<SEC-DOCUMENT>0001628280-19-011300.txt : 20190829
<SEC-HEADER>0001628280-19-011300.hdr.sgml : 20190829
<ACCEPTANCE-DATETIME>20190829160631
ACCESSION NUMBER:		0001628280-19-011300
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20190829
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190829
DATE AS OF CHANGE:		20190829

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		191066419

	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>8-K
<SEQUENCE>1
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(the &#8220;Seller&#8221;), a Netherlands company and indirect wholly owned subsidiary of Laureate Education, Inc. (the &#8220;Company&#8221;), and Can Uluslararasi Yatirim Holding A.&#350;.</span><span style="font-family:inherit;font-size:11pt;"> </span><span style="font-family:inherit;font-size:10pt;">(the &#8220;Purchaser&#8221;), a Turkish company, executed and closed a Sale and Purchase Agreement (the &#8220;Turkey SPA&#8221;). Pursuant to the Turkey SPA, the Purchaser purchased from the Seller 100% of the share capital of Education Turkey B.V. (&#8220;ET&#8221;), a private limited liability company incorporated under the laws of the Netherlands. ET and certain of its direct and indirect subsidiaries and affiliates together have the right to appoint a majority of the Trustees of Bilgi E&#287;itim ve K&#252;lt&#252;r Vakf&#305; (&#8220;Bilgi Foundation&#8221;). Bilgi Foundation is the sponsor of Istanbul Bilgi University (&#8220;Bilgi&#8221;), an institution located in Turkey that the Company previously consolidated under the variable interest entity model. As a result of the closing of the Turkey SPA on </span><span style="font-family:inherit;font-size:10pt;">August 27, 2019</span><span style="font-family:inherit;font-size:10pt;">, the Company no longer consolidates Bilgi.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The total purchase price was $90 million, which consisted of cash proceeds of $75 million and deferred purchase price of $15 million in the form of an instrument payable one year after closing. 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You can identify forward-looking statements because they contain words such as &#8220;seek,&#8221; &#8220;intend,&#8221; &#8220;expect&#8221; or similar expressions that concern the Company&#8217;s strategy, plans or intentions. Forward-looking statements are based on the Company&#8217;s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from the Company&#8217;s expectations are set forth under the caption &#8220;Risk Factors&#8221; in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.&#160;</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:10px;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div><br/></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">2</span></div></div><hr style="page-break-after:always"></hr><div><br/></div><div style="line-height:120%;text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span 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style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">#&#160;&#160;&#160;&#160;Laureate Education, Inc. hereby undertakes to furnish supplementally a copy of any omitted schedule or exhibit to such agreement to the U.S. Securities and Exchange Commission upon request.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:100%;padding-top:12px;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;&#160;</span></div><div style="line-height:100%;text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><div 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style="font-family:inherit;font-size:10pt;">/s/ Sean P. 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Mulcahy</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Title:</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Vice President, Assistant General Counsel</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Date: </span><span style="font-family:inherit;font-size:10pt;"><span><span style="white-space:nowrap"><ix:nonNumeric id="d22092019e720-wk-Fact-D5600046F2CADB9F2A69AB739E0C8FEF" name="dei:DocumentPeriodEndDate" contextRef="D2019Q3" format="ixt:datemonthdayyearen">August 29, 2019</ix:nonNumeric></span></span></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:100%;padding-top:12px;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div><br/></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">3</span></div></div><hr style="page-break-after:always"></hr><div><br/></div><div style="line-height:120%;text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;text-decoration:underline;">Pro Forma Financial Information</span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The following supplemental pro forma information is presented for informational purposes only, to provide an understanding of the Company&#8217;s historical financial results as adjusted for the disposition of Laureate Turkey. 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style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Assets</span></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="3" style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Current assets:</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Cash and cash equivalents</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">236,412</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">73,647</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(a)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">310,059</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Restricted cash</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">188,938</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">188,938</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Receivables:</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Accounts and notes receivable</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">531,390</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">531,390</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Other receivables</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">13,943</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">15,000</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(b)</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">28,943</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Allowance for doubtful accounts</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(177,167</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(177,167</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Receivables, net</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">368,166</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">15,000</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">383,166</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Other current assets</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">327,343</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(85,558</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(c)</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">241,785</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total current assets</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,120,859</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">3,089</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,123,948</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Property and equipment:</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Land, leasehold improvements and construction in-progress</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">615,839</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">615,839</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Buildings</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">668,619</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">668,619</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Furniture, equipment and software</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,013,347</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,013,347</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Accumulated depreciation and amortization</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(1,059,335</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(1,059,335</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Property and equipment, net</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,238,470</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,238,470</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Operating lease right-of-use assets, net</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">937,884</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">937,884</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Goodwill</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,737,455</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,737,455</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Tradenames and other intangible assets, net</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,136,724</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,136,724</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Other non-current assets</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">920,396</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(36,722</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(c)</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">883,674</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total assets</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">7,091,788</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(33,633</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:1px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">7,058,155</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Liabilities and stockholders&#8217; equity</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Current liabilities:</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:26px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Other current liabilities</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,205,486</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(19,996</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(c)</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,185,490</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total current liabilities</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,205,486</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(19,996</span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,185,490</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Long-term operating leases, less current portion</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">862,369</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">862,369</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Long-term debt and finance leases, less current portion</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,222,142</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">1,222,142</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Other long-term liabilities</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">682,215</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(4,209</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(c)</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">678,006</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total liabilities</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">3,972,212</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(24,205</span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">3,948,007</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Redeemable noncontrolling interests and equity</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">12,493</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">12,493</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Stockholders&#8217; equity:</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total Laureate Education,&#160;Inc. stockholders&#8217; equity</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">3,118,214</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(9,428</span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(d)</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">3,108,786</span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Noncontrolling interests</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(11,131</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#8212;</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(11,131</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total stockholders&#8217; equity</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">3,107,083</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(9,428</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">3,097,655</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:13px;text-indent:-14px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total liabilities and stockholders&#8217; equity</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">7,091,788</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(33,633</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:1px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">7,058,155</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div><br/></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">5</span></div></div><hr style="page-break-after:always"></hr><div><br/></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Notes to Unaudited Pro Forma Condensed Financial Information </span></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><span style="font-family:inherit;font-size:10pt;">(a)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Represents the estimated cash proceeds received, net of transaction costs.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><span style="font-family:inherit;font-size:10pt;">(b)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Represents the undiscounted deferred purchase price totaling approximately $15 million to be received by the Seller on the first anniversary of the transaction closing date, as prescribed in the Turkey SPA. This deferred purchase price is expected to be discounted upon finalization of the accounting for the disposition.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><span style="font-family:inherit;font-size:10pt;">(c)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Represents the elimination of the assets and liabilities associated with the disposition of Laureate Turkey. As of June 30, 2019, total assets and total liabilities included in the disposition were classified as "held for sale" in the Form 10-Q filed on August 8, 2019.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><span style="font-family:inherit;font-size:10pt;">(d)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Represents the net effect of the removal of  the disposed net assets, offset by the net proceeds received, had the transaction closed on June 30, 2019. The estimated loss is subject to finalization and is not included as an adjustment to unaudited pro forma consolidated income statement as this amount will be included in the consolidated income statement of the Company within the next calendar year following the disposition and is not expected to have a continuing effect on the Company&#8217;s operations.</span></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:100%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div><br/></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">6</span></div></div>	</body>
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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>exhibit111173191turkey.htm
<DESCRIPTION>EXHIBIT 2.1
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<div><a name="s441A22F8F20627F46D1CD3952905241C"></a></div><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 2.1</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">Execution copy</font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:62.97117516629712%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:76px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DATED 27 AUGUST&#160;2019</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">(1) LAUREATE I B.V.</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">- and -</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">(2) CAN ULUSLARARASI YATIRIM HOLDING A.&#350;.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:27%;"></td><td style="width:47%;"></td><td style="width:26%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SHARE PURCHASE AGREEMENT</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">relating to</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">all the shares in the capital of </font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EDUCATION TURKEY B.V.</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:41%;"></td><td style="width:59%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #00000a;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #00000a;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sA07611CB0303C4472158D395293670D2"></a></div><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONTENTS</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sBC4D2CEF8847A3BE4989D395295739AC"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">1.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">DEFINITIONS AND INTERPRETATION</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;3</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s24101C73B27A6E436FFED395298985C2"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">2.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SALE AND PURCHASE OF SHARES</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;9</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s99FC6C5FDE5C2D0D76A6D39529AB041F"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">3.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">PURCHASE PRICE AND PAYMENT</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;9</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s1038FC77B83A61DF8428D39529DDF534"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">4.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">COMPLETION</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;10</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s6C76110CD4E7F6FEE3FDD39529FEFDF1"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">5.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">INTER-GROUP AGREEMENTS AND SETTLEMENTS</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;12</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sECD6CBA51381DB064C21D3952A30C92A"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">6.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">CIT FISCAL UNITY</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;13</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s3CDF85663DF7B20B2638D3952A527D9A"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">7.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">POST COMPLETION COVENANTS</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;13</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s38473ED0D76A67B877ACD3952A833728"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">8.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SELLER'S WARRANTIES</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;15</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sB6C503070382773E8DF9D3952AA5F9DD"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">9.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">BREACH OF SELLER'S WARRANTIES</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;16</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sE4C89A8372513BBC86F0D3952AD7B8D5"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">10.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">CONDUCT OF CLAIMS</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;16</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s0FD7A18AE3ECEA61809DD3952AF83D69"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">11.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">LIMITATIONS OF SELLER'S LIABILITY</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;17</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s140883B02F0C7A1803DFD3952B2AADA9"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">12.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">PURCHASER'S WARRANTIES</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;19</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s042F28CEA6184225A6F8D3952B4B2748"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">13.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">RESTRICTIVE COVENANTS</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;19</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sFCE39BF39342FC223683D3952B7DBA0B"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">14.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">CONFIDENTIALITY</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;20</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s2A941197C3562DEB47F0D3952B9F5BBA"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">15.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">NOTIFICATIONS</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;20</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s5D3D22E3A09B02A141FED3952BD18F00"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">16.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">MISCELLANEOUS</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;21</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s4470F256F4BC6972B89DD3952BF3A73B"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">17.</font></a><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">GOVERNING LAW AND JURISDICTION</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;23</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sFE5FA0F5FBC0FF310CC9D3952C24A431"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 1: SUBSIDIARIES</font></a><font style="font-family:inherit;font-size:11pt;">26</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s261A927FFCC33B2E7FFFD3952C45B348"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 2: BILGI FOUNDATION TRUSTEES AND DIRECTORS</font></a><font style="font-family:inherit;font-size:11pt;">28</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sB88BAF2FF6CABCF936E1D3952C77D525"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 1: Bilgi Foundation Trustees</font></a><font style="font-family:inherit;font-size:11pt;">28</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s6D337F60C375A8E1635ED3952C99EEC5"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 2: Bilgi Foundation Board of Directors</font></a><font style="font-family:inherit;font-size:11pt;">28</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s38C6622649BE5D9C7C78D3952CCB14BF"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 3: DEED OF TRANSFER</font></a><font style="font-family:inherit;font-size:11pt;">29</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s5F6457695FDA10A5D122D3952CED80EE"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 4: DISCLOSED INFORMATION</font></a><font style="font-family:inherit;font-size:11pt;">30</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s9E414BF0FC332501A470D3952D1EAAC0"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 1: Disclosure Schedules</font></a><font style="font-family:inherit;font-size:11pt;">30</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s006B3C6E1F6CEE76357FD3952D408BA4"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 2: Data Room Index</font></a><font style="font-family:inherit;font-size:11pt;">34</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s8D2607B0D4D9FCB86E49D3952D71D79D"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 3: Disclosed Information USB</font></a><font style="font-family:inherit;font-size:11pt;">35</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sAFE8803857E515FA4824D3952D93B609"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 5: PURCHASER'S WARRANTIES</font></a><font style="font-family:inherit;font-size:11pt;">36</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sD7995FB1C2EB16951629D3952DC6F3F3"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 6: SELLER'S WARRANTIES</font></a><font style="font-family:inherit;font-size:11pt;">39</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s5A2A93E9A329D014D75AD3952DEAC295"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 7: CHANGE OF DIRECTORS</font></a><font style="font-family:inherit;font-size:11pt;">43</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sA695DC64D0DB9AEEB390D3952E186203"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 1: Resignation letters</font></a><font style="font-family:inherit;font-size:11pt;">43</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sA6490489643E8D4CD674D3952E39B478"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 2: Shareholders Resolutions</font></a><font style="font-family:inherit;font-size:11pt;">44</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sFFF5DE55A2FDD32C5340D3952E6BA576"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 8: ON-GOING LITIGATION</font></a><font style="font-family:inherit;font-size:11pt;">45</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#s03A8CC4E5AA6C2ACCEE3D3952E8E2BE3"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 1: Laureate Continued Litigation</font></a><font style="font-family:inherit;font-size:11pt;">45</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sD2151EED9F4A45C6EE60D3952EBF683B"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">Part 2: Litigation Retained within Transaction Perimeter</font></a><font style="font-family:inherit;font-size:11pt;">46</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:601px;font-size:11pt;"><a style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;" href="#sFB42ED87DCBDAE6A72FBD3952EE2796A"><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">SCHEDULE 9: RESIGNATIONS</font></a><font style="font-family:inherit;font-size:11pt;">53</font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIS SHARE PURCHASE AGREEMENT </font><font style="font-family:inherit;font-size:11pt;">is made on 27 August 2019.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BETWEEN: </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">(1) </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LAUREATE I B.V.</font><font style="font-family:inherit;font-size:11pt;">, a company incorporated under the laws of the Netherlands, having its registered office at Barbara Strozzilaan 201, 1083 HN, Amsterdam, the Netherlands, and registered with the Trade Register of the Dutch Chamber of Commerce with number 30124190 (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Seller"</font><font style="font-family:inherit;font-size:11pt;">); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">(2) </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CAN ULUSLARARASI YATIRIM HOLDING A.&#350;.</font><font style="font-family:inherit;font-size:11pt;">, a company incorporated under the laws of Turkey, having its registered office at </font><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;">Mehmet Akif Mahallesi, Bahariye Caddesi, &#199;am Sokak 51/5 D:&#304;kitelli, 34303 K&#252;&#231;&#252;k&#231;ekmece/&#304;stanbul,</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;">and registered with the Trade Register of the Istanbul Chamber of Commerce with number 707263 (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Purchaser"</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The parties to this agreement, referred to under (1) and (2) above, shall jointly be referred to as the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Parties"</font><font style="font-family:inherit;font-size:11pt;">&#32;and individually as a </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Party"</font><font style="font-family:inherit;font-size:11pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BACKGROUND: </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">A</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller holds all issued and outstanding shares in the capital of Education Turkey</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">B.V., a private limited liability company incorporated under the laws of the Netherlands, having its registered office at Barbara Strozzilaan 201, 1083 HN, Amsterdam, the Netherlands, and registered with the Trade Register of the Dutch Chamber of Commerce with number 34259110 (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Company"</font><font style="font-family:inherit;font-size:11pt;">), being 180 shares of EUR 100&#160;each (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Shares"</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">B</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company, directly and/or indirectly, holds the issued and outstanding shares in the capital of the subsidiaries as set forth in Schedule&#160;1 (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Subsidiaries"</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">C</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The business activities of the Company and its Subsidiaries consist of providing services in relation to management and administration of Istanbul Bilgi University (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Bilgi University"</font><font style="font-family:inherit;font-size:11pt;">) (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Business"</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">D</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Pursuant to the laws of the Republic of Turkey applicable to and the governing documents of the education foundation Bilgi E&#287;itim ve K&#252;lt&#252;r Vakf&#305; (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Bilgi Foundation"</font><font style="font-family:inherit;font-size:11pt;">), the Company together with its subsidiaries and affiliates currently occupies 9 seats of 11 in total at the Board of Trustees (as defined below) of the Bilgi Foundation, which quorum provides the Company an absolute governance control over the Bilgi Foundation. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">E</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Bilgi Foundation Board of Trustees (as defined below) have the right to appoint the Bilgi Foundation Board of Directors (as defined below). In turn, the Bilgi Foundation Board of Directors have the right to appoint members to the Bilgi University Board of Trustees (as defined below).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">F</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Prior to the execution of this agreement, the Parties have obtained all necessary internal approvals to enter into this agreement and to consummate the transactions contemplated by this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">G</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller now wishes to sell and transfer to the Purchaser and the Purchaser now wishes to purchase and acquire from the Seller the Shares, subject to the terms and conditions of this agreement. </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">IT IS AGREED: </font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">3</font></div></div><hr style="page-break-after:always"><div><a name="sBC4D2CEF8847A3BE4989D395295739AC"></a></div><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DEFINITIONS AND INTERPRETATION</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In this agreement, unless provided otherwise hereinafter, the following words shall have the following meaning:</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Affiliate"</font><font style="font-family:inherit;font-size:11pt;">&#32;means (a) any and all persons with respect to which the ultimate parent of a Party, at present or in the future, either directly or indirectly: (i) holds more than 50 per cent of the nominal value of the share capital issued, or more than 50 per cent of the voting power at general meetings, (ii) has the power to appoint or to dismiss a majority of the managing directors (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">statutair bestuurders</font><font style="font-family:inherit;font-size:11pt;">), (iii) otherwise has the power to direct the activities of such person; or (b) any other person qualifying as a 'subsidiary', as part of a 'group' or as a 'participation' as referred to in sections 2:24a, 2:24b and 2:24c of the DCC;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Bilgi Foundation" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in the recitals of this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Bilgi Foundation Board of Directors"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the board of directors of the Bilgi Foundation, prior to Completion consisting of the 7 members as set forth in Part 2 of Schedule 2; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Bilgi Foundation Board of Trustees" </font><font style="font-family:inherit;font-size:11pt;">means the board of trustees of the Bilgi Foundation, prior to Completion consisting of the 11 members as set forth in Part 1 of Schedule 2; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Bilgi University"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the recitals of this agreement; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Bilgi University Board of Trustees"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the board of trustees of Bilgi University;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Boards" </font><font style="font-family:inherit;font-size:11pt;">means the Bilgi Foundation Board of Trustees, the Bilgi Foundation Board of Directors and the Bilgi University Board of Trustees, collectively;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Business"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the recitals of this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Business Day"</font><font style="font-family:inherit;font-size:11pt;">&#32;means a day (other than a Saturday or Sunday) on which banks are open for commercial business in Amsterdam, the Netherlands and Istanbul, Turkey;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Cash Consideration" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Clause&#160;3.1(a);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"CIT"</font><font style="font-family:inherit;font-size:11pt;">&#32;means Corporate Income Tax (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">vennootschapsbelasting</font><font style="font-family:inherit;font-size:11pt;">);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"CIT Fiscal Unity"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the fiscal unity (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">fiscale eenheid</font><font style="font-family:inherit;font-size:11pt;">) for Dutch CIT purposes pursuant to Section 15 of the CITA between Laureate I B.V., Education Turkey B.V., CH Holding Netherlands B.V., Laureate International B.V., LEI AMEA Investments B.V., Online Higher Education B.V., Laureate OnLine Education B.V. and Education Honduras B.V.; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"CIT Settlement Statements" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Clause&#160;6.4;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"CITA" </font><font style="font-family:inherit;font-size:11pt;">means the Dutch Corporate Income Tax Act 1969 (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">Wet op de vennootschapsbelasting 1969</font><font style="font-family:inherit;font-size:11pt;">);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Claim"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any individual claim by the Purchaser pursuant to a breach of the provisions of this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Claim Notice"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in Clause&#160;10.1;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Clause"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any clause of this agreement;</font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Company"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the recitals of this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Completion"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the performance of all the obligations of the Parties to this agreement as set out in Clause&#160;4.4;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Completion Date"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the date of execution of the Deed of Transfer, which shall be the date of this agreement or ___________ 2019;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Conditional Donation Agreement" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Schedule 4 Part 1;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Damage"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in Clause&#160;9.1;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"DCC"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Dutch Civil Code (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">Burgerlijk Wetboek</font><font style="font-family:inherit;font-size:11pt;">);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Deed of Transfer"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the notarial deed of transfer for the Shares, substantially in the form as attached hereto as Schedule&#160;3; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Deferred Consideration" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Clause&#160;3.1(b);</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Disclosed Information"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the information contained in:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Disclosure Schedules;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the documents as listed in the "Data Room Index" as Part&#160;2 of Schedule&#160;4;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the written answers to questions raised by the Purchaser and its advisors; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the "Confidential Information Memorandum" and "Investor Overview" dated June&#160;2018 prepared by the Seller in connection with the contemplated sale of the Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the audited financial statements of the Company and the Subsidiaries for the 12&#160;month period ending on 31&#160;December&#160;2017,</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">copies of the information and documents set out under paragraphs&#160;(b), (c), (d) and (e) being recorded on the Disclosed Information USB; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Disclosed Information USB"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the USB on which paragraphs&#160;(b), (c), (d) and (e) of the Disclosed Information has been recorded, attached hereto as Part&#160;3 of Schedule&#160;2;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Disclosure Schedules"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the information schedules prepared by the Seller, attached hereto as Part&#160;1 of Schedule&#160;2, qualifying the Seller's Warranties;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"DLA Piper Nederland"</font><font style="font-family:inherit;font-size:11pt;">&#32;means DLA Piper Nederland N.V. at Amstelveenseweg 638 (1081&#160;JJ) Amsterdam, the Netherlands;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Encumbrance"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any encumbrance or security interest whatsoever including any mortgage, pledge, right of pre-emption, option, conversion right, title retention and any other preferential right, agreement or arrangement having similar effect;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Fundamental Warranties"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in Clause&#160;11.2;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Group Companies"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Company and the Subsidiaries collectively;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Law"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any applicable law and any binding rule or regulation of any judicial, governmental, supervisory or regulatory body;</font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Litigation Assignment" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Schedule 4 Part 1;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Material Adverse Effect"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any event, circumstance, change or effect that individually has or is likely to have a material adverse effect on the business, activities, operations, assets, condition (financial or otherwise) or prospects of the Group Companies, Bilgi Foundation and Bilgi University;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">&#160;provided, however,</font><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;">&#160;that "Material Adverse Effect" shall not include any event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i) any general economic or political conditions; (ii) any conditions generally affecting campus based higher education in Turkey; (iii) any changes in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest rates; (iv) any acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required or permitted by this agreement or any action taken (or omitted to be taken) with the written consent of or at the written request of Purchaser; (vi) any matter of which Purchaser is aware on the date hereof; (vii) any changes in applicable laws; or (ix) any natural or man-made disaster or acts of God</font><font style="font-family:inherit;font-size:11pt;">;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Material Contracts"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in paragraph&#160;7 of Schedule&#160;6;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Non-LET Seller Trustees"</font><font style="font-family:inherit;font-size:11pt;">&#32;means LEI European Investments B.V. (LEI) and Online Higher Education B.V. (OHE) jointly;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Notary"</font><font style="font-family:inherit;font-size:11pt;">&#32;means a civil-law notary (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">notaris</font><font style="font-family:inherit;font-size:11pt;">) of DLA Piper Nederland, or substitute in office;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Parties"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the opening of this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Proceeds Agreement" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Schedule 4 Part 1;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Purchase Price"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in Clause&#160;3.1;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Purchaser"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the opening of this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Purchaser Group"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Purchaser, any holding company or ultimate beneficial owner of the Purchaser, any subsidiary of the Purchaser and any subsidiary of any such holding company or ultimate beneficial owner and all their Affiliates, including the Group Companies as of Completion;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Purchaser&#8217;s Bank"</font><font style="font-family:inherit;font-size:11pt;">&#32;means Amicorp Bank and Trust Limited, having its registered office at Carleton Court, High Street, Bridgetown, St. Michael, Barbados, BB11128; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Purchaser&#8217;s Bank Account"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Purchaser&#8217;s bank account at the Purchaser&#8217;s Bank, with account number 1032630012020101 and name Abt Escrow - Can Uluslararasi Yatirim Holding A.S. - Laureate Escrow; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Restricted Party"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any person or entity that is (a) the subject of, or beneficially owned or controlled by a person or entity that is the subject of, Sanctions, (b) the government of a Sanctioned Country, (c) located in or organised under the laws of any Sanctioned Country, or (d) otherwise a target of Sanctions;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Restricted Period"</font><font style="font-family:inherit;font-size:11pt;">&#32;means five years from the Completion Date; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Retained Litigation" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Clause&#160;7.3;</font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">6</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Sanctions"</font><font style="font-family:inherit;font-size:11pt;">&#32;means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the United States government, (b) the United Nations Security Council, (c) the European Union, or (d) Her Majesty's Treasury of the United Kingdom, or any other comparable regulation(s) applicable in any of the jurisdictions in which the businesses of the Purchaser Group are carried on or in which any of its agents, customers or suppliers are operating or located for the purpose of doing business with the Purchaser Group;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Sanctioned Country"</font><font style="font-family:inherit;font-size:11pt;">&#32;means a country or territory which is subject to Sanctions;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Schedule"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any schedule to this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Seller"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the opening of this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Seller Group"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Seller, any holding company or ultimate beneficial owner of the Seller, any subsidiary of the Seller and any subsidiary of any such holding company or ultimate beneficial owner and all their Affiliates, excluding the Company as of Completion;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Seller's Warranties"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the representations and warranties given by the Seller set out in Schedule&#160;6;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Seller's Warranty Breach"</font><font style="font-family:inherit;font-size:11pt;">&#32;means a breach of any of the Seller's Warranties; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Separated Group Companies" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Clause&#160;6.2;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Shares"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the recitals of this agreement; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Social Security Contributions"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any and all contributions or premiums which are payable by the Group Companies pursuant to industry or governmental social security regulations, including penalties, interest and any other costs or expenses relating to or associated with any social security matter;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Subsidiaries"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the recitals of this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Subsidiary Shares" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in paragraph&#160;3 of Schedule&#160;6;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Tax" </font><font style="font-family:inherit;font-size:11pt;">means all forms of taxation or Social Security Contributions by any Tax Authority, whether direct or indirect and whether levied by reference to income, profits, gains, net wealth, net worth, equity, asset value, turnover, gross receipts, VAT or other reference, and statutory, governmental, state, provincial, local governmental or municipal impositions, duties, contributions, rates and levies (including without limitation sales and use taxes, social security contributions and any other payroll taxes), whenever and wherever imposed (whether imposed by way of a withholding or deduction or on account of tax or otherwise) and in respect of any person, as well as penalties, changes, costs and interest relating thereto;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Tax Authority"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any taxing or other authority competent to impose any liability in respect of Tax or responsible for the administration and/or collection of Tax or enforcement of any law in relation to Tax;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Tax Return"</font><font style="font-family:inherit;font-size:11pt;">&#32;means any return, declaration, computation, accounts, report, claim for refund or credit, information return, statement, or other document relating to Tax, including any schedule or attachment thereto and any amendment thereof, filed or maintained, or required to be filed or maintained with respect to the calculation, determination, assessment or collection of any Tax;</font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">7</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Third Party Claim"</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in Clause&#160;10.4; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Transaction"</font><font style="font-family:inherit;font-size:11pt;">&#32;means the transactions as contemplated by this agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Undated Resignation Letters" </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in Clause 4.4(d);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"USD"</font><font style="font-family:inherit;font-size:11pt;">, </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"dollars"</font><font style="font-family:inherit;font-size:11pt;">&#32;or </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"$"</font><font style="font-family:inherit;font-size:11pt;">&#32;means US dollars, the lawful currency of the United States of America; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"VAT"</font><font style="font-family:inherit;font-size:11pt;">&#32;means, within the European Union, such Tax as may be levied in accordance with Directive 2006/112/EC, and outside the European Union, any Tax levied by reference to added value, or sales and/or consumption.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In this agreement, unless otherwise specified hereinafter:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reference to a statutory provision includes reference to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any law, order, regulation, statutory instrument or other subsidiary legislation at any time made under it for the time being in force (whenever made);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any modification, amendment, consolidation, re-enactment or replacement thereof or provisions of which it is a modification, amendment, consolidation, re-enactment or replacement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">obligations arising under the Treaty on the Functioning of the European Union and regulations and directives of the European Communities and the European Union.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">references to Dutch legal concepts, articles or provisions shall be deemed to include the same or similar concepts, articles or provisions of other jurisdictions;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reference to the Parties includes their respective successors, authorised assigns and personal representatives;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reference to any party to this agreement comprising more than one person includes each person constituting that party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reference to any gender includes all genders;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reference to the singular includes the plural (and vice versa);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reference to any time of day or date is to that time or date in Amsterdam (CET);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(h)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reference to a day, a month or a year are to a calendar day (unless Business Days are specified), a calendar month or a calendar year respectively;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the index and headings are meant for ease of reference only and shall not affect the construction or interpretation of this agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(j)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">references to a person shall be construed to include any individual, firm, company, government, state or agency of a state or any joint venture, association or partnership (whether or not being a separate legal entity);</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">8</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(k)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Schedules and any other attachments to this agreement form an integral part of this agreement and shall have the same force and effect as if expressly set out in the body of this agreement and any reference to this agreement shall include the Schedules and any other attachments to this agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(l)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a reference to "includes" or "including" means "including but not limited to"; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(m)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">English language words used in this agreement intend to describe Dutch legal concepts only, so that the consequences attaching to the use of such words under any set of rules other than Dutch law will be disregarded; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(n)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">references to "awareness" of the Seller or "to the Seller's knowledge" or any similar statement shall mean the actual knowledge of the Seller as shareholder of the Company and each of Cagri Bagcioglu and Cem Gezgin.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No provision of this agreement shall be interpreted against a Party solely as a result of the of the fact that such Party was responsible for the drafting of such provision, such in acknowledgement of the fact that representatives of all Parties have participated in the drafting and negotiation of this agreement.</font></div></td></tr></table><div><a name="s24101C73B27A6E436FFED395298985C2"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SALE AND PURCHASE OF SHARES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to the terms and conditions of this agreement, the Seller hereby sells and agrees to transfer to the Purchaser and the Purchaser hereby purchases and agrees to accept from the Seller the Shares. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Shares will be transferred free of any Encumbrances and together with all rights attaching or accruing to them. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Shares shall be for the risk and account (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">voor rekening en risico</font><font style="font-family:inherit;font-size:11pt;">) of the Purchaser as of the Completion Date.</font></div></td></tr></table><div><a name="s99FC6C5FDE5C2D0D76A6D39529AB041F"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PURCHASE PRICE AND PAYMENT</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The purchase price for the Shares shall be USD $90,000,000 (ninety million USD) (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Purchase Price"</font><font style="font-family:inherit;font-size:11pt;">) to be paid as follows:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">at Completion, the Purchaser will pay $75,000,000 (seventy-five million USD) in cash (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Cash Consideration"</font><font style="font-family:inherit;font-size:11pt;">) in accordance with Clause&#160;4.1 and 4.2 without set off or counterclaim; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">at Completion, the Purchaser will pay $15,000,000 (fifteen million USD) (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Deferred Consideration"</font><font style="font-family:inherit;font-size:11pt;">) by way of delivery, in accordance with Clause&#160;4.2(a), of an irrevocable and unconditional bank cheque (from a reputable bank approved by the Seller) in the amount of $15,000,000 (fifteen million USD) with a maturity date on the first anniversary of Completion.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Deferred Consideration shall be irrevocably and unconditionally guaranteed at Completion by the joint guarantee and responsibility signature in accordance with the Laws of the Republic of Turkey (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">"Aval"</font><font style="font-family:inherit;font-size:11pt;">) of all natural persons shareholders and directors of the Purchaser, being: Mehmet &#350;akir Can.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller acknowledges and agrees that it will not transfer the cheque as meant in Clause 3.1(b) to any third party other than a member of the Seller Group or a bank. The Seller will provide </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">9</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:48px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">notice to the Purchaser of any cheque's endorsement to an Affiliate or a bank (as the case may be) within 15 Business Days of such endorsement. Clause&#160;16.3 shall apply </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">mutatis mutandis</font><font style="font-family:inherit;font-size:11pt;">&#32;to this Clause&#160;3.3.</font></div><div><a name="s1038FC77B83A61DF8428D39529DDF534"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">COMPLETION</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Payment of Cash Consideration and Deferred Consideration</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By no later than 17:00 pm CET on the Business Day prior to the Completion Date, the Purchaser has deposited the Cash Consideration by electronic transfer to the Purchaser's Bank Account. The Purchaser's Bank has confirmed to the Parties upon receipt.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On the Completion Date, the Purchaser shall:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">pay the Cash Consideration by electronic transfer from the Purchaser's Bank Account to a bank account designated by the Seller;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">deliver, or shall cause to deliver, the bank cheque and the joint guarantee and responsibility signature (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">"Aval"</font><font style="font-family:inherit;font-size:11pt;">) (in accordance with Clauses 3.1(b) and 3.2) constituting the Deferred Consideration to DLA Piper Nederland, as the Seller's representative,</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">upon which the Seller shall confirm receipt to the Purchaser and to the Notary that it shall proceed to Completion as further outlined in this Clause 4.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Completion actions</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Completion shall take place on the Completion Date at the offices of DLA Piper Nederland.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On the Completion Date, the Parties shall, and the Seller shall cause the Company and the relevant Group Companies to, perform any such acts and execute any such documents as reasonably deemed necessary by the Purchaser and the Seller, jointly, to fully effect the Transaction, including the following legal actions and steps in the following order:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Seller shall deliver or shall cause to deliver the shareholders' registers of the Company and of CH Holding Netherlands B.V. to the Notary;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Seller shall deliver, or cause to deliver, to the Purchaser the shareholder's registers, share ledgers, shareholders decision books, board of trustee decision books and board of directors decision books (as the case may be) of the Bilgi Foundation and those Subsidiaries incorporated under the laws of the Republic of Turkey;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Seller will cause each of the Non-LET Seller Trustees and Cagri Bagcioglu to resign as members of the Bilgi Foundation Board of Trustees;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">further to the resignations meant in Clause 4.4(c) above, the Seller shall deliver to the Purchaser the resignation letters of those individuals and entities listed in Schedule&#160;9, which, except as otherwise provided herein, are enforceable. The Purchaser acknowledges and agrees (which acknowledgement and acceptance appears from the Purchaser signing this agreement) that (i) the undated resignation letters for the Bilgi University Board of Trustees, other than Laureate affiliated trustees, listed in column B of Schedule&#160;9 (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Undated Resignation Letters"</font><font style="font-family:inherit;font-size:11pt;">) may be challenged by the issuer, (ii) the Seller does not guarantee in any way the validity and the enforceability of those Undated Resignation Letters and (iii) the Seller under no circumstances will be liable </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">10</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:96px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">for any loss, damage or any type of consequence in case those Undated Resignation Letters may not be enforced;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Seller will resign as managing director of the Company; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the managing directors of each of the Company and CH Holding Netherlands B.V. shall resign, </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">each pursuant to a resignation letter substantially in the form as attached hereto as Part&#160;1 of Schedule&#160;7;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the shareholder of each of the Company and CH Holding Netherlands B.V. shall execute a written shareholders resolution pursuant to which:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the resignations referred to in Clause&#160;4.4(e) is accepted; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">such managing directors are granted full release from liability </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">(finale kwijting)</font><font style="font-family:inherit;font-size:11pt;">&#32;and decharge (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">decharge</font><font style="font-family:inherit;font-size:11pt;">) for the performance of their duties as managing director; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a person (or a legal entity) as per Purchaser's instructions is appointed as managing director of the relevant Group Company, </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">substantially in the form as attached hereto as Part&#160;2 of Schedule&#160;7;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Seller shall instruct the Notary to transfer the Shares to the Purchaser by executing the Deed of Transfer; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(h)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Notary shall (i) register the transfer of the Shares in the shareholders' register and return the shareholders' register to the Company and (ii) return the shareholders' register of CH Holding Netherlands B.V. to CH Holding Netherlands B.V.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Consequence of non-compliance</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If any of the Parties fails to comply with any of its obligations under Clause&#160;4.4 on or prior to the Completion Date, the other Party may decide after consulting the failing Party and without prejudice to any other right or remedy available to it:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to proceed with Completion involving all Parties, in so far as practicable; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to terminate this agreement by way of written notice to the other Party.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the agreement is terminated in accordance with Clause&#160;4.5(b), then the Party failing to comply with its obligations under Clause&#160;4.4 shall indemnify and hold the other Party harmless from and against any and all losses, costs, charges, expenses, damage, liabilities, claims, demands, actions and legal proceedings (including reasonable attorney and expert fees and expenses) incurred by the other Party resulting from such failure to comply with its obligations. In case of termination pursuant to said Clause&#160;4.5(b), all actions already taken shall be deemed not to have been taken and shall remain without effect or, where appropriate, shall be reversed, unless the Parties agree otherwise. The Parties shall provide their full co-operation to the reversal of any actions hereunder should such reversal be required.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">11</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.7</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">To the extent that any of the documents or actions listed in Clause&#160;4.4 are executed before Completion, they shall be deemed to have been executed at Completion.</font></div></td></tr></table><div><a name="s6C76110CD4E7F6FEE3FDD39529FEFDF1"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">INTER-GROUP AGREEMENTS AND SETTLEMENTS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except as otherwise set forth or otherwise contemplated by this agreement, the Seller shall procure that as per the Completion Date, the Parties shall and shall cause their Affiliates to (i) take commercially reasonable efforts to terminate any inter-group agreements between any member of the Seller Group and any of the Group Companies, Bilgi Foundation, or Bilgi University, and (ii) waive any rights under any such agreements.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except as expressly set forth herein otherwise, including with respect to the Conditional Donation Agreement, the Litigation Assignment and the Proceeds Agreement, the Seller shall, and shall procure that each applicable member of the Seller Group shall, and the Purchaser shall procure that each Group Company, Bilgi Foundation, and Bilgi University shall:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">procure that all contracts between a member of the Seller Group and a Group Company, Bilgi Foundation and Bilgi University are terminated on or as soon as reasonably practicable after Completion:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">at no cost to any party thereto;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">with no residual liability for any party thereto; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">without any residual rights for any member of the Seller Group (including, for the avoidance of doubt, any residual licence for the use of intellectual property rights and/or know-how of any Group Company or its business) or the Group Companies, Bilgi Foundation, or Bilgi University, </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">it being acknowledged and agreed by the Parties that this subclause 5.2(a) shall be sufficient to effect the termination of the all contracts between a member of the Seller Group and a Group Company, Bilgi Foundation, or Bilgi University on the terms set out in this subclause 5.2(a); and</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">except as expressly otherwise set forth in this agreement (including but not limited to the Seller Group's continued interest in the litigation set forth in Schedule&#160;8 Part  ), with effect from Completion:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">release and discharge each Group Company and each member of the Seller Group, respectively, from any and all liabilities or obligations to the applicable members of the Seller Group or Group Companies, respectively (including in respect of all such contracts between a member of the Seller Group and a Group Company); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">procure that each member of the Seller Group or Group Company, respectively, shall waive any and all claims (in the absence of fraud) it has or may have against any Group Company or member of the Seller Group, respectively (including in respect of all such contracts between a member of the Seller Group and a Group Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser hereby releases and discharges, and agrees to hold harmless (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">vrijwaren</font><font style="font-family:inherit;font-size:11pt;">), by means of an irrevocable third-party stipulation, each Group Company, the Bilgi Foundation and Bilgi </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">12</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:48px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">University, including each of their directors and officers (and their appointed representatives, as the case may be), from any liability relating to the period prior to the Completion Date. </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser hereby waives, by means of an irrevocable third-party stipulation, its right to bring any claim against any present or former director or employee of any member of the Seller Group (including the Group Companies) in respect of any information, opinion or advice supplied or given (or omitted to be supplied or given) by him or her to the Purchaser or any member of the Purchaser Group or its representatives in connection with the Transaction, save in case of wilful misconduct (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">opzet</font><font style="font-family:inherit;font-size:11pt;">) or intentional recklessness (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">bewuste roekeloosheid</font><font style="font-family:inherit;font-size:11pt;">) on the part of such present or former employee or director in respect of the relevant matter.</font></div></td></tr></table><div><a name="sECD6CBA51381DB064C21D3952A30C92A"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CIT FISCAL UNITY</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser and the Seller acknowledge and agree to procure that the Company and the Subsidiaries which are included in the CIT Fiscal Unity will be separated from the CIT Fiscal Unity as of the Completion Date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller remains responsible for preparing and filing the Tax Returns of each Group Company that is separated from the CIT Fiscal Unity pursuant to Clause&#160;6.1 (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Separated Group Companies"</font><font style="font-family:inherit;font-size:11pt;">) for any period ending prior to the Completion Date in respect of which a Group Company is required to file a Tax Return or make a payment to a Tax Authority.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As of the Completion Date, any existing CIT sharing or settlement agreements between the Seller and the Separated Group Companies are terminated.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As soon as reasonably practical, but in any event within a period of six months after the Completion Date, the Seller shall provide the Purchaser with an opening balance sheet for CIT purposes for the Separated Group Companies as at the relevant date of separation from the CIT Fiscal Unity, including explanatory notes thereto (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"CIT Settlement Statements"</font><font style="font-family:inherit;font-size:11pt;">). The Seller will procure that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Purchaser will be granted 30&#160;Business Days to review the CIT Settlement Statements;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">it will provide the Purchaser with all relevant information to review the CIT Settlement Statements; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">it will take into account all reasonable comments, corrections or additions made by the Purchaser in respect of the CIT Settlement Statements.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By the 15th Business Day after the Completion Date, the Seller shall provide the Purchaser with a copy of the letter which was sent to the appropriate Tax Authority informing it that as per the Completion Date the Separated Group Companies no longer form part of the CIT Fiscal Unity with the Seller.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller and the Separated Group Companies shall not jointly file a request to allocate loss carry forwards of the CIT Fiscal Unity, if any to the extent possible, to the Separated Group Companies.</font></div></td></tr></table><div><a name="s3CDF85663DF7B20B2638D3952A527D9A"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">POST COMPLETION COVENANTS</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Governance</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller shall use commercially reasonable efforts to take such actions required by Law to cause the appointment replacement members acceptable to and as per the instructions of the </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">13</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:48px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">Purchaser to replace the Non-LET Seller Trustees and Cagri Bagcioglu as members of the Bilgi Foundation Board of Trustees.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Until such time as the resignations required to be delivered of each of the Non-LET Seller Trustees pursuant to Clause 4.4(d) of this agreement are formally recognized by the relevant Board, the Seller shall cause the Non-LET Seller Trustees to vote in accordance with the Purchaser's written instructions so that the Purchaser shall at all times control not less than two-thirds of the votes of the Bilgi Foundation Board of Trustees. Nothing in this paragraph&#160;shall require the Seller to cause the Non-LET Seller Trustees to vote in favour or against any matter which would frustrate or negate the purposes of this agreement or the Seller's rights hereunder.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">On-going litigation</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser agrees to, and procures that the Company will, grant and undertake to take all the actions as may be necessary to grant, as per Completion, the Seller and/or its authorized representatives, nominees, agents, counsels, at the sole cost of the Seller, the right to represent Bilgi University and the Bilgi Foundation in the on-going legal cases (as listed in Schedule&#160;8 Part 1, the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Retained Litigation"</font><font style="font-family:inherit;font-size:11pt;">) and any legal case, prosecution, research or procedure related and/or may be deemed related to the Retained Litigation in the sole discretion of the Seller until the earlier of (a) entry of final non-appealable order in such case, or (b) the date that the Seller provides written notice to the Company that it no longer wishes to pursue such case. Seller shall be entitled to recovery of any monies recovered from the Retained Litigation and the Purchaser shall be responsible for payment of such amounts should Bilgi University fail to promptly make payment to the Seller for whatever reason.&#160; The Seller and/or its authorized representatives, nominees, agents, counsels, shall in respect of the Retained Litigation: (i) provide the Purchaser and/or its authorized representatives, nominees, agents, counsels,  with copies of the respective court files, (ii) periodically inform the Purchaser and/or its authorized representatives, nominees, agents, counsels,  by email on the status thereof, and (iii) inform the Purchaser and/or its authorized representatives, nominees, agents, counsels,  upon a change in the status thereof.  Notwithstanding the foregoing or anything herein to the contrary, no member of the Seller Group shall have any liability after Completion with respect any litigation other than the Retained Litigation, and the Purchaser shall assume the full liability, including payment of all attorney&#8217;s fees, for the pursuit, continuation, or resolution of the same, including but not limited to the litigation regarding the Kustepe campus.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Further actions</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As and when requested by the Purchaser or the Seller following Completion, the Seller or the Purchaser, as the case may be, shall take all actions (or refrain from taking any action) and execute or ensure the execution of all such further documents, forms, assignments, transfers, assurances and anything deemed reasonably necessary or appropriate by the Purchaser or the Seller, as the case may be, to give full effect to the Transaction.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Books and records </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser shall procure that Bilgi University and the Bilgi Foundation will, within eight months following Completion, afford the Seller and its authorized representatives (including a reasonable number of personnel assigned by the auditor designated by the Seller) reasonable access to and the right to copy, upon reasonable notice and during normal business hours, to all of the books and records of Bilgi University and the Bilgi Foundation as the Seller or any of its authorized representatives may reasonably request, to the extent relating to the year 2018 and any financial period thereafter and until Completion and solely for the purpose of (i) conducting an annual audit of Bilgi University and/or the Bilgi Foundation and/or (ii) Clause&#160;7.3. </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">14</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser shall retain for a period of seven years from the Completion Date, or any such longer period as prescribed by Law, all books, records and other information (whether stored electronically or otherwise) relating to the Group Companies and existent on the Completion Date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.7</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">During the period following the Completion Date and up to 12 months thereafter, the Purchaser shall procure that all material records, papers, documents and data in the possession, custody or control of any Group Company or any member of the Purchaser Group, to the extent relating to the business or affairs of the Seller or any (former) member of the Seller Group other than the Group Companies, be deemed to be the property of, and shall be held on behalf of, the Seller and any such items shall be delivered or made available to the Seller immediately upon request by the Seller.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.8</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller shall, and shall cause its authorized representatives to, abide by the confidentiality obligations set forth in Clause&#160;14 with respect to any access or information provided pursuant to Clause 7.5.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Change of address </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.9</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As soon as reasonably practicable, and in any event within three days of Completion, the Purchaser shall procure that registered address of the Company and of CH Holding Netherlands B.V. is changed and such change is filed with the Dutch Chamber of Commerce. The Purchaser shall provide written evidence of the same to the Seller.</font></div></td></tr></table><div><a name="s38473ED0D76A67B877ACD3952A833728"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SELLER'S WARRANTIES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller warrants (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">garandeert</font><font style="font-family:inherit;font-size:11pt;">) to the Purchaser that, to the Seller's knowledge,</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup></font><font style="font-family:inherit;font-size:11pt;">each of the Seller's Warranties as set forth in Schedule&#160;6 is true and accurate on the Completion Date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser shall not have a right to invoke a Claim in respect of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">matters that would not have a Material Adverse Effect;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any information disclosed in the Disclosed Information;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">matters specifically disclosed in this agreement; and/or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any information or matters as set forth in the Seller Group's public disclosures including any information or matters as set forth on the Seller Group's webpage (http://investors.laureate.net) and any links or sub-links to Laureate press releases or filings included or accessible therein.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Parties acknowledge and agree that the Seller's Warranties constitute an express allocation of risk between the Purchaser and the Seller. The Purchaser confirms that when entering into this agreement it did not rely on any other warranty or statement than the Seller's Warranties. Parties waive any rights they may have in connection with this agreement pursuant to Book&#160;7, Title&#160;1 of the DCC to the extent this agreement deviates from the provisions thereof.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller shall not be liable for any forecasts, estimates, interpretations, analysis, projections, statements of intent or statements of opinion provided to the Purchaser or its advisors, whether or not part of the Disclosed Information.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser confirms that prior to the execution of this agreement it has conducted and completed a due diligence investigation into the Group Companies and the Business, with the </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">15</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:48px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">assistance of legal, financial, tax and other professional advisors. The Purchaser confirms that during the due diligence investigation it and its advisors have posed all such questions as the Purchaser thought relevant in relation to the Group Companies and the Business, and that the Seller has provided all information and assistance requested by the Purchaser and its advisors to answer such questions. The Purchaser confirms that at the Completion Date it has no knowledge of any facts or circumstances that constitute or are likely to constitute a Seller's Warranty Breach.</font></div><div><a name="sB6C503070382773E8DF9D3952AA5F9DD"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BREACH OF SELLER'S WARRANTIES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In the event of a Seller's Warranty Breach, the Seller shall, subject to the limitations set forth in this agreement, pay to the Purchaser or any of the Group Companies, as the Purchaser may direct, an amount equal to the amount of loss or damage (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">schade</font><font style="font-family:inherit;font-size:11pt;">) within the meaning of section&#160;6:96 of the DCC suffered by the Purchaser or the Group Companies as a result of such breach; </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">provided, however</font><font style="font-family:inherit;font-size:11pt;">, that the Seller shall in no event be liable for any loss of profits or consequential, indirect or punitive damage (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">gevolgschade</font><font style="font-family:inherit;font-size:11pt;">) suffered by the Purchaser or any of the Group Companies resulting from a Seller's Warranty Breach (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Damage"</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The sole remedy of the Purchaser for a Seller's Warranty Breach shall be an action for damages which shall be calculated on a dollar-for-dollar basis without any multiplier and/or valuation method being applicable which formed a basis for the Purchaser in calculating the Purchase Price.</font></div></td></tr></table><div><a name="sE4C89A8372513BBC86F0D3952AD7B8D5"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">10.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONDUCT OF CLAIMS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser shall as soon as reasonably practicable after it or any member of the Purchaser Group becomes aware of a Claim or any matter or circumstance that will or may give rise to a Claim, give written notice to the Seller (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Claim Notice"</font><font style="font-family:inherit;font-size:11pt;">). The Claim Notice must contain all the details of such Claim, including the Purchaser's estimate of the amount of the Claim, an indication as to whether any insurance cover or third party recourse would be available in respect of the Claim as well as any other information reasonably necessary to enable the Seller to assess the merits of the Claim.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the Purchaser fails to notify the Seller within 45&#160;Business Days after it or the relevant member of the Purchaser Group becomes aware of a Claim or any matter or circumstance that will or may give rise to a Claim as set out in Clause&#160;10.1, the Seller shall not be liable to the Purchaser for the Claim. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Seller's Warranty Breach becomes due and payable in case the Claim is granted by an arbitral award in accordance with Clause 17 or such Claim has been settled by the relevant Parties in accordance with this Clause 10.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If any Claim or any matter or circumstance potentially giving rise to a Claim notified pursuant to Clause&#160;10.1 relates to a claim by a third party in or out of court against the Purchaser or a Group Company (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Third Party Claim"</font><font style="font-family:inherit;font-size:11pt;">), the following shall apply. The Seller may at any time, by a written notice to the Purchaser, at its own expense take over the defence of the Third Party Claim, whereby the Seller assumes the liability of the outcome of such Third Party Claim. If the Seller takes over the defence the Purchaser shall, and shall ensure that the Purchaser Group will:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">leave the conduct of the Third Party Claim entirely to the Seller, provided that it shall keep the Purchaser updated and consult with the Purchaser on the strategy and direction of its defence on a regular basis; and</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">16</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">give the Seller all assistance necessary to conduct the Third Party Claim on its behalf, or on behalf of the relevant member of the Purchaser Group, including by granting powers of attorney.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the Seller has not issued a notice pursuant to Clause&#160;10.4, within 45 Business Days, the Purchaser shall have the right to settle, at its own expense and with its own professional advisors, any Third Party Claim, provided no settlement is made without the Seller's prior written consent. Such consent is a condition to the Seller's liability in connection with a Third Party Claim and its settlement.  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Upon receiving notification of a Claim pursuant to Clause&#160;10.1, the Purchaser shall:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">allow the Seller or its representatives access to books, records and to such personnel of the Purchaser Group as the Seller may reasonably request to investigate the Claim;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">disclose to the Seller or its representatives all information and documents relevant to the Claim; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">take such steps as the Seller may request pursuant to Clause&#160;10.4.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.7</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Claim shall not be enforceable against the Seller, unless within twelve months of notification pursuant to Clause&#160;10.1 either (i) the Claim is settled between the Parties or (ii) the Purchaser institutes and pursues legal proceeding in relation to the Claim in good faith.</font></div></td></tr></table><div><a name="s0FD7A18AE3ECEA61809DD3952AF83D69"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">11.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LIMITATIONS OF SELLER'S LIABILITY</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Minimum claims</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller shall not be liable in respect of a breach of a provision of this agreement unless the amount of the individual Damage exceeds $75,000 (seventy-five thousand USD) and the aggregate amount of all such Damage exceeds $750,000 (seventy-five hundred thousand USD) in which case the Seller's liability shall be for the excess only.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Maximum liability</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The maximum aggregate liability of the Seller for Claims relating to any Seller's Warranty set out in paragraph&#160;1 (Authority and capacity of the Seller), 2 (Corporate Organisation) and 3 (Shares) of Schedule&#160;6 (jointly: </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Fundamental Warranties"</font><font style="font-family:inherit;font-size:11pt;">) shall be limited to the amount of the Purchase Price as actually received by the Seller in cash. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller's maximum aggregate liability for any other claims under the Seller's Warranties and/or this agreement shall not exceed an amount of $25,000,000 (twenty-five million USD).</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Time limitations</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller shall not be liable for a Seller's Warranty Breach, unless the Claim Notice is received by the Seller:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">within 10 years following the Completion Date in respect of Claims relating to any Fundamental Warranties as set out in paragraph&#160;3 (Shares);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">within 5 years following the Completion Date in respect of Claims relating to any Fundamental Warranties other than paragraph&#160;3 (Shares);</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">17</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">before the expiry of the applicable statute of limitation, in respect of Claims relating to any Seller's Warranty set out in paragraph&#160;9 (Tax); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">within 24 months following the Completion Date, in respect of Claims relating to any Seller's Warranty other than the Fundamental Warranties.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Other limitations</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller shall not be liable in respect of a Claim if and to the extent such Claim relates to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any information or matters disclosed in the Disclosed Information;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any act, omission, transaction, or arrangement performed at the request of the Purchaser before Completion or in respect of which the Purchaser has given its prior written consent;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any change in law, practice or generally accepted published interpretation of the law after the Completion Date;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any change in the accounting or taxation policies and practice of the Purchaser or any member of the Purchaser Group after the Completion Date;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a liability that is contingent only; and/or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">provisions have been made in the financial statements, as disclosed in the Disclosed Information, specifically relates to the subject matter underlying the Seller's Warranty Breach.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the purpose of this Clause&#160;11, the Seller's liability for any breach of a provision of this agreement shall be reduced by:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any amount recoverable under a policy of insurance in force by the Purchaser Group or any amount that would have been recoverable under an insurance policy of a Group Company if such insurance policy in force immediately prior to Completion had been maintained after the Completion Date;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any relief from, deduction available to or benefit available or accruing to the Purchaser Group in respect of Tax or any other saving or benefit available or accruing to the Purchaser Group and arising by virtue of the Damage in respect of which the Claim is made; and/or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any amount for which an allowance, provision or reserve for the liability or matter giving rise to the loss or damage has been made in the financial statements as disclosed in the Disclosed Information.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Mitigation of Damage </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.7</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser shall take all measures and shall procure that all measures are taken by the Group Companies as may be reasonably expected under the circumstances, and that all reasonable assistance is given to avoid or mitigate any Damage.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">18</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No double claims</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.8</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser shall not be entitled to recover from the Seller more than once in respect of the same event or circumstance resulting in a claim pursuant to the provisions of this agreement.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Third party</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.9</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If, before the Seller pays an amount in discharge of any Claim, the Purchaser or any member of the Purchaser Group recovers or is entitled to recover (whether by payment, discount, credit, relief, insurance or otherwise) from a third party a sum which indemnifies or compensates the Purchaser or the relevant member of the Purchaser Group (in whole or in part) in respect of the loss or damage which is the subject matter of the Claim, the Seller may, at its sole discretion, require that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Purchaser or the respective member of the Purchaser Group shall ensure before steps are taken to enforce a Claim against the Seller following notification under Clause&#160;10.1 that all commercially reasonable steps are taken to enforce recovery against the third party while any actual recovery (less any reasonable costs incurred in obtaining such recovery) shall result in reduction or payment of the amount of the Claim, as the case may be; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Seller subrogates in the rights regarding the Claim of the Purchaser or the relevant member of the Purchaser Group vis-&#224;-vis the third party concerned.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.10</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the Seller has paid an amount in discharge of any Claim and the Purchaser or a member of the Purchaser Group subsequently recovers from a third party, a sum that is directly related to the Claim, the Seller may, at its sole discretion, require that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Purchaser or the respective member of the Purchaser Group shall take all necessary steps to enforce recovery against the third party concerned, while paying the Seller an amount equal to the sum recovered or recoverable from the third party (less any reasonable costs incurred in obtaining such recovery);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Seller subrogates in the rights regarding the Claim of the Purchaser or the relevant member of the Purchaser Group vis-&#224;-vis the third party concerned.</font></div></td></tr></table><div><a name="s140883B02F0C7A1803DFD3952B2AADA9"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">12.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PURCHASER'S WARRANTIES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">12.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser warrants (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">garandeert</font><font style="font-family:inherit;font-size:11pt;">) that each of the statements set forth in Schedule&#160;5 are true and accurate on the Completion Date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">12.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser warrants that, the Purchaser, its Affiliates, representatives and advisors involved in the Transaction are not aware of a Seller's Warranty Breach or any breach of a provision of this agreement nor of any matter that would (likely) result in a Seller's Warranty Breach or of any breach of a provision of this agreement. </font></div></td></tr></table><div><a name="s042F28CEA6184225A6F8D3952B4B2748"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">13.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RESTRICTIVE COVENANTS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">13.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In order to ensure the full benefit, know-how and goodwill of the Business to the Purchaser, the Seller undertakes to the Purchaser that it will not, and it will procure that the Seller Group will not, during the Restricted Period, either alone or jointly with others, directly or indirectly conduct, engage, participate or otherwise be interested in the provision of campus-based post-secondary education in the Republic of Turkey.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">19</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">13.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Parties acknowledge and agree that any of the following events will not constitute a breach by the Seller of Clause&#160;13.1:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any on-going involvement of the Seller or members or representatives of the Seller Group as a member of the Bilgi Foundation Board of Trustees; and/or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">providing any online education services through the non-Turkish entities of the Seller Group, as conducted at the time of Completion.</font></div></td></tr></table><div><a name="sFCE39BF39342FC223683D3952B7DBA0B"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">14.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONFIDENTIALITY</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">14.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to Clause&#160;14.2, each of the Parties shall treat as strictly confidential any information received or obtained pursuant to the entering into or performance of this agreement in connection with negotiations relating to this agreement, the business and affairs of the other Party, any document referred to in this agreement or the provisions or subject matter of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">14.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The restrictions contained in Clause&#160;14.1 shall not apply if and to the extent that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">disclosure is required by the law of any relevant jurisdiction or for the purposes of any legal proceedings, but only upon consultation with the other Party about the timing and content of such disclosure;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">disclosure is required by any recognised securities exchange or by any regulatory or governmental body, but only upon consultation with the other parties about the timing and content of such disclosure;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the information has become public through no fault of the relevant Party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the other Party has granted prior written consent to the disclosure;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a Party requires such to enforce its rights or remedies under this agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">disclosure is necessary to obtain the advice of any professional advisory; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">disclosure is necessary within the Seller Group; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(h)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">disclosure is necessary by the Seller Group to any Tax Authority.</font></div></td></tr></table><div><a name="s2A941197C3562DEB47F0D3952B9F5BBA"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">15.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">NOTIFICATIONS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">15.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any communication to be given in connection with the matters contemplated by this agreement shall, except where expressly provided otherwise, be in writing and in the English language and shall either be delivered in person or sent by registered post, facsimile or email to the address as indicated below. A change of address outside the Netherlands shall have no effect unless domicile in the Netherlands is chosen simultaneously.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">20</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:54px;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:93.12638580931264%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">To the Seller</font><font style="font-family:inherit;font-size:11pt;">:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">To the Purchaser</font><font style="font-family:inherit;font-size:11pt;">:</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Laureate I B.V.</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Can Uluslararasi Yatirim Holding A.&#350;.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Attn:    Aldert-Jan de Bruin and Sean Mulcahy</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;">Barbara Strozzilaan 201 <br>1083 HN, Amsterdam  <br>The Netherlands</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Attn:    Mehmet &#350;akir Can&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;">Mehmet Akif Mh. Bahariye Cd. &#199;am Sk. No:51/5&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;">&#304;kitelli- K.&#199;ekmece / &#304;stanbul</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;">Republic of Turkey</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;text-align:left;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">E:    </font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;text-align:left;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">E:   </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">With a copy to</font><font style="font-family:inherit;font-size:11pt;">:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">With a copy to</font><font style="font-family:inherit;font-size:11pt;">:</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">DLA Piper Nederland N.V. <br>Attn.: Daphne Bens <br>Amstelveenseweg 638 <br>1081 JJ Amsterdam <br>The Netherlands</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Baycan Law Firm</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;">Attn: Baran Umut Baycan </font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;">S&#252;leyman Seba Cad. BJK Plaza No:48 A Blok Kat:2 D: 22</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;">34357 Be&#351;ikta&#351;, Istanbul </font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:11pt;">Republic of Turkey</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">E:    </font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;padding-top:8px;text-align:left;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">E:   </font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">15.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A notice sent solely to the addressee of the legal advisor of the Party indicated above shall not constitute a notification for the purpose of this Clause&#160;15.</font></div></td></tr></table><div><a name="s5D3D22E3A09B02A141FED3952BD18F00"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">16.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">MISCELLANEOUS</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Termination</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If this agreement is terminated, which termination can only occur on the basis of and in accordance with the relevant provisions of this agreement, then:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">all rights and obligations of the Parties under this agreement shall end and become ineffective, except for the rights and obligations of or pursuant to Clauses&#160;14 (Confidentiality), 15 (Notifications), 16 (Miscellaneous) and 17 (Governing law and jurisdiction), which will remain in full force and effect after termination of the agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">such termination shall be without prejudice to any rights a Party may have vis-&#224;-vis the other Parties in connection with a breach of any provision of or obligation under this agreement occurring prior to its termination.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Parties waive their rights under sections&#160;6:265 through&#160;6:272 of the DCC to, in whole or in part, rescind (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">ontbinden</font><font style="font-family:inherit;font-size:11pt;">) this agreement, to demand the rescission (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">ontbinding</font><font style="font-family:inherit;font-size:11pt;">) of this agreement in legal proceedings or, on the basis of section 6:228 of the DCC (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">dwaling</font><font style="font-family:inherit;font-size:11pt;">) or otherwise, to nullify (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">vernietigen</font><font style="font-family:inherit;font-size:11pt;">) or amend (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">wijzigen</font><font style="font-family:inherit;font-size:11pt;">) it, in whole or in part, following Completion.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">21</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No assignment</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Party cannot (i) assign, transfer or encumber any of its rights under or interests in this agreement, or (ii) sub-contract any or all of its respective obligations under this agreement, without the prior written consent of the other Party, except for any assignment, transfer or encumbrance of any rights under this agreement by the Seller to any of the companies within the Seller Group, whereby, after such assignment, transfer or encumbrance, the assignor will remain jointly and severally liable (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">hoofdelijk aansprakelijk</font><font style="font-family:inherit;font-size:11pt;">), together with the assignee, for any and all obligations arising out of or in connection with this agreement.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Costs</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Party shall bear its own costs, taxes, charges and expenses in relation to the negotiation, preparation, execution and implementation of this agreement as well as the Transaction, it being understood that (i) the Seller and the Purchaser shall bear the Notary's fees in connection with the Transaction on a 50-50% basis, and (ii) the Purchaser shall bear any costs charged by the Purchaser&#8217;s Bank. </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Notary</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser is aware that the Notary is a civil-law notary working at DLA Piper Nederland, the firm that advises the Seller in respect of the matters set out in this agreement. With reference to the Code of Conduct (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">Verordening beroeps- en gedragsregels</font><font style="font-family:inherit;font-size:11pt;">) established by the Royal Notarial Professional Organisation (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">Koninklijke Notari&#235;le Beroepsorganisatie</font><font style="font-family:inherit;font-size:11pt;">), the Parties hereby acknowledge and confirm that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Notary shall execute any and all deeds related to this agreement; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Seller is assisted and represented by DLA Piper Nederland in relation to this agreement and any other agreements that may be concluded, or disputes that may arise, in connection therewith.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No variation and unenforceability</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No variation to this agreement shall have any effect unless it is agreed in writing and signed by or on behalf of each Party.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.7</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each provision of this agreement is severable. If any such provision is rendered illegal, invalid or unenforceable (whether in whole or in part) in any respect under the law of any jurisdiction:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">such is without prejudice to the legality, validity or enforceability in that jurisdiction of the other provisions of this agreement (if these other provisions are not inextricably related to the illegal, invalid or unenforceable provision), or of such or any provision of this agreement in any other jurisdiction; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Parties will reasonably endeavour to negotiate in good faith with a view to replacing it with one or more provisions which are not illegal, invalid or unenforceable and which differ from the replaced provision as little as possible, always taking into account the substance and purpose of this agreement.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Entire agreement</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.8</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement (together with all documents referred to herein and executed at Completion) constitutes the whole and only agreement and understanding between the Parties in relation to </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">22</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:48px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">its subject matter. All previous understandings, agreements, undertakings, representations, warranties and arrangements (including the letter of intent dated 17 August 2018) of any nature whatsoever between the Parties or members of the Seller Group and the Purchaser Group respectively with any bearing on the subject matter of this agreement are superseded and terminated (and all rights and liabilities arising pursuant to such either or not accrued at the date of this agreement, are cancelled) to the extent that they have such a bearing.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Waiver</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.9</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any waiver under this agreement must be given by written notice to that effect.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise of rights and third party stipulation</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.10</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Should a Party not exercise any right under this agreement (including one Party granting any other Party an extension of time to perform its obligations under any provision hereof), then such shall not be deemed to constitute a forfeit of any such rights (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">rechtsverwerking</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.11</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except as expressly provided otherwise in this agreement, only a Party or a Party's permitted assignees or successors may enforce the terms of this agreement. In the event any third-party stipulation (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">derdenbeding</font><font style="font-family:inherit;font-size:11pt;">) contained in this agreement is accepted by any third party, such third party will not become a party to this agreement.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Counterparts</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.12</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement may be signed in any number of counterparts each of which, when executed by one or more of the Parties, shall constitute an original. Delivery of an executed counterpart of a signature page of this agreement by PDF-file (or other scanned document) sent by email to the Parties shall be effective as delivery of an original counterpart of this agreement.</font></div></td></tr></table><div><a name="s4470F256F4BC6972B89DD3952BF3A73B"></a></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">17.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">GOVERNING LAW AND JURISDICTION</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">17.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement shall be governed by and construed in accordance with Dutch law, under the exclusion of any conflict of law rules under Dutch private international law.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">17.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except as otherwise provided in this agreement, any and all disputes between the Parties or their respective legal successors arising from or in connection with this agreement and/or any agreement, arrangement or undertaking arising from this agreement shall be subject to final settlement in accordance with the Rules of Arbitration of the International Chamber of Commerce, subject to the following conditions:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the arbitral proceedings and all documents delivered to or by the arbitrators shall be in the English language;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the venue of arbitration shall be London, England;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the arbitral tribunal shall comprise three arbitrators. Both the Purchaser and the Seller shall appoint one arbitrator and the Institute shall appoint a third arbitrator be the Chairman of the arbitral tribunal. If either the Purchaser or the Seller has not appointed an arbitrator within 20&#160;Business Days of having requested or receiving notice of the arbitration, the Institute will appoint such arbitrator;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the arbitral tribunal shall decide in accordance with the rules of law;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">23</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Parties shall not be precluded from applying for injunctive relief in summary proceedings (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">kort geding</font><font style="font-family:inherit;font-size:11pt;">) before any competent court instead of the arbitral tribunal; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to ensure that the arbitral award shall not be published, each Party shall notify the administrator of the Institute within one calendar month after receipt of the arbitral award that they object to publication of the arbitral award by the Institute; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">consolidation of the arbitral proceedings with other arbitral proceedings pending in the Netherlands, as provided for in section 1046 of the Code of Civil Procedure (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">Wetboek van Burgerlijke Rechtsvordering</font><font style="font-family:inherit;font-size:11pt;">) is hereby excluded.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">[</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">signatures on following pages</font><font style="font-family:inherit;font-size:11pt;">]</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">24</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THUS AGREED AND EXECUTED</font><font style="font-family:inherit;font-size:11pt;">&#32;on 27 August 2019.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:10%;"></td><td style="width:27%;"></td><td style="width:12%;"></td><td style="width:32%;"></td><td style="width:19%;"></td></tr><tr><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LAUREATE I B.V.</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LAUREATE I B.V.</font></div></td></tr><tr><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">&#160;/s/ Sean Mulcahy          </font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">&#160;/s/ Aldert Jan de Bruin        </font></div></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By: Sean Mulcahy</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By: Aldert Jan de Bruin</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Title: director B</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Title: director A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="padding-bottom:8px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="padding-bottom:8px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td></tr><tr><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CAN ULUSLARARASI YATIRIM HOLDING A.&#350;.</font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-bottom:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">&#160;/s/ Mehmet Sakir Can            </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By:</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Mehmet Sakir Can</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Title:</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:8px;padding-right:2px;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">solely authorised director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">25</font></div></div><hr style="page-break-after:always"><div><a name="sFE5FA0F5FBC0FF310CC9D3952C24A431"></a></div><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;padding-bottom:8px;text-align:center;text-indent:0px;"><font style="padding-bottom:8px;text-align:center;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:0px;">SCHEDULE 1: </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SUBSIDIARIES</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-left:6px;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:27%;"></td><td style="width:29%;"></td><td style="width:28%;"></td><td style="width:16%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Subsidiary</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Shareholding</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Directors / officers</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Jurisdiction</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bilgi Temizlik ve Tadilat Hizmetleri Limited Sirketi (TEMZ)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100% (7299 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: Education Turkey B.V.)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Education Turkey BV</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkey</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bilgi Iletisim Grubu Yayincilik Muzik Yapim ve Haber Ajansi Limited Sirketi (BIG)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100% (22156 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: Education Turkey B.V.)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Education Turkey BV</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkey</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bilgi Halkla iliskiler ve Iletisim Limited Sirketi (HALK)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100% (7299 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: Education Turkey B.V.)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Education Turkey BV</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkey</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">CH Holding Netherlands B.V.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100% (</font><font style="font-family:inherit;font-size:11pt;">9000</font><font style="font-family:inherit;font-size:11pt;">&#160;shares</font><font style="font-family:inherit;font-size:11pt;">&#160;A and 9000 shares B)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: Education Turkey B.V.)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;padding-left:48px;text-indent:-24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;">&#8226;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;">Mulcahy, Sean Patrick (director B)</font></div><div style="padding-bottom:8px;padding-top:8px;padding-left:48px;text-indent:-24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;">de Bruin, Aldert Jan (director A)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Netherlands</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bilgi Yapimcilik Ticaret Limited Sirketi (YAP)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100% (7299 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: Education Turkey B.V.)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Education Turkey BV</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkey</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ulet Uluslararsi Danismanlik Egitem Teknolojileri Sanayi ve Ticaret Limited Sirketi (ULET)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">98% (8347 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: Education Turkey B.V.)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2% (200 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: BIG)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Education Turkey BV</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkey</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Oztan Temizlik ve Tadilat Hizmetleri Ticaret Limited Sti (OZTAN)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">99.98% (5999 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: BIG)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">0.02% (1 share)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: Bari&#351; Karayol)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bilgi Iletisim Grubu Yayincilik Muzik Yapim ve Haber Ajansi Limited Sirketi (BIG)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkey</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Mediacom Halka Illiskiler ve Iletisim Limited Sti (MEDIACOM)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">95% (2850 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: BIG)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">5% (150 shares)</font></div><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(shareholder: OZTAN)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bilgi Iletisim Grubu Yayincilik Muzik Yapim ve Haber Ajansi Limited Sirketi (BIG)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkey</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">26</font></div></div><hr style="page-break-after:always"><div><a name="s261A927FFCC33B2E7FFFD3952C45B348"></a></div><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><a name="sB88BAF2FF6CABCF936E1D3952C77D525"></a></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><a name="s6D337F60C375A8E1635ED3952C99EEC5"></a></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="s38C6622649BE5D9C7C78D3952CCB14BF"></a></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><a name="s5F6457695FDA10A5D122D3952CED80EE"></a></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><a name="s9E414BF0FC332501A470D3952D1EAAC0"></a></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><a name="s006B3C6E1F6CEE76357FD3952D408BA4"></a></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><a name="s8D2607B0D4D9FCB86E49D3952D71D79D"></a></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><a name="sAFE8803857E515FA4824D3952D93B609"></a></div><div style="line-height:120%;padding-left:0px;padding-bottom:8px;text-align:center;text-indent:0px;"><font style="padding-bottom:8px;text-align:center;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:0px;">SCHEDULE 5: </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PURCHASER'S WARRANTIES</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser has been duly incorporated and validly exists under the laws of its jurisdiction and has the necessary corporate capacity and power to enter into the agreement and to perform its obligations under the agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">All corporate and other actions required to be taken by the Purchaser to authorise the execution of the agreement and the performance of its obligations under the agreement has been duly taken or will have been duly taken by Completion.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The agreement has been duly executed on behalf of the Purchaser constituting legal, valid and binding obligations of the Purchaser, enforceable in accordance with its terms.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The execution and performance of the agreement by the Purchaser do not conflict with or result in a breach of any provision of the articles of association or similar constitutional documents of the Purchaser nor with any provision of any applicable law.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser is not required to obtain any approval, consent, licence or notice to any regulatory or governmental body in connection with the Purchaser's execution and performance of the agreement, save as required under this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser has obtained all necessary funds for the acquisition of the Shares at the Completion Date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser does not know or have any reason to suspect that the monies used to fund any amounts payable by it under the terms of this agreement have been or will be derived from, used to conceal or further, or are in any way related to any criminal activity, including but not limited to, money laundering, tax evasion, bribery, extortion, fraud, false statements, and/or trafficking of narcotics.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No amounts payable by the Purchaser under the terms of this agreement are derived from, invested for the benefit of, or related in any way to, the governments of, or persons ordinarily resident in, any territory or country: (a) that is presently target of a comprehensive U.S. embargo enforced by OFAC (currently, the Crimea region of Ukraine, Cuba, Iran, North Korea, and Syria); (b) that has been designated as a &#8220;non-cooperative country or territory&#8221; by the U.S. Financial Action Task Force on Money Laundering; or (c) that has been designated by the U.S. Secretary of the Treasury as a &#8220;primary money laundering concern&#8221;.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Purchaser (a) has conducted thorough due diligence with respect to all of its beneficial owners; (b) has established the identities of all beneficial owners and the source of each of the beneficial owner&#8217;s funds; (c) will retain evidence of any such identities, any such source of funds and any such due diligence and will maintain any such evidence for at least five years from the date of this agreement; and (d) will make any such information available to the Seller upon the Seller's reasonable request.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">27</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No investigation, action, or proceeding is pending or contemplated involving the illegal activities specified in paragraph 7 of this Schedule against the Purchaser, and no other investigation, action, or proceeding is pending or contemplated that may result in any impediment delay or prohibition or any other interference with the Transaction.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each member of the Purchaser Group, as well as their respective directors, officers, employees, agents or other third parties acting for each member or on its behalf, in relation to the Business, has at all times acted in compliance with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act 2010 and any other law or regulation relating to anti-bribery and corruption including but not limited to the following Laws of the Republic of Turkey:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkish Constitution of 1982</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turkish Criminal Code No. 5237</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No. 5271 of Criminal Procedure</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No. 3628 on Declaration of Assets and Combating Bribery and Corruption</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No 5167 on Establishment of the Public Officials of Ethic and Amendments to Certain Laws</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No. 657 on Civil Servants</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Public Procurement Law No. 4732</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(h)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Public Procurement Contracts Law No. 4735</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No 5018 on Public Financial Administration and Control</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(j)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No 4982 on Right to Information</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(k)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Capital Market Law No. 6362</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(l)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Banking Law No. 5411</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(m)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No. 5072 on Relationship of Foundations and Associations with Public Institutions and Organizations</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(n)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No. 5449 on Prevention of Laundering Proceeds of Crime</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(o)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No. 4208 on Prevention of Money Laundering</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(p)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No. 5326 on Misdemeanours</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(q)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No. 6415 on Prevention of the Financing of Terrorism</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(r)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Law No 6328 on Ombudsman Institution</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(s)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Code of Enforcement and Bankruptcy No. 2004</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(t)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Regulation on Declaration of Property</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(u)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Regulation on Ethical Principles for Public Officers and Procedures and Principles for Application</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(v)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Regulation on Precautions Regarding Prevention of Laundering of Proceeds of Crime and Financing of Terrorism</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(w)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Regulation on Compliance Programs Regarding Obligations on Laundering the Proceeds of Crime and Prevention of Financing of Terrorism</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(x)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Regulation on Duties and Working Procedures of Financial Crimes Investigation Experts</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(y)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Regulation Regarding the Implementation of the Law No. 4208 on Prevention of Money Laundering and Regulation of Working Procedures and Procedures of the Coordination Board for Combating Financials Crimes.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(z)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Regulation Regarding the Investigation of Laundering Offence</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(aa)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Regulation on the Procedures and Principles Regarding the Implementation of Law on the Prevention of the Financing of Terrorism.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">12.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each member of the Purchaser Group, as well as their respective directors, officers, employees, agents or other third parties acting for each member or on its behalf, in relation to the Business, has at all times conducted its export, import and related transactions in all material respects in material compliance with all laws relating to export and import control and Sanctions. </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">28</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">13.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No member of the Purchaser Group, as well as their respective directors, officers, employees, agents or other third parties acting for each member or on its behalf, in relation to the Business, has supplied or transferred, or arranged or procured the supply or transfer, into or out of (i) the European Union of any military or dual-use goods or services as defined and regulated by Regulation 428/2009 of the Council of the European Union of 5 May 2009, Goods Order or Strategic Services Act, (ii) the United States in violation of the Export Administration Regulations or regulations administered from time to time by the Bureau of Industry and Security, or (iii) conducted any other activity that is governed by these laws or other law of a different jurisdiction that regulates the same subject matter without having the required licences or approvals.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">14.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Neither the Purchaser, its Affiliates, nor their respective officers, directors, or representatives appears on or is owned or controlled by a person that appears on the Specially Designated Nationals and Blocked Persons List or the Sectoral Sanctions Identifications List administered and enforced by OFAC, nor are they ordinarily resident in or acting for or on behalf of any person ordinarily resident in or the government of a territory or country which is, from time to time, the target of a comprehensive U.S. embargo enforced by OFAC (currently, the Crimea region of Ukraine, Cuba, Iran, North Korea, and Syria) nor are they otherwise a party with which the Seller or its Affiliates are prohibited to deal under the laws of the United States, the United Kingdom, or the European Union.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">15.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No member of the Purchaser Group, as well as its respective directors, officers, employees, agents or other third parties acting for them or on its behalf: (i) is a Restricted Party; (ii) has violated or is in violation of any Sanctions; (iii) has been a party to any contract with, or has conducted business or participated in any transaction involving, any Restricted Party, each case in relation to its business.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">29</font></div></div><hr style="page-break-after:always"><div><a name="sD7995FB1C2EB16951629D3952DC6F3F3"></a></div><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:0px;padding-bottom:8px;text-align:center;text-indent:0px;"><font style="padding-bottom:8px;text-align:center;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:0px;">SCHEDULE 6: </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SELLER'S WARRANTIES </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Authority and Capacity of the Seller</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller has been duly incorporated and validly exists under the Laws of the Netherlands and has the necessary corporate capacity and power to enter into this agreement and to perform its obligations under this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">All corporate and other actions required to be taken by the Seller to authorise the execution of this agreement and the performance of its obligations under this agreement have been duly taken or will have been duly taken by Completion.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement has been duly executed on behalf of the Seller and constitutes legal, valid and binding obligations of the Seller, enforceable in accordance with its terms.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The execution and performance of this agreement do not conflict with or result in a breach of any material provision of the articles of association or similar documents of the Seller.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Corporate Organisation</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Immediately prior to Completion, the information set forth in Schedule&#160;1 (Subsidiaries) is true and accurate in all material respects.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each of the Group Companies has been duly incorporated under the laws of its jurisdiction and has been validly existing since its incorporation and has the required power to own its assets and to carry on its business as presently conducted. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The articles of association of the Company, as included in the deed of incorporation dated 31&#160;October 2006, are the articles of association as currently in force. No decision has been taken, nor has any resolution been adopted by the general meeting of shareholders, to amend the articles of association of any of the Group Companies.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each of the Group Companies is duly registered with the trade register of the Chamber of Commerce in the Netherlands or the Istanbul Chamber of Commerce, as the case may be. The extracts of the Chamber of Commerce in the Netherlands or the Istanbul Chamber of Commerce are true, accurate and not misleading.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">None of the Group Companies have granted a power of attorney or similar authority to any third party authorising such third party to represent and bind the Group Company, either in general or for any special purposes other than any powers of attorney registered with the Chamber of Commerce in the Netherlands or the Istanbul Chamber of Commerce.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The shareholders' register of each Group Company is up to date. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.7</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">None of the Group Companies have been declared bankrupt (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">failliet verklaard</font><font style="font-family:inherit;font-size:11pt;">) or been granted a temporary or definitive suspension of payments (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">surs&#233;ance van betaling</font><font style="font-family:inherit;font-size:11pt;">). </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.8</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No decision has been taken to dissolve or liquidate any of the Group Companies.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Shares</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Shares constitute the whole of the issued and outstanding share capital of the Company and the shares held by the Group Companies in the Subsidiaries (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">"Subsidiary Shares"</font><font style="font-family:inherit;font-size:11pt;">) constitute </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:8pt;">Project Waterway - Share Purchase Agreement&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">30</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;&#32;&#32;&#32;&#32;&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execution copy</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:48px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">the entire issued and outstanding share capital of the respective Subsidiaries to the extent as set forth in Schedule&#160;1.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Shares and the Subsidiary Shares have been validly issued and fully paid up and no obligations exist for anyone to make further contributions to the Shares.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.3</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller has full legal and beneficial title to the Shares, free and clear of any Encumbrances. The Company, directly or indirectly, is the owner of the Subsidiary Shares as set forth in Schedule&#160;1, free and clear of any Encumbrance.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.4</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller is entitled to sell and transfer title to the Shares to the Purchaser.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.5</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">None of the Group Companies hold shares in its own capital.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.6</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No depositary receipts have been issued in respect of the Shares.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.7</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Shares and the Subsidiary Shares are validly issued and are fully paid up and no obligations exist for the holder of those shares to further contribute to the share capital (whether by subscription for further shares, by payment of share premium or otherwise), to provide loan financing to any Group Company, or to issue any guarantees of any kind on behalf of any of the Group Companies, nor are there any other obligations or requirements attached to those shares or the holder thereof.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.8</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">There is no agreement, arrangement, commitment or instrument of any kind, obligating the Seller or any Group Company (now or in the future) to issue, convert, transfer, sell, repurchase, redeem or otherwise acquire any shares or other securities in or relating to the capital of any of the Group Companies or to create any Encumbrance, and no person has claimed to be entitled to any of the foregoing.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.9</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">There are no restrictions affecting the voting rights or other rights attached to the Shares or the Subsidiary Shares, other than provided for by Law, the relevant articles of association of a Group Company and/or this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Accounts</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The audited annual accounts of Bilgi University for the year 2018:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">have been prepared in accordance with and comply with Law and the local accounting principles; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">have been prepared on the basis consistent with Bilgi University's annual accounts of the past three financial years; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">contain no omissions and present an accurate, fair, understandable and systematic view of the assets and liabilities, and the financial position of Bilgi University at the end of such financial year, and of the income, expenses and results of Bilgi University for the financial period ending on lapse of such financial year.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Business and Sufficiency of Assets</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; 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<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <link:roleRef roleURI="http://www.laureate.net/role/CoverPage" xlink:href="laur-20190829.xsd#CoverPage" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" xlink:type="simple" />
  <link:definitionLink xlink:role="http://www.laureate.net/role/CoverPage" xlink:type="extended" />
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>laur-20190829_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
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<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" xlink:type="simple" />
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_dei_CoverAbstract_4033409CE48A5D2F6738BA7F197BAC7F_label_en-US" xlink:label="lab_dei_CoverAbstract_4033409CE48A5D2F6738BA7F197BAC7F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cover page.</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:label="loc_dei_CoverAbstract_4033409CE48A5D2F6738BA7F197BAC7F" xlink:type="locator" />
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    <link:label id="lab_dei_Security12bTitle_F60B777F2BA0028EF013BA7F197BF6E6_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle_F60B777F2BA0028EF013BA7F197BF6E6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_F60B777F2BA0028EF013BA7F197BF6E6_label_en-US" xlink:label="lab_dei_Security12bTitle_F60B777F2BA0028EF013BA7F197BF6E6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="loc_dei_Security12bTitle_F60B777F2BA0028EF013BA7F197BF6E6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle_F60B777F2BA0028EF013BA7F197BF6E6" xlink:to="lab_dei_Security12bTitle_F60B777F2BA0028EF013BA7F197BF6E6" xlink:type="arc" />
    <link:label id="lab_dei_SolicitingMaterial_976074FE1EFAE595B863BA7F197B79AD_terseLabel_en-US" xlink:label="lab_dei_SolicitingMaterial_976074FE1EFAE595B863BA7F197B79AD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:label id="lab_dei_SolicitingMaterial_976074FE1EFAE595B863BA7F197B79AD_label_en-US" xlink:label="lab_dei_SolicitingMaterial_976074FE1EFAE595B863BA7F197B79AD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_dei_SolicitingMaterial_976074FE1EFAE595B863BA7F197B79AD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial_976074FE1EFAE595B863BA7F197B79AD" xlink:to="lab_dei_SolicitingMaterial_976074FE1EFAE595B863BA7F197B79AD" xlink:type="arc" />
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_F6E47008AF371817299BBA7F197B3E76_terseLabel_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer_F6E47008AF371817299BBA7F197B3E76" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_F6E47008AF371817299BBA7F197B3E76_label_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer_F6E47008AF371817299BBA7F197B3E76" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_F6E47008AF371817299BBA7F197B3E76" xlink:type="locator" />
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    <link:label id="lab_dei_PreCommencementTenderOffer_E7360F4ED9B45A335970BA7F197B6E41_terseLabel_en-US" xlink:label="lab_dei_PreCommencementTenderOffer_E7360F4ED9B45A335970BA7F197B6E41" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementTenderOffer_E7360F4ED9B45A335970BA7F197B6E41_label_en-US" xlink:label="lab_dei_PreCommencementTenderOffer_E7360F4ED9B45A335970BA7F197B6E41" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_dei_PreCommencementTenderOffer_E7360F4ED9B45A335970BA7F197B6E41" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer_E7360F4ED9B45A335970BA7F197B6E41" xlink:to="lab_dei_PreCommencementTenderOffer_E7360F4ED9B45A335970BA7F197B6E41" xlink:type="arc" />
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_EC2C2790E742F74B0E44BA7F197B930C_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode_EC2C2790E742F74B0E44BA7F197B930C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_EC2C2790E742F74B0E44BA7F197B930C_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode_EC2C2790E742F74B0E44BA7F197B930C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_dei_EntityIncorporationStateCountryCode_EC2C2790E742F74B0E44BA7F197B930C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode_EC2C2790E742F74B0E44BA7F197B930C" xlink:to="lab_dei_EntityIncorporationStateCountryCode_EC2C2790E742F74B0E44BA7F197B930C" xlink:type="arc" />
    <link:label id="lab_dei_DocumentType_CE5044B052B631F317CFBA7F197B8688_terseLabel_en-US" xlink:label="lab_dei_DocumentType_CE5044B052B631F317CFBA7F197B8688" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_CE5044B052B631F317CFBA7F197B8688_label_en-US" xlink:label="lab_dei_DocumentType_CE5044B052B631F317CFBA7F197B8688" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_CE5044B052B631F317CFBA7F197B8688" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType_CE5044B052B631F317CFBA7F197B8688" xlink:to="lab_dei_DocumentType_CE5044B052B631F317CFBA7F197B8688" xlink:type="arc" />
    <link:label id="lab_dei_DocumentPeriodEndDate_58FFD11A7FD98C3D8CABBA7F197BAB08_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate_58FFD11A7FD98C3D8CABBA7F197BAB08" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_58FFD11A7FD98C3D8CABBA7F197BAB08_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate_58FFD11A7FD98C3D8CABBA7F197BAB08" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_58FFD11A7FD98C3D8CABBA7F197BAB08" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate_58FFD11A7FD98C3D8CABBA7F197BAB08" xlink:to="lab_dei_DocumentPeriodEndDate_58FFD11A7FD98C3D8CABBA7F197BAB08" xlink:type="arc" />
    <link:label id="lab_dei_EntityEmergingGrowthCompany_25B57BF517AE9EE317BBBA7F197B5422_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany_25B57BF517AE9EE317BBBA7F197B5422" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_25B57BF517AE9EE317BBBA7F197B5422_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany_25B57BF517AE9EE317BBBA7F197B5422" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_dei_EntityEmergingGrowthCompany_25B57BF517AE9EE317BBBA7F197B5422" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany_25B57BF517AE9EE317BBBA7F197B5422" xlink:to="lab_dei_EntityEmergingGrowthCompany_25B57BF517AE9EE317BBBA7F197B5422" xlink:type="arc" />
    <link:label id="lab_dei_EntityRegistrantName_20A6C4676B14AD112AD1BA7F197B3D9E_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName_20A6C4676B14AD112AD1BA7F197B3D9E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_20A6C4676B14AD112AD1BA7F197B3D9E_label_en-US" xlink:label="lab_dei_EntityRegistrantName_20A6C4676B14AD112AD1BA7F197B3D9E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_20A6C4676B14AD112AD1BA7F197B3D9E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName_20A6C4676B14AD112AD1BA7F197B3D9E" xlink:to="lab_dei_EntityRegistrantName_20A6C4676B14AD112AD1BA7F197B3D9E" xlink:type="arc" />
    <link:label id="lab_dei_EntityFileNumber_448A71465935C6280F6EBA7F197B1D62_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber_448A71465935C6280F6EBA7F197B1D62" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_448A71465935C6280F6EBA7F197B1D62_label_en-US" xlink:label="lab_dei_EntityFileNumber_448A71465935C6280F6EBA7F197B1D62" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_dei_EntityFileNumber_448A71465935C6280F6EBA7F197B1D62" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber_448A71465935C6280F6EBA7F197B1D62" xlink:to="lab_dei_EntityFileNumber_448A71465935C6280F6EBA7F197B1D62" xlink:type="arc" />
    <link:label id="lab_dei_EntityTaxIdentificationNumber_1DD5298CE5BF9E2E5F01BA7F197B6C15_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber_1DD5298CE5BF9E2E5F01BA7F197B6C15" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_1DD5298CE5BF9E2E5F01BA7F197B6C15_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber_1DD5298CE5BF9E2E5F01BA7F197B6C15" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_dei_EntityTaxIdentificationNumber_1DD5298CE5BF9E2E5F01BA7F197B6C15" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber_1DD5298CE5BF9E2E5F01BA7F197B6C15" xlink:to="lab_dei_EntityTaxIdentificationNumber_1DD5298CE5BF9E2E5F01BA7F197B6C15" xlink:type="arc" />
    <link:label id="lab_dei_EntityAddressAddressLine1_85D120D0481EE55C9BB3BA7F197BF765_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1_85D120D0481EE55C9BB3BA7F197BF765" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_85D120D0481EE55C9BB3BA7F197BF765_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1_85D120D0481EE55C9BB3BA7F197BF765" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_dei_EntityAddressAddressLine1_85D120D0481EE55C9BB3BA7F197BF765" xlink:type="locator" />
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    <link:label id="lab_dei_EntityAddressCityOrTown_2804F0A9EEF46A0B963DBA7F197BE310_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown_2804F0A9EEF46A0B963DBA7F197BE310" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_2804F0A9EEF46A0B963DBA7F197BE310_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown_2804F0A9EEF46A0B963DBA7F197BE310" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_dei_EntityAddressCityOrTown_2804F0A9EEF46A0B963DBA7F197BE310" xlink:type="locator" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>laur-20190829_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.2</span><table class="report" border="0" cellspacing="2" id="idp6640239520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover Page<br></strong></div></th>
<th class="th"><div>Aug. 29, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover page.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A common stock, par value $0.004 per share <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug. 29,  2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Laureate Education,&#160;Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-38002<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">52-1492296<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">650 South Exeter Street<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Baltimore<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">21202<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">410<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">843-6100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">LAUR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000912766<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
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<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
