<SEC-DOCUMENT>0001140361-19-017079.txt : 20190923
<SEC-HEADER>0001140361-19-017079.hdr.sgml : 20190923
<ACCEPTANCE-DATETIME>20190923104918
ACCESSION NUMBER:		0001140361-19-017079
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190923
DATE AS OF CHANGE:		20190923
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:		191106790

	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>
    <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-weight: bold;"><font style="font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSIO</font>N</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <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. 5)*</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-size: 24pt;">Laureate Education, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0);">(Name of Issuer)</div>
          </td>
        </tr>

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    <div><br>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Class A Common Stock, par value $0.004 per share</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0);">(Title of Class of Securities)</div>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">518613203</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0);">(CUSIP Number)</div>
          </td>
        </tr>

    </table>
    <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>
    </div>
    <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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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Telephone: (312) 902-5493</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0);">(Name, Address and Telephone Number of Person</div>
            <div style="text-align: center; color: rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Authorized to Receive Notices and Communications)</div>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">September 12, 2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0);">(Date of Event Which Requires Filing of this Statement)</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div style="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="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>
    <div style="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>
    <div style="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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            <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>
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            <td style="border-top: #000000 1pt solid; vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; width: 6.36%;" rowspan="3">
              <div style="font-size: 18pt; font-weight: bold; text-align: center;">1</div>
            </td>
            <td style="border-top: #000000 1pt solid; vertical-align: middle; border-left: #000000 1pt solid; width: 86.4%;" colspan="3">
              <div style="font-weight: bold; text-align: left;">NAMES OF REPORTING PERSONS</div>
            </td>
            <td style="border-top: #000000 1pt solid; vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-top: #000000 1pt solid; border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
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          <tr style="height: 13px;">
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: middle; padding-right: 2px; width: 5.01%;">
              <div style="font-family: ''Times New Roman''; text-align: left;">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: middle; padding-right: 2px; width: 5.01%;">
              <div style="font-family: ''Times New Roman''; text-align: left;">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; width: 86.4%; background-color: #bfbfbf;" 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: #bfbfbf;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%; background-color: #bfbfbf;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr style="background-color: #bfbfbf;">
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">OO</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: middle; padding-right: 2px; width: 5.01%;">
              <div style="font-family: ''Times New Roman''; text-align: left;">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">Alberta, Canada</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; font-weight: bold; border-left: #000000 1pt solid; 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: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 76.38%;" rowspan="2">0</td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 76.38%;" rowspan="2">
              <div style="text-align: left; color: #000000;">86,147,116*</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 76.38%;" rowspan="2">0</td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 76.38%;" rowspan="2">
              <div style="text-align: left;">
                <div style="color: #000000;">86,147,116*</div>
              </div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">
                <div style="color: #000000;">86,147,116*</div>
              </div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: middle; padding-right: 2px; width: 5.01%;">
              <div style="font-family: ''Times New Roman''; text-align: left;">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">39.17%*</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">PN</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="color: #000000;">*See Item 5.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
      <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>
      <div id="DSPFPageHeader"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zf2b5aca4c204433eba79f1eac7c31f40" 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;">
            <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: #000000 1pt solid; vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; width: 6.36%;" rowspan="3">
              <div style="font-size: 18pt; font-weight: bold; text-align: center;">1</div>
            </td>
            <td style="border-top: #000000 1pt solid; vertical-align: middle; border-left: #000000 1pt solid; width: 86.4%;" colspan="3">
              <div style="font-weight: bold; text-align: left;">NAMES OF REPORTING PERSONS</div>
            </td>
            <td style="border-top: #000000 1pt solid; vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-top: #000000 1pt solid; border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr style="height: 13px;">
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: middle; padding-right: 2px; width: 5.01%;">
              <div style="font-family: ''Times New Roman''; text-align: left;">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: middle; padding-right: 2px; width: 5.01%;">
              <div style="font-family: ''Times New Roman''; text-align: left;">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; width: 86.4%; background-color: #bfbfbf;" 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: #bfbfbf;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%; background-color: #bfbfbf;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr style="background-color: #bfbfbf;">
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">OO</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: middle; padding-right: 2px; width: 5.01%;">
              <div style="font-family: ''Times New Roman''; text-align: left;">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">Cayman Islands</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; font-weight: bold; border-left: #000000 1pt solid; 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: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 76.38%;" rowspan="2">0</td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 76.38%;" rowspan="2">
              <div style="text-align: left; color: #000000;">86,147,116*</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 76.38%;" rowspan="2">0</td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 76.38%;" rowspan="2">
              <div style="text-align: left; color: #000000;">86,147,116*</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">86,147,116*</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: middle; padding-right: 2px; width: 5.01%;">
              <div style="font-family: ''Times New Roman''; text-align: left;">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">39.17%</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; 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: #000000 1pt solid; 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: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; padding-left: 2pt; border-left: #000000 1pt solid; width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left; color: #000000;">CO</div>
            </td>
            <td style="vertical-align: middle; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; width: 5.01%;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: #000000 1pt solid; width: 2.59%;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="border-right: #000000 1pt solid; vertical-align: top; border-bottom: #000000 1pt solid; 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 id="DSPFPageFooter"></div>
      <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 id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Explanatory Note</div>
    <div><br>
    </div>
    <div style="color: #000000;">This Amendment No. 5 to Schedule 13D (&#8220;<u>Amendment No. 5</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, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4 to such Schedule 13D filed on April 25, 2018, November 15, 2018, November 21, 2018 and
      June 19, 2019, respectively (as so amended, the &#8220;<u>Statement</u>&#8221;). This Amendment No. 5 is being filed by the Reporting Persons to report the sale by Wengen of 15,000,000 shares of the Issuer&#8217;s Class A Common Stock in an underwritten public
      offering. Except as specifically provided herein, this Amendment No. 5 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" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z909be83527fc4ae0b175307722ce5e0b" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Item 2.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Purpose of Transaction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-style: italic;">Item 2 of the Statement is hereby amended and restated to read in its entirety as follows:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(a)-(f)&#160;&#160;&#160; This Statement is being filed pursuant to Rule 13d-1(a) under the Securities Exchange Act of 1934, as amended (the &#8220;<u>1934 Act</u>&#8221;), by:</div>
    <div><br>
    </div>
    <div style="margin-left: 72pt;">(i)&#160; Wengen; and</div>
    <div><br>
    </div>
    <div style="margin-left: 72pt;">(ii)&#160; Wengen Investments Limited, a Cayman Islands exempted limited company (&#8220;<u>Wengen GP</u>&#8221; and, together with Wengen, the &#8220;<u>Reporting Persons</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Wengen GP is the General Partner of Wengen.&#160; The limited partnership interests in Wengen are held by certain investors, including certain investment funds and other investors affiliated with or managed by Kohlberg Kravis
      Roberts &amp; Co. L.P. (together with its affiliates, &#8220;<u>KKR</u>&#8221;), Point 72 Asset Management, L.P. (together with its affiliates, including Cohen Private Ventures, LLC, &#8220;<u>CPV</u>&#8221;), StepStone Group LP (together with its affiliates, &#8220;<u>StepStone</u>&#8221;),










      Sterling Fund Management, LLC (together with certain of its affiliates and certain investment funds managed by it, &#8220;<u>Sterling</u>&#8221;) and Snow Phipps Group, LLC (together with its affiliates, &#8220;<u>Snow Phipps</u>&#8221; and, collectively, the &#8220;<u>Wengen
        Investors</u>&#8221;).&#160; Each of the Wengen Investors separately makes Schedule 13D filings reporting its beneficial ownership of shares of Class A Common Stock.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Pursuant to the Wengen Securityholders Agreement (as defined in Item 6), the Wengen Investors are entitled to appoint representatives to the board of directors of Wengen GP.&#160; At the time of the<font style="color: rgb(0, 0, 0);"> September 2019 Offering</font> (as defined below), the following individuals were designated as directors of Wengen GP: Steven Taslitz and Christopher Hoehn-Saric, as representatives of Sterling; William Cornog and Brian Carroll, as
      representatives of KKR; Darren Friedman, as a representative of StepStone; Ian Snow, as a representative of Snow Phipps; and Andrew Cohen as a representative of CPV. As a result of the reduction in the percentage of the Issuer&#8217;s Common Stock (as
      defined in the Wengen Securityholders Agreement) beneficially owned by StepStone resulting from its sale of shares of Common Stock in the September 2019 Offering, StepStone&#8217;s right to designate directors to serve on the Wengen GP&#8217;s board of directors
      terminated. As of September 23, 2019, the director designated by Stepstone, Mr. Friedman, continues to serve on Wengen GP&#8217;s board of directors, however, pursuant to the Wengen Securityholders Agreement, such director must offer his resignation.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The business address, present principal occupation or employment and citizenship of each director of Wengen GP and the number of shares of Class A Common Stock beneficially owned by each such director are listed on
      Schedule I hereto.</div>
    <div><br>
    </div>
    <div>
      <div style="margin-left: 36pt;">(b)&#160; The address of the principal business office of each of the Reporting Persons is:</div>
      <div><br>
      </div>
      <div style="margin-left: 72pt;">c/o Laureate Education, Inc.</div>
      <div style="margin-left: 72pt;">650 South Exeter Street</div>
      <div style="margin-left: 72pt;">Baltimore, MD 21202</div>
      <div> <br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <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 id="DSPFPageHeader"></div>
    </div>
    <div style="text-indent: 36pt;">(c) Wengen is principally engaged in the business of investing in the Issuer.&#160; Wengen GP is principally engaged in the business of being the general partner of Wengen.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(d)&#160; During the last five years, none of the Reporting Persons or, to the best knowledge of the Reporting Persons, any of the other persons listed on Schedule I hereto, has been convicted in a criminal proceeding
      (excluding traffic violations or similar misdemeanors).</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(e)&#160; During the last five years, none of the Reporting <font style="color: rgb(0, 0, 0);">Persons or, to the best knowledge of the Reporting Persons, any of the other persons listed on Schedule I hereto, has been party
        to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding were or are subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities
        subject to, federal or state securities laws or finding any violation with respect to such laws.</font></div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z5c40fe5eaeca4588a015e9401c065a7b" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Item 4.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Purpose of Transaction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-style: italic;">Item 4 of the Statement is hereby amended by adding the following:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;">In connection with the closing of the November 2018 Offering, Bregal ceased to be the beneficial owner of a number of shares of the Issuer&#8217;s Common Stock required under the Wengen Securityholders
      Agreement for Bregal to continue to have the right to designate a director to serve on (1) the Wengen GP&#8217;s board of directors and (2) the Issuer&#8217;s board of directors. On December 5, 2018, Bregal&#8217;s representative, Mr. Van Doosselaere, resigned as a
      director of the Issuer and as a director of Wengen GP, effective as of December 8, 2018.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;">On September 9, 2019, the Issuer commenced an underwritten secondary public offering (the &#8220;<u>September 2019 Offering</u>&#8221;) of 15,000,000 shares of Class A Common Stock (the &#8220;<u>Securities</u>&#8221;) on behalf
      of Wengen as the sole selling stockholder, plus up to an additional 2,250,000 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 September 9, 2019 under the Issuer&#8217;s registration statement on Form S-3 (File No. 333-224405).&#160; Also on that date, the September 2019 Offering was priced and the Issuer and Wengen entered into the Underwriting
      Agreement (as defined below) with the Underwriter.&#160; On September 12, 2019, Wengen consummated its sale of the Securities in the September 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 September 11, 2019 (the &#8220;<u>Supplement</u>&#8221;). The Selling Stockholder received net proceeds (before expenses) of
      $250,800,000 (or $16.72 per share) from the sale of the Class A Common Stock. Morgan Stanley &amp; Co. LLC (the &#8220;<u>Underwriter</u>&#8221;) acted as the representative of the several underwriters named in Schedule A to the Underwriting Agreement in the
      September 2019 Offering. For additional information regarding the Underwriting Agreement, see Item 6 below.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">Of the shares sold by Wengen in the September 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: #000000;"><font style="background-color: #FFFFFF;">(i)&#160; 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;) sold an aggregate of 10,318,099 shares on behalf of Bregal Europe, Caisse, the Makena Funds, the SPT Funds, Stockwell and Vulcan (each as defined below) and other investors in the Sterling Co-Investment Funds.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">(ii) Sterling Capital Partners II, L.P. sold 406,947 shares.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">(iii) Sterling Capital Partners III, L.P. sold 997,654 shares.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">(iv) Bregal Europe Co-Investment Limited Partnership (&#8220;</font><font style="background-color: #FFFFFF;"><u>Bregal Europe</u></font><font style="background-color: #FFFFFF;">&#8221;) sold 330,315 shares, including&#160; 302,093 shares sold 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: #000000;"><font style="background-color: #FFFFFF;">(v) 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;) sold
        4,628,953 shares, including 4,218,862 shares sold 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: #000000;"><font style="background-color: #FFFFFF;">(vi) Citigroup Capital Partners II Employee Master Fund, L.P. and Co-Investment (Laureate) LLC sold 459,054 and 948,628 shares, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">(vii) 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;), respectively, sold 2,399,901 (including 2,194,856 shares sold by the Sterling Co-Investment Funds on behalf of Makena PE B, as an investor in such funds) and 325,208
        shares (consisting solely of shares sold by the Sterling Co-Investment Funds on behalf of Makena Contingent, as an investor in such funds).</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">(viii) 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;) sold 515,630 and 1,440,476 shares, respectively, including 471,591 and 1,315,894 shares sold 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: #000000;"><font style="background-color: #FFFFFF;">(x) StepStone Capital Partners II Onshore, L.P., StepStone Capital Partners II Cayman Holdings, L.P. and 2007 Co-Investment Portfolio, L.P. sold 233,575, 292,748
        and 460,922 shares, respectively.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">(xi) Stockwell Fund Limited Partnership (&#8220;</font><font style="background-color: #FFFFFF;"><u>Stockwell</u></font><font style="background-color: #FFFFFF;">&#8221;) sold
        291,872 shares, including 271,367 shares sold 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: #000000;"><font style="background-color: #FFFFFF;">(xii) Vulcan Education Holdings LLC (&#8220;</font><font style="background-color: #FFFFFF;"><u>Vulcan</u></font><font style="background-color: #FFFFFF;">&#8221;) sold 716,921
        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: #000000;"><font style="background-color: #FFFFFF;">(xiii) The Sterling Co-Investment Funds also sold 501,307 shares on behalf of other investors in such funds that collectively beneficially own less than 1% of the
        Class A Common Stock of the Issuer.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">(xiv) Sterling Laureate, L.P. sold 49,889 shares on behalf of investors in such funds that collectively beneficially own less than 1% of the Class A Common Stock
        of the Issuer.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">
      <div style="text-indent: 36pt;">As a result of Wengen&#8217;s sale of shares of Class A Common Stock in the September 2019 Offering, Wengen and its investors ceased to own at least 40% of the Issuer&#8217;s Common Stock, and, consequently, Wengen&#8217;s right under
        the Wengen Securityholders Agreement to designate directors to serve on the Issuer&#8217;s board of directors terminated. As of September 23, 2019, each of the directors designated by Wengen continues to serve on the Issuer&#8217;s board of directors.&#160; In
        addition, because of the reduction in the percentage of the Issuer&#8217;s Common Stock beneficially owned by StepStone resulting from its sale of shares of Common Stock in the September 2019 Offering, StepStone&#8217;s right under the Wengen Securityholders
        Agreement to designate directors to serve on the Wengen GP&#8217;s board of directors terminated. As of September 23, 2019, the director designated by Stepstone, Mr. Friedman, continues to serve on Wengen GP&#8217;s board of directors; however, pursuant to the
        Wengen Securityholders Agreement, Mr. Friedman must offer his resignation.</div>
      <br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zb0683c0b75eb4a50b116f83ae9d20630" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Item 5.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; 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: #000000;">Items 5(a), (b) and (c) of the Statement are hereby amended and restated to read as follows:</div>
    <div><br>
    </div>
    <div style="color: #000000;">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: #000000;">(a) and (b). As of September 23, 2019, following the September 2019 Offering, the Reporting Persons may be deemed to beneficially own, in the aggregate, 86,147,116 shares of Class A Common Stock, which represent, in the
      aggregate, approximately 39.17% 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 86,147,116
      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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="color: #000000;">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 such investor&#8217;s pro rata interest in Wengen.</div>
    <div><br>
    </div>
    <div style="color: #000000;">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: #000000;">The aggregate percentage beneficially owned by each of the Reporting Persons as reported in this Statement for purposes of calculations under Rule 13d-3 is based on an aggregate of 219,953,332 shares of Class A Common
      Stock, which includes (1) 133,806,216 outstanding shares of Class A Common Stock, in reliance on information contained in the Supplement and reflecting the consummation of the September 2019 Offering, and (2) 86,147,116 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 September 2019 Offering. 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: #000000;">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: #000000;">The Wengen Investors and certain of their affiliates separately make Schedule 13D filings reporting their beneficial ownership of shares of Class A Common Stock.</div>
    <div><br>
    </div>
    <div style="color: #000000;">(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" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z25f8e98d44e741148ad37ba8ee28fa3f" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Item 6.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; 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: #000000;">Item 6 of the Schedule 13D is hereby amended by adding the following:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;">The Selling Stockholder agreed to sell to the Underwriter, and the Underwriter agreed to purchase from the Selling Stockholder, the Securities in the September 2019 Offering at a purchase price of $16.72
      per share, pursuant to, and subject to the terms and conditions of, an Underwriting Agreement (the &#8220;<u>Underwriting Agreement</u>&#8221;), dated September 9, 2019, entered into by Wengen (as the Selling Stockholder), the Issuer and the Underwriter.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;">In connection with the September 2019 Offering, on September 9, 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 September 2019 Offering (subject to certain exceptions and termination provisions specified in the Lock-Up Agreement).</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="text-indent: 36pt; color: #000000;">The descriptions of the Underwriting Agreement and Lock-up Agreement set forth above in this Item 6 do not purport to be complete and such descriptions are qualified in their entirety by reference to the
      full text of such documents, which documents are included as Exhibit N and Exhibit O, respectively, to this Statement and are incorporated herein by reference.</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zb04255fdaf1742139e5755d416ae6a84" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 45pt;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Item 7.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; 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: #000000; font-style: italic;">Item 7 of the Schedule 13D is hereby amended by adding the following exhibit:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zc767fc4ced0f4174ac6229c495f8dd53" 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: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Exhibit N.</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Underwriting Agreement dated September 9, 2019 (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed by the Issuer on September 12, 2019).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><a href="ex99_o.htm">Exhibit O.</a></div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Lock-up Agreement dated September 9, 2019.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
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    <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;">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="z000fe872d9074d1ea469c6f847871b26" 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; September 23, 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; 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: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">By:</div>
          </td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Wengen Investments Limited, its general partner</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">By:</div>
          </td>
          <td style="width: 47%; 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: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Name:</div>
          </td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Steven M. Taslitz</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Title:</div>
          </td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Director</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; 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 INVESTMENTS LIMITED</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">By:</div>
          </td>
          <td style="width: 47%; 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: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Name:</div>
          </td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Steven M. Taslitz</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Title:</div>
          </td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Director</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></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 id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>SCHEDULE I</u></div>
    <div>&#160;</div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="text-align: center; font-weight: bold;"><u>DIRECTORS OF WENGEN GP</u></div>
    </div>
    <div style="background-color: rgb(255, 255, 255);">
      <div><br>
      </div>
    </div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="text-indent: 36pt;">The following sets forth the name, business address, principal occupation of each director of Wengen GP, the number of shares of the Issuer&#8217;s Class A Common Stock beneficially owned by each such director and a
        description of any transactions in the Issuer&#8217;s Class A Common Stock that were effected during the past sixty days by each such director.&#160; Each director is a citizen of the United States.</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="zee629bc43292451582d14371e00ec4fa" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 30%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Director and Business Address</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Principal Occupation</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Shares of Class A </div>
            <div style="text-align: center; font-weight: bold;">Common Stock</div>
            <div style="text-align: center; font-weight: bold;"> Beneficially </div>
            <div style="text-align: center; font-weight: bold;">Owned</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Transactions in the</div>
            <div style="text-align: center; font-weight: bold;"> Issuer&#8217;s Class A</div>
            <div style="text-align: center; font-weight: bold;"> Common Stock&#160; </div>
            <div style="text-align: center; font-weight: bold;">Within 60 Days</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 30%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">Brian Carroll</div>
            <div>c/o Laureate Education, Inc.</div>
            <div>650 South Exeter Street</div>
            <div>Baltimore, Maryland 21202</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Managing Partner</div>
            <div>Carroll Capital LLC</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">16,844 (2)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 30%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">Andrew Cohen</div>
            <div>c/o Cohen Private Ventures, LLC 510 Madison Avenue</div>
            <div>New York, New York 10022</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Managing Director</div>
            <div>Cohen Private Ventures, LLC</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">12,833 (3)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 30%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">William Cornog</div>
            <div>c/o KKR Capstone Americas LLC</div>
            <div>9 West 57th Street, 41st Floor</div>
            <div>New York, New York 10019</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Global Head</div>
            <div>KKR Capstone Americas LLC</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">6,335</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 30%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">Darren Friedman</div>
            <div>c/o StepStone Group LP</div>
            <div>885 Third Avenue, 17th Floor</div>
            <div>New York, New York 10022</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Partner</div>
            <div>StepStone Group LP</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">See Footnote (4)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">See Footnote (4)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 30%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">R. Christopher Hoehn-Saric</div>
            <div>c/o Sterling Partners</div>
            <div>401 N. Michigan Avenue</div>
            <div>Suite 3300</div>
            <div>Chicago, Illinois 60611</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Senior Managing Director</div>
            <div>Sterling Partners</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">See Footnote (1)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">See Footnote (1)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 30%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">Ian Snow</div>
            <div>c/o Snow Phipps Group, LLC</div>
            <div>667 Madison Avenue</div>
            <div>New York, New York 10065</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Chief Executive Officer and Co-Founding Partner</div>
            <div>Snow Phipps Group, LLC</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1,363,698 (4)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 30%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">Steven M. Taslitz</div>
            <div>c/o Sterling Partners</div>
            <div>401 N. Michigan Avenue</div>
            <div>Suite 3300</div>
            <div>Chicago, Illinois 60611</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Senior Managing Director</div>
            <div>Sterling Partners</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">See Footnote (1)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">See Footnote (1)</div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div>(1) Information concerning the director&#8217;s beneficial ownership of Class A Common Stock and transactions in the Issuer&#8217;s Class A Common Stock effected during the past sixty days is incorporated herein by reference to the Schedule 13D to be filed
        by Sterling in connection with its sale of shares of Common Stock in the September 2019 Offering.</div>
      <div><br>
      </div>
      <div>(2) Includes 4,611 shares of Class B Common Stock reserved for issuance upon distribution of Mr. Carroll&#8217;s Deferred Compensation Plan account when he retires from the Issuer&#8217;s board of directors.</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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        <div id="DSPFPageHeader"></div>
      </div>
      <div>(3) Represents 6,335 shares of Class A common stock issued to Cohen Private Ventures, LLC pursuant to the Company&#8217;s non-employee director compensation program at the request of Mr. Andrew Cohen in lieu of issuance to Mr. Andrew Cohen and 6,498
        shares of Class B common stock issued to S.A.C. Capital Advisors, L.P. pursuant to the Company&#8217;s non-employee director compensation program at the request of Mr. Andrew Cohen in lieu of issuance to Mr. Andrew Cohen and subsequently transferred to
        Cohen Private Ventures, LLC. Mr. Andrew Cohen disclaims beneficial ownership over such securities.</div>
      <div><br>
      </div>
      <div>(4) Information concerning the director&#8217;s beneficial ownership of Class A Common Stock and transactions in the Issuer&#8217;s Class A Common Stock effected during the past sixty days is incorporated herein by reference to the Schedule 13D to be filed
        by StepStone in connection with its sale of shares of Common Stock in the September 2019 Offering.</div>
      <div><br>
      </div>
      <div>(5) Includes 3,837 shares of Class B common stock held by Snow Phipps and 1,236,719, 4,071, 11,880, 39,972, and 64,400 shares of Class A common stock owned by Snow Phipps Group, L.P., SPG Co-Investment, L.P., Snow Phipps Group (B), L.P., Snow
        Phipps Group (Offshore), L.P., and Snow Phipps Group (RPV), L.P., respectively. Includes 2,819 shares of Class B common stock reserved for issuance upon distribution of Mr. Snow&#8217;s Post-2004 DCP account when he retires from the Company&#8217;s board of
        directors.</div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-99.O
<SEQUENCE>2
<FILENAME>ex99_o.htm
<DESCRIPTION>EXHIBIT O
<TEXT>
<html>
  <head>
    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
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  <div style="text-align: right;">
    <div>EXHIBIT O</div>
  </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><br>
    </div>
    <div style="text-align: right;">September 9, 2019</div>
    <div><br>
    </div>
    <div>Morgan Stanley &amp; Co. LLC</div>
    <div>1585 Broadway</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 Morgan Stanley &amp; Co. LLC (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><br>
    </div>
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    <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) September 30, 2019, if the Underwriting Agreement has not been
      executed by such date.</div>
    <div><br>
    </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 style="font-weight: bold;"> <br>
      </div>
    </div>
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    <table cellspacing="0" cellpadding="0" border="0" id="z40ed0f40ee4045ef82a996fb767d4741" 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: 60%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="2" rowspan="1">
            <div>Very truly yours,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="2" rowspan="1">
            <div>Wengen Alberta, Limited Partnership</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 38%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">By:</td>
          <td style="width: 38%; vertical-align: top;">
            <div>Wengen Investments Limited,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 38%; vertical-align: top;">
            <div>its General Partner</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 38%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;" colspan="1">By:</td>
          <td style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Steven M. Taslitz</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="2" rowspan="1">
            <div>Name: Steven M. Taslitz</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="2" rowspan="1">
            <div>Title:&#160;&#160; Director</div>
          </td>
        </tr>

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