">430B Information</font>&#8221; means information included in a prospectus then deemed to be a part of the
        Registration Statement pursuant to Rule 430B(e) or retroactively deemed to be a part of the Registration Statement pursuant to Rule 430B(f).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">430C Information</font>&#8221; means information included in a prospectus then deemed to be a part of the
        Registration Statement pursuant to Rule 430C.</div>
      <div>&#160;</div>
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      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Act</font>&#8221; means the Securities Act of 1933, as amended.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Applicable Time</font>&#8221; means 4:03 p.m. (Eastern time) on the date of this Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Closing Date&#8221; </font>has the meaning given to such term in <u>Section 4</u> hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Commission</font>&#8221; means the U.S. Securities and Exchange Commission.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Effective Time</font>&#8221; of the Registration Statement relating to the Offered Securities means the time
        of the first contract of sale for the Offered Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221; means the Securities Exchange Act of 1934, as amended.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Final Prospectus</font>&#8221; means the Statutory Prospectus that discloses the public offering price,
        other 430B Information and other final terms of the Offered Securities and otherwise satisfies Section 10(a) of the Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">General Use Issuer Free Writing Prospectus</font>&#8221; means any Issuer Free Writing Prospectus that is
        intended for general distribution to prospective investors, as evidenced by its being so specified in <u>Schedule B</u> to this Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Issuer Free Writing Prospectus</font>&#8221; means any &#8220;issuer free writing prospectus,&#8221; as defined in Rule
        433, relating to the Offered Securities in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&#8217;s records pursuant to Rule 433(g).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Limited Use Issuer Free Writing Prospectus</font>&#8221; means any Issuer Free Writing Prospectus that is
        not a General Use Issuer Free Writing Prospectus.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Rules and Regulations</font>&#8221; means the rules and regulations of the Commission.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Securities Laws</font>&#8221; means, collectively, the Sarbanes-Oxley Act of 2002 (&#8220;<font style="font-weight: bold;">Sarbanes-Oxley</font>&#8221;), the Act, the Exchange Act, the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of &#8220;issuers&#8221; (as defined in Sarbanes-Oxley) promulgated or
        approved by the Public Company Accounting Oversight Board and, as applicable, the rules of the NASDAQ Stock Market (&#8220;<font style="font-weight: bold;">Exchange Rules</font>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<font style="font-weight: bold;">Statutory Prospectus</font>&#8221; with reference to any particular time means the prospectus relating to
        the Offered Securities that is included in the Registration Statement immediately prior to that time, including all 430B Information and all 430C Information with respect to the Registration Statement.&#160; For purposes of the foregoing definition,
        430B Information shall be considered to be included in the Statutory Prospectus only as of the actual time that the form of prospectus (including a prospectus supplement) is filed with the Commission pursuant to Rule 424(b) and not retroactively.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Unless otherwise specified, a reference to a &#8220;rule&#8221; is to the indicated rule under the Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Compliance with Securities Act Requirements</font>.&#160; (i) (A) At the time that the Registration Statement initially became effective, (B) at the time of each amendment thereto for the purposes of complying with Section 10(a)(3) of the
          Act (whether by post-effective amendment, incorporated report or form of prospectus), (C) at the Effective Time relating to the Offered Securities and (D) on the Closing Date, the Registration Statement conformed and will conform in all respects
          to the requirements of the Act and the Rules and Regulations and did not and will not include 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 (ii) (A) on its date, (B) at the time of filing of the Final Prospectus pursuant to Rule 424(b) and (C) on the Closing Date, the Final Prospectus will conform in all respects to the requirements of the Act and the Rules and
          Regulations and will not include 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.&#160; The preceding sentence does not apply to
          statements in or omissions from any such document based upon written information furnished to the Company by any Underwriter through the Representative specifically for use therein, it being understood and agreed that the only such information is
          that described as such in <u>Section 10(c)</u> hereof.</div>
      <div>&#160;</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Automatic Shelf Registration Statement</font>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="color: rgb(1, 0, 0);">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Well-Known Seasoned
            Issuer Status</u>.&#160; (A) At the time of initial filing of the Registration Statement and (B) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the
          Offered Securities in reliance on the exemption of Rule 163, the Company was a &#8220;well known seasoned issuer&#8221; as defined in Rule 405, including not having been an &#8220;ineligible issuer&#8221; as defined in Rule 405.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="color: rgb(1, 0, 0);">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Effectiveness of
            Automatic Shelf Registration Statement</u>.&#160; The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule 405, that initially became effective within three years of the date hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="color: rgb(1, 0, 0);">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Eligibility to Use
            Automatic Shelf Registration Form</u>.&#160; The Company has not received from the Commission any notice pursuant to Rule 401(g)(2) objecting to its use of the automatic shelf registration statement form.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Filing Fees</font>.&#160; The Company has paid or shall pay the required Commission filing fees relating to the Offered Securities within the time required by Rule 456(b)(1) without regard to the proviso therein and otherwise in accordance
          with Rules 456(b) and 457(r).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Ineligible Issuer Status</font>.&#160; (i) At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Offered
          Securities and (ii) at the date of this Agreement, the Company was not and is not an &#8220;ineligible issuer,&#8221; as defined in Rule 405, including (x) the Company or any other subsidiary in the preceding three years not having been convicted of a felony
          or misdemeanor or having been made the subject of a judicial or administrative decree or order as described in Rule 405 and (y) the Company in the preceding three years not having been the subject of a bankruptcy petition or insolvency or similar
          proceeding, not having had a registration statement be the subject of a proceeding under Section 8 of the Act and not being the subject of a proceeding under Section 8A of the Act in connection with the offering of the Offered Securities, all as
          described in Rule 405.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">General Disclosure Package</font>.&#160; As of the Applicable Time, neither the General Use Issuer Free Writing Prospectus(es) issued at or prior to the Applicable Time nor the Statutory Prospectus, as amended and supplemented immediately
          prior to the Applicable Time, as supplemented by the information listed on <u>Schedule B</u> hereto, all considered together (collectively, the &#8220;<font style="font-weight: bold;">General Disclosure Package</font>&#8221;), included any untrue statement
          of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160; The preceding sentence does not apply to statements in or
          omissions from any such document based upon written information furnished to the Company by any Underwriter through the Representative specifically for use therein, it being understood and agreed that the only such information is that described
          as such in <u>Section 10(c)</u> hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(g)</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-style: italic;">Issuer Free Writing Prospectuses</font>.&#160; Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Offered Securities or until any earlier date
          that the Company notified or notifies the Representative as described in the next sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information then contained in the Registration
          Statement.&#160; If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information then
          contained in the Registration Statement or as a result of which such Issuer Free Writing Prospectus, if republished immediately following such event or development, would include an untrue statement of a material fact or omitted or would omit to
          state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (i) the Company has promptly notified or will promptly notify the Representative and (ii) the
          Company has promptly amended or will promptly amend or supplement such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</div>
      <div>&#160;</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Material Adverse Effect</font>.&#160; Neither the Company nor any of the Company&#8217;s subsidiaries has sustained since the date of the latest audited financial statements included or incorporated by reference in the General Disclosure
          Package any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set
          forth or contemplated in the General Disclosure Package; and, since the respective dates as of which information is given in the General Disclosure Package, there has not been any material change in the capital stock, limited liability company
          units or other types of similar ownership interests, as applicable, or long-term debt of the Company or any of the Company&#8217;s Significant Subsidiaries listed on <u>Schedule C</u> hereto (the &#8220;<font style="font-weight: bold;">Significant
            Subsidiaries</font>&#8221;), or any material adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, financial position, stockholders&#8217; equity or results of operations of the Company or
          the Company&#8217;s Significant Subsidiaries, other than as set forth or contemplated in the General Disclosure Package.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Title to Properties</font>.&#160; The Company and the Company&#8217;s subsidiaries have good and marketable title in fee simple to all real property described in the General Disclosure Package as owned by them, in each case free and clear of all
          liens, encumbrances and defects except such as are described in the General Disclosure Package, except where the failure to have such title would not reasonably be expected to have a Material Adverse Effect (as defined below); except as described
          in the General Disclosure Package, any real property and buildings held under lease by the Company and the Company&#8217;s subsidiaries are held by them under valid, subsisting and enforceable leases subject, as to enforcement, to bankruptcy,
          insolvency, reorganization and other laws of general applicability relating to or affecting creditors&#8217; rights and to general equity principles (whether considered in a proceeding at equity or at law), with such exceptions as would not,
          individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Organization and Good Standing of the Company and its Subsidiaries</font>.&#160; Each of the Company and its Significant Subsidiaries, has been duly incorporated or formed and is validly existing as a corporation, limited liability company,
          general partnership, limited partnership or other entity, as applicable, in good standing under the laws of their respective jurisdictions of incorporation or organization, with power and authority (corporate and other) to own, lease and/or
          operate its properties and conduct its business as described in the General Disclosure Package, and has been duly registered or qualified as a foreign corporation, limited liability company, general partnership, limited partnership or other
          entity, as the case may be, for the transaction of business, and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except where the
          failure to so qualify or to be in good standing would not reasonably be expected to result in a material adverse effect upon the business, prospects, properties, financial condition or earnings of the Company and the Company&#8217;s subsidiaries taken
          as a whole (a &#8220;<font style="font-weight: bold;">Material Adverse Effect</font>&#8221;). The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in <u>Schedule D</u>
          hereto.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Offered Securities</font>.&#160; The Offered Securities and all other outstanding shares of capital stock of the Company have been duly authorized; the Company has an authorized capitalization as set forth in the General Disclosure Package,
          and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable; and, except as described in the General Disclosure Package, all of the issued shares of capital
          stock, limited liability company units or other types of similar ownership interests, as applicable, of each Significant Subsidiary have been duly and validly authorized and issued, are fully paid and non-assessable, and are owned directly or
          indirectly by the Company, free and clear of all liens and preemptive or similar rights.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Finder&#8217;s Fee</font>.&#160; Except as disclosed in the General Disclosure Package, there are no contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the Company or any
          Underwriter for a brokerage commission, finder&#8217;s fee or other like payment in connection with this offering.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(m)</font> &#160; &#160;&#160;&#160;&#160; <font style="font-style: italic;">Registration Rights</font>.&#160; Except as disclosed in the General Disclosure Package, there are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a
          registration statement under the Act with respect to any securities of the Company owned or to be owned by such person or to require the Company to include such securities in the securities registered pursuant to a Registration Statement or in
          any securities being registered pursuant to any other registration statement filed by the Company under the Act (collectively, &#8220;<font style="font-weight: bold;">registration rights</font>&#8221;), and any person to whom the Company has granted
          registration rights with respect to its capital stock has agreed not to exercise such rights until after the expiration of the Lock-Up Period referred to in <u>Section 6</u> hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Listing</font>.&#160; The Offered Securities have been approved for listing on the NASDAQ Stock Market, subject to notice of issuance.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required</font>.&#160; Neither the Company nor any of its Significant Subsidiaries is in violation or default (i) of its Certificate of Incorporation or
          By-laws or other organizational documents; (ii) in the performance or observance of any obligation, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a
          party or by which it or any of its properties may be bound or (iii) of any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its Significant Subsidiaries of any court, regulatory body, administrative
          agency, governmental body, arbitrator or other authority having jurisdiction over the Company or such Significant Subsidiary or any of its properties, as applicable, except in connection with clause (ii) or (iii) as would not, individually or in
          the aggregate, reasonably be expected to result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(p)</font>&#160; &#160; &#160;&#160;&#160; <font style="font-style: italic;">No Conflicts; No Consents</font>. The issue and sale of the Offered Securities and the compliance by the Company with all of the provisions of this Agreement and the consummation of the transactions herein contemplated will not
          conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of the
          Significant Subsidiaries is a party or by which the Company or any of the Significant Subsidiaries is bound or to which any of the property or assets of the Company or any of the Significant Subsidiaries is subject, except for such conflicts,
          breaches, violations or defaults that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; nor will such action result in any violation of the provisions of the Certificate of Incorporation
          or By&#8209;laws or other organizational documents of the Company or any of the Significant Subsidiaries; nor will such action result in any violation of any statute or any order, rule or regulation of any court or governmental agency or body having
          jurisdiction over the Company or any of the Significant Subsidiaries or any of their respective properties, except where such violations could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect;
          and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Offered Securities or the consummation by the Company of the
          transactions contemplated by this Agreement, except (i) such as have been obtained or made by the Company and its Significant Subsidiaries, as the case may be, and are in full force and effect under the Act or applicable securities laws of the
          several states of the United States, (ii) such as may be required by the blue sky securities laws of any jurisdiction and (iii) the rules of the Financial Industry Regulatory Authority, Inc. (&#8220;<font style="font-weight: bold;">FINRA</font>&#8221;) in
          connection with the purchase and sale of the Offered Securities by the Underwriters.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Authorization of Agreement</font>.&#160; This Agreement has been duly authorized, executed and delivered by the Company.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(r)</font>&#160;&#160;&#160; &#160;&#160; <font style="font-style: italic;">Preparation of the Financial Statements</font>.&#160; The audited financial statements included or incorporated by reference in the Registration Statement and the General Disclosure Package, together with the related notes, present fairly,
          in all material respects, the consolidated financial position of the Company and its subsidiaries as of the dates indicated and the consolidated results of operations and cash flows of the Company and its subsidiaries for the periods specified
          and have been prepared in all material respects in conformity with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved (except as otherwise noted therein); and the pro forma financial
          information and the related notes thereto included or incorporated by reference in the Registration Statement and the General Disclosure Package have been prepared in accordance with the applicable requirements of the Securities Act and the
          Exchange Act, as applicable, and the assumptions underlying such pro forma financial information are reasonable and are set forth in the Registration Statement and the General Disclosure Package.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(s)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Third-Party Statistical and Market Data</font>. The statistical and market-related data and forward-looking statements included or incorporated by reference in the General Disclosure Package are based on or derived from sources that
          the Company and its subsidiaries believe to be reliable and accurate in all material respects and represent their good faith estimates that are made on the basis of data derived from such sources.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(t)</font>&#160;&#160;&#160; &#160;&#160;&#160; <font style="font-style: italic;">No Material Actions or Proceedings</font>.&#160; Other than as set forth in the General Disclosure Package, there are no legal or governmental proceedings pending to which the Company or any of the Company&#8217;s subsidiaries is a party or of
          which any property of the Company or any of the Company&#8217;s subsidiaries is the subject that, if determined adversely to the Company or any of the Company&#8217;s subsidiaries, would individually or in the aggregate reasonably be expected to result in a
          Material Adverse Effect or materially adversely affect the ability to consummate the transactions contemplated herein; and to the Company&#8217;s knowledge, no such proceedings are threatened.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Taxes</font>.&#160; The Company and its Significant Subsidiaries have paid or made provision to pay all federal, state, local and foreign taxes required to be paid, and filed all tax returns required to be filed, through the date hereof,
          except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and except as otherwise disclosed in the General Disclosure Package, there is no material tax deficiency that has been, or would
          reasonably be expected to be, asserted against the Company or any of its subsidiaries or any of their respective properties or assets.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Insurance</font>.&#160; The Company and each of the Company&#8217;s subsidiaries maintain insurance covering their respective properties, operations, personnel and businesses as the Company deems adequate and customary for companies engaged in
          similar businesses, and all such policies are in full force and effect in all material respects, except where a failure to maintain such insurance policies would not, individually or in the aggregate, reasonably be expected to result in a
          Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Intellectual Property Rights</font>.&#160; The Company and each of the Company&#8217;s subsidiaries own, possess or can acquire on reasonable terms, adequate rights to use all trademarks, trade names and other rights to inventions, know-how,
          patents, copyrights, confidential information and other intellectual property (collectively, &#8220;<font style="font-weight: bold;">intellectual property rights</font>&#8221;) described in the General Disclosure Package as being owned by them or necessary
          for the conduct of their respective businesses (except where a failure to own or possess such intellectual property rights would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect), and have not
          received any notice of infringement of or conflict with asserted rights of others with respect to any intellectual property rights, except where any such notice the result of which, individually or in the aggregate, if the subject of an
          unfavorable decision, ruling or finding, would reasonably be expected to result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Compliance with and Liability Under Environmental Laws</font>.&#160; Except for such matters that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, neither the Company nor any of the
          Company&#8217;s subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating
          to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, the &#8220;<font style="font-weight: bold;">environmental laws</font>&#8221;), owns or operates any real property contaminated with any
          substance that is subject to any environmental laws, is liable for any off-site disposal or contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws; and the Company is not aware of any
          pending investigation which would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. There is no proceeding pending, or known to be contemplated, against the Company or any of the Company&#8217;s
          subsidiaries under environmental laws in which a government entity is a party and which is believed to involve monetary sanctions of $100,000 or more.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(y)</font>&#160; &#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Accurate Disclosure</font>.&#160; The statements in the General Disclosure Package and the Final Prospectus under the headings &#8220;Description of Capital Stock&#8221; and &#8220;Material U.S. Tax Considerations for Non-U.S. Holders&#8221;, insofar as such
          statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings and present the information required to be shown.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(z)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Forward-looking Statement</font>.&#160; No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) contained in the Registration Statement, the General Disclosure Package or the Final
          Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(aa)</font>&#160;&#160; &#160; &#160;&#160; <font style="font-style: italic;">Absence of Manipulation</font>.&#160; The Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in any stabilization or manipulation of
          the price of any security of the Company to facilitate the sale or resale of the Offered Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(bb)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Company Not an &#8220;Investment Company&#8221;</font>.&#160; The Company is not, and after giving effect to the offering and sale of the Offered Securities and the application of the proceeds thereof as described in the General Disclosure Package will
          not be, required to register as an &#8220;investment company&#8221;, as such term is defined in the Investment Company Act of 1940, as amended.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(cc)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Company&#8217;s Accounting System</font>.&#160; The Company is in compliance with Sarbanes-Oxley and all applicable Exchange Rules.&#160; The Company and its subsidiaries, on a consolidated basis, maintain a system of internal control over financial
          reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that has been designed by or caused to be designed under the supervision of the Company&#8217;s principal executive officer and principal financial officer, to provide reasonable
          assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes<font style="font-weight: bold;">&#160;</font>in accordance<font style="font-weight: bold;">&#160;</font>with generally accepted
          accounting principles, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii) transactions
          are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management&#8217;s
          general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.&#160; Except as set forth in the General
          Disclosure Package, the Company&#8217;s internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting. Since the date of the latest audited financial
          statements included or incorporated by reference in the General Disclosure Package and except as disclosed in the General Disclosure Package, there has been no change in the Company&#8217;s nor any Significant Subsidiary&#8217;s internal control over
          financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s or any Significant Subsidiary&#8217;s internal control over financial reporting.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(dd)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Disclosure Controls</font>.<font style="font-style: italic;">&#160;</font>The Company and its subsidiaries, on a consolidated basis, maintain disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange
          Act); such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company&#8217;s principal executive officer and principal financial officer by others
          within those entities to allow timely decisions regarding required disclosure; and such disclosure controls and procedures are effective.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(ee)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Ratings</font>.&#160; No &#8220;nationally recognized statistical rating organization&#8221; as such term is defined in Section 3(a)(62) of the Exchange Act (i) has imposed (or has informed the Company that it is considering imposing) any condition
          (financial or otherwise) on the Company&#8217;s retaining any rating assigned to the Company or any securities of the Company or (ii) has indicated to the Company that it is considering any of the actions described in <u>Section 9(c)(ii)</u> hereof.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(ff)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Unlawful Contributions or Other Payments</font>.&#160; Except as set forth in the General Disclosure Package (i) neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee
          or affiliate of the Company or any of its subsidiaries is aware of or has taken any action on behalf of the Company or any other subsidiary, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices
          Act of 1977, as amended, and the rules and regulations thereunder (the &#8220;<font style="font-weight: bold;">FCPA</font>&#8221;), a violation by such persons of the Bribery Act 2010 of the United Kingdom, as amended (the &#8220;<font style="font-weight: bold;">UK
            Bribery Act</font>&#8221;) or a violation by such persons of any other applicable anti-bribery or anti-corruption laws and (ii) the Company, its subsidiaries and, to the knowledge of the Company, its affiliates have conducted their businesses in
          compliance with the FCPA, the UK Bribery Act and all other applicable anti-bribery and anti-corruption laws and have instituted, and maintain and enforce, policies and procedures designed to comply with all applicable anti-bribery and
          anti-corruption laws.&#160; The Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture, or other person for the purposes of
          facilitating activities in violation of applicable anti-corruption laws.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(gg)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Conflict with Money Laundering Laws</font>.&#160; The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the
          Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued,
          administered or enforced by any governmental agency (collectively, the &#8220;<font style="font-weight: bold;">Money Laundering Laws</font>&#8221;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
          arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(hh)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Conflict with Sanctions Laws</font>.&#160; Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries (i) is the
          subject or target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of Commerce or the U.S. Department of
          State), the United Nations Security Council, the European Union, Her Majesty&#8217;s Treasury, or other relevant sanctions authority (collectively, &#8220;<font style="font-weight: bold;">Sanctions</font>&#8221;), (ii) is located, organized or resident in a
          country or territory that is the subject or target of Sanctions (including, but not limited to, Crimea, Cuba, Iran, North Korea and Syria) (each a &#8220;<font style="font-weight: bold;">Sanctioned Country</font>&#8221;), (iii) is a person or entity (&#8220;<font style="font-weight: bold;">Person</font>&#8221;) on the list of &#8220;Specially Designated Nationals and Blocked Persons&#8221; or any other Sanctions-related list, or (iv) is owned or otherwise controlled by any Person on a Sanctions-related list. The Company
          will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds, to any subsidiary, joint venture partner or other person (i) to fund or facilitate any activities of or business
          with any Person that, at the time of such funding or facilitating, is the subject or target of Sanctions, or is located, organized or resident in a Sanctioned Country, or (ii) in any other manner that will result in a violation by any Person
          (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise) of Sanctions.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">ERISA Compliance</font>.&#160; Except as disclosed in the General Disclosure Package or as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect: (i) the Company and its subsidiaries and
          any &#8220;employee benefit plan&#8221; (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974 (as amended, &#8220;<font style="font-weight: bold;">ERISA</font>,&#8221; which term, as used herein, includes the regulations and
          published interpretations thereunder)) established or maintained by the Company or its subsidiaries are in compliance with ERISA and the Internal Revenue Code of 1986 (as amended, the &#8220;<font style="font-weight: bold;">Code</font>,&#8221; which term, as
          used herein, includes the regulations and published interpretations thereunder) and other similar laws, (ii) no &#8220;reportable event&#8221; (as defined under Section 4043 of ERISA) has occurred (excluding any such event for which the thirty (30) day
          notice requirement has been waived under the regulations to Section 4043 of ERISA) or is reasonably expected to occur with respect to any &#8220;employee benefit plan&#8221; established or maintained by the Company, its subsidiaries or any of their ERISA
          Affiliates (as defined below) and (iii) neither the Company, its subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (x) Title IV of ERISA with respect to the termination of, or
          withdrawal from, any &#8220;single employer plan&#8221; (as defined in Section 4001(a) of ERISA) or &#8220;multiemployer plan&#8221; (as defined in Section 4001(a) of ERISA, a &#8220;<font style="font-weight: bold;">Multiemployer Plan</font>&#8221;) or (y) Section 412, Section
          4971, Section 4975 or Section 4980B of the Code.&#160; Each &#8220;employee benefit plan&#8221; established or maintained by the Company or its subsidiaries that is intended to be qualified under Section 401 of the Code is so qualified and nothing has occurred,
          whether by action or failure to act, which would cause the loss of such qualification. &#8220;<font style="font-weight: bold;">ERISA Affiliate</font>&#8221; means, with respect to the Company or a subsidiary, any member of any group of organizations
          described in Section 414 of the Code of which the Company or such subsidiary is a member.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(jj)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Compliance with Labor Laws</font>.&#160; Except as otherwise disclosed in the General Disclosure Package or would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) there is (A) no
          unfair labor practice complaint pending or, to the Company&#8217;s knowledge, threatened in writing against the Company or any of its subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or
          under collective bargaining agreements pending, or to the Company&#8217;s knowledge, threatened in writing, against the Company or any of its subsidiaries, (B) no strike, labor dispute, slowdown or stoppage pending or, to the Company&#8217;s knowledge,
          threatened against the Company or any of its subsidiaries and (C) no union representation question existing with respect to the employees of the Company or any of its subsidiaries and, to the Company&#8217;s knowledge, no union organizing activities
          taking place with respect to the employees of the Company or any of its subsidiaries and (ii) there has been no violation of any federal, state or local law relating to discrimination in hiring, promotion or pay of employees or of any applicable
          wage or hour laws.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(kk)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Cybersecurity; Data Protection</font>. The Company and its subsidiaries&#8217; information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &#8220;<font style="font-weight: bold;">IT Systems</font>&#8221;) are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted, free and
          clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to
          maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data
          (&#8220;<font style="font-weight: bold;">Personal Data</font>&#8221;)) used in connection with their businesses, and there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied
          without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company and its subsidiaries are presently in material compliance with all applicable
          laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal
          Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(ll)&#160;</font> &#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Related Party Transactions</font>.&#160; No relationship, direct or, to the Company&#8217;s knowledge, indirect, exists between or among any of the Company or any affiliate of the Company, on the one hand, and any director, officer, member,
          stockholder, customer or supplier of the Company or any affiliate of the Company, on the other hand, which is required by the Act to be disclosed in a registration statement on Form S-3 which is not so disclosed in the Registration Statement.&#160;
          Except as otherwise disclosed in the Registration Statement, there are no outstanding loans, advances (except advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company or any affiliate of the
          Company to or for the benefit of any of the officers or directors of the Company or any affiliate of the Company or any of their respective family members.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(mm)</font>&#160;&#160;&#160;&#160; <font style="font-style: italic;">Independent Accountants</font>.&#160; PricewaterhouseCoopers LLP, which expressed its opinion with respect to the consolidated financial statements (which term as used in this Agreement includes the related notes thereto) of the Company
          included or incorporated by reference in the Registration Statement, is an independent registered public accounting firm within the meaning of the Act, the Exchange Act and the rules of the Public Company Accounting Oversight Board (United
          States), and any non-audit services provided by PricewaterhouseCoopers LLP to the Company or any of its subsidiaries have been approved by the Audit Committee of the Board of Directors of the Company.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(nn)</font>&#160;&#160;&#160;&#160; <font style="font-style: italic;">XBRL Language</font>. The interactive data in eXtensible Business Reporting Language included as an exhibit to any document incorporated by reference into the Registration Statement fairly presents the information called for in all
          material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Representations




            and Warranties of the Selling Securityholder</font>. The Selling Securityholder represents and warrants to, and agrees with, the several Underwriters that:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Organization and Good Standing of the Selling Securityholder</font>.&#160; The Selling Securityholder has been duly formed and is validly existing as a limited partnership in good standing under the laws of its jurisdiction of organization,
          with power and authority (corporate and other) to own, lease and/or operate its properties and conduct its business, and has been duly registered or qualified as a foreign limited partnership for the transaction of business, and is in good
          standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except where the failure to so qualify or to be in good standing would not reasonably be
          expected to result in a material adverse effect upon the ability of the Selling Securityholder to consummate the transactions contemplated in this Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Valid Title to Offered Securities</font>.&#160; The Selling Securityholder has, and on the Closing Date hereinafter mentioned will have, (i) valid and unencumbered title to the Offered Securities to be delivered by the Selling
          Securityholder on the Closing Date (or, with respect to Offered Securities to be sold by the Selling Securityholder upon conversion of shares of Class B common stock of the Company, such shares of Class B Common Stock) or (ii) a valid &#8220;security
          entitlement&#8221; (within the meaning of Section 8-501 of the Uniform Commercial Code as in effect in the State of New York (the &#8220;<font style="font-weight: bold;">New York UCC</font>&#8221;)) in respect of such Offered Securities (or, with respect to
          Offered Securities to be sold by the Selling Securityholder upon conversion of shares of Class B common stock of the Company, such shares of Class B Common Stock) and (y) has the legal right, power and authority to enter into this Agreement and
          to sell, assign, transfer and deliver the Offered Securities (or security entitlements to such Offered Securities) to be delivered by the Selling Securityholder under this Agreement on the Closing Date hereunder free and clear of all liens,
          encumbrances, equities or claims arising under this Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Delivery, DTC</font>.&#160; Upon payment of the purchase price for the Offered Securities to be sold by the Selling Securityholder pursuant to this Agreement, delivery of certificates representing such Offered Securities, as directed by the
          Underwriters, to Cede &amp; Co. (&#8220;<font style="font-weight: bold;">Cede</font>&#8221;) or such other nominee as may be designated by The Depository Trust Company (&#8220;<font style="font-weight: bold;">DTC</font>&#8221;), together with a valid endorsement of such
          certificates to DTC or in blank, registration of such Offered Securities in the name of Cede or such other nominee and the crediting by book entry of such Offered Securities on the books of DTC to securities accounts (within the meaning of
          Section 8-501 of New York UCC) of the Underwriters (assuming that neither DTC nor the Underwriters have notice of any &#8220;adverse claim&#8221; (within the meaning of Section 8-105 of the New York UCC) to such Offered Securities or any security entitlement
          in respect thereof), (i) DTC shall be a &#8220;protected purchaser&#8221; of such Offered Securities within the meaning of Section 8-303 of the New York UCC, (ii) under Section 8-501 of the New York UCC, the Underwriters will acquire a valid security
          entitlement (within the meaning of Section 8-102 of the New York UCC) in respect of such Offered Securities, and (iii) to the extent governed by the provisions of Section 8-502 of the New York UCC, no action based on an &#8220;adverse claim&#8221; (within
          the meaning of Section 8-102 of the New York UCC) to such Offered Securities may be asserted against the Underwriters with respect to such security entitlement; it being understood that for purposes of this representation, the Selling
          Securityholder may assume that when such payment, delivery and crediting occur, (A) such Offered Securities will have been registered in the name of Cede or another nominee designated by DTC, in each case on the Company&#8217;s share registry in
          accordance with the Company&#8217;s constituent documents and applicable law, (B) DTC will be registered as a &#8220;clearing corporation&#8221; within the meaning of Section 8-102 of the New York UCC, (C) appropriate book entries to the accounts of the
          Underwriters on the records of DTC will have been made pursuant to the New York UCC, (D) to the extent DTC, or any other securities intermediary which acts as a &#8220;clearing corporation&#8221; with respect to the Offered Securities, maintains any
          &#8220;financial asset&#8221; (as defined in Section 8-102(a)(9) of the UCC) in a clearing corporation pursuant to Section 8-111 of the UCC, the rules of such clearing corporation may affect the rights of DTC or such securities intermediaries and the
          ownership interest of the Underwriters, (E) claims of creditors of DTC or any other securities intermediary or clearing corporation may be given priority to the extent set forth in Section 8-511(b) and 8-511(c) of the UCC, and (F) if at any time
          DTC or other securities intermediary does not have sufficient Securities to satisfy claims of all of its entitlement holders with respect thereto, then all holders will share pro rata in the Securities then held by DTC or such securities
          intermediary.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Absence of Further Requirements</font>.&#160; No consent, approval, authorization or order of, or filing with, any third party (including any governmental agency or body or any court) is required to be obtained or made by the Selling
          Securityholder for the consummation of the transactions contemplated by this Agreement in connection with the sale of the Offered Securities sold by the Selling Securityholder, except as expressly contemplated hereby and such as have been
          obtained and made under the Act and such as may be required under state securities laws.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Absence of Defaults and Conflicts Resulting from Transaction</font>.&#160; The execution, delivery and performance of this Agreement and the consummation of the transactions therein contemplated will not result in a breach or violation of
          any of the terms and provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Selling Securityholder is a party or by which the Selling Securityholder is
          bound or which any of the property or assets of the Selling Securityholder is subject, except for such conflicts, breaches, violations or defaults that would not, individually or in the aggregate, reasonably be expected to result in a Material
          Adverse Effect; nor will such action result in any violation of the provisions of the Certificate of Incorporation or By-laws or other organizational documents of the Selling Securityholder; nor will such action result in any violation of any
          statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Selling Securityholder or any of its respective properties, except where such violations could not, individually or in the
          aggregate, reasonably be expected to result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Compliance with Securities Act Requirements</font>.&#160; (i) (A) At the time the Registration Statement initially became effective, (B) at the time of each amendment thereto for the purposes of complying with Section 10(a)(3) of the Act
          (whether by post-effective amendment, incorporated report or form of prospectus), (C) at the Effective Time relating to the Offered Securities and (D) on the Closing Date, the Registration Statement did not and will not include 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 (ii) (A) on its date, (B) at the time of filing the Final Prospectus pursuant to Rule
          424(b) and (C) on the Closing Date, the Final Prospectus will not include 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.&#160; The
          preceding sentence applies only to statements in or omissions from any such document that are made in reliance upon and in conformity with the written information furnished to the Company by the Selling Securityholder specifically for use
          therein, it being understood and agreed that the only information furnished by the Selling Securityholder consists of information in the Final Prospectus under the caption &#8220;Selling Stockholder&#8221; (&#8220;<font style="font-weight: bold;">Selling
            Securityholder Information</font>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Undisclosed Material Information</font>.&#160; The sale of the Offered Securities by the Selling Securityholder pursuant to this Agreement is not prompted by any material information known to the Selling Securityholder concerning the
          Company or any of its subsidiaries that is not set forth in the General Disclosure Package.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-style: italic;">Authorization of Agreement</font>.&#160; This Agreement has been duly authorized, executed and delivered by the Selling Securityholder.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(i)</font>&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-style: italic;">Absence of Manipulation</font>.&#160; The Selling Securityholder has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in any stabilization or
          manipulation of the price of any security of the Company to facilitate the sale or resale of the Offered Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">No Finder&#8217;s Fee</font>.&#160; There are no contracts, agreements, or understandings between the Selling Securityholder and any person that would give rise to a valid claim against the Selling Securityholder or any Underwriter for a
          brokerage commission, finder&#8217;s fee or other like payment in connection with the sale of the Offered Securities (other than this Agreement).</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Conflict with Sanctions Laws</font>.&#160; Neither the Selling Securityholder nor, to the knowledge of the Selling Securityholder, any director, officer, agent, employee or affiliate of the Selling Securityholder (i) is the subject or
          target of any Sanctions, (ii) is located, organized or resident in a Sanctioned Country, (iii) is a Person on the list of &#8220;Specially Designated Nationals and Blocked Persons&#8221; or any other Sanctions-related list, or (iv) is owned or otherwise
          controlled by any Person on a Sanctions-related list. The Selling Securityholder will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
          partner or other person, (i) to fund or facilitate any activities of or business with any Person that, at the time of such funding or facilitating, is the subject or target of Sanctions, or is located, organized or resident in a Sanctioned
          Country, or (ii) in any other manner that will result in a violation by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise) of Sanctions.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Compliance with Lock-up Agreement</font>. The Selling Securityholder will comply with the terms of the &#8220;lock-up&#8221; agreement, substantially in the form of <u>Exhibit A</u> hereto, that it has executed and delivered.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(m)</font>&#160;&#160;&#160; &#160; &#160; <font style="font-style: italic;">Financial Crimes Enforcement Network Certification</font>.&#160; The Selling Securityholder shall, have delivered to each Underwriter (or its agent), by the date of execution of this Agreement, a properly completed and executed
          Certification Regarding Beneficial Owners of Legal Entity Customers (the &#8220;<font style="font-weight: bold;">FinCEN Certification</font>&#8221;), together with copies of identifying documentation, of the Selling Securityholder and shall have provided
          such additional supporting documentation as each Underwriter may have reasonably requested in connection with the verification of the FinCEN Certification.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">4.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-style: italic;">Purchase,
            Sale and Delivery of Offered Securities</font>.&#160; On the basis of the representations, warranties and agreements and subject to the terms and conditions set forth herein, the Selling Securityholder agrees to sell the Firm Securities to the
          several Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Selling Securityholder, at a purchase price of $15.3032 per share, the respective number of shares of Firm Securities (subject to such
          adjustments to eliminate fractional shares as you may determine) set forth in <u>Schedule A</u> hereto opposite the name of such Underwriter.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Selling Securityholder will deliver the Firm Securities to or as instructed by the Representative for the accounts of the several Underwriters in a
        form reasonably acceptable to the Representative against payment of the purchase price by the Underwriters in Federal (same day) funds by wire transfer to the accounts specified by the Selling Securityholder to the Representative in writing at
        least 48 hours in advance and drawn to the order of the Selling Securityholder, at 10:00 A.M., New York time, on June 17, 2019, or at such other time not later than seven full business days thereafter as the Representative, the Company and the
        Selling Securityholder determine, such time being herein referred to as the &#8220;<font style="font-weight: bold;">First Closing Date</font>&#8221;. For purposes of Rule 15c6-1 under the Exchange Act, the First Closing Date (if later than the otherwise
        applicable settlement date) shall be the settlement date for payment of funds and delivery of securities for all the Firm Securities sold pursuant to the offering. The Firm Securities so to be delivered or evidence of their issuance will be made
        available for checking at the office of Simpson Thacher &amp; Bartlett LLP at 425 Lexington Avenue, New York, New York 10017, at least 24 hours prior to the First Closing Date.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">In addition, upon written notice from the Representative given to the Company and the Selling Securityholder from time to time not more than 30 days
        subsequent to the date of the Final Prospectus, the Underwriters may purchase all or less than all of the Optional Securities at the purchase price per Security to be paid for the Firm Securities; provided, however, that the amount paid by the
        Underwriters for any Optional Securities shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm Securities but not payable on such Optional Securities. The Selling Securityholder agrees to
        sell to the Underwriters the number of shares of Optional Securities specified in such notice and the Underwriters agree, severally and not jointly, to purchase such Optional Securities. Such Optional Securities shall be purchased for the account
        of each Underwriter in the same proportion as the number of shares of Firm Securities set forth opposite such Underwriter&#8217;s name in <u>Schedule A</u> hereto bears to the total number of shares of Firm Securities (subject to adjustment by the
        Representative to eliminate fractions). No Optional Securities shall be sold or delivered unless the Firm Securities previously have been, or simultaneously are, sold and delivered. The right to purchase the Optional Securities or any portion
        thereof may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative to the Company and the Selling Securityholder.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">Each time for the delivery of and payment for the Optional Securities, being herein referred to as an &#8220;<font style="font-weight: bold;">Optional Closing
          Date</font>&#8221;, which may be the First Closing Date (the First Closing Date and each Optional Closing Date, if any, being sometimes referred to as a &#8220;<font style="font-weight: bold;">Closing Date</font>&#8221;), shall be determined by the Representative
        but shall be not later than five full business days after written notice of election to purchase Optional Securities is given. The Selling Securityholder will deliver the Optional Securities being purchased on each Optional Closing Date to or as
        instructed by the Representative for the accounts of the several Underwriters in a form reasonably acceptable to the Representative against payment of the purchase price therefor in Federal (same day) funds by wire transfer to the accounts
        specified by the Selling Securityholder to the Representative drawn to the order of the Selling Securityholder. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>The Optional Securities being purchased on each Optional Closing Date or evidence of their issuance will be made available
        for checking at the above office of Simpson Thacher &amp; Bartlett LLP at a reasonable time in advance of such Optional Closing Date.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">5.</font> &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Offering
            by Underwriters</font>.&#160; It is understood that the several Underwriters propose to offer the Offered Securities for sale to the public as set forth in the General Disclosure Package and the Final Prospectus.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">6.</font>&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <font style="font-style: italic;">Certain
            Agreements of the Company</font>. The Company agrees with the several Underwriters that:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Filing of Prospectuses</font>.&#160; The Company has filed or will file each Statutory Prospectus (including the Final Prospectus), in a form approved by the Representative, with the Commission pursuant to and in accordance with
          subparagraph (2) (or, if applicable and if consented to by the Representative, subparagraph (5)) of Rule 424(b) not later than the second business day following the earlier of the date on which it is first used or the execution and delivery of
          this Agreement.&#160; The Company has complied and will comply with Rule 433.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Filing of Amendments; Response to Commission Requests</font>.&#160; During the period of time in which a prospectus relating to the Offered Securities is (or, but for the exception afforded by Rule 172, would be) required by the Act to be
          delivered in connection with sales of the Offered Securities ending no later than nine months from the date hereof (the &#8220;<font style="font-weight: bold;">Delivery Period</font>&#8221;), the Company will promptly advise the Representative of any
          proposal to amend or supplement at any time the Registration Statement or any Statutory Prospectus and will not effect such amendment or supplement without the Representative&#8217;s consent; and the Company will also advise the Representative promptly
          of (i) the filing of any such amendment or supplement, (ii) its receipt of any request by the Commission or its staff for any amendment to any Registration Statement, for any supplement to any Statutory Prospectus or for any additional
          information, (iii) its receipt of any notification with respect to the institution by the Commission of any stop order, the threatening of any proceeding for that purpose or of any order preventing or suspending the use of any Statutory
          Prospectus or other prospectus in respect of the Offered Securities, (iv) its receipt of any notice of objection from the Commission to the use of the Registration Statement pursuant to Rule 401(g)(2), or (v) its receipt of any notification with
          respect to the suspension of the qualification of the Offered Securities in any jurisdiction or the institution or threatening of any proceedings for such purpose.&#160; The Company will use its best efforts to (i) prevent the issuance of any such
          stop order or the suspension of any such qualification and, if issued, to obtain as soon as possible the withdrawal thereof and (ii) in the event of any notice of objection, promptly take such steps, including, without limitation, amending the
          Registration Statement or filing a new registration statement, as may be necessary to permit the public offering and sale of the Offered Securities to continue as contemplated in the registration statement that was the subject of the Rule
          401(g)(2) notice.&#160; References herein to the &#8220;Registration Statement&#8221; shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Renewal Deadline</font>. If, by the third anniversary of the initial effective date of the Registration Statement (the &#8220;<font style="font-weight: bold;">Renewal Deadline</font>&#8221;), any Underwriter notifies the Company in writing that
          any of the Offered Securities remain unsold by such Underwriter, the Company will file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Offered Securities, in a form and
          substance satisfactory to such Underwriter.&#160; If, at the Renewal Deadline, the Company is no longer eligible to file an automatic shelf registration statement, the Company will, if it has not already done so, file a new shelf registration
          statement relating to the Offered Securities, in a form and substance satisfactory to such Underwriters, and will use its best efforts to cause such registration statement to be declared effective within 180 days after the Renewal Deadline. The
          Company will take all other action necessary or appropriate to permit the offering and sale of the Offered Securities to continue as contemplated in the expired Registration Statement. References herein to the &#8220;Registration Statement&#8221; shall
          include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</div>
      <div>&#160;</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Continued Compliance with Securities Laws</font>.&#160; If at any time during the Delivery Period any event shall occur as a result of which the Final Prospectus as then amended or supplemented would include an untrue statement of a
          material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend the Registration Statement or
          supplement the Final Prospectus to comply with the Act, the Company will promptly notify the Representative of such event and will promptly prepare and file with the Commission and furnish, at its own expense, to the Underwriters and the dealers
          and any other dealers upon request of the Representative, an amendment or supplement which will correct such statement or omission or an amendment which will effect such compliance.&#160; Neither the Representative&#8217;s consent to, nor the Underwriters&#8217;
          delivery of, any such amendment or supplement shall constitute a waiver of any of the conditions set forth in <u>Section 9</u> hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Rule 158</font>.&#160; As soon as practicable, but not later than 16 months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Act), the Company will make generally available to its securityholders
          an earnings statement covering a period of at least 12 months which will satisfy the provisions of Section 11(a) of the Act and Rule 158 under the Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Furnishing of Prospectuses</font>.&#160; During the Delivery Period, the Company will furnish to the Representative written and electronic copies of the Final Prospectus and all amendments and supplements to such documents, in each case in
          such quantities as the Representative requests. The Final Prospectus shall be so furnished on or prior to 3:00 P.M., New York time, on the business day following the execution and delivery of this Agreement. All other documents shall be so
          furnished as soon as available. The Company will pay the expenses of printing and distributing to the Underwriters all such documents.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Blue Sky Qualifications</font>.&#160; The Company will arrange for the qualification of the Offered Securities for sale under the laws of such jurisdictions as the Representative designates and will continue such qualifications in effect
          for as long as may be necessary to complete the distribution of the Offered Securities; provided that, in connection therewith, the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of
          process in any jurisdiction, to qualify in any jurisdiction as a broker-dealer or to subject itself to taxation in any jurisdiction if it is not otherwise so subject.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Reporting Requirements</font>.&#160; During the period of five years hereafter, the Company will furnish to the Representative and, upon request, to each of the other Underwriters, as soon as practicable after the end of each fiscal year, a
          copy of its annual report to stockholders for such year; and the Company will furnish to the Representative (i) as soon as available, a copy of each report and any definitive proxy statement of the Company filed with the Commission under the
          Exchange Act or mailed to stockholders, and (ii) from time to time, such other information concerning the Company as the Representative may reasonably request.&#160; However, so long as the Company is subject to the reporting requirements of either
          Section 13 or Section 15(d) of the Exchange Act and is timely filing reports with the Commission on its Electronic Data Gathering, Analysis and Retrieval system, it is not required to furnish such reports or statements to the Underwriters.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Payment of Expenses</font>.&#160; The Company will pay all costs and expenses relating to the following matters:&#160; (i) any registration or qualification of the Offered Securities for offer and sale under the securities or blue sky laws of
          the several states and any other jurisdictions specified pursuant to <u>Section 6(g)</u> hereof, including filing fees and the reasonable and documented fees and expenses of counsel for the Underwriters relating to such registration and
          qualification <font style="background-color: #FFFFFF;">(up to a maximum amount, when taken together with the fees and disbursements of counsel for the Underwriters incurred in connection with clause (ii) of this </font><font style="background-color: #FFFFFF;"><u>Section 6(i)</u></font><font style="background-color: #FFFFFF;">, of $20,000)</font>; (ii) any filings required to be made with FINRA of the Offered Securities, including filing fees and the fees and
          expenses of counsel for the Underwriters relating to such filings <font style="background-color: #FFFFFF;">(up to a maximum amount, when taken together with the fees and disbursements of counsel for the Underwriters incurred in connection with
            clause (i) of this </font><font style="background-color: #FFFFFF;"><u>Section 6(i)</u></font><font style="background-color: #FFFFFF;">, of $20,000)</font>, (iii) costs and expenses relating to investor presentations or any &#8220;road show&#8221; in
          connection with the offering and sale of the Offered Securities including, without limitation, any travel expenses of the Company&#8217;s officers and employees and any other expenses of the Company, including fifty percent (50%) of the costs
          chartering of airplanes (the remaining fifty percent (50%) of the cost of such aircraft to be paid by the Underwriters), (iv) expenses incident to listing the Offered Securities on the NASDAQ Stock Market and exchanges, fees and expenses in
          connection with the registration of the Offered Securities under the Exchange Act, (v) the reasonable fees and disbursements of counsel for the Selling Securityholder as required by applicable agreements with the Selling Securityholder and (vi)
          expenses incurred in distributing preliminary prospectuses and the Final Prospectus (including any amendments and supplements thereto) to the Underwriters and for expenses incurred for preparing, printing and distributing any Issuer Free Writing
          Prospectuses to investors or prospective investors.&#160; Notwithstanding the foregoing, except as specifically provided in this paragraph (i) and in <u>Section 12</u> hereof, the Underwriters shall pay their own costs and expenses in connection with
          presentations for prospective purchasers of the Offered Securities including the transportation and other expenses incurred by or on behalf of the Underwriters in connection with presentations to prospective purchasers of the Offered Securities,
          including any &#8220;roadshow&#8221; (and including one half of the cost of all aircraft used in connection with any &#8220;roadshow&#8221;).</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Absence of Manipulation</font>.&#160; The Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price
          of any securities of the Company to facilitate the sale or resale of the Offered Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Restriction on Sale of Securities by the Company.&#160; </font>For the period specified below (the &#8220;<font style="font-weight: bold;">Lock-Up Period</font>&#8221;), the Company will not, directly or indirectly, take any of the following actions
          with respect to its Securities or any securities convertible into or exchangeable or exercisable for any of its Securities (&#8220;<font style="font-weight: bold;">Lock-Up Securities</font>&#8221;): (i) offer, sell, issue, contract to sell, pledge or
          otherwise dispose of Lock-Up Securities, (ii) offer, sell, issue, contract to sell, contract to purchase or grant any option, right or warrant to purchase Lock-Up Securities, (iii) enter into any swap, hedge or any other agreement that transfers,
          in whole or in part, the economic consequences of ownership of Lock-Up Securities, (iv) establish or increase a put equivalent position or liquidate or decrease a call equivalent position in Lock-Up Securities within the meaning of Section 16 of
          the Exchange Act or (v) file with the Commission a registration statement under the Act relating to Lock-Up Securities, or publicly disclose the intention to take any such action, without the prior written consent of the Representative, except
          (1) grants of employee Awards (as such term is defined in the Laureate Education, Inc. 2013 Long-Term Incentive Plan), as amended, or other equity-based awards pursuant to the terms of a plan in effect on the date hereof as described in the
          General Disclosure Package, (2) issuances of Lock-Up Securities pursuant to the exercise of such Awards; provided that such Lock-Up Securities are subject to terms of this provision, or (3) the exercise of any other employee stock options or the
          vesting of other Awards outstanding on the date hereof as described in the General Disclosure Package.&#160; The Lock-Up Period will commence on the date hereof and continue for 60 days after the date hereof or such earlier date that the
          Representative consents to in writing.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-style: italic;">Certain
            Agreements of the Selling Securityholder</font>.&#160;&#160; The Selling Securityholder agrees with the Underwriters that:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Transfer Taxes.&#160; </font>The Selling Securityholder will pay any transfer taxes, if applicable,&#160; on the sale by the Selling Securityholder of the Offered Securities to the Underwriters.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Absence of Manipulation</font>.&#160; The Selling Securityholder will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or
          manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered Securities.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">IRS Forms.&#160; </font>The Selling Securityholder shall deliver to the Underwriters, prior to or at the Closing Date, a properly completed and signed IRS Form W-8 or IRS Form W-9, as appropriate, together with all required attachments to
          such form.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Free
            Writing Prospectuses</font>.&#160; Each of the Company and the Selling Securityholder represents and agrees (severally and not jointly) that, unless it obtains the prior consent of the Representative, and each Underwriter represents and agrees that,
          unless it obtains the prior consent of the Company and the Representative, it has not made and will not make any offer relating to the Offered Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute
          a &#8220;free writing prospectus,&#8221; as defined in Rule 405, required to be filed with the Commission.&#160; Any such free writing prospectus consented to by the Company and the Representative is hereinafter referred to as a &#8220;<font style="font-weight: bold;">Permitted




            Free Writing Prospectus</font>.&#8221; The Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433, and has complied and will comply
          with the requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.&#160; The Company represents that is has satisfied and agrees that it will
          satisfy the conditions in Rule 433 to avoid a requirement to file with the Commission any electronic road show.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">9.</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-style: italic;">Conditions




            of the Obligations of the Underwriters</font>. The obligations of the several Underwriters to purchase and pay for the Firm Securities on the First Closing Date and the Optional Securities to be purchased on each Optional Closing Date will be
          subject to the accuracy of the representations and warranties of the Company and the Selling Securityholder herein (as of the date hereof and as though made on such Closing Date), to the accuracy of the statements of Company officers made
          pursuant to the provisions hereof, to the performance by the Company and the Selling Securityholder of their obligations hereunder and to the following additional conditions precedent:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Accountants&#8217; Comfort Letter</font>.&#160; The Representative shall have received letters, dated, respectively, the date hereof and each Closing Date, of PricewaterhouseCoopers LLP confirming that they are a registered public accounting firm
          and independent public accountants within the meaning of the Securities Laws and in form and substance satisfactory to the Representative (except that, in any letter dated a Closing Date, the specified date referred to in such letter shall be a
          date no more than three days prior to such Closing Date).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(b)</font>&#160;&#160;&#160; &#160;&#160; <font style="font-style: italic;">Filing of Prospectus</font>.&#160; The Final Prospectus shall have been filed with the Commission in accordance with the Rules and Regulations and <u>Section 6(a)</u> hereof.&#160; No stop order suspending the effectiveness of the Registration
          Statement or any part thereof shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of the Company, any Selling Securityholder or any Underwriter, shall be contemplated by the Commission.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">No Material Adverse Change</font>.&#160; Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any change, or any development or event involving a prospective change, in the condition (financial or
          otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries taken as a whole which, in the judgment of the Representative, is material and adverse and makes it impractical or inadvisable to market the
          Offered Securities; (ii)&#160; any downgrading in the rating of any debt securities or preferred stock of the Company by any &#8220;nationally recognized statistical rating organization&#8221; (as defined in Section 3(a)(62) of the Exchange Act), or any public
          announcement that any such organization has under surveillance or review its rating of any debt securities or preferred stock of the Company (other than an announcement with positive implications of a possible upgrading, and no implication of a
          possible downgrading, of such rating) or any announcement that the Company has been placed on negative outlook; (iii) any change in U.S. or international financial, political or economic conditions or currency exchange rates or exchange controls
          the effect of which is such as to make it, in the judgment of the Representative, impractical to market or to enforce contracts for the sale of the Offered Securities, whether in the primary market or in respect of dealings in the secondary
          market; (iv) any suspension or material limitation of trading in securities generally on The New York Stock Exchange or the NASDAQ Stock Market, or any setting of minimum or maximum prices for trading on such exchange; (v) or any suspension of
          trading of any securities of the Company on any exchange or in the over-the-counter market; (vi) any banking moratorium declared by any U.S. federal or New York authorities; (vii) any major disruption of settlements of securities, payment, or
          clearance services in the United States or any other country where such securities are listed or (viii) any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration of war by Congress or
          any other national or international calamity or emergency if, in the judgment of the Representative, the effect of any such attack, outbreak, escalation, act, declaration, calamity or emergency is such as to make it impractical or inadvisable to
          market the Offered Securities or to enforce contracts for the sale of the Offered Securities.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Opinion of Counsel for Company</font>.&#160; The Representative shall have received an opinion and negative assurance letter, each dated such Closing Date, of Shearman &amp; Sterling LLP, counsel for the Company, in form and substance
          satisfactory to the Representative.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(e)</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-style: italic;">Negative Assurance Letter of the General Counsel of the Company</font>.&#160; The Representative shall have received a negative assurance letter, dated such Closing Date, of Victoria Silbey, as Senior Vice President, Secretary and Chief
          Legal Officer for the Company, in form and substance satisfactory to the Representative.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Opinion of U.S. Regulatory Counsel of the Company</font>.&#160; The Representative shall have received an opinion, dated such Closing Date, of Drinker Biddle &amp; Reath LLP, U.S. regulatory counsel for the Company, in form and substance
          satisfactory to the Representative.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Opinion of Counsel for Selling Securityholder</font>.&#160; The Representative shall have received (i) an opinion, dated such Closing Date, from Katten Muchin Rosenman LLP, U.S. counsel for the Selling Securityholder, (ii) an opinion, dated
          such Closing Date, from Bennett Jones LLP, Canadian counsel for the Selling Securityholder and (iii) an opinion, dated such Closing Date, from Maples and Calder, Cayman counsel for the general partner of the Selling Securityholder, each in form
          and substance satisfactory to the Representative.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-style: italic;">Opinion of Counsel for Underwriters.&#160; </font>The Representative shall have received from Simpson Thacher &amp; Bartlett LLP, counsel for the Underwriters, such opinion and negative assurance letter, each dated such Closing Date, with
          respect to such matters as the Representative may require, and the Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-style: italic;">Officers&#8217; Certificates</font>.&#160; The Representative shall have received a certificate, dated such Closing Date, (A) of an executive officer of the Company and a principal financial or accounting officer of the Company, in which such
          officers shall state that: the representations and warranties of the Company in this Agreement are true and correct; the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at
          or prior to such Closing Date; no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or, to the best of their knowledge and after reasonable
          investigation, are contemplated by the Commission; and, subsequent to the date of the most recent financial statements in the General Disclosure Package, there has been no material adverse change, nor any development or event involving a
          prospective material adverse change, in the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries taken as a whole except as set forth in the General Disclosure Package or
          as described in such certificate and (B) of the Selling Securityholder confirming that the representations and warranties of the Selling Securityholder in this Agreement are true and correct and that the Selling Securityholder has complied with
          all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Lock-up Agreements</font>.&#160; On or prior to the date hereof, the Representative shall have received lockup letters, each in the form of Exhibit A hereto, from each of the Selling Securityholder, executive officers, directors and other
          stockholders of the Company listed in <u>Schedule F</u> hereto.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Other Documentation</font>.&#160; On or prior to each applicable Closing Date, the Company shall have furnished to the Representative such further certificates and documents as the Representative may reasonably request.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
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      </div>
      <div style="text-align: justify;">The Company and the Selling Securityholder will furnish the Representative with such conformed copies of such opinions, certificates, letters and documents as the
        Representative reasonably requests.&#160; The Representative may in its sole discretion waive on behalf of the Underwriters compliance with any conditions to the obligations of the Underwriters hereunder, whether in respect of an Optional Closing Date
        or otherwise.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Indemnification




            and Contribution</font>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-style: italic;">Indemnification of Underwriters by the Company</font>.&#160; The Company will indemnify and hold harmless each Underwriter, its partners, members, directors, officers, employees, agents, affiliates and each person, if any, who controls such
          Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, an &#8220;<font style="font-weight: bold;">Indemnified Party</font>&#8221;) against any and all losses, claims, damages or liabilities, joint or several, to
          which such Indemnified Party may become subject, under the Act, the Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
          or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of the Registration Statement at any time, any Statutory Prospectus as of any time, the Final Prospectus or any Issuer Free Writing
          Prospectus, or arise out of or are based upon the omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Indemnified Party for any legal or
          other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending against any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Indemnified
          Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this provision with respect to any of the above as such expenses are incurred; provided, however, that the Company will not be liable in any
          such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity
          with (i) written information furnished to the Company by any Underwriter through the Representative specifically for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the
          information described as such in subsection (c) below, or (ii) the Selling Securityholder Information.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Indemnification of Underwriters by Selling Securityholder</font>.&#160; The Selling Securityholder will indemnify and hold harmless each Indemnified Party against any and all losses, claims, damages or liabilities, joint or several, to
          which such Indemnified Party may become subject, under the Act, the Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
          or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of the Registration Statement at any time, any Statutory Prospectus as of any time, the Final Prospectus or any Issuer Free Writing
          Prospectus, or arise out of or are based upon the omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Indemnified Party for any legal or
          other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending against any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Indemnified
          Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this provision with respect to any of the above as such expenses are incurred; provided, however, that the Selling Securityholder shall be
          liable in any such case only to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance
          upon and in conformity with the Selling Securityholder&#8217;s Selling Securityholder Information; provided, further, that the liability of a Selling Securityholder pursuant to this subsection (b) shall not exceed the aggregate net proceeds (after
          underwriting discounts but before deducting expenses) received by the Selling Securityholder from the Underwriters for the Offered Securities sold by the Selling Securityholder hereunder.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Indemnification of Company and Selling Securityholder</font>.&#160; Each Underwriter will severally and not jointly indemnify and hold harmless the Company, each of its directors and each of its officers who signs the Registration Statement
          and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and the Selling Securityholder (each, an &#8220;<font style="font-weight: bold;">Underwriter Indemnified Party</font>&#8221;),
          against any losses, claims, damages or liabilities to which such Underwriter Indemnified Party may become subject, under the Act, the Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims,
          damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of the Registration Statement at any time, any Statutory Prospectus
          as of any time, the Final Prospectus or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or the alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
          misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company
          by such Underwriter through the Representative specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by such Underwriter Indemnified Party in connection with investigating or defending against any such
          loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Underwriter Indemnified Party is a party thereto), whether threatened or commenced, based upon any such untrue statement or omission,
          or any such alleged untrue statement or omission as such expenses are incurred, it being understood and agreed that the only such information furnished by any Underwriter consists of the following information in the Final Prospectus furnished on
          behalf of each Underwriter: the thirteenth, fourteenth and fifteenth paragraphs under the caption &#8220;Underwriting&#8221;.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Actions against Parties; Notification</font>.&#160; Promptly after receipt by an indemnified party under this <u>Section 10</u> of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to
          be made against the indemnifying party under subsection (a), (b) or (c) above, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from any liability that it may have
          under subsection (a), (b) or (c) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party
          shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a), (b) or (c) above.&#160; In case any such action is brought against any indemnified party and it notifies the indemnifying party of
          the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory
          to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense
          thereof, the indemnifying party will not be liable to such indemnified party under this <u>Section 9</u> for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable
          costs of investigation. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and
          indemnity could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does
          not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Contribution</font>.&#160; If the indemnification provided for in this <u>Section 10</u> is unavailable or insufficient to hold harmless an indemnified party under subsection (a), (b) or (c) above, then each indemnifying party shall
          contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a), (b) or (c) above (i) in such proportion as is appropriate to reflect the relative benefits
          received by the Company and the Selling Securityholder, as applicable, on the one hand and the Underwriters on the other hand from the offering of the Offered Securities or (ii) if the allocation provided by clause (i) above is not permitted by
          applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, the Selling Securityholder and the Underwriters, as applicable, in
          connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Selling Securityholder, as
          applicable, on the one hand and the Underwriters on the other hand shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Selling Securityholder bear to the total
          underwriting discounts and commissions received by the Underwriters.&#160; The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
          omission to state a material fact relates to information supplied by the Company, the Selling Securityholder or the Underwriters and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such untrue
          statement or omission. The Company, the Selling Securityholder and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (e) were determined by pro rata allocation (even if the Underwriters
          were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this subsection (e).&#160; The amount paid or payable by an indemnified party as a result of
          the losses, claims, damages or liabilities referred to in the first sentence of this subsection (e) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
          any action or claim which is the subject of this subsection (e).&#160; Notwithstanding the provisions of this subsection (e), no Underwriter shall be required to contribute any amount in excess of the total underwriting discounts and commissions
          applicable to the Offered Securities purchased by such Underwriter.&#160; In no event shall the aggregate liability of a Selling Securityholder under <u>Section 10(b)</u> above and this subsection (e) exceed the aggregate net proceeds (after
          underwriting discounts but before deducting expenses) received by the Selling Securityholder from the Underwriters for the Offered Securities sold by the Selling Securityholder hereunder.&#160; No person guilty of fraudulent misrepresentation (within
          the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#8217; obligations in this subsection (e) to contribute are several in proportion to
          their respective underwriting obligations and not joint.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">11.</font> &#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Default of
            Underwriters</font>.&#160; If any Underwriter or Underwriters default in their obligations to purchase Offered Securities hereunder on either the First or any Optional Closing Date and the aggregate number of shares of Offered Securities that such
          defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total number of shares of Offered Securities that the Underwriters are obligated to purchase on such Closing Date, the Representative may make
          arrangements satisfactory to the Company and the Selling Securityholder for the purchase of such Offered Securities by other persons, including any of the Underwriters, but if no such arrangements are made by such Closing Date, the non-defaulting
          Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or
          Underwriters so default and the aggregate number of shares of Offered Securities with respect to which such default or defaults occur exceeds 10% of the total number of shares of Offered Securities that the Underwriters are obligated to purchase
          on such Closing Date and arrangements satisfactory to the Representative and the Company and the Selling Securityholder for the purchase of such Offered Securities by other persons are not made within 36 hours after such default, this Agreement
          will terminate without liability on the part of any non-defaulting Underwriter or the Company, except as provided in <u>Section 12</u> of this Agreement (provided that if such default occurs with respect to Optional Securities after the First
          Closing Date, this Agreement will not terminate as to the Firm Securities or any Optional Securities purchased prior to such termination). As used in this Agreement, the term &#8220;Underwriter&#8221; includes any person substituted for an Underwriter under
          this <u>Section 11</u>. Nothing herein will relieve a defaulting Underwriter from liability for its default.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">12.</font>&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Survival of
            Certain Representations and Obligations</font>.&#160; The respective indemnities, agreements, representations, warranties and other statements of the Selling Securityholder, the Company or its officers and of the several Underwriters set forth in or
          made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any Underwriter, the Selling Securityholder, the Company or any of their
          respective officers or directors or any controlling person, or any partners, members, employees, selling agents or affiliates of the Underwriters and will survive delivery of and payment for the Offered Securities. If this Agreement shall be
          terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to
          perform its obligations under this Agreement, the Company will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves for all out-of-pocket expenses (including fees and disbursements of
          counsel) reasonably incurred by them in connection with the offering of the Offered Securities, and the respective obligations of the Company, the Selling Securityholder and the Underwriters pursuant to <u>Section 10</u> hereof shall remain in
          effect.&#160; If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Selling Securityholder to comply with the terms or to fulfill any of the conditions of this Agreement, or if
          for any reason the Selling Securityholder shall be unable to perform their obligations under this Agreement, the Selling Securityholder will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to
          themselves for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them in connection with the offering of the Offered Securities, and the respective obligations of the Company, the Selling
          Securityholder and the Underwriters pursuant to <u>Section 10</u> hereof shall remain in effect. In addition, if any Offered Securities have been purchased hereunder, the representations and warranties in <u>Section 2</u> hereof and all
          obligations under <u>Section 6</u> hereof shall also remain in effect.</div>
      <div>&#160;</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
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          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Notices</font>.
              All communications hereunder will be in writing and, if sent to the Underwriters, will be mailed, delivered or faxed and confirmed to BMO Capital Markets Corp., 3 Times Square, 25th Floor, New York, New York 10036 Attention: Equity Syndicate
              Department or, if sent to the Company, will be mailed, delivered or faxed and confirmed to it at 650 S. Exeter Street, Baltimore, Maryland 21202, Attention: General Counsel, or, if sent to any Selling Securityholder, will be mailed, delivered
              or faxed and confirmed to the Selling Securityholder at the address or facsimile number set forth in <u>Schedule E</u> hereto; provided, however, that any notice to an Underwriter pursuant to <u>Section 10</u> hereof will be mailed,
              delivered or faxed and confirmed to such Underwriter.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Successors</font>.
              This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and, solely for purposes of Section 10, the officers and directors and controlling persons and other indemnified persons
              referred to in Section 10 hereof, and no other person will have any right or obligation hereunder.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">15.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Representation




                of Underwriters</font>.&#160; The Representative will act for the several Underwriters in connection with this transactions contemplated hereby, and any action under this Agreement taken by the Representative will be binding upon all the
              Underwriters.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Counterparts</font>.&#160;




              This Agreement may be executed in any number of counterparts (which may be delivered by facsimile or other electronic transmission), each of which shall be deemed to be an original, but all such counterparts shall together constitute one and
              the same Agreement.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Absence




                of Fiduciary Relationship.&#160; </font>The Company and the Selling Securityholder severally and not jointly acknowledge and agree that:</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Other Relationship</font>.&#160; The Representative has been retained solely to act as underwriters in connection with the sale of the Offered Securities and that no fiduciary, advisory or agency relationship
              between the Company or the Selling Securityholder, on the one hand, and the Representative, on the other, has been created in respect of any of the transactions contemplated by this Agreement or the Final Prospectus, irrespective of whether
              the Representative has advised or is advising the Company or the Selling Securityholder on other matters;</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Arms&#8217; Length Negotiations</font>.&#160; The price of the Offered Securities set forth in this Agreement was established by the Company following discussions and arms-length negotiations with the Representative, and
              each of the Company and the Selling Securityholder is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement;</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(c)</font>&#160;&#160; &#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Absence of Obligation to Disclose</font>.&#160; Each of the Company and the Selling Securityholder has been advised that the Representative and its affiliates are engaged in a broad range of transactions which may
              involve interests that differ from those of the Company or the Selling Securityholder and that the Representative has no obligation to disclose such interests and transactions to the Company or the Selling Securityholder by virtue of any
              fiduciary, advisory or agency relationship; and</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-style: italic;">Waiver</font>.&#160; Each of the Company and the Selling Securityholder waives, to the fullest extent permitted by law, any claims that it may have against the Representative for breach of fiduciary duty or alleged
              breach of fiduciary duty and agrees that the Representative shall have no liability (whether direct or indirect) to the Company or the Selling Securityholder in respect of such a fiduciary duty claim or to any person asserting a fiduciary
              duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of the Company.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
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          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Recognition of the
              U.S. Special Resolution Regimes</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that any
              Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective
              to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(1, 0, 0);">(b)</font>&#160;&#160;&#160; &#160; &#160; In the event that any
              Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are
              permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">For purposes of this Section 18, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance
            with, 12 U.S.C. &#167; 1841(k). &#8220;Covered Entity&#8221; means any of the following: (i) a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#8220;covered bank&#8221; as that term is defined in, and
            interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii) a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b). &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be
            interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. &#8220;U.S. Special Resolution Regime&#8221; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the
            Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">19.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold; font-style: italic;">Applicable Law</font><font style="font-weight: bold;">. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by, and construed in accordance with, the laws of
                the State of New York.</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">The Company hereby submits to the exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any
            suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.&#160; The Company irrevocably and unconditionally waives any objection to the laying of venue of any suit or proceeding arising out of or
            relating to this Agreement or the transactions contemplated hereby in Federal and state courts in the Borough of Manhattan in The City of New York and irrevocably and unconditionally waives and agrees not to plead or claim in any such court
            that any such suit or proceeding in any such court has been brought in an inconvenient forum.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">The Selling Securityholder appoints C T Corporation System, as its authorized agent in the Borough of Manhattan in The City of New York (current
            address, 111 8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Avenue, 13<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, New York, NY 10011)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>upon which process may be served in any such suit or proceeding, and agrees that service of process upon such agent, and written notice of said service to the
            Selling Securityholder by the person serving the same to the address provided in Section 13, shall be deemed in every respect effective service of process upon the Selling Securityholder in any such suit or proceeding. The Selling
            Securityholder further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of seven years from the date hereof.</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">The obligation of the Company or the Selling Securityholder in respect of any sum due to any Underwriter pursuant to this Agreement shall,
            notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day, following receipt by such Underwriter of any sum adjudged to be so due in such other currency, on which (and only to
            the extent that) such Underwriter may in accordance with normal banking procedures purchase United States dollars with such other currency; if the United States dollars so purchased are less than the sum originally due to such Underwriter
            thereunder, the Company and the Selling Securityholder agree, as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter against such loss.&#160; If the United States dollars so purchased are greater than the sum
            originally due to such Underwriter thereunder, such Underwriter agrees to pay to the Company or the Selling Securityholder an amount equal to the excess of the dollars so purchased over the sum originally due to such Underwriter thereunder.</div>
          <div style="text-align: justify; text-indent: 36pt;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">20.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-style: italic;">Waiver
                of Jury Trial</font>.&#160; Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of or relating to this Agreement.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(1, 0, 0);">21.</font>&#160;&#160;&#160;&#160; &#160; <font style="font-style: italic;">Research
                Analyst Independence</font>.&#160; The Company acknowledges that the Underwriters&#8217; research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain
              regulations and internal policies, and that such Underwriters&#8217; research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from
              the views of their respective investment banking divisions.&#160; The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any conflict of
              interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriters&#8217;
              investment banking divisions.&#160; The Company acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the
              account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement and the General Disclosure Package.</div>
          <div>&#160;</div>
          <div style="text-align: center;">[Remainder of Page Left Intentionally Blank.]</div>
          <div style="text-align: center;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company one of the counterparts hereof,
            whereupon it will become a binding agreement among the Company, the Selling Securityholder and the several Underwriters in accordance with its terms.</div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z86ee1c7ac6464a888a09cc63022f404a">

              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="3" style="vertical-align: top;">
                  <div>Very truly yours,</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="3" style="vertical-align: top;">
                  <div>Laureate Education, Inc.</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
                  <div>By:</div>
                </td>
                <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>/s/ Victoria Silbey</div>
                </td>
                <td style="width: 23%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Name: Victoria Silbey</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Title:&#160;&#160; SVP, Chief Legal Officer and Corporate Secretary</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="3" style="vertical-align: top;">
                  <div>Wengen Alberta, Limited Partnership</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">
                  <div>By:</div>
                </td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Wengen Investments Limited, </div>
                  <div>its General Partner</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
                  <div>By:</div>
                </td>
                <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>/s/ Steven M. Taslitz</div>
                </td>
                <td style="width: 23%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Name: Steven M. Taslitz</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Title:&#160;&#160; Director</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
          <div style="text-indent: -18pt; margin-left: 18pt;">The foregoing Underwriting Agreement is hereby </div>
          <div style="margin-left: 9pt;">confirmed and accepted as of the date first above </div>
          <div style="text-indent: -27pt; margin-left: 36pt;">written.</div>
          <div>&#160;</div>
          <div style="text-indent: -18pt; margin-left: 18pt;">Acting on behalf of itself and as the </div>
          <div style="text-indent: -18pt; margin-left: 27pt;">Representative of the several Underwriters</div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zf078f569b13c472588f387566eae7673">

              <tr>
                <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">
                  <div>By:</div>
                </td>
                <td colspan="2" style="vertical-align: top;">
                  <div>BMO Capital Markets Corp.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td colspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
                  <div>By:</div>
                </td>
                <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>/s/ Eric Benedict</div>
                </td>
                <td style="width: 68%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Name: Eric Benedict</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Title:&#160;&#160; Managing Director</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: center; font-weight: bold;">SCHEDULE A</div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" border="0" id="z602b38c2a2964ac79e89dbacf1503f5b" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%;">
                  <div style="text-align: center; font-weight: bold;"><u>Underwriter</u></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
                  <div style="text-align: center; font-weight: bold;">Number of</div>
                  <div style="text-align: center; font-weight: bold;"><u>Firm Securities</u></div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
                  <div style="text-align: center; font-weight: bold;">Number of</div>
                  <div style="text-align: center; font-weight: bold;"><u>Optional Securities</u></div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                  <div style="text-indent: -9pt; margin-left: 9pt;">BMO Capital Markets Corp.</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div>
                    <div>10,000,000</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div>
                    <div>1,500,000</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
                  <div style="margin-left: 9pt;">Total</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div>10,000,000</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div>1,500,000</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: center; font-weight: bold;">SCHEDULE B</div>
          <div>&#160;</div>
          <div style="text-align: justify;"><font style="font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-weight: bold;">General Use Issuer Free Writing
              Prospectuses (included in the General Disclosure Package)</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">&#8220;General Use Issuer Free Writing Prospectus&#8221; includes each of the following documents:</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">None</div>
          <div>&#160;</div>
          <div style="text-align: justify;"><font style="font-weight: bold;">2.</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-weight: bold;">Other Information Included in the
              General Disclosure Package</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">The following information is also included in the General Disclosure Package:</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">1.&#160; The initial price to the public of the Offered Securities: Price paid by each investor</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">2.&#160; Number of Firm Securities: 10,000,000</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt;">3.&#160; Number of Optional Securities: 1,500,000</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: center; font-weight: bold;">SCHEDULE C</div>
          <div>&#160;</div>
          <div style="text-align: center; font-weight: bold;">LIST OF SIGNIFICANT SUBSIDIARIES</div>
          <div>&#160;</div>
          <div>Walden University, LLC (Florida)</div>
          <div>Universidad del Valle de M&#233;xico, S.C. (&#8220;UVM Mexico&#8221;) (Mexico), which includes the following entities:</div>
          <div style="text-indent: 36pt;">UVM Educaci&#243;n, S.C.</div>
          <div style="text-indent: 36pt;">Universidad del Valle de M&#233;xico del Noreste, S.C.</div>
          <div style="text-indent: 36pt;">Grupo Educativo UVM, S.C.</div>
          <div style="text-indent: 36pt;">Colegio Villa Rica, S.C.</div>
          <div style="text-indent: 36pt;">Colegio Americano de Veracruz, S.C.</div>
          <div style="text-indent: 36pt;">Colegio Villa Rica Coatzacoalcos, S.C.</div>
          <div style="text-indent: 36pt;">UVM Formaci&#243;n, S.C.</div>
          <div style="text-indent: 36pt;">Universidad Aut&#243;noma de Veracruz, S.C.</div>
          <div>Universidad Tecnol&#243;gica de M&#233;xico, S.C. (&#8220;UNITEC Mexico&#8221;) (Mexico)</div>
          <div>Universidad Peruana de Ciencias Aplicadas S.A.C. (&#8220;UPC&#8221;) (Peru)</div>
          <div>Corporaci&#243;n Universidad Nacional Andr&#233;s Bello (&#8220;UNAB&#8221;) (Chile)</div>
          <div>Instituto Profesional AIEP SpA (&#8220;AIEP&#8221;) (Chile)</div>
          <div>ISCP &#8211; Sociedade Educacional Ltda. (&#8220;UAM&#8221;) (Brazil)</div>
          <div>FMU &#8211; Faculdades Metropolitanas Unidas Educacionais Ltda. (&#8220;FMU&#8221;) (Brazil), which includes the following entities:</div>
          <div style="text-indent: 36pt;">ACE &#8211; Sociedade de Cultura e Ensino Ltda.</div>
          <div style="text-indent: 36pt;">UESP &#8211; Uni&#227;o Educacional de S&#227;o Paulo Ltda.</div>
          <div>Sociedade Potiguar de Educa&#231;&#227;o e Cultura Ltda. (&#8220;APEC&#8221; or &#8220;UnP&#8221;) (Brazil)</div>
          <div> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: center; font-weight: bold;">SCHEDULE D</div>
          <div>&#160;</div>
          <div style="text-align: center; font-weight: bold;">LIST OF SUBSIDIARIES</div>
          <div>&#160;</div>
          <div>Please see Exhibit 21.1 to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, which was filed with the Commission on May 9, 2019.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: center; font-weight: bold;">SCHEDULE E</div>
          <div>&#160;</div>
          <div style="text-align: center; font-weight: bold;">COUNSEL AND ADDRESS FOR NOTICES TO THE SELLING SECURITYHOLDER</div>
          <div>&#160;</div>
          <div>c/o Sterling Partners</div>
          <div>401 N. Michigan Avenue, Suite 3300</div>
          <div>Chicago, IL 60610</div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z8234ab9a0db546d7b0e0e51008931e51" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td rowspan="1" style="width: 7%;">Attention: </td>
                  <td rowspan="1" style="width: 60%;">Office of General Counsel</td>
                  <td rowspan="1" style="width: 33.33%;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 7%;">
                    <div>Email:</div>
                  </td>
                  <td style="width: 60%;">aepstein@sterlingpartners.com</td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 7%;"><br>
                  </td>
                  <td style="width: 60%;">kstcharles@sterlingpartners.com</td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">with a copy (which shall not constitute notice) to:</div>
          <div><br>
          </div>
          <div>Katten Muchin Rosenman LLP</div>
          <div>525 W. Monroe Street</div>
          <div>Chicago, Illinois 60661</div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z063a0c255a30450cb416740032120a84" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 7%;">
                    <div>Attention:</div>
                  </td>
                  <td style="width: 60%;">
                    <div>Saul E. Rudo</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 7%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 60%;">
                    <div>Mark D. Wood</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 7%;">Email:</td>
                  <td style="width: 60%;">saul.rudo@kattenlaw.com</td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 7%;"><br>
                  </td>
                  <td style="width: 60%;">mark.wood@kattenlaw.com</td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div>&#160;&#160;&#160; <br>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          </div>
          <div style="text-align: center; font-weight: bold;">SCHEDULE F</div>
          <div>&#160;</div>
          <div style="text-align: center; font-weight: bold;">PERSONS DELIVERING LOCK-UP AGREEMENTS</div>
          <div>&#160;</div>
          <div><u>Directors</u></div>
          <div><br>
          </div>
          <div>Brian F. Carroll</div>
          <div>Andrew B. Cohen</div>
          <div>William L. Cornog</div>
          <div>Pedro del Corro</div>
          <div>Michael J. Durham</div>
          <div>Kenneth W. Freeman</div>
          <div>George Mu&#241;oz</div>
          <div>Dr. Judith Rodin</div>
          <div>Ian K. Snow</div>
          <div>Steven M. Taslitz</div>
          <div><br>
          </div>
          <div><u>Officers</u></div>
          <div>&#160;</div>
          <div>Eilif Serck-Hanssen</div>
          <div>Jean-Jacques Charhon</div>
          <div>Timothy P. Grace</div>
          <div>Juan Jos&#233; Hurtado</div>
          <div>Victoria Silbey</div>
          <div>Paula Singer</div>
          <div>Marcelo Cardoso</div>
          <div><br>
          </div>
          <div><u>Selling Securityholder</u></div>
          <div>&#160;</div>
          <div>Wengen Alberta, Limited Partnership</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          </div>
          <div style="text-align: center; font-weight: bold;">EXHIBIT A</div>
          <div>&#160;</div>
          <div style="text-align: center; font-weight: bold;">FORM OF LOCK-UP LETTER AGREEMENT</div>
          <div>&#160;</div>
          <div style="text-align: right;">June [&#9679;], 2019</div>
          <div><br>
          </div>
          <div>BMO Capital Markets Corp.</div>
          <div>3 Times Square</div>
          <div>New York, New York 10036</div>
          <div><br>
          </div>
          <div>As Representative of the Several Underwriters</div>
          <div><br>
          </div>
          <div>Ladies and Gentlemen:</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;">As an inducement to the underwriters to execute the Underwriting Agreement (the &#8220;<font style="font-weight: bold;">Underwriting Agreement</font>&#8221;) with Laureate Education,
            Inc., and any successor (by merger or otherwise) thereto (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), and Wengen Alberta, Limited Partnership (the &#8220;<font style="font-weight: bold;">Selling Securityholder</font>&#8221;), providing for the
            public offering (the &#8220;<font style="font-weight: bold;">Public Offering</font>&#8221;) of the Class A common stock (the &#8220;<font style="font-weight: bold;">Securities</font>&#8221;) of the Company (the &#8220;<font style="font-weight: bold;">Offered Securities</font>&#8221;)
            by the Selling Securityholder, the undersigned hereby agrees that, during the period specified below (the &#8220;<font style="font-weight: bold;">Lock-Up Period</font>&#8221;), the undersigned will not offer, sell, contract to sell, pledge or otherwise
            transfer or dispose of, directly or indirectly, any Securities or securities convertible into or exchangeable or exercisable for any Securities, enter into a transaction which 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 the Securities, whether any such aforementioned transaction is to be settled by delivery of the Securities or such other securities, in cash or
            otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of BMO Capital Markets
            Corp. (the &#8220;<font style="font-weight: bold;">Representative</font>&#8221;).&#160; In addition, the undersigned agrees that, without the prior written consent of the Representative, it will not, during the Lock-Up Period, make any demand for or exercise
            any right with respect to, the registration of any Securities or any security convertible into or exercisable or exchangeable for the Securities; <font style="font-style: italic;">provided</font> that the undersigned may make a demand under
            any registration rights agreement with the Company in effect on the date of the Underwriting Agreement and described in the Registration Statement for, and exercise its rights under any such registration rights agreement with respect to, the
            registration after the expiration of the Lock-Up Period of shares of the Securities that does not require the filing of a registration statement or any public announcement or activity regarding the registration during the Lock-Up Period (and no
            such public announcement or activity shall be voluntarily made or taken during the Lock-Up Period).</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;">The Lock-Up Period will commence on the date of this Lock-Up Agreement and continue and include the date 60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>days after the public offering date set forth on the final prospectus used to sell the Offered Securities (the &#8220;<font style="font-weight: bold;">Public Offering Date</font>&#8221;) pursuant to the Underwriting Agreement.</div>
          <div style="text-indent: 36pt;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-indent: 36pt;">Any Securities received upon exercise of options or other convertible or exchangeable securities granted or sold to the undersigned will also be subject to this Lock-Up
            Agreement.&#160; Any Securities acquired by the undersigned in the open market will not be subject to this Lock-Up Agreement; <font style="font-style: italic;">provided </font>that, with respect to any sale or other disposition during the Lock-Up
            Period of Securities acquired on the open market, no filing or public announcement by any party thereto under the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;), or otherwise shall be
            required or shall be voluntarily made in connection with such sale or disposition (other than a filing on a Form 5 after the Lock-Up Period).&#160; A transfer of Securities to a family member or trust or pursuant to a bona fide gift may be made; <font style="font-style: italic;">provided</font> the transferee agrees to be bound in writing by the terms of this Lock-Up Agreement prior to such transfer, such transfer shall not involve a disposition for value and no filing or public
            announcement by any party (donor, donee, transferor or transferee) under the Exchange Act or otherwise shall be required or shall be voluntarily made in connection with such transfer (other than a filing on a Form 5 made after the expiration of
            the Lock-Up Period). In addition, the first paragraph of this Lock-Up Agreement shall not apply to: (a) the vesting of restricted equity awards or the exercise of equity options granted at any time, in each case, pursuant to any of the equity
            incentive plans or arrangements of the Company that are described in the Company&#8217;s registration statement relating to the Securities (as such registration statement and the information contained therein may be amended or supplemented from time
            to time (including by way of free writing prospectus), the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;); <font style="font-style: italic;">provided</font> that the applicable restrictions of this Lock-Up Agreement shall
            apply to any securities received upon exercise of any such options, (b) forfeiting or transferring to the Company the Securities or any securities convertible into or exchangeable for the Securities: (1) pursuant to the exercise, in each case
            on a &#8220;cashless&#8221; or &#8220;net exercise&#8221; basis, of any option to purchase Securities granted by the Company pursuant to any employee benefit plan, employee agreement or other or arrangement described in the Registration Statement, where any Securities
            received by the undersigned upon any such exercise will be subject to the terms of this Lock-Up agreement, or (2) for the purpose of satisfying any withholding taxes (including estimated taxes) due as a result of the exercise of any option to
            purchase Securities or the vesting of any equity awards granted by the Company pursuant to any employee benefit plan, employee arrangement or other arrangement described in the Registration Statement, where any Securities received by the
            undersigned upon any such exercise or vesting will be subject to the terms of this Lock-Up Agreement; <font style="font-style: italic;">provided</font> that any related filing under Section 16(a) of the Exchange Act required to be made during
            the Lock-Up Period shall indicate that such filing is being made in connection with a disposition to the Company pursuant to the exercise of an option on a &#8220;cashless&#8221; or &#8220;net exercise&#8221; basis or to satisfy tax withholding requirements, as
            applicable, (c) transfers to the undersigned&#8217;s affiliates or to any investment fund or other entity controlled or managed by the undersigned, (d) if the undersigned is a corporation, partnership, limited liability company or other business
            entity, transfers of shares of the Securities or any securities convertible into or exercisable or exchangeable for the Securities (A) to another corporation, partnership, limited liability company or other business entity that controls, is
            controlled by or is under common control with the undersigned or (B) as part of a disposition, transfer or distribution by the undersigned to its members, limited partners or equity holders; <font style="font-style: italic;">provided</font>
            that, in the case of any transfer or distribution pursuant to clauses (c) or (d), (A) each transferee or distributee shall sign and deliver a lock-up letter substantially in the form of this Lock-Up Agreement prior to any such transfer,
            disposition or distribution, (B) any such transfer or distribution shall not involve a disposition for value and (C) no filing or public announcement under the Exchange Act or otherwise shall be required or shall be voluntarily made in
            connection with such transfer (other than a filing on a Form 5 made after the expiration of the Lock-Up Period) and (e) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of the
            Securities; <font style="font-style: italic;">provided</font> that (A) such plan does not provide for the transfer of the Securities during the Lock-Up Period and (B) to the extent a public announcement or filing under the Exchange Act, if
            any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of the Securities may be
            made under such plan during the Lock-Up Period.</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;">In furtherance of the foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Securities if such
            transfer would constitute a violation or breach of this Lock-Up Agreement.</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;">This Lock-Up Agreement shall be binding on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned.&#160; This Lock-Up Agreement shall
            automatically terminate and the undersigned will be released from all of his, her or its obligations hereunder upon the earliest to occur, if any, of (i) the date on which the Company, on the one hand, or the Representative, on the other hand,
            advises in writing that it has determined not to proceed with the Public Offering prior to the execution of the Underwriting Agreement, (ii) the date on which the Selling Securityholder advises in writing that it has determined not to
            participate in the Public Offering prior to the execution of the Underwriting Agreement, (iii) the date on which the Company files an application with the Securities and Exchange Commission to withdraw the registration statement related to the
            Public Offering, (iv) the date on which the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Offered Securities to be sold thereunder,
            or (v) July 31, 2019, if the Underwriting Agreement has not been executed by such date.</div>
          <div> <br>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          </div>
          <div style="font-weight: bold;">This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" id="zf8abc091f04349c891440e85c85d23f8" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Very truly yours,</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div><br>
                  </div>
                </td>
                <td style="width: 27%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div><font style="font-weight: bold;">[</font><font style="font-style: italic;">Name of stockholder</font><font style="font-weight: bold;">]</font></div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
          <div> <br>
          </div>
          <div>
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<DOCUMENT>
<TYPE>EX-99.M
<SEQUENCE>3
<FILENAME>ex99_m.htm
<DESCRIPTION>EXHIBIT M
<TEXT>
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    <div>
      <div style="text-align: center; font-weight: bold;">
        <div style="text-align: right; font-weight: normal;">Exhibit M</div>
      </div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">LOCK-UP LETTER AGREEMENT</div>
      <div style="text-align: right;"> June 12, 2019</div>
      <div style="text-align: right;"> <br>
      </div>
      <div>BMO Capital Markets Corp.</div>
      <div>3 Times Square</div>
      <div>New York, New York 10036</div>
      <div><br>
      </div>
      <div>As Representative of the Several Underwriters</div>
      <div><br>
      </div>
      <div>Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As an inducement to the underwriters to execute the Underwriting Agreement (the &#8220;<font style="font-weight: bold;">Underwriting Agreement</font>&#8221;) with Laureate Education, Inc.,
        and any successor (by merger or otherwise) thereto (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), and Wengen Alberta, Limited Partnership (the &#8220;<font style="font-weight: bold;">Selling Securityholder</font>&#8221;), providing for the public
        offering (the &#8220;<font style="font-weight: bold;">Public Offering</font>&#8221;) of the Class A common stock (the &#8220;<font style="font-weight: bold;">Securities</font>&#8221;) of the Company (the &#8220;<font style="font-weight: bold;">Offered Securities</font>&#8221;) by the
        Selling Securityholder, the undersigned hereby agrees that, during the period specified below (the &#8220;<font style="font-weight: bold;">Lock-Up Period</font>&#8221;), the undersigned will not offer, sell, contract to sell, pledge or otherwise transfer or
        dispose of, directly or indirectly, any Securities or securities convertible into or exchangeable or exercisable for any Securities, enter into a transaction which 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 the Securities, whether any such aforementioned transaction is to be settled by delivery of the Securities or such other securities, in cash or otherwise, or publicly
        disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of BMO Capital Markets Corp. (the &#8220;<font style="font-weight: bold;">Representative</font>&#8221;).&#160; In addition, the undersigned agrees that, without the prior written consent of the Representative, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect
        to, the registration of any Securities or any security convertible into or exercisable or exchangeable for the Securities; <font style="font-style: italic;">provided</font> that the undersigned may make a demand under any registration rights
        agreement with the Company in effect on the date of the Underwriting Agreement and described in the Registration Statement for, and exercise its rights under any such registration rights agreement with respect to, the registration after the
        expiration of the Lock-Up Period of shares of the Securities that does not require the filing of a registration statement or any public announcement or activity regarding the registration during the Lock-Up Period (and no such public announcement
        or activity shall be voluntarily made or taken during the Lock-Up Period).</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Lock-Up Period will commence on the date of this Lock-Up Agreement and continue and include the date 60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>days after the public offering date set forth on the final prospectus used to sell the Offered Securities (the &#8220;<font style="font-weight: bold;">Public Offering Date</font>&#8221;) pursuant to the Underwriting Agreement.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt;">Any Securities received upon exercise of options or other convertible or exchangeable securities granted or sold to the undersigned will also be subject to this Lock-Up
        Agreement.&#160; Any Securities acquired by the undersigned in the open market will not be subject to this Lock-Up Agreement; <font style="font-style: italic;">provided </font>that, with respect to any sale or other disposition during the Lock-Up
        Period of Securities acquired on the open market, no filing or public announcement by any party thereto under the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;), or otherwise shall be
        required or shall be voluntarily made in connection with such sale or disposition (other than a filing on a Form 5 after the Lock-Up Period).&#160; A transfer of Securities to a family member or trust or pursuant to a bona fide gift may be made; <font style="font-style: italic;">provided</font> the transferee agrees to be bound in writing by the terms of this Lock-Up Agreement prior to such transfer, such transfer shall not involve a disposition for value and no filing or public announcement
        by any party (donor, donee, transferor or transferee) under the Exchange Act or otherwise shall be required or shall be voluntarily made in connection with such transfer (other than a filing on a Form 5 made after the expiration of the Lock-Up
        Period). In addition, the first paragraph of this Lock-Up Agreement shall not apply to: (a) the vesting of restricted equity awards or the exercise of equity options granted at any time, in each case, pursuant to any of the equity incentive plans
        or arrangements of the Company that are described in the Company&#8217;s registration statement relating to the Securities (as such registration statement and the information contained therein may be amended or supplemented from time to time (including
        by way of free writing prospectus), the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;); <font style="font-style: italic;">provided</font> that the applicable restrictions of this Lock-Up Agreement shall apply to any securities
        received upon exercise of any such options, (b) forfeiting or transferring to the Company the Securities or any securities convertible into or exchangeable for the Securities: (1) pursuant to the exercise, in each case on a &#8220;cashless&#8221; or &#8220;net
        exercise&#8221; basis, of any option to purchase Securities granted by the Company pursuant to any employee benefit plan, employee agreement or other or arrangement described in the Registration Statement, where any Securities received by the undersigned
        upon any such exercise will be subject to the terms of this Lock-Up agreement, or (2) for the purpose of satisfying any withholding taxes (including estimated taxes) due as a result of the exercise of any option to purchase Securities or the
        vesting of any equity awards granted by the Company pursuant to any employee benefit plan, employee arrangement or other arrangement described in the Registration Statement, where any Securities received by the undersigned upon any such exercise or
        vesting will be subject to the terms of this Lock-Up Agreement; <font style="font-style: italic;">provided</font> that any related filing under Section 16(a) of the Exchange Act required to be made during the Lock-Up Period shall indicate that
        such filing is being made in connection with a disposition to the Company pursuant to the exercise of an option on a &#8220;cashless&#8221; or &#8220;net exercise&#8221; basis or to satisfy tax withholding requirements, as applicable, (c) transfers to the undersigned&#8217;s
        affiliates or to any investment fund or other entity controlled or managed by the undersigned, (d) if the undersigned is a corporation, partnership, limited liability company or other business entity, transfers of shares of the Securities or any
        securities convertible into or exercisable or exchangeable for the Securities (A) to another corporation, partnership, limited liability company or other business entity that controls, is controlled by or is under common control with the
        undersigned or (B) as part of a disposition, transfer or distribution by the undersigned to its members, limited partners or equity holders; <font style="font-style: italic;">provided</font> that, in the case of any transfer or distribution
        pursuant to clauses (c) or (d), (A) each transferee or distributee shall sign and deliver a lock-up letter substantially in the form of this Lock-Up Agreement prior to any such transfer, disposition or distribution, (B) any such transfer or
        distribution shall not involve a disposition for value and (C) no filing or public announcement under the Exchange Act or otherwise shall be required or shall be voluntarily made in connection with such transfer (other than a filing on a Form 5
        made after the expiration of the Lock-Up Period) and (e) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of the Securities; <font style="font-style: italic;">provided</font> that (A)
        such plan does not provide for the transfer of the Securities during the Lock-Up Period and (B) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or
        the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of the Securities may be made under such plan during the Lock-Up Period.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">In furtherance of the foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Securities if such transfer
        would constitute a violation or breach of this Lock-Up Agreement.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">This Lock-Up Agreement shall be binding on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned.&#160; This Lock-Up Agreement shall
        automatically terminate and the undersigned will be released from all of his, her or its obligations hereunder upon the earliest to occur, if any, of (i) the date on which the Company, on the one hand, or the Representative, on the other hand,
        advises in writing that it has determined not to proceed with the Public Offering prior to the execution of the Underwriting Agreement, (ii) the date on which the Selling Securityholder advises in writing that it has determined not to participate
        in the Public Offering prior to the execution of the Underwriting Agreement, (iii) the date on which the Company files an application with the Securities and Exchange Commission to withdraw the registration statement related to the Public Offering,
        (iv) the date on which the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Offered Securities to be sold thereunder, or (v) July 31,
        2019, if the Underwriting Agreement has not been executed by such date.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z71b7cc2090a24d4f9be05172b69dbed9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="3">
              <div>Very truly yours,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="3">
              <div>Wengen Alberta, Limited Partnership</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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              <div>its General Partner</div>
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              <div>/s/ Steven M. Taslitz</div>
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