<SEC-DOCUMENT>0001047469-19-003653.txt : 20190614
<SEC-HEADER>0001047469-19-003653.hdr.sgml : 20190614
<ACCEPTANCE-DATETIME>20190614171356
ACCESSION NUMBER:		0001047469-19-003653
CONFORMED SUBMISSION TYPE:	424B7
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20190614
DATE AS OF CHANGE:		20190614

FILER:

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

	FILING VALUES:
		FORM TYPE:		424B7
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224405
		FILM NUMBER:		19899696

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SYLVAN LEARNING SYSTEMS INC
		DATE OF NAME CHANGE:	19930929
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B7
<SEQUENCE>1
<FILENAME>a2239042z424b7.htm
<DESCRIPTION>424B7
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Use these links to rapidly review the document<BR>
<A HREF="#bg72901_table_of_contents_prospectus_supplement">  TABLE OF CONTENTS Prospectus Supplement</A> <BR>
<A HREF="#bg72902_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="aa72901_calculation_of_registration_fee"> </A>
<A NAME="toc_aa72901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CALCULATION OF REGISTRATION FEE    <BR>    </B></FONT></P>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Title of Each Class of Securities<BR>
to be Registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount to be<BR>
Registered(1)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Offering Price Per<BR>
Share</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate Offering<BR>
Price(2)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
Registration Fee</B></FONT><BR></TH>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:4pt;text-indent:-4pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=2>Class&nbsp;A common stock, par value $0.004 per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11,500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$15.3032</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$175,986,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$21,329.60</FONT></TD>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
1,500,000 shares that may be purchased by the underwriter upon exercise of the underwriter's option to purchase additional shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Calculated
pursuant to Rule&nbsp;457(a) based on the Amount to be registered multiplied by the Proposed Maximum Offering Price Per Share.  </FONT></DD></DL>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A NAME="bc72901_filed_pursuant_to_rule__bc701423"> </A>
<A NAME="toc_bc72901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Filed Pursuant to Rule&nbsp;424(b)(7)<BR>  Registration No.&nbsp;333-224405    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>PROSPECTUS SUPPLEMENT<BR>
(To Prospectus Dated April&nbsp;23, 2018)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>10,000,000 Shares  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>
<IMG SRC="g35156.jpg" ALT="GRAPHIC" WIDTH="342" HEIGHT="87">
  </B></FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholder named in this prospectus supplement is offering 10,000,000 shares of our Class&nbsp;A common stock, par value $0.004 per
share. We will not receive any of the proceeds from the sale of shares of our Class&nbsp;A common stock by the selling stockholder in this offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Class&nbsp;A common stock is listed on the Nasdaq Global Select Market under the symbol "LAUR." On June&nbsp;11, 2019, the last reported sale price of our Class&nbsp;A common
stock on the Nasdaq Global Select Market was $16.33 per share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter has agreed to purchase the shares of our Class&nbsp;A common stock from the selling stockholder at a price equal to $15.3032 per share, which will result in
$153,032,000 of proceeds to the selling stockholder (assuming no exercise of the underwriter's option to purchase additional shares) before expenses, subject to the terms and conditions in the
underwriting agreement among the underwriter, the selling stockholder and us. We have agreed to reimburse the underwriter for certain expenses in connection with this offering. See "Underwriting." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter proposes to offer the shares of our Class&nbsp;A common stock from time to time for sale in one or more transactions on the Nasdaq Global Select Market, in the
over-the-counter market, through negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or negotiated prices, subject
to its right to reject any order in whole or in part. See "Underwriting." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling stockholder has granted the underwriter an option to purchase, within the 30-day period from the date of this prospectus supplement, up to an additional 1,500,000 shares of
our Class&nbsp;A common stock at the public offering price less the underwriting discounts and commissions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=3><B>INVESTING IN OUR CLASS A COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CAREFULLY REVIEW THE RISKS AND UNCERTAINTIES REFERENCED UNDER THE
HEADING "RISK FACTORS" BEGINNING ON PAGE S-4 OF THIS PROSPECTUS SUPPLEMENT, AS WELL AS THOSE CONTAINED IN THE ACCOMPANYING PROSPECTUS AND ANY DOCUMENTS THAT WE INCORPORATE BY REFERENCE HEREIN AND
THEREIN.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this prospectus supplement and the accompanying prospectus. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter expects to deliver the shares of our Class&nbsp;A common stock against payment in New York, New York on or about June&nbsp;17, 2019. </FONT></P>

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

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Sole Book-Running Manager  </I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>BMO Capital Markets  </B></FONT></P>
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The date of this prospectus supplement is June&nbsp;12, 2019</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72901a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A NAME="BG72901A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bg72901_table_of_contents_prospectus_supplement"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS<BR>  <BR>    Prospectus Supplement    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG72901_TOC2"></A> </FONT></P>
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<TD style="font-family:times;"><A HREF="#bg72901_about_this_prospectus_supplement"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>About this Prospectus Supplement</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#bg72901_about_this_prospectus_supplement"><FONT SIZE=2>S-ii</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#ca72901_prospectus_supplement_summary"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prospectus Supplement Summary</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca72901_prospectus_supplement_summary"><FONT SIZE=2>S-1</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#da72901_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72901_risk_factors"><FONT SIZE=2>S-4</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#da72901_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Forward-Looking Statements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72901_forward-looking_statements"><FONT SIZE=2>S-4</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#da72901_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of Proceeds</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72901_use_of_proceeds"><FONT SIZE=2>S-6</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><A HREF="#da72901_market_price_of_our_class_a_common_stock"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Market Price of Our Class&nbsp;A Common Stock</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72901_market_price_of_our_class_a_common_stock"><FONT SIZE=2>S-6</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#da72901_dividend_policy"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividend Policy</FONT></A></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72901_dividend_policy"><FONT SIZE=2>S-6</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#da72901_selling_stockholder"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling Stockholder</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72901_selling_stockholder"><FONT SIZE=2>S-7</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#dc72901_material_u.s._tax_cons__dc701951"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material U.S. Tax Considerations for Non-U.S. Holders</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc72901_material_u.s._tax_cons__dc701951"><FONT SIZE=2>S-10</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#dc72901_certain_erisa_considerations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain ERISA Considerations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc72901_certain_erisa_considerations"><FONT SIZE=2>S-15</FONT></A></TD>
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<TD style="font-family:times;"><A HREF="#de72901_underwriting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de72901_underwriting"><FONT SIZE=2>S-17</FONT></A></TD>
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</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#DE1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#DE1"><FONT SIZE=2>S-22</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#DE2"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Experts</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#DE2"><FONT SIZE=2>S-22</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#DE3"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Information Incorporated by Reference</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#DE3"><FONT SIZE=2>S-22</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#DE4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Where You Can Find More Information</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#DE4"><FONT SIZE=2>S-23</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bg72901_prospectus"> </A>
<BR></FONT><FONT SIZE=2><B>  Prospectus    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG72901_TOC"></A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#bi72902_about_this_prospectus"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>About this Prospectus</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#bi72902_about_this_prospectus"><FONT SIZE=2>ii</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#da72902_about_laureate_education,_inc."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>About Laureate Education,&nbsp;Inc.&nbsp;</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72902_about_laureate_education,_inc."><FONT SIZE=2>1</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#da72902_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72902_risk_factors"><FONT SIZE=2>2</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#da72902_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Forward-Looking Statements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72902_forward-looking_statements"><FONT SIZE=2>3</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#da72902_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of Proceeds</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da72902_use_of_proceeds"><FONT SIZE=2>4</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#dc72902_description_of_capital_stock"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of Capital Stock</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc72902_description_of_capital_stock"><FONT SIZE=2>5</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de72902_selling_stockholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling Stockholders</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de72902_selling_stockholders"><FONT SIZE=2>13</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#dg72902_plan_of_distribution"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plan of Distribution</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg72902_plan_of_distribution"><FONT SIZE=2>17</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#dg72902_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg72902_legal_matters"><FONT SIZE=2>19</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg72902_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Experts</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg72902_experts"><FONT SIZE=2>19</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#dg72902_information_incorporated_by_reference"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Information Incorporated by Reference</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg72902_information_incorporated_by_reference"><FONT SIZE=2>19</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#dg72902_where_you_can_find_more_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Where You Can Find More Information</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg72902_where_you_can_find_more_information"><FONT SIZE=2>20</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bg72901_trademarks_and_tradenames"> </A>
<BR></FONT><FONT SIZE=2><B>  Trademarks and Tradenames    <BR>    </B></FONT></P>

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

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

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<A NAME="page_bg72901_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72901a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bg72901_about_this_prospectus_supplement"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT THIS PROSPECTUS SUPPLEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement and the accompanying prospectus are part of a registration statement that we filed with the Securities and Exchange
Commission (the "SEC") utilizing a "shelf" registration process. This prospectus supplement provides to you specific information about our Class&nbsp;A common stock that the selling stockholder is
selling in this offering. Both this prospectus supplement and the accompanying prospectus include important information about us, the selling stockholder and other information that you should know
before investing. Because the accompanying prospectus provides general information about us, some of the information therein may not apply to this offering. This prospectus supplement describes the
specific details regarding the offering and adds to, updates and changes information contained in the accompanying prospectus. To the extent that the information in this prospectus supplement is
different from that in the accompanying prospectus, you should rely on the information in this prospectus supplement. You should read both this prospectus supplement and the accompanying prospectus,
together with the additional information described in the sections entitled "Information Incorporated by Reference" and "Where You Can Find More Information" of this prospectus supplement, before
investing in our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are responsible for the information contained in this prospectus supplement, the accompanying prospectus, including the information incorporated by reference herein as described
herein and therein, and any free writing prospectus prepared by or on behalf of us. None of the Company, the selling stockholder or the underwriter has authorized anyone to provide to you different
information, and neither we, the selling stockholder nor the underwriter takes responsibility for any other information that others may give you. This prospectus supplement and the accompanying
prospectus do not constitute an offer to sell or a solicitation of an offer to buy any securities other than the registered
securities to which they relate, and neither we, the selling stockholder nor the underwriter is making an offer to sell these securities in any jurisdiction in which the offer or sale is not
permitted. You should not assume that the information contained in this prospectus supplement and the accompanying prospectus is accurate as of any date other than its date. </FONT></P>


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

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

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

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ca72901_prospectus_supplement_summary"> </A>
<A NAME="toc_ca72901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROSPECTUS SUPPLEMENT SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This summary highlights selected information contained elsewhere or incorporated by reference in this prospectus
supplement and does not contain all of the information that you need to consider in making your investment decision. You should read carefully this entire prospectus supplement and the accompanying
prospectus, including the documents incorporated by reference herein and therein, before making an investment decision to purchase our Class&nbsp;A common stock, especially the risks of investing in
our Class&nbsp;A common stock discussed under the caption "Risk Factors" in this prospectus supplement and the information under the caption "Risk Factors" in our
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746919000767/a2237646z10-k.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2018</A>, as
revised or supplemented by our subsequent <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162828019006341/laur3312019-10xq.htm">quarterly reports on
Form&nbsp;10-Q</A> or our <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162827919000212/a8-kdepartureofcertainoffi.htm">current reports on
Form&nbsp;8-K,</A> as well as any amendments thereto, as filed with the SEC (all of which are incorporated by reference herein), as well as other risks described under the caption "Risk
Factors" in the accompanying prospectus and any documents that we incorporate by reference herein and therein.</I></FONT></P>

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


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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest international network of degree-granting higher education institutions, primarily focused in Latin America, with
approximately 875,000 students enrolled at over 25 institutions with more than 150 campuses as of December&nbsp;31, 2018, which we collectively refer to as the </FONT><FONT SIZE=2><I>Laureate
International Universities</I></FONT><FONT SIZE=2> network. The institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network are leading brands in
their respective markets and offer a broad range of undergraduate and graduate degrees through campus-based, online and hybrid programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe in the power of education to transform lives, and the role that the Laureate network can play to benefit our students, the communities we serve and society. We believe that
through innovation and operating leverage, we will be able to create superior experiences and outcomes for our students. In doing so, we employ a focused approach to operational excellence across all
areas of our business and plan to invest future resources in markets and assets that we believe will continue to leverage the scale of our network to generate additional operating efficiencies,
allowing us to continue to grow in a capital efficient manner while ensuring that academic quality and student experience remain a core priority. </FONT></P>

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


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Selling Stockholder  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholder is Wengen Alberta, Limited Partnership. See "Selling Stockholder." </FONT></P>

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


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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate is listed on the Nasdaq Global Select Market and is traded under the ticker symbol "LAUR". </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal executive offices are located at 650 S. Exeter Street, Baltimore, Maryland 21202. Our telephone number is (410)&nbsp;843-6100. Our website is accessible through
www.laureate.net. Information contained on, or accessible through, our website is not, and you must not consider the information to be, a part of this prospectus supplement or the accompanying
prospectus or incorporated by reference herein or therein. </FONT></P>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-1</FONT></P>

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


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="cc72901_the_offering"> </A>
<A NAME="toc_cc72901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE OFFERING    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Issuer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Laureate Education,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Class&nbsp;A common stock offered by the selling stockholder</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10,000,000 shares (or 11,500,000 shares if the underwriter exercises its option to purchase additional shares from the
selling stockholder in full).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Class&nbsp;A common stock outstanding after this offering</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>117,833,623&nbsp;shares (or 119,333,623 shares if the underwriter exercises its option to purchase additional shares from
the selling stockholder in full).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of proceeds</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>We will not receive any of the proceeds from the sale of the shares of our Class&nbsp;A common stock by the selling
stockholder. We will pay certain of the expenses of this offering in accordance with the terms of that certain Amended and Restated Registration Rights Agreement, dated as of February&nbsp;6, 2017, by and among the Company, Wengen, Wengen Investments
Limited and the other parties thereto (the "Wengen Registration Rights Agreement").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividend Policy</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>We do not intend to pay dividends on shares of our Class&nbsp;A common stock following this offering. Any declaration and
payment of future dividends to holders of shares of our Class&nbsp;A common stock may be limited by restrictive covenants in our debt agreements, and will be at the sole discretion of our board of directors and will depend on many factors, including
our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that our board of directors deems relevant. See "Dividend
Policy."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investing in our Class&nbsp;A common stock involves risk. In particular, see the risks discussed under the caption "Risk
Factors" in this prospectus supplement and the information under the caption "Risk Factors" in our <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746919000767/a2237646z10-k.htm">Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2018</A> (which is incorporated by reference herein), as well as other risks described under the caption "Risk Factors" in the accompanying prospectus, in any free writing prospectus prepared by or on behalf of us and any documents
that we incorporate by reference herein and therein.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nasdaq Global Select Market symbol</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>"LAUR"</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
we indicate otherwise, all references in this prospectus supplement to the number and percentages of shares of our Class&nbsp;A common stock outstanding following this offering
are based on 107,782,733 shares of our Class&nbsp;A common stock outstanding as of March&nbsp;31, 2019, and do not give effect to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 116,857,483 shares of our Class&nbsp;A common stock issuable upon the conversion of our Class&nbsp;B common stock outstanding as of
March&nbsp;31, 2019; </FONT></DD></DL>
</UL>
 </DIV>
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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 6,835,426 shares of our Class&nbsp;A common stock that would be issuable upon conversion of shares of our Class&nbsp;B common stock
issuable upon the exercise of total stock options outstanding as of March&nbsp;31, 2019 at a weighted average exercise price of $19.26 per share; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 2,632,069 shares of our Class&nbsp;A common stock issuable upon the exercise of total stock options outstanding as of March&nbsp;31, 2019
at a weighted average exercise price of $16.73 per share; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Approximately 1,867,164 shares of our Class&nbsp;A common stock available for additional grants under the Laureate Education,&nbsp;Inc.
2013 Long-Term Incentive Plan as of March&nbsp;31, 2019; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 7,432 shares of our Class&nbsp;A common stock that would be issuable upon conversion of shares of our Class&nbsp;B common stock reserved
for issuance under the Laureate Education,&nbsp;Inc. Deferred Compensation Plan, as amended and restated effective January&nbsp;1, 2009, outstanding as of March&nbsp;31, 2019; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 5,528 shares of our Class&nbsp;A common stock that would be issuable upon conversion of shares of our Class&nbsp;B common stock issuable
upon the vesting of restricted stock units outstanding as of March&nbsp;31, 2019; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 768,016 shares of our Class&nbsp;A common stock issuable upon the vesting of restricted stock units outstanding as of March&nbsp;31, 2019; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 3,843 shares of our Class&nbsp;A common stock that would be issuable upon conversion of shares of our Class&nbsp;B common stock issuable
upon the vesting of performance share units outstanding as of March&nbsp;31, 2019; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 1,413,494 shares of our Class&nbsp;A common stock issuable upon the vesting of performance share units outstanding as of March&nbsp;31,
2019; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any exercise of the underwriter's option to purchase additional shares of our Class&nbsp;A common stock from the selling stockholder. </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-3</FONT></P>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da72901_risk_factors"> </A>
<A NAME="toc_da72901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in our Class&nbsp;A common stock involves a high degree of risk. Before deciding to invest in shares of our Class&nbsp;A common
stock, you should consider carefully the risks set forth under "Risk Factors" in our <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746919000767/a2237646z10-k.htm">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2018</A>, as revised or supplemented by our subsequent
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162828019006341/laur3312019-10xq.htm">quarterly reports on Form&nbsp;10-Q</A> or our
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162827919000212/a8-kdepartureofcertainoffi.htm">current reports on Form&nbsp;8-K</A>, as well as any amendments
thereto, as filed with the SEC (all of which are incorporated by reference herein), as well as other risks described under the caption "Risk Factors" in the accompanying prospectus and any free
writing prospectus prepared by or on behalf of us. See "Information Incorporated by Reference" and "Where You Can Find More Information." These risks are not the only ones facing our company.
Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. Each of these risk factors
could materially and adversely affect our business, results of operations and financial condition and could result in you losing all or part of your investment in shares of our Class&nbsp;A common
stock. See also "Forward-Looking Statements." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da72901_forward-looking_statements"> </A>
<A NAME="toc_da72901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement, the accompanying prospectus, any free writing prospectus prepared by or on behalf of us and any documents that we
incorporate by reference herein and therein may contain "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. You can identify
forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or similar
expressions that concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, costs, expenditures, cash flows, growth rates and financial results,
and all statements we make relating to our planned divestitures, the expected proceeds generated therefrom and the expected reduction in revenue resulting therefrom, are forward-looking statements. In
addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these
forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our
forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very
difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important
factors that could cause actual results to differ materially from our expectations include, but are not limited to, the information under the caption "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results of Operations" in our
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746919000767/a2237646z10-k.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2018</A>, as
filed with the SEC (which is incorporated by reference herein), as well as other risks described under the caption "Risk Factors" in the accompanying prospectus and any free writing prospectus
prepared by or on behalf of us. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the factors
discussed herein and therein. Some of the factors that we believe could affect our results include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risks associated with conducting our global operations, including complex business, foreign currency, political, legal, regulatory, tax and
economic risks; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to effectively manage the growth of our business, implement a common operating model and platform, and increase our operating
leverage; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the development and expansion of our global education network and programs and the effect of new technology applications in the educational
services industry; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-4</FONT></P>

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<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to successfully complete planned divestitures and make strategic acquisitions, and to successfully integrate and operate acquired
businesses; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the effect of existing international and U.S. laws and regulations governing our business or changes to those laws and regulations or in their
application to our business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in the political, economic and business climate in the international or the U.S. markets where we operate; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> risks of downturns in general economic conditions and in the educational services and education technology industries, that could, among other
things, impair our goodwill and intangible assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> possible increased competition from other educational service providers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> market acceptance of new service offerings by us or our competitors and our ability to predict and respond to changes in the markets for our
educational services; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the effect on our business and results of operations from fluctuations in the value of foreign currencies; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to attract and retain key personnel; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the fluctuations in revenues due to seasonality; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to maintain proper and effective internal controls necessary to produce accurate financial statements on a timely basis; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our focus on a specific public benefit purpose and producing a positive effect for society may negatively influence our financial performance; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the future trading prices of our Class&nbsp;A common stock and the impact of any securities analysts' reports on these prices; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to maintain and, subsequently, increase tuition rates and student enrollments in our institutions. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties,
the matters referred to in the forward-looking statements contained in this prospectus supplement, the accompanying prospectus, any free writing prospectus prepared by or on behalf of us and any
documents that we incorporate by reference herein and therein may not in fact occur. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise required by law. For any forward-looking statements contained in this prospectus supplement, the accompanying prospectus, any free writing
prospectus prepared by or on behalf of us and any documents that we incorporate by reference herein and therein, we claim the protection of the safe harbor for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-5</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da72901_use_of_proceeds"> </A>
<A NAME="toc_da72901_3"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any of the proceeds from the sale of the shares of our Class&nbsp;A common stock by the selling stockholder. We will pay
certain of the expenses of this offering in accordance with the terms of the Wengen Registration Rights Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da72901_market_price_of_our_class_a_common_stock"> </A>
<A NAME="toc_da72901_4"> </A>
<BR></FONT><FONT SIZE=2><B>  MARKET PRICE OF OUR CLASS A COMMON STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock has traded on the Nasdaq Global Select Market under the symbol "LAUR" since February&nbsp;1, 2017. Prior to
that date, there was no public trading market for our Class&nbsp;A common stock. On June&nbsp;11, 2019, the last reported sale price of our Class&nbsp;A common stock on the Nasdaq Global Select
Market was $16.33. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were 21 holders of record of our Class&nbsp;A common stock and 211 holders of record of our Class&nbsp;B common stock as of June&nbsp;11, 2019. The number of beneficial
owners of our Class&nbsp;A common stock is substantially greater than the number of record holders, because substantially all of our Class&nbsp;A common stock is held in "street name" by banks and
brokers. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da72901_dividend_policy"> </A>
<A NAME="toc_da72901_5"> </A>
<BR></FONT><FONT SIZE=2><B>  DIVIDEND POLICY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently do not anticipate paying any cash dividends on our Class&nbsp;A common stock or Class&nbsp;B common stock in the foreseeable
future. We expect to retain our future earnings, if any, for use in the operation and expansion of our business. The terms of our senior secured credit agreement governing our senior secured credit
facilities and the indenture governing our outstanding senior notes limit our ability to pay cash dividends in certain circumstances. Furthermore, if we are in default under the senior secured credit
agreement governing our senior secured credit facilities or the indenture governing our outstanding senior notes, our ability to pay cash dividends will be limited in the absence of a waiver of that
default or an amendment to such agreement or such indenture. In addition, our ability to pay cash dividends on shares of our Class&nbsp;A common stock may be limited by restrictions on our ability
to obtain sufficient funds through dividends from our subsidiaries. Subject to the foregoing, the payment of cash dividends in the future, if any, will be at the discretion of our board of directors
and will depend upon such factors as earnings levels, capital requirements, our overall financial condition and any other factors deemed relevant by our board of directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72901a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da72901_selling_stockholder"> </A>
<A NAME="toc_da72901_6"> </A>
<BR></FONT><FONT SIZE=2><B>  SELLING STOCKHOLDER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information with respect to the current beneficial ownership of the selling stockholder, the number of shares of
our Class&nbsp;A common stock being offered hereby by the selling stockholder and information with respect to shares to be beneficially owned by the selling stockholder after completion of this
offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares and percentages of beneficial ownership set forth below are based on beneficial ownership as of June&nbsp;11, 2019 and are based on the number of shares of our
Class&nbsp;A common stock issued and outstanding as of June&nbsp;11, 2019, prior to the consummation of this offering. The number of shares and percentages of beneficial ownership after this
offering set forth below are based on the number of shares of our Class&nbsp;A common stock issued and outstanding immediately after the consummation of this offering, assuming the selling
stockholder sells the number of shares set forth in the table below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
person is a "beneficial owner" of a security if that person has or shares "voting power," which includes the power to vote or to direct the voting of the security, or "investment
power," which includes the power to dispose of or to direct the disposition of the security or has the right to acquire such powers within 60&nbsp;days. To our knowledge, unless otherwise noted in
the footnotes to the following table, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to their beneficially owned
common stock. </FONT></P>
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<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Assuming Full Exercise of<BR>
the Underwriter's Option </B></FONT><FONT SIZE=1><B> Shares Beneficially Owned After this Offering </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Beneficially Owned Prior<BR>
to this Offering(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Assuming No Exercise of<BR>
the Underwriter's Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name of Beneficial Owner

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Being<BR>
Sold in this<BR>
Offering(3) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Wengen Alberta, Limited Partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>112,102,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>49.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>87.85</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>102,102,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>45.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>86.08</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>100,602,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>44.78</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>85.79</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
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<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Except
as noted in the footnotes below, beneficial ownership of shares of Class&nbsp;A common stock reported in the table includes shares of our Class&nbsp;A
common stock and shares of our Class&nbsp;B common stock (which are convertible to shares of our Class&nbsp;A common stock), as a single class. The Class&nbsp;B common stock is convertible into
shares of Class&nbsp;A common stock on a share-for-share basis upon the election of the holder or upon transfer, subject to the terms of our amended and restated certificate of incorporation. The
Class&nbsp;A common stock and Class&nbsp;B common stock will automatically convert into a single class of common stock on the date on which the number of outstanding shares of Class&nbsp;B
common stock represents less than 15% of the aggregate combined number of outstanding shares of Class&nbsp;A common stock and Class&nbsp;B common stock.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Percentage
of voting power represents voting power with respect to all shares of our Class&nbsp;A common stock and Class&nbsp;B common stock, voting as a single
class. Holders of shares of our Class&nbsp;A common stock are entitled to one vote per share, and holders of shares of our Class&nbsp;B common stock are entitled to ten votes per share. Holders of
shares of our Class&nbsp;A common stock and Class&nbsp;B common stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders,
except as may otherwise be required by law or our amended and restated certificate of incorporation. Each share of our Class&nbsp;B common stock will convert automatically into one share of our
Class&nbsp;A common stock upon any transfer (including in connection with this offering), whether or not for value, except for certain transfers described in our amended and restated certificate of
incorporation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
underwriter of this offering has an option to purchase up to 1,500,000 additional shares of our Class&nbsp;A common stock from the selling stockholder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
shares of Class&nbsp;B common stock that are directly held by Wengen, our controlling stockholder, or, in the case of the shares to be sold in this
offering, shares of Class&nbsp;A common stock issuable upon the conversion of an equal number of such shares of Class&nbsp;B common stock. The limited partnership interests in Wengen are held by
certain investors including investment funds and other investors affiliated with or managed by, among others, Douglas L. Becker, our founder, Steven M. Taslitz, a director of the Company, Kohlberg
Kravis Roberts&nbsp;&amp; Co. L.P. (together with its affiliates, "KKR"), Cohen Private Ventures,&nbsp;LLC (together with its affiliates, "CPV"), StepStone Group&nbsp;LP (together with its
affiliates, "StepStone"), Sterling Fund Management,&nbsp;LLC (together with its affiliates and investment funds managed by it, "Sterling"), Snow Phipps Group,&nbsp;LLC (together with its
affiliates, "Snow Phipps") and Torreal Sociedad De Capital Riesgo S.A. (together with its affiliates, "Torreal" and, collectively, the "Wengen Investors"). The general partner of Wengen is Wengen
Investments Limited, which is governed by a board of directors composed of representatives of Sterling, KKR, CPV, StepStone, Snow Phipps and Torreal. As a result of such representation, the Wengen
Investors control the voting of the shares of Class&nbsp;B common stock held by Wengen in the election of certain directors and may be deemed to share beneficial ownership over the securities
beneficially owned by Wengen.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=1>Does
not include shares of Class&nbsp;B common stock subject to proxies given by current and former directors and employees of the Company to Wengen to vote their shares of Class&nbsp;B common
stock. </FONT></P>

</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72901a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=1>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 "Sterling Co-Investment Funds") hold limited partnership interests in Wengen, which collectively relate to
approximately 61,879,272 underlying shares of Class&nbsp;B common stock held by Wengen (of which 7,923,937 underlying shares are being sold in this offering on behalf of Bregal Europe, Caisse, the
Makena Funds, the SPT Funds, SSP, Stockwell, Vulcan and another fund, as investors in the Sterling Co-Investment Funds). The Sterling
Co-Investment Funds are investment vehicles that are managed on behalf of investors not affiliated with Sterling, which investment vehicles, although managed by Sterling-related entities, pass through
rights with respect to the voting and disposition of the underlying shares of the Company to the investors in such vehicles. Sterling Capital Partners II,&nbsp;L.P., which holds limited partnership
interests in Wengen that relate to approximately 2,020,473 underlying shares of Class&nbsp;B common stock held by Wengen (of which 640,638 underlying shares are being sold in this offering),
Sterling Capital Partners III,&nbsp;L.P., SP-L Affiliate,&nbsp;LLC, Sterling Laureate Executives Fund,&nbsp;L.P., Sterling Laureate,&nbsp;L.P., Sterling Laureate Rollover,&nbsp;L.P.,
Messrs.&nbsp;Becker and Taslitz and certain of their respective affiliates hold limited partnership interests in Wengen, which collectively relate to approximately 7,562,138 underlying shares of
Class&nbsp;B common stock held by Wengen (which shares do not include the shares held on behalf of the Sterling Co-Investment Funds), and may also be deemed to have voting and investment power over
their respective pro rata shares of such portion of the Class&nbsp;B common stock owned by Wengen as a result of their respective abilities to direct Wengen with respect to certain voting and
disposition of such securities. These underlying shares of Class&nbsp;B common stock do not include shares of Class&nbsp;B common stock allocable to limited partnership interests held by the
Sterling Co-Investment Funds and certain other investment vehicles that are managed on behalf of persons not affiliated with Sterling, which investment vehicles, although managed by Sterling-related
entities, pass through rights with respect to the voting and disposition of the underlying shares of the Company to the investors in such vehicles. SC Partners II,&nbsp;L.P. is the sole general
partner of Sterling Capital Partners II,&nbsp;L.P. and Sterling Capital Partners II,&nbsp;LLC is the sole general partner of SC Partners II,&nbsp;L.P. SC Partners III,&nbsp;L.P. is the sole
general partner of Sterling Capital Partners III,&nbsp;L.P., and Sterling Capital Partners III,&nbsp;LLC is the sole general partner of SC Partners III,&nbsp;L.P. SP-L Management III,&nbsp;LLC
is the sole general partner of Sterling Laureate,&nbsp;L.P. SP-L Management IV,&nbsp;LLC is the sole general partner of Sterling Laureate Executives Fund,&nbsp;L.P. SP-L Management V,&nbsp;LLC
is the sole general partner of Sterling Laureate Rollover,&nbsp;L.P. SP-L Parent,&nbsp;LLC is the sole general partner of each of Sterling Management III,&nbsp;LLC, Sterling Management
IV,&nbsp;LLC and Sterling Management&nbsp;V,&nbsp;LLC. Sterling Capital Partners II,&nbsp;LLC, Sterling Capital Partners III,&nbsp;LLC, SP-L Affiliate,&nbsp;LLC and SP-L Parent,&nbsp;LLC
are managed by Messrs.&nbsp;Becker and Taslitz and R. Christopher Hoehn-Saric (the latter two of which serve on the board of directors of the general partner of Wengen). Each of the aforementioned
entities and individuals may also be deemed to be the beneficial owners having voting power and/or investment power with respect to securities of the Company owned directly by Wengen as described
above, except that Mr.&nbsp;Becker does not exercise any voting or investment power with respect to such securities (other than any securities of the Company attributable to the limited partnership
interests in Wengen held by SP-L Affiliate,&nbsp;LLC).  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>Bregal
Europe Co-Investment Limited Partnership ("Bregal Europe") holds, directly and indirectly, limited partnership interests in Wengen, which relate to approximately 820,004 underlying shares of
Class&nbsp;B common stock held by Wengen, including shares held by the Sterling Co-Investment Funds on behalf of Bregal Europe (of which 260,001 underlying shares are being sold in this offering,
including 237,787 shares being sold by the Sterling Co-Investment Funds on behalf of Bregal Europe as an investor in such funds), and may also be deemed to have voting and investment power over such
portion of the Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such securities. The General Partner of Bregal
Europe is Bregal General Partner Jersey Limited. The directors of Bregal General Partner Jersey Limited are Paul Andrew Bradshaw, John Hammill, John David Drury, Colin Dow, Wolter Rudolf
Brenninkmeijer and Edwin Theo Niers. In such capacities, each of the entities and individuals referenced in this paragraph may also be deemed to be the beneficial owners having shared voting power and
shared investment power with respect to the securities as described above.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>Caisse
de d&eacute;p&ocirc;t et placement du Qu&eacute;bec ("Caisse") holds, directly and indirectly, limited partnership interests in Wengen, which relate to approximately
11,491,277 underlying shares of Class&nbsp;B common stock held by Wengen, including shares held by the Sterling Co-Investment Funds on behalf of Caisse (of which 3,643,581 underlying shares are
being sold in this offering, including 3,320,787 underlying shares being sold by the Sterling Co-Investment Funds on behalf of Caisse as an investor in such funds), and may also be deemed to have
voting and investment power over such portion of the Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such
securities.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>Citigroup
Capital Partners II Employee Master Fund,&nbsp;L.P. ("Citi Fund A") and Co-Investment (Laureate)&nbsp;LLC ("Citi Fund B" and, together with Citi Fund A, the "Citi Funds") hold, directly
or indirectly, limited partnership interests in Wengen, which relate to approximately 3,434,354 underlying shares of Class&nbsp;B common stock held by Wengen (of which 117,200 and 242,151 underlying
shares are being sold on behalf of Citi Fund A and Citi Fund B, respectively, in this offering). The governance, investment strategy and decision-making process with respect to investments held by the
Citi Funds are directed by Citigroup Private Equity&nbsp;LP, which may be deemed to share voting and dispositive power with respect to the shares held by each of the Citi Funds.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>Makena
Private Equity Master Fund B,&nbsp;L.P. ("Makena PE B") and Makena Contingent Capital Account,&nbsp;L.P. ("Makena Contingent" and, together with Makena PE B, the "Makena Funds") hold,
directly and indirectly, limited partnership interests in Wengen, which collectively relate to approximately 6,765,025 underlying shares of Class&nbsp;B common stock held by Wengen, including shares
held by the Sterling Co-Investment Funds on behalf of Makena PE B (of which 1,889,032 and 255,980 underlying shares are being sold on behalf of Makena PE&nbsp;B and Makena Contingent, respectively,
in this offering, including 1,727,635 and 255,980 underlying shares being sold by the Sterling Co-Investment Funds on behalf of Makena PE B and Makena Contingent, respectively, as investors in such
funds), and may also be deemed to each have voting and investment power over such portion of the Class&nbsp;B common stock owned by Wengen as a result of their ability to direct Wengen with respect
to certain voting and disposition of such securities held by each respective Makena Fund. The General Partner of each of the Makena Funds is Makena Capital Management,&nbsp;LLC. In such capacities,
each of the entities and individuals referenced in this paragraph may also be deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities
as described above.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>SPT
Capital Management,&nbsp;L.P. ("SPT Management") and SPT Capital International,&nbsp;Ltd. ("SPT International" and, together with SPT Management, the "SPT Funds") hold, directly and
indirectly, limited partnership interests in Wengen, which collectively relate to approximately 4,855,994 underlying shares of Class&nbsp;B common stock held by Wengen, including shares held by the
Sterling Co-Investment Funds on behalf of each of the SPT Funds (of which 405,867 and 1,133,839 underlying shares are being sold on behalf of SPT Management and SPT International, respectively, in
this offering, including 371,202 and 1,035,777 underlying shares being sold by the Sterling Co-Investment Funds on behalf of SPT Management and SPT International, respectively, as investors in such
funds). The General Partner of SPT Management is SPT&nbsp;GP&nbsp;Ltd., which is in voluntary
liquidation. SPT International is also in voluntary liquidation. The appointed Joint Voluntary Liquidators of SPT&nbsp;GP&nbsp;Ltd. and of SPT International are Jess Shakespeare and Simon Conway
of PwC Corporate Finance&nbsp;&amp; Recovery (Cayman)&nbsp;Ltd. </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=1>SSP
Laureate Holdings&nbsp;LLC ("SSP") holds, directly and indirectly, limited partnership interests in Wengen, which relate to approximately 1,611,328 underlying shares of Class&nbsp;B common
stock (the "SSP Shares") held by Wengen, including shares held by the Sterling Co-Investment Funds on behalf of SSP (of which 510,910 underlying shares are being sold in this offering, including
470,561 underlying shares being sold by the Sterling Co-Investment Funds on behalf of SSP as an investor in such funds), and may also be deemed to have voting and investment power over such portion of
the Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such securities. The exclusive investment manager in
respect of the SSP Shares is Strategic Capital Investment Partners,&nbsp;LP ("SCI Partners"). The general partner of SCI Partners is Strategic Investments Group&nbsp;GP&nbsp;LLC
("SIG&nbsp;LLC"), which is controlled by David Wassong and Ravi Yadav. In such capacities, each of the entities and individuals referenced in this paragraph may also be deemed to be the beneficial
owners having shared voting power and shared investment power with respect to the SSP Shares as described above.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>StepStone
Capital Partners II Onshore,&nbsp;L.P. ("SCP II Onshore"), StepStone Capital Partners II Cayman Holdings,&nbsp;L.P. ("SCP II Cayman") and 2007 Co-Investment Portfolio,&nbsp;L.P. ("2007
Co-Invest" and, together with SCP II Onshore and SCP II Cayman, the "StepStone Funds") hold, directly or indirectly, limited partnership interests in Wengen, which collectively relate to approximately
3,999,535 underlying shares of Class&nbsp;B common stock held by Wengen (of which 89,914, 112,952 and 117,587 underlying shares are being sold on behalf of SCP II Onshore, SCP II Cayman and 2007
Co-Invest, respectively, in this offering), and may also be deemed to have voting and investment power over such portion of the Class&nbsp;B common stock owned by Wengen as a result of its ability
to direct Wengen with respect to certain voting and disposition of such securities. StepStone Group Holdings&nbsp;LLC is the general partner of StepStone Group&nbsp;LP, which is the sole member of
StepStone Co-Investment Funds&nbsp;GP,&nbsp;LLC, which is the sole general partner of each of the StepStone Funds. In such capacities, each of the entities and individuals referenced in this
paragraph may also be deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities as described above.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>Stockwell
Fund Limited Partnership ("Stockwell") holds, directly and indirectly, limited partnership interests in Wengen, which relate to approximately 724,570 underlying shares of Class&nbsp;B
common stock held by Wengen, including shares held by the Sterling Co-Investment Funds on behalf of Stockwell (of which 229,742 underlying shares are being sold in this offering, including 213,602
underlying shares being sold by the Sterling Co-Investment Funds on behalf of Stockwell as an investor in such funds), and may also be deemed to have voting and investment power over such portion of
the Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such securities. The General Partner of Stockwell is
Stockwell Managers,&nbsp;LLC ("Stockwell Managers"). The manager of Stockwell Managers is Stockwell Capital,&nbsp;LLC. In such capacities, each of the entities and individuals referenced in this
paragraph may also be deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities as described above.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>Vulcan
Education Holdings&nbsp;LLC ("Vulcan") holds, directly and indirectly, limited partnership interests in Wengen, which relate to approximately 2,884,385 underlying shares of Class&nbsp;B
common stock held by Wengen, including shares held by the Sterling Co-Investment Funds on behalf of Vulcan (of which 214,025 underlying shares are being sold by the Sterling Co-Investment Funds on
behalf of Vulcan as an investor in such funds), and may also be deemed to have voting and investment power over such portion of the Class&nbsp;B common stock owned by Wengen as a result of its
ability to direct Wengen with respect to certain voting and disposition of such securities.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>76,581
shares are also being sold by Sterling Co-Investment Funds on behalf of another investor in such funds that beneficially owns less than 1% of the Class&nbsp;A common stock of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>If
the underwriter of this offering exercises its option to purchase up to an additional 1,500,000 shares of our Class&nbsp;A common stock from Wengen, the shares sold by Wengen on behalf of each of
the direct and indirect investors in Wengen, as described above, would increase on a pro rata basis based on the amounts reflected above as being sold on behalf of such investor in this offering. </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>The
net proceeds from this offering will be distributed to such investors in accordance with the Eighth Amended and Restated Limited Partnership Agreement of Wengen and, to the extent applicable,
other relevant organizational and other documents governing the distribution of such proceeds. </FONT></P>

</UL>
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<BR></FONT><FONT SIZE=2><B>  MATERIAL U.S. TAX CONSIDERATIONS FOR NON-U.S. HOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material U.S. federal income and estate tax consequences of the ownership and disposition of our
Class&nbsp;A common stock to non-U.S. holders (as defined below), but does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based upon
the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), Treasury regulations promulgated thereunder, administrative rulings and judicial decisions, all as of the date hereof.
These authorities may be changed, possibly retroactively, so as to result in U.S. federal income tax or estate tax consequences different from those set forth below. We have not sought any ruling from
the Internal Revenue Service (the "IRS") with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS will agree with such
statements and conclusions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary also does not address the tax considerations arising under the laws of any State of the United States or any local, non-U.S. or other taxing jurisdiction or under other U.S.
federal tax laws,
such as gift tax laws or alternative minimum tax laws, or the impact of any applicable tax treaties. In addition, this discussion does not address any potential application of the Medicare
contribution tax on net investment income or any tax considerations applicable to an investor's particular circumstances or to investors that may be subject to special tax rules, including, without
limitation:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> banks, insurance companies or other financial institutions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> tax-exempt organizations or accounts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> mutual funds; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> controlled foreign corporations, passive foreign investment companies or corporations that accumulate earnings to avoid U.S. federal income
tax; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> foreign pension funds; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> hybrid entities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons who acquired our Class&nbsp;A common stock through the exercise of employee stock options or otherwise as compensation for services; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> dealers in securities or currencies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> traders in securities that elect to use a mark-to-market method of accounting for their securities holdings; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons that own, or are deemed to own, more than five percent of our Class&nbsp;A common stock (except to the extent specifically set forth
below); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain former citizens or long-term residents of the United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> S corporations, partnerships, or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (or any investors
in such entities); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons required under Section&nbsp;451(b) of the Code to conform the timing of income accruals with respect to our Class&nbsp;A common
stock to their financial statements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons who hold our Class&nbsp;A common stock as a position in a hedging transaction, "straddle," "conversion transaction" or other risk
reduction transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons who do not hold our Class&nbsp;A common stock as a capital asset within the meaning of Section&nbsp;1221 of the Code (generally,
for investment purposes); or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons deemed to sell our Class&nbsp;A common stock under the constructive sale provisions of the Code. </FONT></DD></DL>
</UL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if a partnership, including any entity or arrangement, domestic or foreign, classified as a partnership for U.S. federal income tax purposes, holds our Class&nbsp;A common
stock, the tax treatment of a partner of that partnership generally will depend on the status of the partner and the activities of the partnership. Accordingly, partnerships that hold our
Class&nbsp;A common stock, and partners in such partnerships, should consult their tax advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>You are urged to consult your tax advisor with respect to the application of the U.S. federal income tax laws to your particular situation, as well as any tax
consequences of the purchase, ownership and disposition of our Class&nbsp;A common stock arising under the U.S. federal estate or gift tax rules or under the laws of any State of the United States
or any local, non-U.S. or other taxing jurisdiction, or under any applicable tax treaty.</B></FONT></P>

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Non-U.S. Holder Defined  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this discussion, you are a non-U.S. holder if you are a beneficial owner of our Class&nbsp;A common stock (other than an
entity or arrangement classified as a partnership for U.S. federal income tax purposes) that is not, for U.S. federal income tax purposes, any of the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an individual who is a citizen or resident of the United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a corporation, or other entity taxable as a corporation, created or organized in the United States or under the laws of the United States, any
State thereof or the District of Columbia; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an estate whose income is subject to U.S. federal income tax regardless of its source; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a trust (x)&nbsp;the administration of which is subject to the primary supervision of a court within the United States and that has one or
more U.S. persons who have the authority to control all substantial decisions of the trust or (y)&nbsp;that has made an election to be treated as a U.S. person. </FONT></DD></DL>
</UL>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we make distributions on our Class&nbsp;A common stock, those payments will constitute dividends for U.S. tax purposes to the extent paid
from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, and will be subject to U.S. withholding tax as discussed below. To the extent those
distributions exceed both our current and our accumulated earnings and profits, they will first constitute a return of capital and will reduce your basis in our Class&nbsp;A common stock (determined
separately with respect to each share of our Class&nbsp;A common stock), but not below zero, and then will be treated as gain from the sale of that stock in accordance with the discussion below
under "&#151;Gain on Sale or Other Disposition of our Class&nbsp;A Common Stock." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described in the next paragraph and subject to the discussions of backup withholding and certain legislation and administrative guidance (referred to as the Foreign Account Tax
Compliance Act or "FATCA"), any dividend paid to you generally will be subject to U.S. withholding tax either at a rate of 30% of the gross amount of the dividend or such lower rate as may be
specified by an applicable income tax treaty. In order to receive a reduced treaty rate, you must provide the applicable withholding agent with an IRS Form&nbsp;W-8BEN or IRS Form&nbsp;W-8BEN-E
(or any successor form) certifying your qualification for the reduced rate. You should consult your tax advisor regarding your entitlement to benefits under any applicable income tax treaty and the
proper method of claiming such benefits in your particular situation. If you are eligible for a reduced rate of withholding tax pursuant to an applicable income tax treaty, you may be able to obtain a
refund of any excess amounts currently withheld if you file an appropriate claim for refund with the IRS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
received by you that are effectively connected with your conduct of a U.S. trade or business (and, if an income tax treaty applies, are attributable to a permanent
establishment maintained by you in the United States) generally are exempt from such withholding tax. In order to obtain this </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>exemption,
you must provide the applicable withholding agent with an IRS Form&nbsp;W-8ECI (or any successor form) properly certifying such exemption. Such effectively connected dividends, although
not subject to withholding tax, are generally taxed at the same graduated rates applicable to U.S. persons, net of certain deductions and credits. In addition, if you are a corporate non-U.S. holder,
dividends you receive that are effectively connected with your conduct of a U.S. trade or business (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by
the you in the United States) may also be subject to a branch profits tax at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty). </FONT></P>

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Gain on Sale or Other Disposition of our Class&nbsp;A Common Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the discussions of backup withholding and FATCA, you generally will not be required to pay U.S. federal income tax on any gain
realized upon the sale or other disposition of our Class&nbsp;A common stock unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the gain is effectively connected with your conduct of a U.S. trade or business (and, if an income tax treaty applies, the gain is attributable
to a permanent establishment maintained by you in the United States), in which case, you will be required to pay tax on the net gain derived from the sale or disposition at the same graduated U.S.
federal income tax rates applicable to U.S. persons, and for a non-U.S. holder that is a corporation, such non-U.S. holder may be subject to the branch profits tax at a 30% rate (or such lower rate as
may be specified by an applicable income tax treaty); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> you are an individual who is present in the United States for a period or periods aggregating 183&nbsp;days or more during the calendar year
in which the sale or disposition of our Class&nbsp;A common stock occurs and certain other conditions are met, in which case, you will be required to pay a flat 30% tax on the gain derived from the
sale or disposition, which tax may be offset by certain U.S. source capital losses (even though you are not considered a resident of the United States), provided that you have timely filed U.S.
federal income tax returns with respect to such losses; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Class&nbsp;A common stock constitutes a United States real property interest by reason of our status as a "United States real property
holding corporation" for U.S. federal income tax purposes (a "USRPHC"), at any time within the shorter of the five-year period preceding the disposition or your holding period for our Class&nbsp;A
common stock, in which case, you will be required to pay tax on the net gain derived from the sale or disposition of our Class&nbsp;A common stock at the same graduated U.S. federal income tax rates
applicable to U.S. persons (unless an applicable income tax treaty provides otherwise). We believe that we are not currently, and will not become, a USRPHC. However, because the determination of
whether we are a USRPHC depends on the fair market value of our United States real property interests relative to the fair market value of our worldwide real property and other business assets, there
can be no assurance that we will not become a USRPHC in the future. Even if we become a USRPHC, however, as long as our Class&nbsp;A common stock is regularly traded on an established securities
market, such common stock will be treated as United States real property interests only if you actually or constructively hold more than five percent of such regularly traded Class&nbsp;A common
stock at any time during the applicable period that is specified in the Code. You should be aware that no prediction can be made as to whether our Class&nbsp;A common stock will be regularly traded
on an established securities market (within the meaning of the Code and applicable Treasury regulations). </FONT></DD></DL>
</UL>
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U.S. Federal Estate Tax  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock held (or treated as held) by an individual non-U.S. holder at the time of death of such individual non-U.S.
holder will be included in such non-U.S. holder's gross estate for U.S. federal estate tax purposes, unless an applicable estate tax treaty provides otherwise, and therefore may be subject to U.S.
federal estate tax. </FONT></P>

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Backup Withholding and Information Reporting  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, payors must report annually to the IRS the amount of dividends paid to you, your name and address, and the amount of tax withheld
from the payment of such dividends, if any. A similar report will be sent to you. These information reporting requirements apply even if withholding was not required because the dividends were
effectively connected with your conduct of a U.S. trade or business, or withholding was reduced or eliminated by an applicable income tax treaty. Pursuant to applicable income tax treaties or other
agreements, the IRS may make these reports available to tax authorities in your country of residence. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments
of dividends or of proceeds on the disposition of stock made to you may be subject to additional information reporting and backup withholding unless you establish an exemption,
for example by properly certifying your non-U.S. status on an IRS Form&nbsp;W-8BEN, IRS Form&nbsp;W-8BEN-E or another appropriate version of IRS Form&nbsp;W-8. Notwithstanding the foregoing,
backup withholding and information reporting may apply if the applicable withholding agent has actual knowledge, or reason to know, that you are a U.S. person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
information reporting and backup withholding generally will not apply to a payment of proceeds of a disposition of our Class&nbsp;A common stock where the transaction is effected
outside the United States through a non-U.S. office of a non-U.S. broker. However, information reporting requirements, but not backup withholding, generally will apply to such a payment if the broker
is (i)&nbsp;a U.S. person or (ii)&nbsp;a foreign person with certain U.S. connections, unless the broker has documentary evidence in its records that you are a non-U.S. holder and certain
conditions are met or you otherwise establish an exemption. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup
withholding is not an additional tax; rather, the U.S. income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding
results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner. </FONT></P>

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Legislation and Guidance Affecting Taxation of Our Class&nbsp;A Common Stock Held By or Through
Foreign Entities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FATCA generally will impose, under certain circumstances, a U.S. federal withholding tax of 30% on certain types of payments made to non-U.S.
financial institutions and certain other non-U.S. entities. Specifically, FATCA will impose the U.S. federal withholding tax on any dividends paid on, and the proceeds of a sale of, our Class&nbsp;A
common stock. Under recently proposed
Treasury regulations that may be relied upon pending finalization, the U.S. federal withholding tax on proceeds from the sale of our Class&nbsp;A common stock would be eliminated and, consequently,
U.S. federal withholding tax on the proceeds from the sale of our Class&nbsp;A common stock is not currently expected to apply. The U.S. federal withholding tax applies if the dividends paid on, or
proceeds from the sale of, our Class&nbsp;A common stock are paid to (i)&nbsp;a "foreign financial institution" (as specially defined under these rules), whether such foreign financial institution
is the beneficial owner or an intermediary, unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax
authorities substantial information regarding U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are
foreign entities with U.S. owners) or (ii)&nbsp;a non-financial foreign entity, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>whether
such non-financial foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner of the payment does not have any substantial
U.S. owners or provides the withholding agent with a certification identifying the direct and indirect substantial U.S. owners of the entity. Under certain circumstances, a non-U.S. holder might be
eligible for refunds or credits of such taxes. In certain cases, the relevant foreign financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in
compliance with, these rules. If the country in which the payee is resident has entered into an "intergovernmental agreement" with the United States regarding FATCA, the payee may be permitted to
report to that country instead of the United States. Applicable intergovernmental agreements and future Treasury regulations or other guidance may modify the requirements described in this paragraph.
Non-U.S. holders are encouraged to consult with their own tax advisors regarding the possible implications of this legislation on their investment in our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The preceding discussion of the material U.S. federal tax considerations is for general information only. It is not tax advice. Each prospective investor should
consult its own tax advisor regarding the particular U.S. federal, state, local and non-U.S. tax consequences of purchasing, holding and disposing of our Class&nbsp;A common stock, including the
consequences of any proposed change in applicable laws.</B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dc72901_certain_erisa_considerations"> </A>
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<BR></FONT><FONT SIZE=2><B>  CERTAIN ERISA CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of certain considerations associated with the purchase of our Class&nbsp;A common stock by employee benefit plans
that are subject to Title I of ERISA, plans, individual retirement accounts and other arrangements that are subject to Section&nbsp;4975 of the Code or provisions under any federal, state, local,
non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "Similar Laws"), and entities whose underlying assets are considered to include "plan
assets" of any such plan, account or arrangement (each, a "Plan"). </FONT></P>

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General fiduciary matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan subject to Title I of ERISA or Section&nbsp;4975 of the Code
(an "ERISA Plan") and prohibit certain transactions involving the assets of an ERISA Plan and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any
discretionary authority or control over the administration of such an ERISA Plan or the management or disposition of the assets of such an ERISA Plan, or who renders investment advice for a fee or
other compensation to such an ERISA Plan, is generally considered to be a fiduciary of the ERISA Plan. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
considering an investment in our Class&nbsp;A common stock of a portion of the assets of any Plan, a fiduciary should determine whether the investment is in accordance with the
documents and instruments governing the Plan and the applicable provisions of ERISA, the Code or any Similar Law relating to a fiduciary's duties to the Plan including, without limitation, the
prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Similar Laws. </FONT></P>

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Prohibited transaction issues  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;406 of ERISA and Section&nbsp;4975 of the Code prohibit ERISA Plans from engaging in specified transactions involving plan
assets with persons or entities who are "parties in interest," within the meaning of ERISA, or "disqualified persons," within the meaning of Section&nbsp;4975 of the Code, unless an exemption is
available. A party in interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities
under ERISA and the Code. In addition, the fiduciary of the ERISA Plan that engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code.
The acquisition and/or holding of our Class&nbsp;A common stock by an ERISA Plan with respect to which we or the underwriter is considered a party in interest or a disqualified person may constitute
or result in a direct or indirect prohibited transaction under Section&nbsp;406 of ERISA and/or Section&nbsp;4975 of the Code, unless the investment is acquired and is held in accordance with an
applicable statutory, class or individual prohibited transaction exemption. In this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions, or "PTCEs," that may apply
to the acquisition and holding of our Class&nbsp;A common stock. These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified
professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company
general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers, although there can be no assurance that all of the conditions of any such exemptions will be satisfied. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of the foregoing, our Class&nbsp;A common stock should not be purchased or held by any person investing "plan assets" of any Plan, unless such purchase and holding will not
constitute a non-exempt prohibited transaction under ERISA and the Code or similar violation of any applicable Similar Laws. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-15</FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, by acceptance of our Class&nbsp;A common stock, each purchaser and subsequent transferee of our Class&nbsp;A common stock will
be deemed to have represented and warranted that either (i)&nbsp;no portion of the assets used by such purchaser or transferee to acquire and hold our Class&nbsp;A common stock constitutes assets
of any Plan or (ii)&nbsp;the purchase and holding of our Class&nbsp;A common stock by such purchaser or transferee will not constitute a non-exempt prohibited transaction under Section&nbsp;406
of ERISA or Section&nbsp;4975 of the Code or similar violation under any applicable Similar Laws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
if any purchaser or subsequent transferee of our Class&nbsp;A common stock is using assets of any ERISA Plan to acquire or hold our Class&nbsp;A common stock, such
purchaser and subsequent transferee will be deemed to represent that (i)&nbsp;none of us, the underwriter, and any of our or their respective affiliates has acted as the ERISA Plan's fiduciary, or
has been relied upon for any advice, with respect to the purchaser or transferee's decision to acquire, hold, sell, exchange, vote or provide any consent with respect to our Class&nbsp;A common
stock and none of us, the underwriter, and any of our or their respective affiliates shall at any time be relied upon as the ERISA Plan's fiduciary with respect to any decision to acquire, continue to
hold, sell, exchange, vote or provide any consent with respect to
our Class&nbsp;A common stock and (ii)&nbsp;the decision to invest in our Class&nbsp;A common stock has been made at the recommendation or direction of an "independent fiduciary" ("Independent
Fiduciary") who (a)&nbsp;is independent of us and the underwriter; (b)&nbsp;is capable of evaluating investment risks independently, both in general and with respect to particular transactions and
investment strategies (within the meaning of the Fiduciary Rule); (c)&nbsp;is a fiduciary (under ERISA and/or Section&nbsp;4975 of the Code) with respect to the purchaser or transferee's
investment in our Class&nbsp;A common stock and is responsible for exercising independent judgment in evaluating the investment in our Class&nbsp;A common stock; and (d)&nbsp;is aware of and
acknowledges that (I)&nbsp;none of us, the underwriter and any of our or their respective affiliates is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity,
in connection with the purchaser's or transferee's investment in our Class&nbsp;A common stock, and (II)&nbsp;we, the underwriter and our and their respective affiliates have a financial interest
in the purchaser's or transferee's investment in our Class&nbsp;A common stock on account of the fees and other remuneration we or they expect to receive in connection with transactions contemplated
hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion is general in nature and is not intended to be all inclusive. Due to the complexity of these rules and the penalties that may be imposed upon persons involved in
non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons considering purchasing our Class&nbsp;A common stock on behalf of, or with the assets of, any
Plan, consult with their counsel regarding the potential applicability of ERISA, Section&nbsp;4975 of the Code and any Similar Laws to such investment and whether an exemption would be applicable to
the purchase and holding of our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasers
of our Class&nbsp;A common stock have the exclusive responsibility for ensuring that their purchase and holding of our Class&nbsp;A common stock complies with the
fiduciary responsibility rules of ERISA and does not violate the prohibited transaction rules of ERISA, the Code or applicable Similar Laws. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-16</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="de72901_underwriting"> </A>
<A NAME="toc_de72901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNDERWRITING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholder is offering the shares of our Class&nbsp;A common stock described in this prospectus through an underwriter, BMO
Capital Markets Corp. We and the selling stockholder have entered into an underwriting agreement with the underwriter. Subject to the terms and conditions of the underwriting agreement, the selling
stockholder has agreed to sell to the underwriter and the underwriter has agreed to purchase 10,000,000 shares of our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter is committed to purchase all of the shares of our Class&nbsp;A common stock offered by the selling stockholder if the underwriter purchases any of such shares, other
than those shares covered by the option to purchase additional shares described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to certain conditions, the underwriter has agreed to purchase the common shares from the selling shareholders at a price equal to $15.3032 per share, which will result in
$153,032,000 of proceeds to the selling stockholder (assuming no exercise of the underwriter's option to purchase additional shares) before expenses. We will not receive any proceeds from the sale of
the shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter has an option to buy up to 1,500,000 additional shares of our Class&nbsp;A common stock from the selling stockholder. The underwriter has 30&nbsp;days from the date
of this prospectus supplement to exercise this option. If any additional shares of our Class&nbsp;A common stock are purchased, the underwriter will offer the additional shares on the same terms as
those on which the initial shares are being offered. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter may receive from purchasers of the shares of our Class&nbsp;A common stock nominal brokerage commissions in amounts agreed with the purchasers. The underwriter proposes
to offer the shares of our Class&nbsp;A common stock for sale from time to time in one or more transactions on the Nasdaq Global Select Market, in the over-the-counter market, through negotiated
transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The offering of the shares of our Class&nbsp;A
common stock by the underwriter is subject to receipt and acceptance and subject to the underwriter's right to reject any order in whole or in part. The underwriter may effect such transactions by
selling the shares of our Class&nbsp;A common stock to or through dealers and such dealers may receive compensation in the form of discounts, concessions, or commissions from the underwriter and/or
purchasers of shares of our Class&nbsp;A common stock for whom it may act as agents or to whom it may sell as principal. The underwriter may change the offering price and other selling terms. The
difference between the price at which the underwriter purchases shares of our Class&nbsp;A common stock and the price at which the underwriter resells such shares of our Class&nbsp;A common stock
may be deemed underwriting compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
estimate that the expenses of this offering payable by us, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding the
underwriting discounts and commissions, will be approximately $500,000. We have agreed to reimburse the underwriter for certain expenses in connection with this offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
prospectus in electronic format may be made available on the web sites maintained by the underwriter, or the selling group members, if any, participating in the offering. The
underwriter may agree to allocate a number of shares of our Class&nbsp;A common stock to the underwriter and selling group members for sale to their online brokerage account holders. Internet
distributions will be allocated by the representatives to the underwriter and the selling group members that may make Internet distributions on the same basis as other allocations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed that we will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or file with the SEC a registration statement under the Securities
Act of 1933, as amended (the "Securities Act"), relating to, any shares of our Class&nbsp;A common stock or securities convertible into or exchangeable or exercisable for any shares of our
Class&nbsp;A common stock, or publicly </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>disclose
the intention to make any offer, sale, pledge, disposition or filing, without the prior written consent of the representatives for a period of 60&nbsp;days after the date of this prospectus
supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of our existing directors and executive officers and certain holders of our outstanding common stock (including the selling stockholder) have agreed that they will not offer, sell,
contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of our Class&nbsp;A common stock or enter into a transaction that would have the same effect, or enter into any
swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of our Class&nbsp;A common stock, whether any of these transactions are to be
settled by delivery of our Class&nbsp;A common stock or other securities, in cash or otherwise, or publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into
any transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of the representatives for a period of 60&nbsp;days after the date of this prospectus supplement,
subject to certain exceptions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restrictions in the immediately preceding paragraphs do not apply to certain transfers including, but not limited to, transfers of shares of our Class&nbsp;A common stock or
securities convertible into or exchangeable for shares of our Class&nbsp;A common stock (i)&nbsp;acquired in open market transactions after completion of this offering, subject to certain
conditions, (ii)&nbsp;to satisfy tax withholding requirements, subject to certain conditions, (iii)&nbsp;pursuant to our equity incentive plans described in our Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2018, (iv)&nbsp;pursuant to an establishment of a Rule&nbsp;10b5-1 plan, subject to certain conditions and (v)&nbsp;in certain other transactions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and the selling stockholder have agreed to indemnify the underwriter against certain liabilities, including liabilities under the Securities Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Class&nbsp;A common stock is listed on the Nasdaq Global Select Market under the symbol "LAUR." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this offering, the underwriter may engage in stabilizing transactions, which involves making bids for, purchasing and selling shares of our Class&nbsp;A common stock
in the open market for the purpose of preventing or retarding a decline in the market price of shares of our Class&nbsp;A common stock while this offering is in progress. These stabilizing
transactions may include making short sales of shares of our Class&nbsp;A common stock, which involves the sale by the underwriter of a greater number of shares of our Class&nbsp;A common stock
than it is required to purchase in this offering, and purchasing shares of our Class&nbsp;A common stock on the open market to cover positions created by short sales. Short sales may be "covered"
shorts, which are short positions in an amount not greater than the underwriter's option to purchase the additional shares of our Class&nbsp;A common stock referred to above, or may be "naked"
shorts, which are short positions in excess of that amount. The underwriter may close out any
covered short position either by exercising their option to purchase additional shares of our Class&nbsp;A common stock, in whole or in part, or by purchasing shares of our Class&nbsp;A common
stock in the open market. In making this determination, the underwriter will consider, among other things, the price of shares of our Class&nbsp;A common stock available for purchase in the open
market compared to the price at which the underwriter may purchase shares of our Class&nbsp;A common stock through the option to purchase additional shares referred to above. A naked short position
is more likely to be created if the underwriter is concerned that there may be downward pressure on the price of our Class&nbsp;A common stock in the open market that could adversely affect
investors who purchase shares of our Class&nbsp;A common stock in this offering. To the extent that the underwriter creates a naked short position, it will purchase shares of our Class&nbsp;A
common stock in the open market to cover the position. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
activities may have the effect of raising or maintaining the market price of shares of our Class&nbsp;A common stock or preventing or retarding a decline in the market price of
shares of our Class&nbsp;A common stock, and, as a result, the price of shares of our Class&nbsp;A common stock may be higher than the price that otherwise might exist in the open market. If the
underwriter commences </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>these
activities, it may discontinue them at any time. The underwriter may carry out these transactions on the Nasdaq Global Select Market, in the over-the-counter market or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in connection with this offering, the underwriter may engage in passive market making transactions in our Class&nbsp;A common stock on the Nasdaq Global Select Market
prior to the pricing and completion of this offering. Passive market making consists of displaying bids on the Nasdaq Global Select Market no higher than the bid prices of independent market makers
and making purchases at prices no higher than these independent bids and effected in response to order flow. Net purchases by a passive market maker on each day are generally limited to a specified
percentage of the passive market maker's average daily trading volume in our Class&nbsp;A common stock during a specified period and must be discontinued when such limit is reached. Passive market
making may cause the price of shares of our Class&nbsp;A common stock to be higher than the price that otherwise would exist in the open market in the absence of these transactions. If passive
market making is commenced, it may be discontinued at any time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than in the United States, no action has been taken by us or the underwriter that would permit a public offering of the shares of our Class&nbsp;A common stock offered by this
prospectus supplement in any jurisdiction where action for that purpose is required. The securities offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may
this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such shares of our Class&nbsp;A common stock be distributed or published in
any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement
comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This
prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any shares of our Class&nbsp;A common stock offered by this prospectus supplement in any jurisdiction
in which such an offer or a solicitation is unlawful. </FONT></P>

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Other Relationships  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriter and its affiliates are full-service financial institutions engaged in various activities, which may include securities trading,
commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter and its affiliates have provided in the past to us and our affiliates, continue to provide to us and may provide from time to time in the future certain commercial
banking, financial advisory, investment banking and other services for us and our affiliates in the ordinary course of their business, for which they have received and may continue to receive
customary fees and commissions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in the ordinary course of their various business activities, the underwriter and its affiliates may make or hold a broad array of investments and actively trade debt and
equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities
activities may involve securities and/or instruments of the issuer. The underwriter and its affiliates may also make investment recommendations and/or publish or express independent research views in
respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments. </FONT></P>

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


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Selling Restrictions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive, each, a Relevant Member State,
with effect from and including the date on which </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-19</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
Prospectus Directive is implemented in that Relevant Member State, no offer of shares of our Class&nbsp;A common stock may be made to the public in that Relevant Member State other
than: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
any legal entity which is a qualified investor as defined in the Prospectus Directive;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>B.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of the
underwriter; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>C.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
any other circumstances falling within Article&nbsp;3(2) of the Prospectus Directive, provided that no such offer of shares of our Class&nbsp;A common stock
shall require the Company or any underwriter to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Directive or supplement a prospectus pursuant to Article&nbsp;16 of the Prospectus
Directive and each person who initially acquires any shares of our Class&nbsp;A common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with each
of the underwriter, the selling stockholder and the Company that it is a "qualified investor" within the meaning of the law in that Relevant Member State implementing Article&nbsp;2(1)(e) of the
Prospectus Directive. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of any shares of our Class&nbsp;A common stock being offered to a financial intermediary as that term is used in Article&nbsp;3(2) of the Prospectus Directive, each such
financial intermediary will be deemed to have represented, acknowledged and agreed that the shares of our Class&nbsp;A common stock acquired by it in the offer have not been acquired on a
non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares of our Class&nbsp;A
common stock to the public other than their offer or resale in a Relevant Member State to qualified investors as so defined or in circumstances in which the prior consent of the representative has
been obtained to each such proposed offer or resale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this provision, the expression an "offer of shares to the public" in relation to any shares of our Class&nbsp;A common stock in any Relevant Member State means the
communication in any form and by means of sufficient information on the terms of the offer and the shares of our Class&nbsp;A common stock to be offered so as to enable an investor to decide to
purchase shares of our Class&nbsp;A common stock, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression "Prospectus
Directive" means
Directive&nbsp;2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are
"qualified investors" (as defined in the Prospectus Directive) (i)&nbsp;who have professional experience in matters relating to investments falling within Article&nbsp;19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, or the Order, and/or (ii)&nbsp;who are high net worth companies (or persons to whom it may otherwise be lawfully
communicated) falling within Article&nbsp;49(2)(a) to (d)&nbsp;of the Order (all such persons together being referred to as "relevant persons") or otherwise in circumstances which have not
resulted and will not result in an offer to the public of the shares of our Class&nbsp;A common stock in the United Kingdom within the meaning of the Financial Services and Markets Act 2000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use it as basis for taking any action. In the United
Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by relevant persons. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of our Class&nbsp;A common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument&nbsp;45-106 Prospectus Exemptions or subsection&nbsp;73.3(1) of the Securities Act (Ontario), and are permitted clients, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-20</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>as
defined in National Instrument&nbsp;31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of our Class&nbsp;A common stock must be made in
accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any
amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of
the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or
consult with a legal advisor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to section&nbsp;3A.3 of National Instrument&nbsp;33-105 Underwriting Conflicts (NI&nbsp;33-105), the underwriter is not required to comply with the disclosure requirements
of NI&nbsp;33-105 regarding underwriter conflicts of interest in connection with this offering. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-21</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="DE1"></A>LEGAL MATTERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the shares of our Class&nbsp;A common stock offered hereby will be passed upon for us by Shearman&nbsp;&amp;
Sterling&nbsp;LLP, New&nbsp;York, New York. The validity of the shares of our Class&nbsp;A common stock offered hereby will be passed upon for the underwriter by Simpson Thacher&nbsp;&amp;
Bartlett&nbsp;LLP, New&nbsp;York, New York. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="DE2"></A>EXPERTS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and management's assessment of the effectiveness of internal control over financial reporting (which is
included in the Report of Management on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746919000767/a2237646z10-k.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2018</A>
have been so incorporated in reliance on the report of PricewaterhouseCoopers&nbsp;LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing
and accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="DE3"></A>INFORMATION INCORPORATED BY REFERENCE  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to incorporate by reference into this prospectus the information contained in other documents we file with the SEC, which
means that we can disclose important information to you by referring you to those documents. Any statement contained in any document incorporated or deemed to be incorporated by reference herein shall
be deemed to be modified or superseded, for purposes of this prospectus, to the extent that a statement contained in or
omitted from this prospectus, or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. We incorporate by reference the documents listed below which have been filed
by us: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746919000767/a2237646z10-k.htm">Our Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2018 filed on February&nbsp;28, 2019</A>, including portions of our
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746919002182/a2238220zdef14a.htm">Definitive Proxy Statement on Schedule&nbsp;14A filed on April&nbsp;12,
2019</A>, relating to our 2019 Annual Meeting of Stockholders held on May&nbsp;22, 2019, to the extent incorporated by reference into such
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746919000767/a2237646z10-k.htm">Annual Report on Form&nbsp;10-K</A>;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162828019006341/laur3312019-10xq.htm">Our Quarterly Report on Form&nbsp;10-Q filed with the SEC
on May&nbsp;9, 2019</A>;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
Current Reports on Form&nbsp;8-K filed with the SEC on
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162828019000967/staugustine8-kproforma.htm">February&nbsp;5, 2019</A> (only with respect to Items&nbsp;2.01, 8.01
and the financial information furnished under Item&nbsp;9.01 therein),
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162828019004359/a8-kitem801uninortebrazil.htm">April&nbsp;17, 2019</A> (only with respect to Item&nbsp;8.01
therein), <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162828019006622/a8k_india.htm">May&nbsp;13, 2019</A> (only with respect to Item&nbsp;2.01 and the
financial information furnished under Item&nbsp;9.01 therein), <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162828019007311/a2019annualmeetingresults.htm">May&nbsp;29,
2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162828019007480/a8k_spainportugal.htm">June&nbsp;3, 2019</A> (only with respect to
Item&nbsp;2.01 and the financial information furnished under Item&nbsp;9.01 therein) and
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000162827919000212/a8-kdepartureofcertainoffi.htm">June&nbsp;10, 2019</A>; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465917005216/a12-11035_158a12b.htm">The description of our Class&nbsp;A common stock
contained in our registration statement on Form&nbsp;8-A filed with the SEC on January&nbsp;31, 2017.</A> </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents that we file with the SEC pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act, except as to any portion of any report or documents that is not deemed
filed under such provisions on or after the date of this prospectus until the earlier of the date on which all of the shares of our Class&nbsp;A common stock registered hereunder have been sold or
the registration statement of which this prospectus is a part has been withdrawn, shall be deemed incorporated by reference in this prospectus and to be a part of this prospectus from the date of
filing of those documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this prospectus shall be deemed to incorporate information furnished but not filed with the SEC pursuant to Item&nbsp;2.02 or 7.01 of Form&nbsp;8-K. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-22</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
written or oral request, we will provide without charge to each person, including any beneficial owner, to whom a copy of the prospectus is delivered a copy of the documents
incorporated by reference herein (other than exhibits to such documents unless such exhibits are specifically incorporated by reference herein). You may request a copy of these filings, at no cost, by
writing or telephoning us at the following address: Laureate Education,&nbsp;Inc., 650 S. Exeter Street, Baltimore, Maryland 21202, (410)&nbsp;843-6100, Attn: Corporate Secretary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Company, the selling stockholder or the underwriter has authorized anyone to provide to you information in addition to or different from that contained in this prospectus
supplement and the accompanying prospectus. We take no responsibility for, and can provide no assurances as to the reliability of, any information not contained in this prospectus supplement or in the
accompanying prospectus that we or the selling stockholder may authorize to be provided to you. You should assume that the information in this prospectus supplement and the accompanying prospectus
supplement is accurate only as of the date on the front of the document and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference (as
our business, financial condition, results of operations and prospects may have changed since that date), regardless of the time of delivery of this prospectus supplement, the accompanying prospectus,
or any sale of shares of our Class&nbsp;A common stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="DE4"></A>WHERE YOU CAN FIND MORE INFORMATION  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the Exchange Act and in accordance therewith file reports, proxy statements and other
information with the SEC. All of our filings with the SEC are available free of charge to shareholders and other interested parties through
the "Investor Relations" portion of our website at http://investors.laureate.net as soon as reasonably practical after they are filed with the SEC. Information contained on, or accessible through, our
website is not, and you must not consider the information to be, a part of this prospectus supplement, the accompanying prospectus, any free writing prospectus prepared by or on behalf of us or any
documents that we incorporate by reference herein or therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of our filings with the SEC also are available to the public at the SEC's website at </FONT><FONT SIZE=2><I>http://www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-23</FONT></P>

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

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g894714.jpg" ALT="GRAPHIC" WIDTH="343" HEIGHT="85">
  </B></FONT></P>

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

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><I>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under this prospectus, we may offer and sell shares of our Class&nbsp;A common stock from time to time, in such amounts, at such prices and on
such terms as will be determined at the time that such shares are offered. In addition, the selling stockholders identified in this prospectus and any such additional selling stockholders as may be
named in one or more prospectus supplements (together, the "selling stockholders") may offer and sell shares of our Class&nbsp;A common stock from time to time, in such amounts, at such prices and
on such terms as will be determined at the time that such shares are offered. We urge you to read carefully this prospectus, any accompanying prospectus supplement, any related free writing
prospectus, and any documents that we incorporate by reference into this prospectus and any accompanying prospectus supplement before you make your investment decision. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Class&nbsp;A common stock is listed on the Nasdaq Global Select Market under the symbol "LAUR". </FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=3><B>INVESTING IN OUR CLASS A COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CAREFULLY REVIEW THE RISKS AND UNCERTAINTIES REFERENCED UNDER THE
HEADING "RISK FACTORS" BEGINNING ON PAGE 2 OF THIS PROSPECTUS, AS WELL AS THOSE CONTAINED IN IN ANY ACCOMPANYING PROSPECTUS SUPPLEMENT, ANY RELATED FREE WRITING PROSPECTUS AND ANY DOCUMENTS THAT WE
INCORPORATE BY REFERENCE HEREIN AND THEREIN, INCLUDING ALL FUTURE FILINGS THAT WE MAKE WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO SECTIONS&nbsp;13(A), 13(C), 14 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF&nbsp;1934, AS AMENDED.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><I>

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<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</B></FONT></P>

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

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>The
date of this prospectus is April&nbsp;23, 2018. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72902a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A NAME="BG72902A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bg72902_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

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<A NAME="BG72902_TOC"></A> </FONT></P>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi72902_about_this_prospectus"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>About this Prospectus</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi72902_about_this_prospectus"><FONT SIZE=2>ii</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da72902_about_laureate_education,_inc."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>About Laureate Education,&nbsp;Inc.&nbsp;</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da72902_about_laureate_education,_inc."><FONT SIZE=2><BR>
1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da72902_risk_factors"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da72902_risk_factors"><FONT SIZE=2><BR>
2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da72902_forward-looking_statements"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Forward-Looking Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da72902_forward-looking_statements"><FONT SIZE=2><BR>
3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da72902_use_of_proceeds"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of Proceeds</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da72902_use_of_proceeds"><FONT SIZE=2><BR>
4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dc72902_description_of_capital_stock"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of Capital Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc72902_description_of_capital_stock"><FONT SIZE=2><BR>
5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de72902_selling_stockholders"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling Stockholders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de72902_selling_stockholders"><FONT SIZE=2><BR>
13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg72902_plan_of_distribution"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plan of Distribution</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg72902_plan_of_distribution"><FONT SIZE=2><BR>
17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg72902_legal_matters"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg72902_legal_matters"><FONT SIZE=2><BR>
19</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg72902_experts"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Experts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg72902_experts"><FONT SIZE=2><BR>
19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg72902_information_incorporated_by_reference"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Information Incorporated by Reference</FONT></A></TD>
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<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg72902_information_incorporated_by_reference"><FONT SIZE=2><BR>
19</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg72902_where_you_can_find_more_information"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Where You Can Find More Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg72902_where_you_can_find_more_information"><FONT SIZE=2><BR>
20</FONT></A></TD>
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Trademarks and Tradenames  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAUREATE, LAUREATE INTERNATIONAL UNIVERSITIES and the leaf symbol are trademarks of Laureate Education,&nbsp;Inc. in the United States and
other countries. This prospectus, any accompanying prospectus supplement, any related free writing prospectus and any documents that we incorporate by reference herein and therein also include other
trademarks of Laureate and trademarks of other persons, which are properties of their respective owners. </FONT></P>

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Industry and Market Data  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We obtained the industry, market and competitive position data used throughout this prospectus, any accompanying prospectus supplement, any
related free writing prospectus and any documents that we incorporate by reference herein and therein from our own internal estimates and research as well as from industry publications and research,
surveys and studies conducted by third-party sources. This prospectus, any accompanying prospectus supplement, any related free writing prospectus and any documents that we incorporate by reference
herein and therein also contains the results from studies and surveys by Kantar Vermeer, a leading third-party market research organization. We commissioned the Kantar Vermeer study as part of our
periodic evaluation of employment rates and starting salary information for our graduates. </FONT></P>

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

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

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bi72902_about_this_prospectus"> </A>
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<BR></FONT><FONT SIZE=2><B>  ABOUT THIS PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of an automatic shelf registration statement that we filed with the Securities and Exchange Commission (the "SEC") as a
"well-known seasoned issuer" as defined in Rule&nbsp;405 under the Securities Act of 1933, as amended (the "Securities Act"). Under this shelf registration, we and/or any selling stockholder may
offer shares of our Class&nbsp;A common stock, from time to time in one or more offerings. This prospectus provides to you a general description of the securities that we and/or the selling
stockholders may offer. Each time that we and/or any selling stockholders offer and sell securities pursuant to the registration statement of which this prospectus forms&nbsp;a part, we may provide
a prospectus supplement that contains additional information about the securities being offered and the terms of that offering. We may also add, update or change in any accompanying prospectus
supplement or any related free writing prospectus we may authorize to be delivered to you any of the information contained in this prospectus. We urge you to read carefully this prospectus, any
accompanying prospectus supplement, any related free writing prospectus, and any documents that we incorporate by reference into this prospectus and any accompanying prospectus supplement before you
make your investment decision. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that there is a conflict between the information contained in this prospectus and any accompanying prospectus supplement or any related free writing prospectus, you should
rely on the information in such prospectus supplement or related free writing prospectus; provided, however, that if any statement in one of these documents is inconsistent with a statement in another
document having a later date&#151;for example, a document incorporated by reference in this prospectus or any accompanying prospectus supplement or any related free writing
prospectus&#151;the statement in the document having the later date modifies or supersedes the earlier statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
we nor any selling stockholder has authorized anyone to provide to you information in addition to or different from that contained in this prospectus, any accompanying prospectus
supplement and any related free writing prospectus. We take no responsibility for, and can provide no assurances as to the reliability of, any information not contained in this prospectus, any
accompanying prospectus supplement or any related free writing prospectus that we or a selling stockholder may authorize to be provided to you. You should assume that the information in this
prospectus, any accompanying prospectus supplement or any related free writing prospectus is accurate only as of the date set forth on the front cover of such document and that any information
incorporated by reference is accurate only as of the date set forth on the cover of the document incorporated by reference (as our business, financial condition, results of operations and prospects
may have changed since that date), regardless of the time of delivery of this prospectus, any accompanying prospectus supplement or any related free writing prospectus, or any sale of shares of our
Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
action is being taken in any jurisdiction outside the United States to permit a public offering of shares of our Class&nbsp;A common stock or possession or distribution of this
prospectus in that jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about and to observe any restriction
as to this offering and the distribution of this prospectus applicable to those jurisdictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All
of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as
exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under the heading "Where You Can Find More Information." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this prospectus, unless otherwise stated or the context otherwise requires, references to "we," "us," "our," the "Company," "Laureate" and similar references refer
collectively to Laureate Education,&nbsp;Inc. and its subsidiaries. Unless otherwise stated or the context requires, references to the </FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>Laureate
International Universities network include Santa Fe University of Art and Design ("SFUAD"), which is owned by Wengen Alberta, Limited Partnership, an Alberta limited partnership ("Wengen"),
our controlling stockholder. Laureate is affiliated with SFUAD, but does not own or control it. Accordingly, SFUAD is not included in the financial results of Laureate presented throughout or
incorporated by reference into this prospectus, any accompanying prospectus supplement and any related free writing prospectus. </FONT></P>

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

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da72902_about_laureate_education,_inc."> </A>
<A NAME="toc_da72902_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT LAUREATE EDUCATION,&nbsp;INC.    <BR>    </B></FONT></P>

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


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Our Company  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest global network of degree-granting higher education institutions, with more than one million students enrolled at over 60
institutions in more than 20 countries, and on more than 200 campuses, which we collectively refer to as the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2>
network. The institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network offer a broad range of
undergraduate and graduate degrees through campus-based, online and hybrid programs. Approximately 94% of our students attend traditional, campus-based institutions offering multi-year degrees,
similar to leading private and public higher education institutions in the United States and Europe. Nearly two thirds of our students are enrolled in programs of four or more years in duration. Our
programs are designed with a distinct emphasis on applied, professional-oriented content for growing career fields and are focused on academic disciplines that we believe offer strong employment
opportunities and high earnings potential for our students. In 1999, we made our first investment in higher education and, since that time, we have developed into the global leader in higher
education, based on the number of students, institutions and countries making up our network. Our track record for delivering high-quality outcomes to our students, while stressing affordability and
accessibility, has been a key reason for our long record of success, including 18 consecutive years of enrollment growth. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
is listed on the Nasdaq Global Select Market and is traded under the ticker symbol "LAUR". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal executive offices are located at 650 S. Exeter Street, Baltimore, Maryland 21202. Our telephone number is (410)&nbsp;843-6100. Our website is accessible through
www.laureate.net. Information contained on, or accessible through, our website is not, and you must not consider the information to be, a part of this prospectus, any accompanying prospectus
supplement or any free writing prospectus or incorporated by reference herein or therein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da72902_risk_factors"> </A>
<A NAME="toc_da72902_2"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in our Class&nbsp;A common stock involves a high degree of risk. Before deciding to invest in shares of our Class&nbsp;A common
stock, you should consider carefully the risks set forth under "Risk Factors" in our <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746918001893/a2234890z10-k.htm">Annual
Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2017, filed with the SEC on March&nbsp;20, 2018</A> (which document is incorporated by reference herein), as well
as other risk factors described under the caption "Risk Factors" in any accompanying prospectus supplement, any related free writing prospectus and any documents that we incorporate by reference
herein and therein, including all future filings that we make with the SEC pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities and Exchange Act of 1934, as amended (the "Exchange
Act"). See "Information Incorporated by Reference" and "Where You Can Find More Information." These risks are not the only ones facing our company. Additional risks not presently known to us or that
we currently deem immaterial may also impair our business operations. Each of these risk factors could materially and
adversely affect our business, results of operations and financial condition and could result in you losing all or part of your investment in shares of our Class&nbsp;A common stock. See also
"Forward-Looking Statements." </FONT></P>

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

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<BR></FONT><FONT SIZE=2><B>  FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus, any accompanying prospectus supplement, any related free writing prospectus and any documents that we incorporate by reference
herein and therein may contain "forward looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. You can identify forward looking statements
because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or similar expressions that concern our
strategy, plans or intentions. All statements we make relating to estimated and projected earnings, costs, expenditures, cash flows, growth rates and financial results are forward looking statements.
In addition, we, through our senior management, from time to time make forward looking public statements concerning our expected future operations and performance and other developments. All of these
forward looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our
forward looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very
difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important
factors that could cause actual results to differ materially from our expectations include, but are not limited to, those discussed above under the caption "Risk Factors" and
the information under the caption "Risk Factors" in our <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746918001893/a2234890z10-k.htm">Annual Report on Form&nbsp;10-K for
the year ended December&nbsp;31, 2017</A>, which is incorporated by reference herein, as well as other risk factors described under the caption "Risk Factors" in any accompanying
prospectus supplement, any related free writing prospectus and any documents that we incorporate by reference herein and therein. All subsequent written and oral forward looking statements
attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the factors discussed herein and therein. We undertake no obligation to publicly update or revise any
forward looking statement as a result of new information, future events or otherwise, except as otherwise required by law. For any forward-looking statements contained in this prospectus, any
accompanying prospectus supplement, any related free writing prospectus and any documents that we
incorporate by reference herein and therein, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to use the net proceeds that we receive from the sale of shares of our Class&nbsp;A common stock by us as set forth in each
accompanying prospectus supplement and in any free writing prospectus in connection with a specific offering. Unless otherwise set forth in a prospectus supplement, we will not receive any proceeds
from the sale of shares of our Class&nbsp;A common stock by any selling stockholder, including any of the selling stockholders identified herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dc72902_description_of_capital_stock"> </A>
<A NAME="toc_dc72902_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF CAPITAL STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is a summary of the terms of our capital stock, our amended and restated certificate of incorporation, our amended and
restated bylaws and certain applicable provisions of Delaware law, as currently in effect. This summary does not purport to be complete and is qualified in its entirety by reference to the actual
terms and provision of our amended and restated certificate of incorporation and amended and restated bylaws, copies of which have been filed previously with the SEC. For more information on how you
can obtain copies of our amended and restated certificate of incorporation and amended and restated bylaws, see "Where You Can Find More Information." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended and restated certificate of incorporation provides for three classes of common stock: Class&nbsp;A common stock, Class&nbsp;B common stock and common stock. No shares of
our common stock will be issued or outstanding until the date on which the number of outstanding shares of our Class&nbsp;B
common stock represents less than 15% of the aggregate number of shares of our then outstanding Class&nbsp;A common stock and Class&nbsp;B common stock, at which time all outstanding shares of our
Class&nbsp;A common stock and Class&nbsp;B common stock will automatically convert into shares of our common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
authorized capital stock consists of 1,625,000,000 shares, of which 700,000,000 shares are designated as Class&nbsp;A common stock, 175,000,000 shares are designated as
Class&nbsp;B common stock, 700,000,000 shares are undesignated common stock, all with a par value of $0.004 per share, and 50,000,000 shares are designated as preferred stock, with a par value of
$0.001 per share. </FONT></P>

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


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Class&nbsp;A and Class&nbsp;B Common Stock  </I></B></FONT></P>

<UL>

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


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Voting Rights  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of our Class&nbsp;A and Class&nbsp;B common stock have identical rights, except that holders of shares of our
Class&nbsp;A common stock are entitled to one vote per share and holders of shares of our Class&nbsp;B common stock are entitled to ten votes per share. Holders of shares of our Class&nbsp;A
common stock and Class&nbsp;B common stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, except that there will be
separate votes of holders of shares of our Class&nbsp;A common stock and Class&nbsp;B common stock in the following circumstances:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we propose to amend our amended and restated certificate of incorporation to alter or change the powers, preferences or special rights of
the shares of our Class&nbsp;A or Class&nbsp;B common stock so as to affect them adversely or to increase or decrease the par value of the shares of a class of our stock; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we propose to treat the shares of our Class&nbsp;A or Class&nbsp;B common stock differently with respect to any dividend or distribution
of cash, property or shares of our stock paid or distributed by us; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we propose to treat the shares of our Class&nbsp;A or Class&nbsp;B common stock differently with respect to any subdivision or
combination of the shares of our Class&nbsp;A or Class&nbsp;B common stock; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we propose to treat the shares of our Class&nbsp;A or Class&nbsp;B common stock differently in connection with a change in control,
liquidation, dissolution, distribution of assets or winding down of the Company with respect to any consideration into which the shares are converted or any consideration paid or otherwise distributed
to our stockholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
our amended and restated certificate of incorporation, we may not increase or decrease the authorized number of shares of our Class&nbsp;A common stock or Class&nbsp;B common
stock without the affirmative vote of the holders of a majority of the outstanding shares of our Class&nbsp;A common stock and Class&nbsp;B common stock, each voting separately as a class. In
addition, under our amended and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>restated
certificate of incorporation, we may not issue any shares of our Class&nbsp;B common stock, other than (i)&nbsp;upon exercise of options, warrants, or similar rights to acquire common
stock outstanding, (ii)&nbsp;in connection with deferred compensation and executive profit interest arrangements in existence immediately prior to the completion of this offering and (iii)&nbsp;in
connection with stock dividends, stock splits and similar transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have not provided for cumulative voting for the election of directors in our amended and restated certificate of incorporation. </FONT></P>

<UL>

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Economic Rights  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in our amended and restated certificate of incorporation or as required by applicable provisions of
Delaware law, shares of our Class&nbsp;A common stock and Class&nbsp;B common stock will have the same rights and privileges and rank equally, share ratably and be identical in all respects as to
all matters, including, without limitation, those described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of shares of our
Class&nbsp;A common stock and Class&nbsp;B common stock will be entitled to share equally, identically and ratably, on a per share basis, with respect to any dividends that our board of directors
may determine to issue from time to time, unless different treatment of the shares of such class is approved by the affirmative vote of the holders of the majority of the outstanding shares of our
Class&nbsp;A common stock and Class&nbsp;B common stock, each voting separately as a class. In the event that a dividend is paid in the form of shares of our common stock or rights to acquire
shares of our common stock, the holders of shares of our Class&nbsp;A common stock shall receive shares of our Class&nbsp;A common stock, or rights to acquire shares of our Class&nbsp;A common
stock, as the case may be, and the holders of shares of our Class&nbsp;B common stock shall receive shares of our Class&nbsp;B common stock, or rights to acquire shares of our Class&nbsp;B
common stock, as the case may be. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon our liquidation, dissolution or winding-up, the holders of shares of our Class&nbsp;A common stock and
Class&nbsp;B
common stock will be entitled to share equally, identically and ratably in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock,
unless different treatment of the shares of such class is approved by the affirmative vote of the holders of the majority of the outstanding shares of our Class&nbsp;A common stock and
Class&nbsp;B common stock, each voting separately as a class. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change of Control Transactions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon (i)&nbsp;the closing of the sale, exchange, transfer or other disposition of all or substantially
all of our
assets, (ii)&nbsp;the consummation of a merger, consolidation, business combination or other similar transaction which results in our voting securities outstanding immediately prior to the
transaction (or the voting securities issued with respect to our voting securities outstanding immediately prior to the transaction) representing less than a majority of the combined voting power and
outstanding capital stock of the voting securities of the Company or the surviving or acquiring entity, or (iii)&nbsp;the recapitalization, liquidation, dissolution or other similar transaction
which results in the voting securities outstanding immediately prior to the transaction representing less than a majority of the of the combined voting power and outstanding capital stock of the
Company or the surviving entity or parent entity, the holders of shares of our Class&nbsp;A common stock and Class&nbsp;B common stock will be treated equally and identically with respect to
shares of our Class&nbsp;A common stock or Class&nbsp;B
common stock owned by them, unless different treatment of the shares of each class is approved by the affirmative vote of the holders of a majority of the outstanding shares of our Class&nbsp;A
common stock and Class&nbsp;B common stock, each voting separately as a class. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subdivisions and Combinations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If we subdivide or combine in any manner outstanding shares of our Class&nbsp;A common stock or
Class&nbsp;B
common stock, the outstanding shares of the other class will be subdivided or combined in the same proportion and manner, unless different treatment of the shares of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>each
class is approved by the affirmative vote of the holders of a majority of the outstanding shares of our Class&nbsp;A common stock and Class&nbsp;B common stock, each voting separately as a
class. </FONT></P>

<UL>

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Conversion  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of our Class&nbsp;B common stock is convertible at any time at the option of the holder into one share of our Class&nbsp;A common
stock. In addition, each share of our Class&nbsp;B common stock will convert automatically into one share of our Class&nbsp;A common stock upon any transfer, whether or not for value, except for
certain transfers described in our amended and restated certificate of incorporation, including transfers for tax and estate planning purposes, including to trusts, corporations and partnerships
controlled by a holder of shares of our Class&nbsp;B common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the death or permanent incapacity of a holder of shares of our Class&nbsp;B common stock who is a natural person, the shares of our Class&nbsp;B common stock held by that person
or his or her permitted estate planning entities will convert automatically into shares of our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
converted into shares of our Class&nbsp;A common stock, the shares of our Class&nbsp;B common stock will not be reissued. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of our Class&nbsp;A common stock and Class&nbsp;B common stock will each convert automatically into a single class of our common stock on the date on which the number of
outstanding shares of our Class&nbsp;B common stock represents less than 15% of the aggregate combined number of outstanding shares of
our Class&nbsp;A common stock and Class&nbsp;B common stock. Following the conversion, no additional shares of our Class&nbsp;A common stock or Class&nbsp;B common stock will be issued, and
each share of our common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. This provision of our amended and restated certificate of
incorporation may be amended only by the affirmative vote of the holders of a majority of the outstanding shares of our Class&nbsp;A common stock and Class&nbsp;B common stock, each voting
separately as a class. </FONT></P>

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


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Preferred Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors is authorized, without further stockholder action, to classify or reclassify any unissued portion of our authorized
shares of our common stock to provide for the issuance of shares of other classes or series, including preferred stock in one or more series. We may issue shares of our preferred stock from time to
time in one or more classes or series, with the exact terms of each class or series established by our board of directors. The powers and relative, participating, optional and other special rights, if
any, and any qualifications, limitations or restrictions of the shares of such series will be fixed by the certificate of designations relating to each series. Certificates of designations relating to
each series will specify the terms of the preferred stock, including, but not limited to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the distinctive designation and the maximum number of shares in the series; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms on which dividends, if any, will be paid; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the voting rights, if any, on the shares of the series; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms and conditions, if any, on which the shares of the series shall be convertible into, or exchangeable for, shares of any other class
or classes of capital stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms on which the shares may be redeemed, if at all; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the liquidation preference, if any; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any or all other preferences, rights, restrictions, including restrictions on transferability, and qualifications of shares of the series. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of preferred stock may delay, deter or prevent a change in control. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2015, we redomiciled in Delaware as a public benefit corporation as a demonstration of our long-term commitment to our mission to
benefit our students and society. Public benefit corporations are a relatively new class of corporations that are intended to produce a public benefit and to operate in a responsible and sustainable
manner. Under Delaware law, public benefit corporations are required to identify in their certificate of incorporation the public benefit or benefits they will promote and their directors have a duty
to manage the affairs of the corporation in a manner that balances the pecuniary interests of the stockholders, the best interests of those materially affected by the corporation's conduct, and the
specific public benefit or public benefits identified in the public benefit corporation's certificate of incorporation. Public benefit corporations organized in Delaware are also required to publicly
disclose at least biennially a report that assesses their benefit performance. In connection with this report, our board of directors is required to set objectives and standards to assess our benefit
performance and to assess our performance based on those standards. While a Delaware public benefit corporation may provide in its certificate of incorporation that it will measure the
corporation's benefit performance against an objective third-party standard, our amended and restated certificate of incorporation does not contain that requirement and we expect that our board of
directors will measure our benefit performance against the objectives and standards it sets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not believe that an investment in the stock of a public benefit corporation differs materially from an investment in a corporation that is not designated as a public benefit
corporation. We believe that our ongoing efforts to achieve our public benefit goals will not materially affect the financial interests of our stockholders. Holders of shares of our Class&nbsp;A
common stock will have voting, dividend and other economic rights that are the same as the rights of stockholders of a corporation that is not designated as a public benefit corporation. </FONT></P>


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

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


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Exclusive Venue  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that (i)&nbsp;any derivative action or
proceeding brought on our behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders,
(iii)&nbsp;any action asserting a claim against us arising pursuant to any provision of the Delaware General Corporation Law (the "DGCL") or our amended and restated certificate of
incorporation or our amended and restated bylaws or (iv)&nbsp;any action asserting a claim against us governed by the internal affairs doctrine will have to be brought only in the Court of Chancery
in the State of Delaware unless we otherwise consent in writing to an alternative form. Although we believe that this provision benefits us by providing increased consistency in the application of
Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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Anti-takeover Effects of Provisions of our Amended and Restated Certificate of Incorporation, our
Amended and Restated Bylaws and Delaware Law  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation and amended and restated bylaws also contain provisions that may delay, defer or
discourage another party from acquiring control of us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These
provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any
such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized but Unissued Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The authorized but unissued shares of our common stock and preferred stock are available for future
issuance without
stockholder approval, subject to any limitations imposed by Nasdaq listing standards. These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee
benefit plans. The existence of authorized but unissued and unreserved shares of our common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by
means of a proxy contest, tender offer, merger or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in that certain Amended
and Restated
Securityholders Agreement, dated as of February&nbsp;6, 2017, by and among the Company, Wengen, Wengen Investments Limited, the general partner of Wengen, and the other parties thereto (the "Wengen
Securityholders Agreement"), our amended and restated certificate of incorporation and amended and restated bylaws provide that stockholders at an annual meeting may only consider proposals or
nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a qualified stockholder of record on the record date for the meeting
and who has delivered timely written notice in proper form to our secretary of the stockholder's intention to bring such business before the meeting. Our amended and restated certificate of
incorporation provides that, subject to applicable provisions of Delaware law, special meetings of the stockholders may be called only by a resolution adopted by the affirmative vote of the majority
of the directors then in office; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that at any time Wengen or any of the parties (other
than employees of the Company) to the Wengen Securityholders Agreement, or each of their respective affiliates, beneficially owns, in the aggregate, at least 40% of the total number of outstanding
shares of our Class&nbsp;A common stock and Class&nbsp;B common stock, special meetings of our stockholders shall also be called at the request of such entity pursuant to a resolution adopted by a
majority of our board of directors or by the chairman of our board of directors. Our amended and restated bylaws prohibit the conduct of any business at a special meeting other than as specified in
the notice for such meeting. In addition, any stockholder who wishes to bring business before an annual meeting or nominate directors must comply with the advance notice and duration of ownership
requirements set forth in our amended and restated bylaws and provide to us
certain information. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers or changes in control of us or our management. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Combinations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have opted out of Section&nbsp;203 of the DGCL; however, our amended and restated certificate of incorporation
contains
similar provisions providing that we may not engage in certain "business combinations" with any "interested stockholder" for a three-year period following the time that the stockholder became an
interested stockholder, unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> prior to such time, our board of directors approved either the business combination or the transaction which resulted in the stockholder
becoming an interested stockholder; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at
least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at or subsequent to that time, the business combination is approved by our board of directors and by the affirmative vote of holders of at
least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding voting stock that is not owned by the interested stockholder. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
a "business combination" includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. Subject to certain
exceptions, an "interested stockholder" is a person who, together with that person's affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock. For
purposes of this section only, "voting stock" has the meaning given to it in Section&nbsp;203 of the DGCL. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
certain circumstances, this provision will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with a corporation
for a three-year period. This provision may encourage companies interested in acquiring our Company to negotiate in advance with our board of directors because the stockholder approval requirement
would be avoided if our board of directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may
have the effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended and restated certificate of incorporation provides that none of Wengen or the parties to the Wengen Securityholders Agreement or their affiliates or any of their respective
direct or indirect transferees and any group as to which such persons are a party constitute "interested stockholders" for purposes of this provision. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Cumulative Voting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides that stockholders are not entitled to the right to cumulate votes in the election of directors
unless our
amended and restated certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation does not expressly provide for cumulative voting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Action by Written Consent.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;228 of the DGCL, any action required to be taken at any annual or
special meeting
of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of
outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were
present and voted, unless our amended and restated certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation provides that stockholder action by written
consent will be permitted only if both the action to be effected by such written consent and the taking of such action by such written consent have been previously approved by our board of directors.
Following the conversion of all of the outstanding shares of our Class&nbsp;B common stock into shares of our Class&nbsp;A common stock, our amended and restated certificate of incorporation
provides that our stockholders may not act by written consent, which may lengthen the amount of time required to take stockholder actions. As a result, a holder controlling a majority of our capital
stock would not be able to amend our amended and restated certificate of incorporation or amended and restated bylaws or remove directors without holding a meeting of our stockholders called in
accordance with our amended and restated bylaws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment of Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides generally that the
affirmative vote
of a majority of the shares entitled to vote on any
matter is required to amend a corporation's certificate of incorporation or bylaws, unless a corporation's certificate of incorporation or bylaws, as the case may be, requires a greater percentage. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Our
amended and restated bylaws may be amended or repealed by a majority vote of our board of directors or by the affirmative vote of the holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the votes which
all our stockholders would be entitled to cast in any annual election of directors. In addition, (1)&nbsp;the affirmative vote of the holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of
the outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, shall be required to amend or repeal, or adopt any provision
of our amended and restated certificate of incorporation, and (ii)&nbsp;the affirmative vote of a majority of the outstanding shares of our Class&nbsp;A common stock and the affirmative vote of a
majority of the outstanding shares of our Class&nbsp;B common stock, each voting separately as a class, shall be required to amend or repeal, or adopt any provision of our amended and restated
certificate of incorporation inconsistent with Article&nbsp;V (Capital Stock), Article&nbsp;VI (Definitions), or clause&nbsp;(ii) of Article&nbsp;XI (Amendments) of our amended and restated
certificate of incorporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Benefit Corporation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a public benefit corporation, an affirmative vote of 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding
stock is required to
effect a non-cash merger with an entity that is not a public benefit corporation with an identical public benefit. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing provisions of our amended and restated certificate of incorporation and amended and restated bylaws could discourage potential acquisition proposals and could delay or
prevent a change in control. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by our
board of directors and to discourage certain types of transactions that may involve an actual or threatened change of control. These provisions are designed to reduce our vulnerability to an
unsolicited acquisition proposal. The provisions also are intended to discourage certain tactics that may be used in proxy fights. Such provisions could, however, have the effect of discouraging
others from making tender offers for shares of our Class&nbsp;A common stock and, as a consequence, they also may inhibit fluctuations in the market price of shares of our Class&nbsp;A common
stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes in our management or delaying or preventing a transaction that might
benefit you or other minority stockholders. </FONT></P>

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Limitations on Liability and Indemnification of Officers and Directors  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary
damages for breaches of directors' fiduciary duties, subject to certain exceptions. Our amended and restated certificate of incorporation includes a provision that eliminates the personal liability of
directors for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of
these provisions is to eliminate the rights of us and our stockholders, through stockholders' derivative suits on our behalf, to recover monetary damages from a director for breach of fiduciary duty
as a director, including breaches resulting from grossly negligent behavior. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended and restated bylaws provide that we must generally indemnify, and advance expenses to, our directors and officers to the fullest extent authorized by the DGCL. We also are
expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these
indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limitation of liability, indemnification and advancement provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage
stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against
directors and officers, even </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>though
such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent that we pay the costs of settlement and
damage awards against directors and officers pursuant to these indemnification provisions. </FONT></P>

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Dissenters' Rights of Appraisal and Payment  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, with certain exceptions, our stockholders will have appraisal rights in connection with a merger or consolidation of Laureate.
Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value of their
shares as determined by the Court of Chancery in the State of Delaware. </FONT></P>

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


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Stockholders' Derivative Actions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action,
provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation of
law and such suit is brought in the Court of Chancery in the State of Delaware. </FONT></P>

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Transfer Agent and Registrar  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for our Class&nbsp;A common stock is American Stock Transfer&nbsp;&amp; Trust Company,&nbsp;LLC. </FONT></P>


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


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Stock Exchange Listing  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock is listed on the Nasdaq Global Select Market under the symbol "LAUR". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="de72902_selling_stockholders"> </A>
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<BR></FONT><FONT SIZE=2><B>  SELLING STOCKHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling stockholders are persons or entities that, directly or indirectly, have acquired or will from time to time acquire from us, shares of
our Class&nbsp;A common stock. Such selling stockholders may be parties to registration rights agreements with us, or we otherwise may have agreed or will agree to register their securities for
resale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below sets forth, to our knowledge, information with respect to the current beneficial ownership of identified selling stockholders, the number of shares of our Class&nbsp;A
common stock that may be offered and sold by such selling stockholders pursuant to this prospectus and information with respect to shares to be beneficially owned by such selling stockholders after
the completion of the offering. The information is based on information provided by or on behalf of such selling stockholders prior to the date hereof. Information concerning such selling stockholders
may change from time to time. Such selling stockholders may from time to time offer and sell pursuant to this prospectus any or
all of the shares of our Class&nbsp;A common stock listed below that have been issued to them. Such selling stockholders are not obligated to sell their securities and we cannot state with certainty
the amount of our securities that such selling stockholders will hold upon consummation of any such sales. In addition, since the date on which such selling stockholders provided this information to
us, such selling stockholders may have sold, transferred or otherwise disposed of all or a portion of their securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
person is a "beneficial owner" of a security if that person has or shares "voting power," which includes the power to vote or to direct the voting of the security, or "investment
power," which includes the power to dispose of or to direct the disposition of the security or has the right to acquire such powers within 60&nbsp;days. To our knowledge, unless otherwise noted in
the footnotes to the following table, and subject to applicable community property laws, the persons named in the table have sole </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>voting
and investment power with respect to their beneficially owned shares of our Class&nbsp;A common stock. </FONT></P>
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<TD WIDTH="16pt" style="font-family:times;"></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=4 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=4 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maximum<BR>
Number of<BR>
Shares of<BR>
Class&nbsp;A<BR>
common<BR>
stock to be<BR>
Sold<BR>
Pursuant to<BR>
this<BR>
Prospectus </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares of Class&nbsp;A common<BR>
stock Beneficially Owned<BR>
Prior to this Offering(1) </B></FONT></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares of Class&nbsp;A common<BR>
stock Beneficially Owned After<BR>
the Completion of this<BR>
Offering(4) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage of<BR>
Total Class&nbsp;A<BR>
common<BR>
stock(2)(3) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Selling Stockholder

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage of<BR>
Total Class&nbsp;A<BR>
common stock(3) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Macquarie Sierra Investment Holdings&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,080,802</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,080,802</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AESI II,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>214,167</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>214,167</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Centre Street Partnership,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>592,960</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>592,960</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Zeus Strategic Investments,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>319,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>319,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Credit Opportunity Trading Fund III,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,696,544</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2.95</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,696,544</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AP Investment Europe III,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>179,318</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>179,318</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Hercules Partners,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>241,992</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>241,992</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Union Street Partners,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>176,001</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>176,001</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Thunder Partners,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>201,660</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>201,660</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Kings Alley Credit Fund,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>201,776</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>201,776</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Lincoln Private Credit,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>196,750</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>196,750</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo A-N Credit Fund (Delaware),&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>212,818</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>212,818</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Tower Credit Fund,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>511,606</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>511,606</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Apollo Special Situations Fund,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,744,824</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,744,824</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>RK Gold (Cayman) Holdings,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,342,544</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4.75</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,342,544</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Abraaj Platinum Holding,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,444,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,444,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>KKR 2006 Fund (Overseas), Limited Partnership(5)(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,902,112</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9.74</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%(5)(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,369,375</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,532,737</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3.86</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%(5)(6)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>KKR Partners II (International), Limited Partnership(5)(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>97,496</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>58,805</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>38,691</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(7)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Snow, Phipps Group,&nbsp;L.P.(5)(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,240,556</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%(5)(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,236,719</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,837</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(8)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>S.P.G. Co-Investment,&nbsp;L.P.(5)(9)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,908</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(9)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(9)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,071</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,837</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(9)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(9)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Snow, Phipps Group (B),&nbsp;L.P.(5)(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,717</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,880</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,837</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(10)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Snow, Phipps Group (Offshore),&nbsp;L.P.(5)(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,809</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39,972</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,837</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(11)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Snow, Phipps Group (RPV),&nbsp;L.P.(5)(12)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>68,237</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(12)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(12)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>64,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,837</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(12)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)(12)</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Less
than 1%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Except
as noted in the footnotes below, beneficial ownership of shares of Class&nbsp;A common stock reported in the table includes shares of our Class&nbsp;A
common stock and shares of our Class&nbsp;B common stock (which are convertible to shares of our Class&nbsp;A common stock), as a single class. The Class&nbsp;B common stock is convertible into
shares of Class&nbsp;A common stock on a share-for-share basis upon the election of the holder or upon transfer, subject to the terms of our amended and restated certificate of incorporation. The
Class&nbsp;A common stock and Class&nbsp;B common stock will automatically convert into a single class of common stock on the date on which the number of outstanding shares of Class&nbsp;B
common stock represents less than 15% of the aggregate combined number of outstanding shares of Class&nbsp;A common stock and Class&nbsp;B common stock.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
percentages of shares of Class&nbsp;A common stock beneficially owned prior to the offering are based upon the aggregate of (a)&nbsp;55,275,228 shares of our
Class&nbsp;A common stock outstanding as of April&nbsp;20, 2018, and (b)&nbsp;36,142,759 shares of our Class&nbsp;A common stock issued in connection with the conversion of all of the issued
and outstanding shares of our Series&nbsp;A Convertible Redeemable Preferred Stock on April&nbsp;23, 2018.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Holders
of shares of our Class&nbsp;A common stock are entitled to one vote per share and holders of shares of our Class&nbsp;B common stock are entitled to ten
votes per share. Holders of shares of our Class&nbsp;A common stock and Class&nbsp;B common stock vote together as a single class on all matters (including the election of directors) submitted to
a vote of stockholders, except as otherwise provided in our amended and restated certificate of incorporation. There were 132,430,872 shares of our Class&nbsp;B common stock outstanding as of
April&nbsp;20, 2018. The percentages of shares of Class&nbsp;A common stock beneficially owned prior to the offering and the percentages of shares of Class&nbsp;A common stock beneficially owned
after the offering reflect the percentage of the number of shares of Class&nbsp;A common stock outstanding and is not indicative of the percentage of voting power of such shares of Class&nbsp;A
common stock.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
selling stockholders identified herein may offer and sell all or part of their shares of our Class&nbsp;A common stock covered by this prospectus, but no
estimates can be made as to the amount of shares of our Class&nbsp;A common stock that will be held by such selling stockholders after the completion of this offering. The number of shares and
percentages of beneficial ownership after the offering are based upon the number of shares of our Class&nbsp;A common stock issued and </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72902a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">

<UL>

<P style="font-family:times;"><FONT SIZE=1>outstanding
immediately after the consummation of this offering, assuming that the selling stockholders identified herein sell all of their shares of our Class&nbsp;A common stock pursuant to this
prospectus.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Wengen
Alberta, Limited Partnership, an Alberta limited partnership ("Wengen"), holds 126,189,616 shares of Class&nbsp;B common stock and is our controlling
stockholder. The limited partnership interests in Wengen are held by certain investors including investment funds and other investors affiliated with or managed by, among other persons, Kohlberg
Kravis Roberts&nbsp;&amp;&nbsp;Co.&nbsp;L.P. (together with its affiliates, "KKR"), and Snow Phipps Group,&nbsp;LLC (together with its affiliates, "Snow Phipps" and, with certain of the other
investors in Wengen, collectively, the "Wengen Investors"). The general partner of Wengen is Wengen Investments Limited, which is governed by a board of directors composed of, among other persons,
representatives of KKR, and Snow Phipps. As a result of such representation, the Wengen Investors control the voting of the shares of Class&nbsp;B common stock held by Wengen in the election of
certain directors and may be deemed to share beneficial ownership over the securities beneficially owned by Wengen; however, such shares of Class&nbsp;B common stock held by Wengen over which the
Wengen Investors may be deemed to share beneficial ownership are not reported in the table for such Wengen Investors.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>KKR
2006 Fund (Overseas), Limited Partnership holds limited partnership interests in Wengen, which relate to approximately 22,889,952 underlying shares of our
Class&nbsp;B common stock held by Wengen, and may also be deemed to have voting and investment power over such portion of the Class&nbsp;B common stock owned by Wengen as a result of its ability
to direct Wengen with respect to certain voting and disposition of such securities; however, such shares of Class&nbsp;B common stock held by Wengen over which KKR 2006 Fund (Overseas), Limited
Partnership may be deemed to share beneficial ownership are not reported in the table for it. KKR Associates 2006 (Overseas), Limited Partnership is the general partner of KKR 2006 Fund (Overseas),
Limited Partnership. KKR 2006 Limited is the general partner of KKR Associates 2006 (Overseas), Limited Partnership. KKR Fund Holdings&nbsp;L.P. is the sole shareholder of KKR 2006 Limited. KKR Fund
Holdings&nbsp;GP Limited is a general partner of KKR Fund Holdings&nbsp;L.P. KKR Group Holdings&nbsp;L.P. is the sole shareholder of KKR Fund Holdings&nbsp;GP Limited and a general partner of
KKR Fund Holdings&nbsp;L.P. KKR Group Limited is the general partner of KKR Group Holdings&nbsp;L.P. KKR&nbsp;&amp;&nbsp;Co.&nbsp;L.P. is the sole shareholder of KKR Group Limited. KKR
Management&nbsp;LLC is the general partner of KKR&nbsp;&amp;&nbsp;Co.&nbsp;L.P. Messrs.&nbsp;Henry R. Kravis and George R. Roberts are the designated members of KKR Management&nbsp;LLC. In
such capacities, each of the entities and individuals referenced in this paragraph may also be deemed to be the beneficial owners having shared voting power and shared investment power with respect to
the securities as described above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>KKR
Partners II (International),&nbsp;L.P. holds limited partnership interests in Wengen, which relate to approximately 952,623 underlying shares of Class&nbsp;B
common stock held by Wengen, and may also be deemed to have voting and investment power over such portion of the Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen
with respect to certain voting and disposition of such securities; however, such shares of Class&nbsp;B common stock held by Wengen over which KKR Partners II (International),&nbsp;L.P. may be
deemed to share beneficial ownership are not reported in the table for it. KKR PI-II&nbsp;GP Limited is the general partner of KKR Partners II (International),&nbsp;L.P. Messrs.&nbsp;Henry R.
Kravis and George&nbsp;R. Roberts may also be deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities as described above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
3,837 shares of Class&nbsp;B common stock held by Snow Phipps Group,&nbsp;LLC. Snow Phipps Group,&nbsp;L.P. holds limited partnership interests in
Wengen, which relate to approximately 3,231,081 underlying shares of Class&nbsp;B common stock held by Wengen, and may also be deemed to have voting and investment power over such portion of the
Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such securities; however, such shares of Class&nbsp;B common
stock held by Wengen over which Snow Phipps Group,&nbsp;L.P. may be deemed to share beneficial ownership are not reported in the table for it. SPG&nbsp;GP,&nbsp;LLC is the general partner of
Snow Phipps Group (Offshore),&nbsp;L.P., Snow Phipps Group (B),&nbsp;L.P., Snow Phipps Group,&nbsp;L.P., Snow Phipps Group (RPV),&nbsp;L.P., and SPG Co-Investment,&nbsp;L.P. Ian Snow is the
sole managing member of SGP&nbsp;GP,&nbsp;LLC. In such capacities, each of the entities and the individual referenced in this paragraph may also be deemed to be the beneficial owners having shared
voting power and shared investment power with respect to the securities as described above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
3,837 shares of Class&nbsp;B common stock held by Snow Phipps Group,&nbsp;LLC. SPG Co-Investment,&nbsp;L.P. holds limited partnership interests in
Wengen which relate to approximately 17,483 underlying shares of Class&nbsp;B common stock held by Wengen, and may also be deemed to have voting and investment power over such portion of the
Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such securities; however, such shares of Class&nbsp;B common
stock held by Wengen over which SPG Co-Investment,&nbsp;L.P. may be deemed to share beneficial ownership are not reported in the table for it. SPG&nbsp;GP,&nbsp;LLC is the general partner of
Snow Phipps Group (Offshore),&nbsp;L.P., Snow Phipps Group (B),&nbsp;L.P., Snow Phipps Group,&nbsp;L.P., Snow Phipps Group (RPV),&nbsp;L.P., and SPG Co-Investment,&nbsp;L.P. Ian Snow is the
sole managing member of SGP&nbsp;GP,&nbsp;LLC. In such capacities, each of the entities and the individual referenced in this paragraph may also be deemed to be the beneficial owners having shared
voting power and shared investment power with respect to the securities as described above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
3,837 shares of Class&nbsp;B common stock held by Snow Phipps Group,&nbsp;LLC. Snow Phipps Group (B),&nbsp;L.P. holds limited partnership interests
in Wengen which relate to approximately 31,040 underlying shares of Class&nbsp;B common stock held by Wengen, and may also be deemed to have voting and investment power over such portion of the
Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such securities; however, such shares of Class&nbsp;B common
stock held by Wengen over which Snow Phipps Group (B),&nbsp;L.P. may be deemed to share beneficial ownership are not reported in the table for it. SPG&nbsp;GP,&nbsp;LLC is the general partner of
Snow Phipps Group (Offshore),&nbsp;L.P., Snow Phipps Group (B),&nbsp;L.P., Snow Phipps Group,&nbsp;L.P., Snow Phipps Group (RPV),&nbsp;L.P., and SPG Co-Investment,&nbsp;L.P. Ian Snow is the
sole managing member of SGP&nbsp;GP,&nbsp;LLC. In such capacities, each of the </FONT></DD></DL>
 </DIV>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72902a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=1>entities
and the individual referenced in this paragraph may also be deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities as
described above.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
3,837 shares of Class&nbsp;B common stock held by Snow Phipps Group,&nbsp;LLC. Snow Phipps Group (Offshore),&nbsp;L.P. holds limited partnership
interests in Wengen which relate to approximately 104,434 underlying shares of Class&nbsp;B common stock held by Wengen, and may also be deemed to have voting and investment power over such portion
of the Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such securities; however, such shares of Class&nbsp;B
common stock held by Wengen over which Snow Phipps Group (Offshore),&nbsp;L.P. may be deemed to share beneficial ownership are not reported in the table for it. SPG&nbsp;GP,&nbsp;LLC is the
general partner of Snow Phipps Group (Offshore),&nbsp;L.P., Snow Phipps Group (B),&nbsp;L.P., Snow Phipps Group,&nbsp;L.P., Snow Phipps Group (RPV),&nbsp;L.P., and SPG
Co-Investment,&nbsp;L.P. Ian Snow is the sole managing member of SGP&nbsp;GP,&nbsp;LLC. In such capacities, each of the entities and the individual referenced in this paragraph may also be
deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities as described above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
3,837 shares of Class&nbsp;B common stock held by Snow Phipps Group,&nbsp;LLC. Snow Phipps Group (RPV),&nbsp;L.P. holds limited partnership interests
in Wengen which relate to approximately 168,255 underlying shares of Class&nbsp;B common stock held by Wengen, and may also be deemed to have voting and investment power over such portion of the
Class&nbsp;B common stock owned by Wengen as a result of its ability to direct Wengen with respect to certain voting and disposition of such securities; however, such shares of Class&nbsp;B common
stock held by Wengen over which Snow Phipps Group (RPV),&nbsp;L.P. may be deemed to share beneficial ownership are not reported in the table for it. SPG&nbsp;GP,&nbsp;LLC is the general partner
of Snow Phipps Group (Offshore),&nbsp;L.P., Snow Phipps Group (B),&nbsp;L.P., Snow Phipps Group,&nbsp;L.P., Snow Phipps Group (RPV),&nbsp;L.P., and SPG Co-Investment,&nbsp;L.P. Ian Snow is
the sole managing member of SGP&nbsp;GP,&nbsp;LLC. In such capacities, each of the entities and the individual referenced in this paragraph may also be deemed to be the beneficial owners having
shared voting power and shared investment power with respect to the securities as described above. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
regarding the beneficial ownership of shares of our Class&nbsp;A common stock by any additional selling stockholder, the number of shares of our Class&nbsp;A common stock
being offered by such selling stockholder and the number of shares of our Class&nbsp;A common stock beneficially owned by such selling stockholder after the applicable offering, where applicable,
will be set forth in a prospectus supplement or in an amendment to the registration statement of which this prospectus is a part. Each accompanying prospectus supplement or post-effective amendment
will also disclose whether any such selling stockholder has held any position or office with, has been employed by or otherwise has had a material relationship with us during the three years prior to
the date of such prospectus supplement or post-effective amendment. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72902a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dg72902_plan_of_distribution"> </A>
<A NAME="toc_dg72902_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and/or any selling stockholder may sell the shares of our Class&nbsp;A common stock covered by this prospectus from time to time in one or
more offerings. Registration of the shares of our Class&nbsp;A common stock covered by this prospectus does not mean, however, that such shares will necessarily be offered or sold. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and/or any selling stockholder may sell shares of our Class&nbsp;A common stock by any means permitted by law, including but not limited to the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> through one or more underwriters or dealers in a public offering and sale by them, whether individually or through an underwriting syndicate
led by one or more managing underwriters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in "at the market offerings" within the meaning of Rule&nbsp;415(a)(4) under the Securities Act, to or through a market maker or into an
existing trading market, on an exchange or otherwise; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> directly to a limited number of purchasers or to a single purchaser; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> through agents; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> purchases by a broker or dealer as principal and resale by such broker or dealer for its own account; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> through a block trade (which may involve crosses) in which the broker or dealer so engaged will attempt to sell the securities as agent, but
may position and resell a portion of the block as principal to facilitate the transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> ordinary brokerage transactions and transactions in which the broker solicits purchasers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> exchange distributions and/or secondary distributions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by delayed delivery contracts or by remarketing firms; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> transactions in options, swaps or other derivatives that may or may not be listed on an exchange; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> through a combination of any of these methods of sale. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and/or any selling stockholder may sell shares of our Class&nbsp;A common stock from time to time in one or more transactions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in negotiated transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in one or more transactions at a fixed price or prices, which may be changed from time to time; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at market prices prevailing at the times of sale; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at prices related to such prevailing market prices; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at negotiated prices. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of the prices may represent a discount from the prevailing market prices. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and/or any selling stockholder may sell shares of our Class&nbsp;A common stock:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> on a national securities exchange; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in the over-the-counter market; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in transactions otherwise than on an exchange or in the over-the-counter market, or in combination. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72902a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
accompanying prospectus supplement will state the terms of the offering of shares of our Class&nbsp;A common stock, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the name or names of any underwriters, dealers or agents; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the purchase price of such shares and the proceeds to be received by us, if any; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any underwriting discounts or agency fees and other items constituting underwriters' or agents' compensation; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any public offering price; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any discounts or concessions allowed or reallowed or paid to dealers; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any securities exchanges on which such shares may be listed. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
underwriters are used in the sale of any shares of our Class&nbsp;A common stock, such shares will be acquired by the underwriters for their own account and may be resold from time
to time in one or more transactions described above. Shares of our Class&nbsp;A common stock may be either offered to the public through underwriting syndicates represented by managing underwriters
or directly by underwriters. We may use underwriters with whom we have a material relationship. As applicable, we will describe in each accompanying prospectus supplement the name of the
underwriter(s) and the nature of any such relationship(s). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a dealer is used in an offering of securities, the dealer may purchase the securities, as principal. The dealer may then resell the securities to the public at varying prices to be
determined by the dealer at the time of sale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of our Class&nbsp;A common stock may be sold directly or through agents designated from time to time. We will name any agent involved in the offering and sale of such shares and
we will describe any commissions paid to the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, the agent will act on a best-efforts basis for the period of its
appointment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters,
dealers and agents may be entitled to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution with
respect to payments made by the underwriters, dealers or agents, under agreements between us and the underwriters, dealers and agents. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters
who participate in the distribution of shares of our Class&nbsp;A common stock may be granted an option to purchase additional shares of our Class&nbsp;A common stock in
connection with the distribution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters,
dealers or agents may receive compensation in the form of discounts, concessions or commissions from us or our purchasers, as their agents in connection with the sale of
securities. These underwriters, dealers or agents may be considered to be underwriters under the Securities Act. As a result, discounts, commissions or profits on resale received by the underwriters,
dealers or agents may be treated as underwriting discounts and commissions. Each accompanying prospectus supplement will identify any such underwriter, dealer or agent and describe any compensation
received by them from us. Any initial public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with sales of the shares of our Class&nbsp;A common stock, the selling stockholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling stockholders may also sell shares of our
Class&nbsp;A common stock short and the selling stockholders may deliver shares of Class&nbsp;A common stock covered by this prospectus to close out short positions and to return borrowed shares
in connection with such short sales. The selling stockholders </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72902a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>may
also loan or pledge shares of common stock to broker-dealers that in turn may sell such shares, to the extent permitted by applicable law. The selling stockholders may also enter into option or
other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial
institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such
transaction). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of Class&nbsp;A common stock owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured parties may offer and sell the shares from time to time pursuant to this prospectus or any amendment to this prospectus under
Rule&nbsp;424(b)(3) or other applicable provision of the Securities Act, amending, if necessary, the list of selling stockholders to
include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer and donate the shares of Class&nbsp;A common
stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule&nbsp;144 under the Securities Act of 1933, as amended, or the
Securities Act, as permitted by that rule, Section&nbsp;4(a)(1) under the Securities Act, if available, or any other exemption from the registration requirements that become available, rather than
under this prospectus. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
shares of our Class&nbsp;A common stock sold pursuant to this prospectus or any accompanying prospectus supplement will be listed for trading on The Nasdaq Global Select Market or
other principal market for shares of our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
underwriter may engage in over-allotment transactions, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation&nbsp;M under the
Exchange Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters,
broker-dealers or agents who may become involved in the sale of shares of our Class&nbsp;A common stock may engage in transactions with, and perform other services for,
us in the ordinary course of their business for which they receive compensation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dg72902_legal_matters"> </A>
<A NAME="toc_dg72902_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The legality of the issuance of the shares of our Class&nbsp;A common stock being offered hereby will be passed upon for us by DLA
Piper&nbsp;LLP (US), Baltimore, Maryland. The legality of the shares of our Class&nbsp;A common stock will be passed upon by counsel for any underwriters, dealers or agents as may be specified in
each accompanying prospectus supplement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dg72902_experts"> </A>
<A NAME="toc_dg72902_3"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements incorporated in this prospectus by reference to the Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2017 have been so incorporated in reliance on the report of PricewaterhouseCoopers&nbsp;LLP, an independent registered public accounting firm, given on the authority of said firm
as experts in auditing and accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dg72902_information_incorporated_by_reference"> </A>
<A NAME="toc_dg72902_4"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION INCORPORATED BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to incorporate by reference into this prospectus the information contained in other documents we file with the SEC, which
means that we can disclose important information to you by referring you to those documents. Any statement contained in any document incorporated or deemed to be incorporated by reference herein shall
be deemed to be modified or superseded, for purposes of this prospectus, to the extent that a statement contained in or omitted from this prospectus, or in any other subsequently filed document that
also is or is deemed to be incorporated by </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg72902a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>reference
herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.
We incorporate by reference the documents listed below which have been filed by us: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746918001893/a2234890z10-k.htm">Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2017</A>, including portions of our <A HREF="http://www.sec.gov/Archives/edgar/data/912766/000104746918002781/a2235277zdef14a.htm">Definitive Proxy Statement
on Schedule&nbsp;14A filed with the SEC on April&nbsp;13, 2018</A>, relating to our 2018 Annual Meeting of Stockholders to be held on May&nbsp;23, 2018, to the extent incorporated by
reference into such Annual Report on Form&nbsp;10-K;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
Current Reports on Form&nbsp;8-K or Form&nbsp;8-K/A, as applicable, filed with the SEC on
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918000533/a18-2075_18ka.htm">January&nbsp;3, 2018</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918001874/a18-2692_18k.htm">January&nbsp;11, 2018</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data//912766/000110465918002256/a18-3230_18k.htm">January&nbsp;16, 2018</A> (only with respect to Item&nbsp;8.01 therein),
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918002709/a18-3397_18k.htm">January&nbsp;18, 2018</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918005304/a18-5081_18k.htm">January&nbsp;31, 2018</A> (only with respect to Item&nbsp;8.01 therein),
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918005753/a18-5165_18k.htm">February&nbsp;1, 2018</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918005866/a18-5165_28k.htm">February&nbsp;1, 2018</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918015910/a18-7874_18k.htm">March&nbsp;8, 2018</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918017157/a18-7874_28k.htm">March&nbsp;13, 2018</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918020660/a18-9189_18k.htm">March&nbsp;28, 2018</A> and
<A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465918024877/a18-11152_18k.htm">April&nbsp;18, 2018</A>; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/912766/000110465917005216/a12-11035_158a12b.htm">The description of our Class&nbsp;A common stock
contained in our registration statement on Form&nbsp;8-A filed with the SEC on January&nbsp;31, 2017.</A> </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents that we file with the SEC pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act, except as to any portion of any report or documents that is not deemed
filed under such provisions on or after the date of this prospectus until the earlier of the date on which all of the shares of our Class&nbsp;A common stock registered hereunder have been sold or
the registration statement of which this prospectus is a part has been withdrawn, shall be deemed incorporated by reference in this prospectus and to be a part of this prospectus from the date of
filing of those documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this prospectus shall be deemed to incorporate information furnished but not filed with the SEC pursuant to Items&nbsp;2.02 or 7.01 of Form&nbsp;8-K. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
written or oral request, we will provide without charge to each person, including any beneficial owner, to whom a copy of the prospectus is delivered a copy of the documents
incorporated by reference herein (other than exhibits to such documents unless such exhibits are specifically incorporated by reference herein). You may request a copy of these filings, at no cost, by
writing or telephoning us at the following address: Laureate Education,&nbsp;Inc., 650 S. Exeter Street, Baltimore,
Maryland 21202, (410)&nbsp;843-6100, Attn: Corporate Secretary. We have not authorized anyone to provide to you any information that differs from that contained in this prospectus. Accordingly, you
should not rely on any information that is not contained in this prospectus. You should not assume that the information in this prospectus is accurate as of any date other than the date of the front
cover of this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dg72902_where_you_can_find_more_information"> </A>
<A NAME="toc_dg72902_5"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the Exchange Act and in accordance therewith file reports, proxy statements and other
information with the SEC. All of our filings with the SEC are available free of charge to shareholders and other interested parties through the "Investor Relations" portion of our website at
http://investors.laureate.net as soon as reasonably practical after they are filed with the SEC. Information contained on, or accessible through, our website is not, and you must not consider the
information to be, a part of this prospectus, any accompanying prospectus supplement or any free writing prospectus or incorporated by reference herein or therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of our filings with the SEC also are available to the public at the SEC's website at </FONT><FONT SIZE=2><I>http://www.sec.gov</I></FONT><FONT SIZE=2>. You may also read and copy
any document that we file at the SEC's Public Reference Room at 100&nbsp;F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the
Public Reference Room. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have filed with the SEC a Registration Statement on Form&nbsp;S-3 with respect to the shares of our Class&nbsp;A common stock offered hereby. This prospectus does not contain all
of the information set forth in such Registration Statement, parts of which are omitted in accordance with the rules and regulations of the SEC. For further information with respect to us and to the
shares of our Class&nbsp;A common stock offered hereby, reference is made to such Registration Statement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

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</FONT> <FONT SIZE=2><A HREF="#bg72901a_main_toc">Table of Contents</A> </FONT></P>

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


<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>10,000,000 Shares  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>
<IMG SRC="g190205.jpg" ALT="LOGO" WIDTH="480" HEIGHT="123">
  </B></FONT></P>

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

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>BMO Capital Markets  </B></FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>

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&nbsp;&nbsp;&nbsp;
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
