<SEC-DOCUMENT>0001410578-19-001214.txt : 20190912
<SEC-HEADER>0001410578-19-001214.hdr.sgml : 20190912
<ACCEPTANCE-DATETIME>20190912164649
ACCESSION NUMBER:		0001410578-19-001214
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20190909
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190912
DATE AS OF CHANGE:		20190912

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:		191090807

	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
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<p style="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>SECURITIES AND
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Washington, D.C.
20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Date of Report (Date
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Not Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Former name or former
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities registered pursuant to Section&#160;12(b)&#160;of
the Securities Exchange Act of 1934:</b></p>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2
of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;&#160; <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><b>Item 8.01</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Other
Events</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September 9, 2019, Laureate Education,&#160;Inc.
(the &#8220;Company&#8221;) entered into an Underwriting Agreement (the &#8220;Underwriting Agreement&#8221;) with Wengen Alberta,
Limited Partnership (the &#8220;Selling Stockholder&#8221;) and Morgan Stanley &#38; Co. LLC, as the underwriter (the &#8220;Underwriter&#8221;),
relating to an underwritten public offering (the &#8220;Public Offering&#8221;) of 15,000,000 shares of the Company&#8217;s Class&#160;A
common stock, par value $0.004 per share (&#8220;Class&#160;A common stock&#8221;), pursuant to a shelf registration statement
on <a href="http://www.sec.gov/Archives/edgar/data/912766/000110465918025845/a18-11348_1s3asr.htm" style="-sec-extract: exhibit">Form&#160;S-3ASR&#160;(File&#160;No.&#160;333-224405)&#160;filed by the Company with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on April&#160;23, 2018</a>, <a href="http://www.sec.gov/Archives/edgar/data/912766/000104746919005079/a2239568z424b7.htm" style="-sec-extract: exhibit">a preliminary prospectus supplement dated September 9, 2019 and filed by the Company with the Commission on September 9, 2019</a> and a related <a href="http://www.sec.gov/Archives/edgar/data/912766/000104746919005151/a2239568z424b7.htm" style="-sec-extract: exhibit">final prospectus supplement dated September 9, 2019 and filed by the Company with the Commission on September 11, 2019</a> (the &#8220;Final Prospectus Supplement&#8221;). Pursuant to the Underwriting
Agreement, the Underwriter agreed to purchase such shares of Class&#160;A common stock from the Selling Stockholder at $16.72 per
share and was granted a&#160;30-day&#160;option to purchase up to an additional 2,250,000 shares of Class&#160;A common stock from
the Selling Stockholder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September 12, 2019, the offering of 15,000,000
shares of Class&#160;A common stock settled. The Selling Stockholder received all of the net proceeds from this offering. No shares
of Class&#160;A common stock were sold by the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Underwriting Agreement contains customary
representations, warranties and covenants of the Company and the Selling Stockholder and also provides for customary indemnification
by each of the Company, the Selling Stockholder and the Underwriter against certain liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Stockholder has various material
relationships with the Company. For further information concerning material relationships between the Company and the Selling Stockholder
and its affiliates, see the section entitled &#8220;Certain Relationships and Related Transactions, and Director Independence&#8221;
in the Company&#8217;s <a href="http://www.sec.gov/Archives/edgar/data/912766/000104746919002182/a2238220zdef14a.htm" style="-sec-extract: exhibit">Definitive Proxy Statement on Schedule 14A filed with the Commission on April&#160;12, 2019</a>, which is incorporated
by reference into the Final Prospectus Supplement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the Underwriting
Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the
Underwriting Agreement, a copy of which is filed as Exhibit&#160;1.1 hereto and is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><b>Item&#160;9.01</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Financial
Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 7%; border-bottom: Black 1pt solid"><span style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit&#160;No.</b></span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="width: 91%; border-bottom: Black 1pt solid; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></span></td></tr>
<tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
<tr>
    <td style="vertical-align: top"><a href="tv529269_ex1-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">1.1</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tv529269_ex1-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Underwriting Agreement,
    dated September 9, 2019, by and among Laureate Education,&#160;Inc., the selling stockholder named therein and the underwriter
    named therein.</span></a></td></tr>
<tr>
    <td style="vertical-align: top">104</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">The cover page from this Current Report on Form 8-K, formatted in Inline XBRL</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font: 10pt Times New Roman, Times, Serif"><b>LAUREATE EDUCATION,&#160;INC.</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%">&#160;</td>
    <td style="width: 5%"><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td>
    <td style="width: 50%; border-bottom: Black 1pt solid"><span style="font: 10pt Times New Roman, Times, Serif">/s/ Sean P. Mulcahy</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Name:</span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Sean P. Mulcahy</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Title:</span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Vice President, Assistant General Counsel</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: September 12, 2019</p>



<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 1.1</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">15,000,000 Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LAUREATE EDUCATION, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Class A Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>UNDERWRITING AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 9, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1585 Broadway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the several Underwriters,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Introductory</I>.&nbsp;&nbsp;Wengen Alberta, Limited Partnership (the &ldquo;<B>Selling Securityholder</B>&rdquo;),
a stockholder of Laureate Education, Inc., a public benefit corporation organized under the laws of Delaware (the &ldquo;<B>Company</B>&rdquo;),
proposes to sell to the several Underwriters named in <U>Schedule A</U> hereto (the &ldquo;<B>Underwriters</B>&rdquo;) for whom
Morgan Stanley &amp; Co. LLC is acting as representative (the &ldquo;<B>Representative</B>&rdquo;), 15,000,000 shares (the &ldquo;<B>Firm
Securities</B>&rdquo;) of the Company&rsquo;s Class A common stock, par value $0.004 per share (the &ldquo;<B>Securities</B>&rdquo;),
and also proposes to sell to the Underwriters, at the option of the Underwriters, an aggregate of not more than 2,250,000 additional
shares (&ldquo;<B>Optional Securities</B>&rdquo;) of the Securities as set forth below. The Firm Securities and the Optional Securities
are herein collectively called the &ldquo;<B>Offered Securities</B>&rdquo;. In the event that only one Underwriter is listed in
Schedule A hereto, any references to the &ldquo;Underwriters&rdquo; shall be deemed to refer to the sole Underwriter in the singular
form listed in such Schedule A to this Underwriting Agreement (this &ldquo;<B>Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Representations and Warranties of the Company</I>. The Company represents and warrants to, and agrees with, the
several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Filing
and Effectiveness of Registration Statement; Certain Defined Terms</I>. The Company has filed with the Commission an automatic
shelf registration statement on Form S-3ASR (No.&nbsp;333-224405), including a related prospectus or prospectuses, covering the
registration of the Offered Securities under the Act, which became effective. A &ldquo;<B>Registration Statement</B>&rdquo; with
reference to a particular time means such registration statement in the form then on file with the Commission, including any amendment
thereto, any document incorporated by reference therein, and all 430B Information and all 430C Information with respect to such
registration statement, that, in any case, has not been superseded or modified. A &ldquo;Registration Statement&rdquo; without
reference to a particular time means the Registration Statement as of the Effective Time. For purposes of this definition, 430B
Information shall be considered to be included in the Registration Statement as of the time specified in Rule 430B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">For purposes
of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>430B
Information</B>&rdquo; means information included in a prospectus then deemed to be a part of the Registration Statement pursuant
to Rule 430B(e) or retroactively deemed to be a part of the Registration Statement pursuant to Rule&nbsp;430B(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>430C
Information</B>&rdquo; means information included in a prospectus then deemed to be a part of the Registration Statement pursuant
to Rule&nbsp;430C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Act</B>&rdquo;
means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Applicable
Time</B>&rdquo; means 4:08 p.m. (Eastern time) on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Closing
Date&rdquo; </B>has the meaning given to such term in <U>Section 4</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
means the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Effective
Time</B>&rdquo; of the Registration Statement relating to the Offered Securities means the time of the first contract of sale for
the Offered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Final
Prospectus</B>&rdquo; means the Statutory Prospectus that discloses the public offering price, other 430B Information and other
final terms of the Offered Securities and otherwise satisfies Section&nbsp;10(a) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>General
Use Issuer Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution
to prospective investors, as evidenced by its being so specified in <U>Schedule B</U> to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuer
Free Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433, relating
to the Offered Securities in the form filed or required to be filed with the Commission or, if not required to be filed, in the
form retained in the Company&rsquo;s records pursuant to Rule&nbsp;433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Limited
Use Issuer Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not a General Use Issuer Free Writing
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Rules
and Regulations</B>&rdquo; means the rules and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities
Laws</B>&rdquo; means, collectively, the Sarbanes-Oxley Act of 2002 (&ldquo;<B>Sarbanes-Oxley</B>&rdquo;), the Act, the Exchange
Act, the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of &ldquo;issuers&rdquo;
(as defined in Sarbanes-Oxley) promulgated or approved by the Public Company Accounting Oversight Board and, as applicable, the
rules of the NASDAQ Stock Market (&ldquo;<B>Exchange Rules</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Statutory
Prospectus</B>&rdquo; with reference to any particular time means the prospectus relating to the Offered Securities that is included
in the Registration Statement immediately prior to that time, including all 430B&nbsp;Information and all 430C Information with
respect to the Registration Statement. For purposes of the foregoing definition, 430B Information shall be considered to be included
in the Statutory Prospectus only as of the actual time that the form of prospectus (including a prospectus supplement) is filed
with the Commission pursuant to Rule&nbsp;424(b) and not retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Unless otherwise
specified, a reference to a &ldquo;rule&rdquo; is to the indicated rule under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Compliance with Securities Act Requirements</I>. (i) (A) At the time that the Registration Statement initially
became effective, (B) at the time of each amendment thereto for the purposes of complying with Section 10(a)(3) of the Act (whether
by post-effective amendment, incorporated report or form of prospectus), (C) at the Effective Time relating to the Offered Securities
and (D) on the Closing Date, the Registration Statement conformed and will conform in all respects to the requirements of the Act
and the Rules and Regulations and did not and will not include any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading and (ii)&nbsp;(A) on its date, (B)
at the time of filing of the Final Prospectus pursuant to Rule&nbsp;424(b) and (C) on the Closing Date, the Final Prospectus will
conform in all respects to the requirements of the Act and the Rules and Regulations and will not include any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading. The preceding sentence does not apply to statements in or omissions from any such document based upon written information
furnished to the Company by any Underwriter through the Representative specifically for use therein, it being understood and agreed
that the only such information is that described as such in <U>Section 10(c)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Automatic
Shelf Registration Statement</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Well-Known
Seasoned Issuer Status</U>. (A) At the time of initial filing of the Registration Statement and (B) at the time the Company or
any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the Offered
Securities in reliance on the exemption of Rule 163, the Company was a &ldquo;well known seasoned issuer&rdquo; as defined in
Rule 405, including not having been an &ldquo;ineligible issuer&rdquo; as defined in Rule 405.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effectiveness
of Automatic Shelf Registration Statement</U>. The Registration Statement is an &ldquo;automatic shelf registration statement,&rdquo;
as defined in Rule 405, that initially became effective within three years of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Eligibility to Use Automatic Shelf Registration Form</U>. The Company has not received from the Commission any
notice pursuant to Rule 401(g)(2) objecting to its use of the automatic shelf registration statement form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Filing Fees</I>. The Company has paid or shall pay the required Commission filing fees relating to the Offered
Securities within the time required by Rule 456(b)(1) without regard to the proviso therein and otherwise in accordance with Rules
456(b) and 457(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Ineligible Issuer Status</I>. (i)&nbsp;At the earliest time after the filing of the Registration Statement that
the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Offered Securities
and (ii)&nbsp;at the date of this Agreement, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule&nbsp;405,
including (x)&nbsp;the Company or any other subsidiary in the preceding three years not having been convicted of a felony or misdemeanor
or having been made the subject of a judicial or administrative decree or order as described in Rule&nbsp;405 and (y)&nbsp;the
Company in the preceding three years not having been the subject of a bankruptcy petition or insolvency or similar proceeding,
not having had a registration statement be the subject of a proceeding under Section&nbsp;8 of the Act and not being the subject
of a proceeding under Section&nbsp;8A of the Act in connection with the offering of the Offered Securities, all as described in
Rule&nbsp;405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General
Disclosure Package</I>. As of the Applicable Time, neither the General Use Issuer Free Writing Prospectus(es) issued at or prior
to the Applicable Time nor the Statutory Prospectus, as amended and supplemented immediately prior to the Applicable Time, as
supplemented by the information listed on <U>Schedule B</U> hereto, all considered together (collectively, the &ldquo;<B>General
Disclosure Package</B>&rdquo;), included any untrue statement of a material fact or omitted to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding
sentence does not apply to statements in or omissions from any such document based upon written information furnished to the Company
by any Underwriter through the Representative specifically for use therein, it being understood and agreed that the only such
information is that described as such in <U>Section&nbsp;10(c) </U>hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Issuer Free Writing Prospectuses</I>. Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent
times through the completion of the public offer and sale of the Offered Securities or until any earlier date that the Company
notified or notifies the Representative as described in the next sentence, did not, does not and will not include any information
that conflicted, conflicts or will conflict with the information then contained in the Registration Statement. If at any time following
issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer
Free Writing Prospectus conflicted or would conflict with the information then contained in the Registration Statement or as a
result of which such Issuer Free Writing Prospectus, if republished immediately following such event or development, would include
an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, (i)&nbsp;the Company has promptly notified
or will promptly notify the Representative and (ii)&nbsp;the Company has promptly amended or will promptly amend or supplement
such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No
Material Adverse Effect</I>. Neither the Company nor any of the Company&rsquo;s subsidiaries has sustained since the date of the
latest audited financial statements included or incorporated by reference in the General Disclosure Package any material loss
or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from
any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the General
Disclosure Package; and, since the respective dates as of which information is given in the General Disclosure Package, there
has not been any material change in the capital stock, limited liability company units or other types of similar ownership interests,
as applicable, or long-term debt of the Company or any of the Company&rsquo;s Significant Subsidiaries listed on <U>Schedule C
</U>hereto (the &ldquo;<B>Significant Subsidiaries</B>&rdquo;), or any material adverse change, or any development involving a
prospective material adverse change, in or affecting the general affairs, financial position, stockholders&rsquo; equity or results
of operations of the Company or the Company&rsquo;s Significant Subsidiaries, other than as set forth or contemplated in the General
Disclosure Package.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Title to Properties</I>. The Company and the Company&rsquo;s subsidiaries have good and marketable title in fee
simple to all real property described in the General Disclosure Package as owned by them, in each case free and clear of all liens,
encumbrances and defects except such as are described in the General Disclosure Package, except where the failure to have such
title would not reasonably be expected to have a Material Adverse Effect (as defined below); except as described in the General
Disclosure Package, any real property and buildings held under lease by the Company and the Company&rsquo;s subsidiaries are held
by them under valid, subsisting and enforceable leases subject, as to enforcement, to bankruptcy, insolvency, reorganization and
other laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity principles (whether
considered in a proceeding at equity or at law), with such exceptions as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Organization
and Good Standing of the Company and its Subsidiaries</I>. Each of the Company and its Significant Subsidiaries, has been duly
incorporated or formed and is validly existing as a corporation, limited liability company, general partnership, limited partnership
or other entity, as applicable, in good standing under the laws of their respective jurisdictions of incorporation or organization,
with power and authority (corporate and other) to own, lease and/or operate its properties and conduct its business as described
in the General Disclosure Package, and has been duly registered or qualified as a foreign corporation, limited liability company,
general partnership, limited partnership or other entity, as the case may be, for the transaction of business, and is in good
standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require
such qualification, except where the failure to so qualify or to be in good standing would not reasonably be expected to result
in a material adverse effect upon the business, prospects, properties, financial condition or earnings of the Company and the
Company&rsquo;s subsidiaries taken as a whole (a &ldquo;<B>Material Adverse Effect</B>&rdquo;). The Company does not own or control,
directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in <U>Schedule D</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(k)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Offered
Securities</I>. The Offered Securities and all other outstanding shares of capital stock of the Company have been duly authorized;
the Company has an authorized capitalization as set forth in the General Disclosure Package, and all of the issued shares of capital
stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable; and, except as described
in the General Disclosure Package, all of the issued shares of capital stock, limited liability company units or other types of
similar ownership interests, as applicable, of each Significant Subsidiary have been duly and validly authorized and issued, are
fully paid and non-assessable, and are owned directly or indirectly by the Company, free and clear of all liens and preemptive
or similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(l)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No Finder&rsquo;s Fee</I>. Except as disclosed in the General Disclosure Package, there are no contracts, agreements
or understandings between the Company and any person that would give rise to a valid claim against the Company or any Underwriter
for a brokerage commission, finder&rsquo;s fee or other like payment in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(m)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Registration
Rights</I>. Except as disclosed in the General Disclosure Package, there are no contracts, agreements or understandings between
the Company and any person granting such person the right to require the Company to file a registration statement under the Act
with respect to any securities of the Company owned or to be owned by such person or to require the Company to include such securities
in the securities registered pursuant to a Registration Statement or in any securities being registered pursuant to any other
registration statement filed by the Company under the Act (collectively, &ldquo;<B>registration rights</B>&rdquo;), and any person
to whom the Company has granted registration rights with respect to its capital stock has agreed not to exercise such rights until
after the expiration of the Lock-Up Period referred to in <U>Section 6</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(n)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Listing</I>. The Offered Securities have been approved for listing on the NASDAQ Stock Market, subject to notice
of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(o)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required</I>. Neither the Company
nor any of its Significant Subsidiaries is in violation or default (i) of its Certificate of Incorporation or By-laws or other
organizational documents; (ii) in the performance or observance of any obligation, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of
its properties may be bound or (iii) of any statute, law, rule, regulation, judgment, order or decree applicable to the Company
or any of its Significant Subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other
authority having jurisdiction over the Company or such Significant Subsidiary or any of its properties, as applicable, except in
connection with clause (ii) or (iii) as would not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(p)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No
Conflicts; No Consents</I>. The issue and sale of the Offered Securities and the compliance by the Company with all of the provisions
of this Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or any of the Significant Subsidiaries is a party or by which the Company
or any of the Significant Subsidiaries is bound or to which any of the property or assets of the Company or any of the Significant
Subsidiaries is subject, except for such conflicts, breaches, violations or defaults that would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect; nor will such action result in any violation of the provisions
of the Certificate of Incorporation or By-laws or other organizational documents of the Company or any of the Significant Subsidiaries;
nor will such action result in any violation of any statute or any order, rule or regulation of any court or governmental agency
or body having jurisdiction over the Company or any of the Significant Subsidiaries or any of their respective properties, except
where such violations could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect;
and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency
or body is required for the issue and sale of the Offered Securities or the consummation by the Company of the transactions contemplated
by this Agreement, except (i) such as have been obtained or made by the Company and its Significant Subsidiaries, as the case
may be, and are in full force and effect under the Act or applicable securities laws of the several states of the United States,
(ii) such as may be required by the blue sky securities laws of any jurisdiction and (iii) the rules of the Financial Industry
Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;) in connection with the purchase and sale of the Offered Securities by
the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(q)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Authorization of Agreement</I>. This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(r)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Preparation
of the Financial Statements</I>. The audited financial statements included or incorporated by reference in the Registration Statement
and the General Disclosure Package, together with the related notes, present fairly, in all material respects, the consolidated
financial position of the Company and its subsidiaries as of the dates indicated and the consolidated results of operations and
cash flows of the Company and its subsidiaries for the periods specified and have been prepared in all material respects in conformity
with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved (except as otherwise
noted therein); and the pro forma financial information and the related notes thereto included or incorporated by reference in
the Registration Statement and the General Disclosure Package have been prepared in accordance with the applicable requirements
of the Securities Act and the Exchange Act, as applicable, and the assumptions underlying such pro forma financial information
are reasonable and are set forth in the Registration Statement and the General Disclosure Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(s)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Third-Party
Statistical and Market Data</I>. The statistical and market-related data and forward-looking statements included or incorporated
by reference in the General Disclosure Package are based on or derived from sources that the Company and its subsidiaries believe
to be reliable and accurate in all material respects and represent their good faith estimates that are made on the basis of data
derived from such sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(t)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No
Material Actions or Proceedings</I>. Other than as set forth in the General Disclosure Package, there are no legal or governmental
proceedings pending to which the Company or any of the Company&rsquo;s subsidiaries is a party or of which any property of the
Company or any of the Company&rsquo;s subsidiaries is the subject that, if determined adversely to the Company or any of the Company&rsquo;s
subsidiaries, would individually or in the aggregate reasonably be expected to result in a Material Adverse Effect or materially
adversely affect the ability to consummate the transactions contemplated herein; and to the Company&rsquo;s knowledge, no such
proceedings are threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(u)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Taxes</I>.
The Company and its Significant Subsidiaries have paid or made provision to pay all federal, state, local and foreign taxes required
to be paid, and filed all tax returns required to be filed, through the date hereof, except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect; and except as otherwise disclosed in the General Disclosure
Package, there is no material tax deficiency that has been, or would reasonably be expected to be, asserted against the Company
or any of its subsidiaries or any of their respective properties or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(v)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Insurance</I>.
The Company and each of the Company&rsquo;s subsidiaries maintain insurance covering their respective properties, operations,
personnel and businesses as the Company deems adequate and customary for companies engaged in similar businesses, and all such
policies are in full force and effect in all material respects, except where a failure to maintain such insurance policies would
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(w)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Intellectual
Property Rights</I>. The Company and each of the Company&rsquo;s subsidiaries own, possess or can acquire on reasonable terms,
adequate rights to use all trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential
information and other intellectual property (collectively, &ldquo;<B>intellectual property rights</B>&rdquo;) described in the
General Disclosure Package as being owned by them or necessary for the conduct of their respective businesses (except where a
failure to own or possess such intellectual property rights would not, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect), and have not received any notice of infringement of or conflict with asserted rights
of others with respect to any intellectual property rights, except where any such notice the result of which, individually or
in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(x)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Compliance
with and Liability Under Environmental Laws</I>. Except for such matters that would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect, neither the Company nor any of the Company&rsquo;s subsidiaries is in violation
of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating
to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment
or human exposure to hazardous or toxic substances (collectively, the &ldquo;<B>environmental laws</B>&rdquo;), owns or operates
any real property contaminated with any substance that is subject to any environmental laws, is liable for any off-site disposal
or contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws; and the Company
is not aware of any pending investigation which would, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect. There is no proceeding pending, or known to be contemplated, against the Company or any of the Company&rsquo;s
subsidiaries under environmental laws in which a government entity is a party and which is believed to involve monetary sanctions
of $100,000 or more.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(y)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Accurate
Disclosure</I>. The statements in the General Disclosure Package and the Final Prospectus under the headings &ldquo;Description
of Capital Stock&rdquo; and &ldquo;Material U.S. Tax Considerations for Non-U.S. Holders&rdquo;, insofar as such statements summarize
legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters,
agreements, documents or proceedings and present the information required to be shown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(z)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Forward-looking Statement</I>. No forward-looking statement (within the meaning of Section 27A of the Act and
Section 21E of the Exchange Act) contained in the Registration Statement, the General Disclosure Package or the Final Prospectus
has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(aa)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Absence
of Manipulation</I>. The Company has not taken, directly or indirectly, any action that is designed to or that has constituted
or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Offered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(bb)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Company Not an &ldquo;Investment Company&rdquo;</I>. The Company is not, and after giving effect to the offering
and sale of the Offered Securities and the application of the proceeds thereof as described in the General Disclosure Package will
not be, required to register as an &ldquo;investment company&rdquo;, as such term is defined in the Investment Company Act of 1940,
as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(cc)&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Company&rsquo;s
Accounting System</I>. The Company is in compliance with Sarbanes-Oxley and all applicable Exchange Rules. The Company and its
subsidiaries, on a consolidated basis, maintain a system of internal control over financial reporting (as such term is defined
in Rule 13a-15(f) of the Exchange Act) that has been designed by or caused to be designed under the supervision of the Company&rsquo;s
principal executive officer and principal financial officer, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles,
including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management&rsquo;s general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Except as set forth in the General Disclosure Package, the Company&rsquo;s internal
control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control
over financial reporting. Since the date of the latest audited financial statements included or incorporated by reference in the
General Disclosure Package and except as disclosed in the General Disclosure Package, there has been no change in the Company&rsquo;s
nor any Significant Subsidiary&rsquo;s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company&rsquo;s or any Significant Subsidiary&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(dd)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Disclosure
Controls</I>. The Company and its subsidiaries, on a consolidated basis, maintain disclosure controls and procedures (as such
term is defined in Rule 13a-15(e) of the Exchange Act); such disclosure controls and procedures have been designed to ensure that
material information relating to the Company and its subsidiaries is made known to the Company&rsquo;s principal executive officer
and principal financial officer by others within those entities to allow timely decisions regarding required disclosure; and such
disclosure controls and procedures are effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ee)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Ratings</I>.
No &ldquo;nationally recognized statistical rating organization&rdquo; as such term is defined in Section 3(a)(62) of the Exchange
Act (i) has imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) on the
Company&rsquo;s retaining any rating assigned to the Company or any securities of the Company or (ii)&nbsp;has indicated to the
Company that it is considering any of the actions described in <U>Section 9(c)(ii)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ff)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No
Unlawful Contributions or Other Payments</I>. Except as set forth in the General Disclosure Package (i) neither the Company nor
any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company
or any of its subsidiaries is aware of or has taken any action on behalf of the Company or any other subsidiary, directly or indirectly,
that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the &ldquo;<B>FCPA</B>&rdquo;), a violation by such persons of the Bribery Act 2010 of the United Kingdom, as amended
(the &ldquo;<B>UK Bribery Act</B>&rdquo;) or a violation by such persons of any other applicable anti-bribery or anti-corruption
laws and (ii) the Company, its subsidiaries and, to the knowledge of the Company, its affiliates have conducted their businesses
in compliance with the FCPA, the UK Bribery Act and all other applicable anti-bribery and anti-corruption laws and have instituted,
and maintain and enforce, policies and procedures designed to comply with all applicable anti-bribery and anti-corruption laws.
The Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture, or other person for the purposes of facilitating activities in violation of applicable
anti-corruption laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(gg)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No
Conflict with Money Laundering Laws</I>. The operations of the Company and its subsidiaries are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively,
the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws
is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(hh)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No
Conflict with Sanctions Laws</I>. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee or affiliate of the Company or any of its subsidiaries (i) is the subject or target of any sanctions
administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S.
Treasury Department, the U.S. Department of Commerce or the U.S. Department of State), the United Nations Security Council, the
European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;),
(ii) is located, organized or resident in a country or territory that is the subject or target of Sanctions (including, but not
limited to, Crimea, Cuba, Iran, North Korea and Syria) (each a &ldquo;<B>Sanctioned Country</B>&rdquo;), (iii) is a person or
entity (&ldquo;<B>Person</B>&rdquo;) on the list of &ldquo;Specially Designated Nationals and Blocked Persons&rdquo; or any other
Sanctions-related list, or (iv) is owned or otherwise controlled by any Person on a Sanctions-related list. The Company will not,
directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds, to any
subsidiary, joint venture partner or other person (i) to fund or facilitate any activities of or business with any Person that,
at the time of such funding or facilitating, is the subject or target of Sanctions, or is located, organized or resident in a
Sanctioned Country, or (ii) in any other manner that will result in a violation by any Person (including any Person participating
in the offering, whether as underwriter, advisor, investor or otherwise) of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>ERISA
Compliance</I>. Except as disclosed in the General Disclosure Package or as would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect: (i) the Company and its subsidiaries and any &ldquo;employee benefit plan&rdquo;
(within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974 (as amended, &ldquo;<B>ERISA</B>,&rdquo;
which term, as used herein, includes the regulations and published interpretations thereunder)) established or maintained by the
Company or its subsidiaries are in compliance with ERISA and the Internal Revenue Code of 1986 (as amended, the &ldquo;<B>Code</B>,&rdquo;
which term, as used herein, includes the regulations and published interpretations thereunder) and other similar laws, (ii) no
&ldquo;reportable event&rdquo; (as defined under Section 4043 of ERISA) has occurred (excluding any such event for which the thirty
(30) day notice requirement has been waived under the regulations to Section 4043 of ERISA) or is reasonably expected to occur
with respect to any &ldquo;employee benefit plan&rdquo; established or maintained by the Company, its subsidiaries or any of their
ERISA Affiliates (as defined below) and (iii) neither the Company, its subsidiaries nor any of their ERISA Affiliates has incurred
or reasonably expects to incur any liability under (x) Title IV of ERISA with respect to the termination of, or withdrawal from,
any &ldquo;single employer plan&rdquo; (as defined in Section 4001(a) of ERISA) or &ldquo;multiemployer plan&rdquo; (as defined
in Section 4001(a) of ERISA, a &ldquo;<B>Multiemployer Plan</B>&rdquo;) or (y) Section 412, Section 4971, Section 4975 or Section
4980B of the Code. Each &ldquo;employee benefit plan&rdquo; established or maintained by the Company or its subsidiaries that
is intended to be qualified under Section 401 of the Code is so qualified and nothing has occurred, whether by action or failure
to act, which would cause the loss of such qualification. &ldquo;<B>ERISA Affiliate</B>&rdquo; means, with respect to the Company
or a subsidiary, any member of any group of organizations described in Section 414 of the Code of which the Company or such subsidiary
is a member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(jj)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Compliance
with Labor Laws</I>. Except as otherwise disclosed in the General Disclosure Package or would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, (i) there is (A) no unfair labor practice complaint pending or,
to the Company&rsquo;s knowledge, threatened in writing against the Company or any of its subsidiaries before the National Labor
Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements pending,
or to the Company&rsquo;s knowledge, threatened in writing, against the Company or any of its subsidiaries, (B) no strike, labor
dispute, slowdown or stoppage pending or, to the Company&rsquo;s knowledge, threatened against the Company or any of its subsidiaries
and (C) no union representation question existing with respect to the employees of the Company or any of its subsidiaries and,
to the Company&rsquo;s knowledge, no union organizing activities taking place with respect to the employees of the Company or
any of its subsidiaries and (ii) there has been no violation of any federal, state or local law relating to discrimination in
hiring, promotion or pay of employees or of any applicable wage or hour laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(kk)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Cybersecurity;
Data Protection</I>. The Company and its subsidiaries&rsquo; information technology assets and equipment, computers, systems,
networks, hardware, software, websites, applications, and databases (collectively, &ldquo;<B>IT Systems</B>&rdquo;) are adequate
for, and operate and perform in all material respects as required in connection with the operation of the business of the Company
and its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs,
malware and other corruptants. The Company and its subsidiaries have implemented and maintained commercially reasonable controls,
policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous
operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential
or regulated data (&ldquo;<B>Personal Data</B>&rdquo;)) used in connection with their businesses, and there have been no breaches,
violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost
or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the
same. The Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments,
orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual
obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and
Personal Data from unauthorized use, access, misappropriation or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ll)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Related
Party Transactions</I>. No relationship, direct or, to the Company&rsquo;s knowledge, indirect, exists between or among any of
the Company or any affiliate of the Company, on the one hand, and any director, officer, member, stockholder, customer or supplier
of the Company or any affiliate of the Company, on the other hand, which is required by the Act to be disclosed in a registration
statement on Form S-3 which is not so disclosed in the Registration Statement. Except as otherwise disclosed in the Registration
Statement, there are no outstanding loans, advances (except advances for business expenses in the ordinary course of business)
or guarantees of indebtedness by the Company or any affiliate of the Company to or for the benefit of any of the officers or directors
of the Company or any affiliate of the Company or any of their respective family members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(mm)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Independent
Accountants</I>. PricewaterhouseCoopers LLP, which expressed its opinion with respect to the consolidated financial statements
(which term as used in this Agreement includes the related notes thereto) of the Company included or incorporated by reference
in the Registration Statement, is an independent registered public accounting firm within the meaning of the Act, the Exchange
Act and the rules of the Public Company Accounting Oversight Board (United States), and any non-audit services provided by PricewaterhouseCoopers
LLP to the Company or any of its subsidiaries have been approved by the Audit Committee of the Board of Directors of the Company.</P>


<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>XBRL
Language</I>. The interactive data in eXtensible Business Reporting Language included as an exhibit to any document incorporated
by reference into the Registration Statement fairly presents the information called for in all material respects and has been
prepared in accordance with the Commission&rsquo;s rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Representations
and Warranties of the Selling Securityholder</I>. The Selling Securityholder represents and warrants to, and agrees with, the
several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Organization
and Good Standing of the Selling Securityholder</I>. The Selling Securityholder has been duly formed and is validly existing as
a limited partnership in good standing under the laws of its jurisdiction of organization, with power and authority (corporate
and other) to own, lease and/or operate its properties and conduct its business, and has been duly registered or qualified as
a foreign limited partnership for the transaction of business, and is in good standing under the laws of each other jurisdiction
in which it owns or leases properties or conducts any business so as to require such qualification, except where the failure to
so qualify or to be in good standing would not reasonably be expected to result in a material adverse effect upon the ability
of the Selling Securityholder to consummate the transactions contemplated in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Valid Title to Offered Securities</I>. The Selling Securityholder has, and on the Closing Date hereinafter mentioned
will have, (i) valid and unencumbered title to the Offered Securities to be delivered by the Selling Securityholder on the Closing
Date (or, with respect to Offered Securities to be sold by the Selling Securityholder upon conversion of shares of Class B common
stock of the Company, such shares of Class B Common Stock) or (ii) a valid &ldquo;security entitlement&rdquo; (within the meaning
of Section 8-501 of the Uniform Commercial Code as in effect in the State of New York (the &ldquo;<B>New York UCC</B>&rdquo;))
in respect of such Offered Securities (or, with respect to Offered Securities to be sold by the Selling Securityholder upon conversion
of shares of Class B common stock of the Company, such shares of Class B Common Stock) and (y) has the legal right, power and authority
to enter into this Agreement and to sell, assign, transfer and deliver the Offered Securities (or security entitlements to such
Offered Securities) to be delivered by the Selling Securityholder under this Agreement on the Closing Date hereunder free and clear
of all liens, encumbrances, equities or claims arising under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Delivery, DTC</I>. Upon payment of the purchase price for the Offered Securities to be sold by the Selling Securityholder
pursuant to this Agreement, delivery of certificates representing such Offered Securities, as directed by the Underwriters, to
Cede &amp; Co. (&ldquo;<B>Cede</B>&rdquo;) or such other nominee as may be designated by The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;),
together with a valid endorsement of such certificates to DTC or in blank, registration of such Offered Securities in the name
of Cede or such other nominee and the crediting by book entry of such Offered Securities on the books of DTC to securities accounts
(within the meaning of Section 8-501 of New York UCC) of the Underwriters (assuming that neither DTC nor the Underwriters have
notice of any &ldquo;adverse claim&rdquo; (within the meaning of Section 8-105 of the New York UCC) to such Offered Securities
or any security entitlement in respect thereof), (i) DTC shall be a &ldquo;protected purchaser&rdquo; of such Offered Securities
within the meaning of Section 8-303 of the New York UCC, (ii) under Section 8-501 of the New York UCC, the Underwriters will acquire
a valid security entitlement (within the meaning of Section 8-102 of the New York UCC) in respect of such Offered Securities, and
(iii) to the extent governed by the provisions of Section 8-502 of the New York UCC, no action based on an &ldquo;adverse claim&rdquo;
(within the meaning of Section 8-102 of the New York UCC) to such Offered Securities may be asserted against the Underwriters with
respect to such security entitlement; it being understood that for purposes of this representation, the Selling Securityholder
may assume that when such payment, delivery and crediting occur, (A) such Offered Securities will have been registered in the name
of Cede or another nominee designated by DTC, in each case on the Company&rsquo;s share registry in accordance with the Company&rsquo;s
constituent documents and applicable law, (B) DTC will be registered as a &ldquo;clearing corporation&rdquo; within the meaning
of Section 8-102 of the New York UCC, (C) appropriate book entries to the accounts of the Underwriters on the records of DTC will
have been made pursuant to the New York UCC, (D) to the extent DTC, or any other securities intermediary which acts as a &ldquo;clearing
corporation&rdquo; with respect to the Offered Securities, maintains any &ldquo;financial asset&rdquo; (as defined in Section 8-102(a)(9)
of the UCC) in a clearing corporation pursuant to Section 8-111 of the UCC, the rules of such clearing corporation may affect the
rights of DTC or such securities intermediaries and the ownership interest of the Underwriters, (E) claims of creditors of DTC
or any other securities intermediary or clearing corporation may be given priority to the extent set forth in Section 8-511(b)
and 8-511(c) of the UCC, and (F) if at any time DTC or other securities intermediary does not have sufficient Securities to satisfy
claims of all of its entitlement holders with respect thereto, then all holders will share pro rata in the Securities then held
by DTC or such securities intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Absence of Further Requirements</I>. No consent, approval, authorization or order of, or filing with, any third
party (including any governmental agency or body or any court) is required to be obtained or made by the Selling Securityholder
for the consummation of the transactions contemplated by this Agreement in connection with the sale of the Offered Securities sold
by the Selling Securityholder, except as expressly contemplated hereby and such as have been obtained and made under the Act and
such as may be required under state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Absence of Defaults and Conflicts Resulting from Transaction</I>. The execution, delivery and performance of this
Agreement and the consummation of the transactions therein contemplated will not result in a breach or violation of any of the
terms and provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which the Selling Securityholder is a party or by which the Selling Securityholder is bound or which any of the
property or assets of the Selling Securityholder is subject, except for such conflicts, breaches, violations or defaults that would
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; nor will such action result
in any violation of the provisions of the Certificate of Incorporation or By-laws or other organizational documents of the Selling
Securityholder; nor will such action result in any violation of any statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Selling Securityholder or any of its respective properties, except where such violations
could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Compliance with Securities Act Requirements</I>. (i) (A) At the time the Registration Statement initially became
effective, (B) at the time of each amendment thereto for the purposes of complying with Section 10(a)(3) of the Act (whether by
post-effective amendment, incorporated report or form of prospectus), (C) at the Effective Time relating to the Offered Securities
and (D) on the Closing Date, the Registration Statement did not and will not include any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and (ii)
(A) on its date, (B) at the time of filing the Final Prospectus pursuant to Rule 424(b) and (C) on the Closing Date, the Final
Prospectus will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading. The preceding sentence applies only to statements in or omissions from
any such document that are made in reliance upon and in conformity with the written information furnished to the Company by the
Selling Securityholder specifically for use therein, it being understood and agreed that the only information furnished by the
Selling Securityholder consists of information in the Final Prospectus under the caption &ldquo;Selling Stockholder&rdquo; (&ldquo;<B>Selling
Securityholder Information</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No Undisclosed Material Information</I>. The sale of the Offered Securities by the Selling Securityholder pursuant
to this Agreement is not prompted by any material information known to the Selling Securityholder concerning the Company or any
of its subsidiaries that is not set forth in the General Disclosure Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <I>Authorization
of Agreement</I>. This Agreement has been duly authorized, executed and delivered by the Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Absence of Manipulation</I>. The Selling Securityholder has not taken, directly or indirectly, any action that
is designed to or that has constituted or that would reasonably be expected to cause or result in any stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Offered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No Finder&rsquo;s Fee</I>. There are no contracts, agreements, or understandings between the Selling Securityholder
and any person that would give rise to a valid claim against the Selling Securityholder or any Underwriter for a brokerage commission,
finder&rsquo;s fee or other like payment in connection with the sale of the Offered Securities (other than this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No Conflict with Sanctions Laws</I>. Neither the Selling Securityholder nor, to the
knowledge of the Selling Securityholder, any director, officer, agent, employee or affiliate of the Selling Securityholder
(i) is the subject or target of any Sanctions, (ii) is located, organized or resident in a Sanctioned Country, (iii) is a
Person on the list of &ldquo;Specially Designated Nationals and Blocked Persons&rdquo; or any other Sanctions-related list,
or (iv) is owned or otherwise controlled by any Person on a Sanctions-related list. The Selling Securityholder will not,
directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to
any subsidiary, joint venture partner or other person, (i) to fund or facilitate any activities of or business with any
Person that, at the time of such funding or facilitating, is the subject or target of Sanctions, or is located, organized or
resident in a Sanctioned Country, or (ii) in any other manner that will result in a violation by any Person (including any
Person participating in the offering, whether as underwriter, advisor, investor or otherwise) of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Compliance
with Lock-up Agreement</I>. The Selling Securityholder will comply with the terms of the &ldquo;lock-up&rdquo; agreement, substantially
in the form of <U>Exhibit A</U> hereto, that it has executed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Financial Crimes Enforcement Network Certification</I>. The Selling Securityholder shall, have delivered to each
Underwriter (or its agent), by the date of execution of this Agreement, a properly completed and executed Certification Regarding
Beneficial Owners of Legal Entity Customers (the &ldquo;<B>FinCEN Certification</B>&rdquo;), together with copies of identifying
documentation, of the Selling Securityholder and shall have provided such additional supporting documentation as each Underwriter
may have reasonably requested in connection with the verification of the FinCEN Certification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Purchase, Sale and Delivery of Offered Securities</I>. On the basis of the representations, warranties and agreements
and subject to the terms and conditions set forth herein, the Selling Securityholder agrees to sell the Firm Securities to the
several Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Selling Securityholder,
at a purchase price of $16.72 per share, the respective number of shares of Firm Securities (subject to such adjustments to eliminate
fractional shares as you may determine) set forth in <U>Schedule A</U> hereto opposite the name of such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder
will deliver the Firm Securities to or as instructed by the Representative for the accounts of the several Underwriters in a form
reasonably acceptable to the Representative against payment of the purchase price by the Underwriters in Federal (same day) funds
by wire transfer to the accounts specified by the Selling Securityholder to the Representative in writing at least 48 hours in
advance and drawn to the order of the Selling Securityholder, at 10:00 A.M., New York time, on September 12, 2019, or at such other
time not later than seven full business days thereafter as the Representative, the Company and the Selling Securityholder determine,
such time being herein referred to as the &ldquo;<B>First Closing Date</B>&rdquo;. For purposes of Rule&nbsp;15c6-1 under the Exchange
Act, the First Closing Date (if later than the otherwise applicable settlement date) shall be the settlement date for payment of
funds and delivery of securities for all the Firm Securities sold pursuant to the offering. The Firm Securities so to be delivered
or evidence of their issuance will be made available for checking at the office of Simpson Thacher &amp; Bartlett LLP at 425 Lexington
Avenue, New York, New York 10017, at least 24&nbsp;hours prior to the First Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, upon written
notice from the Representative given to the Company and the Selling Securityholder from time to time not more than 30 days subsequent
to the date of the Final Prospectus, the Underwriters may purchase all or less than all of the Optional Securities at the purchase
price per Security to be paid for the Firm Securities; provided, however, that the amount paid by the Underwriters for any Optional
Securities shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm Securities
but not payable on such Optional Securities. The Selling Securityholder agrees to sell to the Underwriters the number of shares
of Optional Securities specified in such notice and the Underwriters agree, severally and not jointly, to purchase such Optional
Securities. Such Optional Securities shall be purchased for the account of each Underwriter in the same proportion as the number
of shares of Firm Securities set forth opposite such Underwriter&rsquo;s name in <U>Schedule A</U> hereto bears to the total number
of shares of Firm Securities (subject to adjustment by the Representative to eliminate fractions). No Optional Securities shall
be sold or delivered unless the Firm Securities previously have been, or simultaneously are, sold and delivered. The right to purchase
the Optional Securities or any portion thereof may be exercised from time to time and to the extent not previously exercised may
be surrendered and terminated at any time upon notice by the Representative to the Company and the Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each time for the delivery
of and payment for the Optional Securities, being herein referred to as an &ldquo;<B>Optional Closing Date</B>&rdquo;, which may
be the First Closing Date (the First Closing Date and each Optional Closing Date, if any, being sometimes referred to as a &ldquo;<B>Closing
Date</B>&rdquo;), shall be determined by the Representative but shall be not later than five full business days after written notice
of election to purchase Optional Securities is given. The Selling Securityholder will deliver the Optional Securities being purchased
on each Optional Closing Date to or as instructed by the Representative for the accounts of the several Underwriters in a form
reasonably acceptable to the Representative against payment of the purchase price therefor in Federal (same day) funds by wire
transfer to the accounts specified by the Selling Securityholder to the Representative drawn to the order of the Selling Securityholder.
The Optional Securities being purchased on each Optional Closing Date or evidence of their issuance will be made available for
checking at the above office of Simpson Thacher &amp; Bartlett LLP at a reasonable time in advance of such Optional Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Offering by Underwriters</I>. It is understood that the several Underwriters propose to offer the Offered Securities
for sale to the public as set forth in the General Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Certain Agreements of the Company</I>. The Company agrees with the several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Filing of Prospectuses</I>. The Company has filed or will file each Statutory Prospectus (including the Final
Prospectus), in a form approved by the Representative, with the Commission pursuant to and in accordance with subparagraph&nbsp;(2)
(or, if applicable and if consented to by the Representative, subparagraph&nbsp;(5)) of Rule&nbsp;424(b) not later than the second
business day following the earlier of the date on which it is first used or the execution and delivery of this Agreement. The Company
has complied and will comply with Rule 433.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Filing of Amendments; Response to Commission Requests</I>. During the period of time in which a prospectus relating
to the Offered Securities is (or, but for the exception afforded by Rule 172, would be) required by the Act to be delivered in
connection with sales of the Offered Securities ending no later than nine months from the date hereof (the &ldquo;<B>Delivery Period</B>&rdquo;),
the Company will promptly advise the Representative of any proposal to amend or supplement at any time the Registration Statement
or any Statutory Prospectus and will not effect such amendment or supplement without the Representative&rsquo;s consent; and the
Company will also advise the Representative promptly of (i) the filing of any such amendment or supplement, (ii) its receipt of
any request by the Commission or its staff for any amendment to any Registration Statement, for any supplement to any Statutory
Prospectus or for any additional information, (iii) its receipt of any notification with respect to the institution by the Commission
of any stop order, the threatening of any proceeding for that purpose or of any order preventing or suspending the use of any Statutory
Prospectus or other prospectus in respect of the Offered Securities, (iv) its receipt of any notice of objection from the Commission
to the use of the Registration Statement pursuant to Rule 401(g)(2), or (v) its receipt of any notification with respect to the
suspension of the qualification of the Offered Securities in any jurisdiction or the institution or threatening of any proceedings
for such purpose. The Company will use its best efforts to (i) prevent the issuance of any such stop order or the suspension of
any such qualification and, if issued, to obtain as soon as possible the withdrawal thereof and (ii) in the event of any notice
of objection, promptly take such steps, including, without limitation, amending the Registration Statement or filing a new registration
statement, as may be necessary to permit the public offering and sale of the Offered Securities to continue as contemplated in
the registration statement that was the subject of the Rule 401(g)(2) notice. References herein to the &ldquo;Registration Statement&rdquo;
shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Renewal Deadline</I>. If, by the third anniversary of the initial effective date of the Registration Statement
(the &ldquo;<B>Renewal Deadline</B>&rdquo;), any Underwriter notifies the Company in writing that any of the Offered Securities
remain unsold by such Underwriter, the Company will file, if it has not already done so and is eligible to do so, a new automatic
shelf registration statement relating to the Offered Securities, in a form and substance satisfactory to such Underwriter. If,
at the Renewal Deadline, the Company is no longer eligible to file an automatic shelf registration statement, the Company will,
if it has not already done so, file a new shelf registration statement relating to the Offered Securities, in a form and substance
satisfactory to such Underwriters, and will use its best efforts to cause such registration statement to be declared effective
within 180 days after the Renewal Deadline. The Company will take all other action necessary or appropriate to permit the offering
and sale of the Offered Securities to continue as contemplated in the expired Registration Statement. References herein to the
&ldquo;Registration Statement&rdquo; shall include such new automatic shelf registration statement or such new shelf registration
statement, as the case may be.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Continued Compliance with Securities Laws</I>. If at any time during the Delivery Period any event shall occur
as a result of which the Final Prospectus as then amended or supplemented would include an untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, or if it is necessary at any time to amend the Registration Statement or supplement the Final Prospectus
to comply with the Act, the Company will promptly notify the Representative of such event and will promptly prepare and file with
the Commission and furnish, at its own expense, to the Underwriters and the dealers and any other dealers upon request of the Representative,
an amendment or supplement which will correct such statement or omission or an amendment which will effect such compliance. Neither
the Representative&rsquo;s consent to, nor the Underwriters&rsquo; delivery of, any such amendment or supplement shall constitute
a waiver of any of the conditions set forth in <U>Section&nbsp;9</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Rule&nbsp;158</I>. As soon as practicable, but not later than 16 months after the effective date of the Registration
Statement (as defined in Rule 158(c) under the Act), the Company will make generally available to its securityholders an earnings
statement covering a period of at least 12 months which will satisfy the provisions of Section&nbsp;11(a) of the Act and Rule&nbsp;158
under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Furnishing of Prospectuses</I>. During the Delivery Period, the Company will furnish to the Representative written
and electronic copies of the Final Prospectus and all amendments and supplements to such documents, in each case in such quantities
as the Representative requests. The Final Prospectus shall be so furnished on or prior to 3:00&nbsp;P.M., New York time, on the
business day following the execution and delivery of this Agreement. All other documents shall be so furnished as soon as available.
The Company will pay the expenses of printing and distributing to the Underwriters all such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Blue Sky Qualifications</I>. The Company will arrange for the qualification of the Offered Securities for sale
under the laws of such jurisdictions as the Representative designates and will continue such qualifications in effect for as long
as may be necessary to complete the distribution of the Offered Securities; provided that, in connection therewith, the Company
shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction,
to qualify in any jurisdiction as a broker-dealer or to subject itself to taxation in any jurisdiction if it is not otherwise so
subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Reporting Requirements</I>. During the period of five years hereafter, the Company will furnish to the Representative
and, upon request, to each of the other Underwriters, as soon as practicable after the end of each fiscal year, a copy of its annual
report to stockholders for such year; and the Company will furnish to the Representative (i)&nbsp;as soon as available, a copy
of each report and any definitive proxy statement of the Company filed with the Commission under the Exchange Act or mailed to
stockholders, and (ii)&nbsp;from time to time, such other information concerning the Company as the Representative may reasonably
request. However, so long as the Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the
Exchange Act and is timely filing reports with the Commission on its Electronic Data Gathering, Analysis and Retrieval system,
it is not required to furnish such reports or statements to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Payment of Expenses</I>. The Company will pay all costs and expenses relating to the following matters: (i) any
registration or qualification of the Offered Securities for offer and sale under the securities or blue sky laws of the several
states and any other jurisdictions specified pursuant to <U>Section 6(g)</U> hereof, including filing fees and the reasonable and
documented fees and expenses of counsel for the Underwriters relating to such registration and qualification <FONT STYLE="background-color: white">(up
to a maximum amount, when taken together with the fees and disbursements of counsel for the Underwriters incurred in connection
with clause (ii)&nbsp;of this <U>Section 6(i)</U>, of $20,000)</FONT>; (ii) any filings required to be made with FINRA of the Offered
Securities, including filing fees and the fees and expenses of counsel for the Underwriters relating to such filings <FONT STYLE="background-color: white">(up
to a maximum amount, when taken together with the fees and disbursements of counsel for the Underwriters incurred in connection
with clause (i)&nbsp;of this <U>Section 6(i)</U>, of $20,000)</FONT>, (iii) costs and expenses relating to investor presentations
or any &ldquo;road show&rdquo; in connection with the offering and sale of the Offered Securities including, without limitation,
any travel expenses of the Company&rsquo;s officers and employees and any other expenses of the Company, including fifty percent
(50%) of the costs chartering of airplanes (the remaining fifty percent (50%) of the cost of such aircraft to be paid by the Underwriters),
(iv) expenses incident to listing the Offered Securities on the NASDAQ Stock Market and exchanges, fees and expenses in connection
with the registration of the Offered Securities under the Exchange Act, (v) the reasonable fees and disbursements of counsel for
the Selling Securityholder as required by applicable agreements with the Selling Securityholder and (vi) expenses incurred in distributing
preliminary prospectuses and the Final Prospectus (including any amendments and supplements thereto) to the Underwriters and for
expenses incurred for preparing, printing and distributing any Issuer Free Writing Prospectuses to investors or prospective investors.
Notwithstanding the foregoing, except as specifically provided in this paragraph (i)&nbsp;and in <U>Section&nbsp;12</U> hereof,
the Underwriters shall pay their own costs and expenses in connection with presentations for prospective purchasers of the Offered
Securities including the transportation and other expenses incurred by or on behalf of the Underwriters in connection with presentations
to prospective purchasers of the Offered Securities, including any &ldquo;roadshow&rdquo; (and including one half of the cost of
all aircraft used in connection with any &ldquo;roadshow&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Absence
of Manipulation</I>. The Company will not take, directly or indirectly, any action designed to or that would constitute or that
might reasonably be expected to cause or result in, stabilization or manipulation of the price of any securities of the Company
to facilitate the sale or resale of the Offered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Restriction on Sale of Securities by the Company. </I>For the period specified below (the &ldquo;<B>Lock-Up Period</B>&rdquo;),
the Company will not, directly or indirectly, take any of the following actions with respect to its Securities or any securities
convertible into or exchangeable or exercisable for any of its Securities (&ldquo;<B>Lock-Up Securities</B>&rdquo;): (i)&nbsp;offer,
sell, issue, contract to sell, pledge or otherwise dispose of Lock-Up Securities, (ii)&nbsp;offer, sell, issue, contract to sell,
contract to purchase or grant any option, right or warrant to purchase Lock-Up Securities, (iii)&nbsp;enter into any swap, hedge
or any other agreement that transfers, in whole or in part, the economic consequences of ownership of Lock-Up Securities, (iv)&nbsp;establish
or increase a put equivalent position or liquidate or decrease a call equivalent position in Lock-Up Securities within the meaning
of Section 16 of the Exchange Act or (v)&nbsp;file with the Commission a registration statement under the Act relating to Lock-Up
Securities, or publicly disclose the intention to take any such action, without the prior written consent of the Representative,
except (1) grants of employee Awards (as such term is defined in the Laureate Education, Inc. 2013 Long-Term Incentive Plan), as
amended, or other equity-based awards pursuant to the terms of a plan in effect on the date hereof as described in the General
Disclosure Package, (2) issuances of Lock-Up Securities pursuant to the exercise of such Awards; provided that such Lock-Up Securities
are subject to terms of this provision, or (3) the exercise of any other employee stock options or the vesting of other Awards
outstanding on the date hereof as described in the General Disclosure Package. The Lock-Up Period will commence on the date hereof
and continue for 60 days after the date hereof or such earlier date that the Representative consents to in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Certain Agreements of the Selling Securityholder</I>. The Selling Securityholder agrees with the Underwriters
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Transfer Taxes. </I>The Selling Securityholder will pay any transfer taxes, if applicable, on the sale by the
Selling Securityholder of the Offered Securities to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Absence of Manipulation</I>. The Selling Securityholder will not take, directly or indirectly, any action designed
to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price
of any securities of the Company to facilitate the sale or resale of the Offered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>IRS Forms. </I>The Selling Securityholder shall deliver to the Underwriters, prior to or at the Closing Date,
a properly completed and signed IRS Form W-8 or IRS Form W-9, as appropriate, together with all required attachments to such form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Free Writing Prospectuses</I>. Each of the Company and the Selling Securityholder represents and agrees (severally
and not jointly) that, unless it obtains the prior consent of the Representative, and each Underwriter represents and agrees that,
unless it obtains the prior consent of the Company and the Representative, it has not made and will not make any offer relating
to the Offered Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &ldquo;free
writing prospectus,&rdquo; as defined in Rule&nbsp;405, required to be filed with the Commission. Any such free writing prospectus
consented to by the Company and the Representative is hereinafter referred to as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo;
The Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer
free writing prospectus,&rdquo; as defined in Rule&nbsp;433, and has complied and will comply with the requirements of Rules&nbsp;164
and&nbsp;433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending
and record keeping. The Company represents that is has satisfied and agrees that it will satisfy the conditions in Rule&nbsp;433
to avoid a requirement to file with the Commission any electronic road show.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Conditions of the Obligations of the Underwriters</I>. The obligations of the several Underwriters to purchase
and pay for the Firm Securities on the First Closing Date and the Optional Securities to be purchased on each Optional Closing
Date will be subject to the accuracy of the representations and warranties of the Company and the Selling Securityholder herein
(as of the date hereof and as though made on such Closing Date), to the accuracy of the statements of Company officers made pursuant
to the provisions hereof, to the performance by the Company and the Selling Securityholder of their obligations hereunder and to
the following additional conditions precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Accountants&rsquo; Comfort Letter</I>. The Representative shall have received letters, dated, respectively, the
date hereof and each Closing Date, of PricewaterhouseCoopers LLP confirming that they are a registered public accounting firm and
independent public accountants within the meaning of the Securities Laws and in form and substance satisfactory to the Representative
(except that, in any letter dated a Closing Date, the specified date referred to in such letter shall be a date no more than three
days prior to such Closing Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Filing of Prospectus</I>. The Final Prospectus shall have been filed with the Commission in accordance with the
Rules and Regulations and <U>Section 6(a)</U> hereof. No stop order suspending the effectiveness of the Registration Statement
or any part thereof shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge
of the Company, any Selling Securityholder or any Underwriter, shall be contemplated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No Material Adverse Change</I>. Subsequent to the execution and delivery of this
Agreement, there shall not have occurred (i)&nbsp;any change, or any development or event involving a prospective change, in
the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and its
subsidiaries taken as a whole which, in the judgment of the Representative, is material and adverse and makes it impractical
or inadvisable to market the Offered Securities; (ii)&nbsp; any downgrading in the rating of any debt securities or preferred
stock of the Company by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined in Section
3(a)(62) of the Exchange Act), or any public announcement that any such organization has under surveillance or review its
rating of any debt securities or preferred stock of the Company (other than an announcement with positive implications of a
possible upgrading, and no implication of a possible downgrading, of such rating) or any announcement that the Company has
been placed on negative outlook; (iii)&nbsp;any change in U.S. or international financial, political or economic conditions
or currency exchange rates or exchange controls the effect of which is such as to make it, in the judgment of the
Representative, impractical to market or to enforce contracts for the sale of the Offered Securities, whether in the primary
market or in respect of dealings in the secondary market; (iv)&nbsp;any suspension or material limitation of trading in
securities generally on The New York Stock Exchange or the NASDAQ Stock Market, or any setting of minimum or maximum prices
for trading on such exchange; (v)&nbsp;or any suspension of trading of any securities of the Company on any exchange or in
the over-the-counter market; (vi)&nbsp;any banking moratorium declared by any U.S. federal or New York authorities;
(vii)&nbsp;any major disruption of settlements of securities, payment, or clearance services in the United States or any
other country where such securities are listed or (viii)&nbsp;any attack on, outbreak or escalation of hostilities or act of
terrorism involving the United States, any declaration of war by Congress or any other national or international calamity or
emergency if, in the judgment of the Representative, the effect of any such attack, outbreak, escalation, act, declaration,
calamity or emergency is such as to make it impractical or inadvisable to market the Offered Securities or to enforce
contracts for the sale of the Offered Securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Opinion of Counsel for Company</I>. The Representative shall have received an opinion and negative assurance letter,
each dated such Closing Date, of Shearman &amp; Sterling LLP, counsel for the Company, in form and substance satisfactory to the
Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Negative Assurance Letter of the General Counsel of the Company</I>. The Representative shall have received a
negative assurance letter, dated such Closing Date, of Victoria Silbey, as Senior Vice President, Secretary and Chief Legal Officer
for the Company, in form and substance satisfactory to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Opinion of U.S. Regulatory Counsel of the Company</I>. The Representative shall have received an opinion, dated
such Closing Date, of Drinker Biddle &amp; Reath LLP, U.S. regulatory counsel for the Company, in form and substance satisfactory
to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Opinion of Counsel for Selling Securityholder</I>. The Representative shall have received (i) an opinion, dated
such Closing Date, from Katten Muchin Rosenman LLP, U.S. counsel for the Selling Securityholder, (ii) an opinion, dated such Closing
Date, from Bennett Jones LLP, Canadian counsel for the Selling Securityholder and (iii) an opinion, dated such Closing Date, from
Maples and Calder, Cayman counsel for the general partner of the Selling Securityholder, each in form and substance satisfactory
to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Opinion of Counsel for Underwriters. </I>The Representative shall have received from Simpson Thacher &amp; Bartlett
LLP, counsel for the Underwriters, such opinion and negative assurance letter, each dated such Closing Date, with respect to such
matters as the Representative may require, and the Company shall have furnished to such counsel such documents as they request
for the purpose of enabling them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Officers&rsquo; Certificates</I>. The Representative shall have received a certificate, dated such Closing Date,
(A) of an executive officer of the Company and a principal financial or accounting officer of the Company, in which such officers
shall state that: the representations and warranties of the Company in this Agreement are true and correct; the Company has complied
with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to such Closing
Date; no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose
have been instituted or, to the best of their knowledge and after reasonable investigation, are contemplated by the Commission;
and, subsequent to the date of the most recent financial statements in the General Disclosure Package, there has been no material
adverse change, nor any development or event involving a prospective material adverse change, in the condition (financial or otherwise),
results of operations, business, properties or prospects of the Company and its subsidiaries taken as a whole except as set forth
in the General Disclosure Package or as described in such certificate and (B) of the Selling Securityholder confirming that the
representations and warranties of the Selling Securityholder in this Agreement are true and correct and that the Selling Securityholder
has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to
the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Lock-up Agreements</I>. On or prior to the date hereof, the Representative shall have received lockup letters,
each in the form of Exhibit A hereto, from each of the Selling Securityholder, executive officers, directors and other stockholders
of the Company listed in <U>Schedule F</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Other Documentation</I>. On or prior to each applicable Closing Date, the Company shall have furnished to the
Representative such further certificates and documents as the Representative may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the Selling Securityholder
will furnish the Representative with such conformed copies of such opinions, certificates, letters and documents as the Representative
reasonably requests. The Representative may in its sole discretion waive on behalf of the Underwriters compliance with any conditions
to the obligations of the Underwriters hereunder, whether in respect of an Optional Closing Date or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification and Contribution</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification of Underwriters by the Company</I>. The Company will indemnify and hold harmless each Underwriter,
its partners, members, directors, officers, employees, agents, affiliates and each person, if any, who controls such Underwriter
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, an &ldquo;<B>Indemnified Party</B>&rdquo;)
against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified Party may become subject,
under the Act, the Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in any part of the Registration Statement at any time, any Statutory Prospectus as of any time,
the Final Prospectus or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse
each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating
or defending against any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or
not such Indemnified Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this
provision with respect to any of the above as such expenses are incurred; provided, however, that the Company will not be liable
in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement
or alleged untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity with
(i) written information furnished to the Company by any Underwriter through the Representative specifically for use therein, it
being understood and agreed that the only such information furnished by any Underwriter consists of the information described as
such in subsection (c) below, or (ii) the Selling Securityholder Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Indemnification of Underwriters by Selling Securityholder</I>. The Selling Securityholder will indemnify and hold
harmless each Indemnified Party against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified
Party may become subject, under the Act, the Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact contained in any part of the Registration Statement at any time, any Statutory
Prospectus as of any time, the Final Prospectus or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
and will reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection
with investigating or defending against any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever
(whether or not such Indemnified Party is a party thereto), whether threatened or commenced, and in connection with the enforcement
of this provision with respect to any of the above as such expenses are incurred; provided, however, that the Selling Securityholder
shall be liable in any such case only to the extent that any such loss, claim, damage or liability arises out of or is based upon
an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance upon
and in conformity with the Selling Securityholder&rsquo;s Selling Securityholder Information; provided, further, that the liability
of a Selling Securityholder pursuant to this subsection (b) shall not exceed the aggregate net proceeds (after underwriting discounts
but before deducting expenses) received by the Selling Securityholder from the Underwriters for the Offered Securities sold by
the Selling Securityholder hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Indemnification of Company and Selling Securityholder</I>. Each Underwriter will severally and not jointly indemnify
and hold harmless the Company, each of its directors and each of its officers who signs the Registration Statement and each person,
if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and the Selling
Securityholder (each, an &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;), against any losses, claims, damages or liabilities
to which such Underwriter Indemnified Party may become subject, under the Act, the Exchange Act, other Federal or state statutory
law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of the Registration
Statement at any time, any Statutory Prospectus as of any time, the Final Prospectus or any Issuer Free Writing Prospectus, or
arise out of or are based upon the omission or the alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished
to the Company by such Underwriter through the Representative specifically for use therein, and will reimburse any legal or other
expenses reasonably incurred by such Underwriter Indemnified Party in connection with investigating or defending against any such
loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Underwriter Indemnified
Party is a party thereto), whether threatened or commenced, based upon any such untrue statement or omission, or any such alleged
untrue statement or omission as such expenses are incurred, it being understood and agreed that the only such information furnished
by any Underwriter consists of the following information in the Final Prospectus furnished on behalf of each Underwriter: the fourteenth,
fifteenth and sixteenth paragraphs under the caption &ldquo;Underwriting&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Actions against Parties; Notification</I>. Promptly after receipt by an indemnified party under this <U>Section
10</U> of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against
the indemnifying party under subsection (a), (b) or (c) above, notify the indemnifying party of the commencement thereof; but the
failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a), (b) or
(c) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses)
by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability
that it may have to an indemnified party otherwise than under subsection (a), (b) or (c) above. In case any such action is brought
against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified,
to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this
<U>Section 9</U> for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation. No indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been
a party and indemnity could have been sought hereunder by such indemnified party unless such settlement (i)&nbsp;includes an unconditional
release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii)&nbsp;does
not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Contribution</I>. If the indemnification provided for in this <U>Section 10</U> is unavailable or insufficient
to hold harmless an indemnified party under subsection (a), (b) or (c) above, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection
(a), (b) or (c) above (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company and
the Selling Securityholder, as applicable, on the one hand and the Underwriters on the other hand from the offering of the Offered
Securities or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of
the Company, the Selling Securityholder and the Underwriters, as applicable, in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits
received by the Company and the Selling Securityholder, as applicable, on the one hand and the Underwriters on the other hand shall
be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the
Selling Securityholder bear to the total underwriting discounts and commissions received by the Underwriters. The relative fault
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company, the Selling Securityholder
or the Underwriters and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement or omission. The Company, the Selling Securityholder and the Underwriters agree that it would not be just
and equitable if contribution pursuant to this subsection (e) were determined by pro rata allocation (even if the Underwriters
were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in this subsection (e). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the first sentence of this subsection (e) shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim
which is the subject of this subsection (e). Notwithstanding the provisions of this subsection (e), no Underwriter shall be required
to contribute any amount in excess of the total underwriting discounts and commissions applicable to the Offered Securities purchased
by such Underwriter. In no event shall the aggregate liability of a Selling Securityholder under <U>Section 10(b)</U> above and
this subsection (e) exceed the aggregate net proceeds (after underwriting discounts but before deducting expenses) received by
the Selling Securityholder from the Underwriters for the Offered Securities sold by the Selling Securityholder hereunder. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations in this subsection (e)
to contribute are several in proportion to their respective underwriting obligations and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Default of Underwriters</I>. If any Underwriter or Underwriters default in their obligations to purchase Offered
Securities hereunder on either the First or any Optional Closing Date and the aggregate number of shares of Offered Securities
that such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total number of shares
of Offered Securities that the Underwriters are obligated to purchase on such Closing Date, the Representative may make arrangements
satisfactory to the Company and the Selling Securityholder for the purchase of such Offered Securities by other persons, including
any of the Underwriters, but if no such arrangements are made by such Closing Date, the non-defaulting Underwriters shall be obligated
severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Underwriters
agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters so default and the aggregate number of shares
of Offered Securities with respect to which such default or defaults occur exceeds 10% of the total number of shares of Offered
Securities that the Underwriters are obligated to purchase on such Closing Date and arrangements satisfactory to the Representative
and the Company and the Selling Securityholder for the purchase of such Offered Securities by other persons are not made within
36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter or the
Company, except as provided in <U>Section&nbsp;12</U> of this Agreement (provided that if such default occurs with respect to Optional
Securities after the First Closing Date, this Agreement will not terminate as to the Firm Securities or any Optional Securities
purchased prior to such termination). As used in this Agreement, the term &ldquo;Underwriter&rdquo; includes any person substituted
for an Underwriter under this <U>Section 11</U>. Nothing herein will relieve a defaulting Underwriter from liability for its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Survival of Certain Representations and Obligations</I>. The respective indemnities, agreements, representations,
warranties and other statements of the Selling Securityholder, the Company or its officers and of the several Underwriters set
forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement
as to the results thereof, made by or on behalf of any Underwriter, the Selling Securityholder, the Company or any of their respective
officers or directors or any controlling person, or any partners, members, employees, selling agents or affiliates of the Underwriters
and will survive delivery of and payment for the Offered Securities. If this Agreement shall be terminated by the Underwriters,
or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the
conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement,
the Company will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves
for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them in connection with the
offering of the Offered Securities, and the respective obligations of the Company, the Selling Securityholder and the Underwriters
pursuant to <U>Section 10</U> hereof shall remain in effect. If this Agreement shall be terminated by the Underwriters, or any
of them, because of any failure or refusal on the part of the Selling Securityholder to comply with the terms or to fulfill any
of the conditions of this Agreement, or if for any reason the Selling Securityholder shall be unable to perform their obligations
under this Agreement, the Selling Securityholder will reimburse the Underwriters or such Underwriters as have so terminated this
Agreement with respect to themselves for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred
by them in connection with the offering of the Offered Securities, and the respective obligations of the Company, the Selling Securityholder
and the Underwriters pursuant to <U>Section 10</U> hereof shall remain in effect. In addition, if any Offered Securities have been
purchased hereunder, the representations and warranties in <U>Section 2</U> hereof and all obligations under <U>Section 6</U> hereof
shall also remain in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notices</I>. All communications hereunder will be in writing and, if sent to the Underwriters, will be mailed,
delivered or faxed and confirmed to Morgan Stanley &amp; Co. LLC, 1585 Broadway, New York, New York 10036 or, if sent to the Company,
will be mailed, delivered or faxed and confirmed to it at 650 S. Exeter Street, Baltimore, Maryland 21202, Attention: General Counsel,
or, if sent to any Selling Securityholder, will be mailed, delivered or faxed and confirmed to the Selling Securityholder at the
address or facsimile number set forth in <U>Schedule E</U> hereto; provided, however, that any notice to an Underwriter pursuant
to <U>Section&nbsp;10</U> hereof will be mailed, delivered or faxed and confirmed to such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Successors</I>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective
successors and, solely for purposes of Section 10, the officers and directors and controlling persons and other indemnified persons
referred to in Section 10 hereof, and no other person will have any right or obligation hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Representation of Underwriters</I>. The Representative will act for the several Underwriters in connection with
this transactions contemplated hereby, and any action under this Agreement taken by the Representative will be binding upon all
the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Counterparts</I>. This Agreement may be executed in any number of counterparts (which may be delivered by facsimile
or other electronic transmission), each of which shall be deemed to be an original, but all such counterparts shall together constitute
one and the same Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Absence of Fiduciary Relationship. </I>The Company and the Selling Securityholder severally and not jointly acknowledge
and agree that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"></FONT>(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>No Other Relationship</I>. The Representative has been retained solely to act as underwriters in connection with
the sale of the Offered Securities and that no fiduciary, advisory or agency relationship between the Company or the Selling Securityholder,
on the one hand, and the Representative, on the other, has been created in respect of any of the transactions contemplated by this
Agreement or the Final Prospectus, irrespective of whether the Representative has advised or is advising the Company or the Selling
Securityholder on other matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Arms&rsquo; Length Negotiations</I>. The price of the Offered Securities set forth in this Agreement was established
by the Company following discussions and arms-length negotiations with the Representative, and each of the Company and the Selling
Securityholder is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><I>Absence of Obligation to Disclose</I>. Each of the Company and the Selling Securityholder has been advised that
the Representative and its affiliates are engaged in a broad range of transactions which may involve interests that differ from
those of the Company or the Selling Securityholder and that the Representative has no obligation to disclose such interests and
transactions to the Company or the Selling Securityholder by virtue of any fiduciary, advisory or agency relationship; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Waiver</I>. Each of the Company and the Selling Securityholder waives, to the fullest extent permitted by law,
any claims that it may have against the Representative for breach of fiduciary duty or alleged breach of fiduciary duty and agrees
that the Representative shall have no liability (whether direct or indirect) to the Company or the Selling Securityholder in respect
of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including
stockholders, employees or creditors of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I>Recognition of the U.S. Special Resolution Regimes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will
be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such
Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Section 18, a &ldquo;BHC Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted
in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;Covered Entity&rdquo; means any of the following: (i) a &ldquo;covered entity&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii) a &ldquo;covered bank&rdquo; as
that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii) a &ldquo;covered FSI&rdquo; as
that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;Default Right&rdquo; has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.
&ldquo;U.S. Special Resolution Regime&rdquo; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated
thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><B><I>Applicable&nbsp;Law</I>. This Agreement and any claim, controversy or dispute arising under or related to this
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
submits to the exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any
suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company irrevocably
and unconditionally waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement
or the transactions contemplated hereby in Federal and state courts in the Borough of Manhattan in The City of New York and irrevocably
and unconditionally waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court
has been brought in an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder
appoints C T Corporation System, as its authorized agent in the Borough of Manhattan in The City of New York (current address,
111 8<SUP>th</SUP> Avenue, 13<SUP>th</SUP> Floor, New York, NY 10011) upon which process may be served in any such suit or proceeding,
and agrees that service of process upon such agent, and written notice of said service to the Selling Securityholder by the person
serving the same to the address provided in Section 13, shall be deemed in every respect effective service of process upon the
Selling Securityholder in any such suit or proceeding. The Selling Securityholder further agrees to take any and all action as
may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of seven years
from the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligation of the
Company or the Selling Securityholder in respect of any sum due to any Underwriter pursuant to this Agreement shall, notwithstanding
any judgment in a currency other than United States dollars, not be discharged until the first business day, following receipt
by such Underwriter of any sum adjudged to be so due in such other currency, on which (and only to the extent that) such Underwriter
may in accordance with normal banking procedures purchase United States dollars with such other currency; if the United States
dollars so purchased are less than the sum originally due to such Underwriter thereunder, the Company and the Selling Securityholder
agree, as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter against such loss. If the
United States dollars so purchased are greater than the sum originally due to such Underwriter thereunder, such Underwriter agrees
to pay to the Company or the Selling Securityholder an amount equal to the excess of the dollars so purchased over the sum originally
due to such Underwriter thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I>Waiver of Jury Trial</I>. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding
arising out of or relating to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I>Research Analyst Independence</I>. The Company acknowledges that the Underwriters&rsquo; research analysts and
research departments are required to be independent from their respective investment banking divisions and are subject to certain
regulations and internal policies, and that such Underwriters&rsquo; research analysts may hold views and make statements or investment
recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their
respective investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted by law, any claims
that the Company may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the
views expressed by their independent research analysts and research departments may be different from or inconsistent with the
views or advice communicated to the Company by such Underwriters&rsquo; investment banking divisions. The Company acknowledges
that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities
laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity
securities of the companies that may be the subject of the transactions contemplated by this Agreement and the General Disclosure
Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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Intentionally Blank.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is
in accordance with your understanding of our agreement, kindly sign and return to the Company one of the counterparts hereof, whereupon
it will become a binding agreement among the Company, the Selling Securityholder and the several Underwriters in accordance with
its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">Laureate Education, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">By:&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">/s/ Victoria Silbey</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">Name: Victoria Silbey</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">Title: Senior Vice President, Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">and Chief Legal Officer</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">Wengen Alberta, Limited Partnership</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 2%; white-space: nowrap">By:&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 46%">Wengen Investments Limited,</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">its General Partner</TD></TR>

<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">By: &nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">/s/ Steven M. Taslitz</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">Name: Steven M. Taslitz</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 0.25in; text-indent: -0.25in">The foregoing Underwriting Agreement is hereby <BR>
confirmed and accepted as of the date first above written.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 0.25in; text-indent: -0.25in">Acting on behalf of itself and as the <BR>
Representative of the several Underwriters</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 5%; padding-left: 0.5in; white-space: nowrap">By:&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 45%">Morgan Stanley &amp; Co. LLC</TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ James Watts</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: James Watts</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: Executive Director</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number
    of <BR> Firm Securities</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number
    of <BR> Optional Securities</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 63%; font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Morgan Stanley &amp; Co. LLC</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,000,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,250,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.375in">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">15,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,250,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Use Issuer Free Writing Prospectuses (included in the General Disclosure Package)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&ldquo;General Use
Issuer Free Writing Prospectus&rdquo; includes each of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Information Included in the General Disclosure Package</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;The following information
is also included in the General Disclosure Package:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;1. The initial price
to the public of the Offered Securities: $16.85 per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;2. Number of Firm Securities:
15,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;3. Number of Optional
Securities: 2,250,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE C</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">LIST OF SIGNIFICANT SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Walden University, LLC (Florida)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Universidad del Valle de M&eacute;xico, S.C. (&ldquo;UVM Mexico&rdquo;)
(Mexico), which includes the following entities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">UVM Educaci&oacute;n, S.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Universidad del Valle de M&eacute;xico del
Noreste, S.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Grupo Educativo UVM, S.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Colegio Villa Rica, S.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Colegio Americano de Veracruz, S.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Colegio Villa Rica Coatzacoalcos, S.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">UVM Formaci&oacute;n, S.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Universidad Aut&oacute;noma de Veracruz,
S.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Universidad Tecnol&oacute;gica de M&eacute;xico, S.C. (&ldquo;UNITEC
Mexico&rdquo;) (Mexico)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Universidad Peruana de Ciencias Aplicadas S.A.C. (&ldquo;UPC&rdquo;)
(Peru)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporaci&oacute;n Universidad Nacional Andr&eacute;s Bello
(&ldquo;UNAB&rdquo;) (Chile)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Instituto Profesional AIEP SpA (&ldquo;AIEP&rdquo;) (Chile)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISCP &ndash; Sociedade Educacional Ltda. (&ldquo;UAM&rdquo;)
(Brazil)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FMU &ndash; Faculdades Metropolitanas Unidas Educacionais Ltda.
(&ldquo;FMU&rdquo;) (Brazil)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sociedade Potiguar de Educa&ccedil;&atilde;o e Cultura Ltda.
(&ldquo;APEC&rdquo; or &ldquo;UnP&rdquo;) (Brazil)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">LIST OF SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Please see
Exhibit 21.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, which was filed with the
Commission on August 8, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE E</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Counsel
AND Address for Notices to the Selling SECURITYholder</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif">c/o Sterling Partners</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif">401 N. Michigan Avenue, Suite 3300</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif">Chicago, IL 60610</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif">Attention: Office of General Counsel</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 5%">Email:</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 95%">aepstein@sterlingpartners.com</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">kstcharles@sterlingpartners.com</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Katten Muchin Rosenman LLP</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">525 W. Monroe Street</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Chicago, Illinois 60661</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.7in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Saul E. Rudo</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.7in">Mark D. Wood</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.7in; text-align: left">Email:</TD><TD STYLE="text-align: justify">saul.rudo@katten.com</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.7in">mark.wood@katten.com</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; text-transform: uppercase"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE F</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSONS DELIVERING LOCK-UP AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brian F. Carroll<BR>
Andrew B. Cohen<BR>
William L. Cornog<BR>
Pedro del Corro<BR>
Michael J. Durham<BR>
Kenneth W. Freeman<BR>
George Mu&ntilde;oz<BR>
Dr. Judith Rodin<BR>
Ian K. Snow<BR>
Steven M. Taslitz<BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Officers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eilif Serck-Hanssen<BR>
Jean-Jacques Charhon<BR>
Timothy P. Grace<BR>
Juan Jos&eacute; Hurtado<BR>
Victoria Silbey<BR>
Paula Singer<BR>
Marcelo Cardoso<BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Stockholders</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">International Finance Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Selling Securityholder</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wengen Alberta, Limited Partnership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF LOCK-UP LETTER AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 9, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1585 Broadway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the Several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As an inducement to the underwriters to
execute the Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) with Laureate Education, Inc., and any successor
(by merger or otherwise) thereto (the &ldquo;<B>Company</B>&rdquo;), and Wengen Alberta, Limited Partnership (the &ldquo;<B>Selling
Securityholder</B>&rdquo;), providing for the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) of the Class A common
stock (the &ldquo;<B>Securities</B>&rdquo;) of the Company (the &ldquo;<B>Offered Securities</B>&rdquo;) by the Selling Securityholder,
the undersigned hereby agrees that, during the period specified below (the &ldquo;<B>Lock-Up Period</B>&rdquo;), the undersigned
will not offer, sell, contract to sell, pledge or otherwise transfer or dispose of, directly or indirectly, any Securities or securities
convertible into or exchangeable or exercisable for any Securities, enter into a transaction which would have the same effect,
or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership
of the Securities, whether any such aforementioned transaction is to be settled by delivery of the Securities or such other securities,
in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into
any such transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of Morgan Stanley &amp;
Co. LLC (the &ldquo;<B>Representative</B>&rdquo;). In addition, the undersigned agrees that, without the prior written consent
of the Representative, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration
of any Securities or any security convertible into or exercisable or exchangeable for the Securities; <I>provided</I> that the
undersigned may make a demand under any registration rights agreement with the Company in effect on the date of the Underwriting
Agreement and described in the Registration Statement for, and exercise its rights under any such registration rights agreement
with respect to, the registration after the expiration of the Lock-Up Period of shares of the Securities that does not require
the filing of a registration statement or any public announcement or activity regarding the registration during the Lock-Up Period
(and no such public announcement or activity shall be voluntarily made or taken during the Lock-Up Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Lock-Up Period will commence on the
date of this Lock-Up Agreement and continue and include the date 60 days after the public offering date set forth on the final
prospectus used to sell the Offered Securities (the &ldquo;<B>Public Offering Date</B>&rdquo;) pursuant to the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Any Securities received upon exercise of
options or other convertible or exchangeable securities granted or sold to the undersigned will also be subject to this Lock-Up
Agreement. Any Securities acquired by the undersigned in the open market will not be subject to this Lock-Up Agreement; <I>provided
</I>that, with respect to any sale or other disposition during the Lock-Up Period of Securities acquired on the open market, no
filing or public announcement by any party thereto under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange
Act</B>&rdquo;), or otherwise shall be required or shall be voluntarily made in connection with such sale or disposition (other
than a filing on a Form 5 after the Lock-Up Period). A transfer of Securities to a family member or trust or pursuant to a bona
fide gift may be made; <I>provided</I> the transferee agrees to be bound in writing by the terms of this Lock-Up Agreement prior
to such transfer, such transfer shall not involve a disposition for value and no filing or public announcement by any party (donor,
donee, transferor or transferee) under the Exchange Act or otherwise shall be required or shall be voluntarily made in connection
with such transfer (other than a filing on a Form 5 made after the expiration of the Lock-Up Period). In addition, the first paragraph
of this Lock-Up Agreement shall not apply to: (a) the vesting of restricted equity awards or the exercise of equity options granted
at any time, in each case, pursuant to any of the equity incentive plans or arrangements of the Company that are described in the
Company&rsquo;s registration statement relating to the Securities (as such registration statement and the information contained
therein may be amended or supplemented from time to time (including by way of free writing prospectus), the &ldquo;<B>Registration
Statement</B>&rdquo;); <I>provided</I> that the applicable restrictions of this Lock-Up Agreement shall apply to any securities
received upon exercise of any such options, (b) forfeiting or transferring to the Company the Securities or any securities convertible
into or exchangeable for the Securities: (1) pursuant to the exercise, in each case on a &ldquo;cashless&rdquo; or &ldquo;net exercise&rdquo;
basis, of any option to purchase Securities granted by the Company pursuant to any employee benefit plan, employee agreement or
other or arrangement described in the Registration Statement, where any Securities received by the undersigned upon any such exercise
will be subject to the terms of this Lock-Up agreement, or (2) for the purpose of satisfying any withholding taxes (including estimated
taxes) due as a result of the exercise of any option to purchase Securities or the vesting of any equity awards granted by the
Company pursuant to any employee benefit plan, employee arrangement or other arrangement described in the Registration Statement,
where any Securities received by the undersigned upon any such exercise or vesting will be subject to the terms of this Lock-Up
Agreement; <I>provided</I> that any related filing under Section 16(a) of the Exchange Act required to be made during the Lock-Up
Period shall indicate that such filing is being made in connection with a disposition to the Company pursuant to the exercise of
an option on a &ldquo;cashless&rdquo; or &ldquo;net exercise&rdquo; basis or to satisfy tax withholding requirements, as applicable,
(c) transfers to the undersigned&rsquo;s affiliates or to any investment fund or other entity controlled or managed by the undersigned,
(d) if the undersigned is a corporation, partnership, limited liability company or other business entity, transfers of shares of
the Securities or any securities convertible into or exercisable or exchangeable for the Securities (A) to another corporation,
partnership, limited liability company or other business entity that controls, is controlled by or is under common control with
the undersigned or (B) as part of a disposition, transfer or distribution by the undersigned to its members, limited partners or
equity holders; <I>provided</I> that, in the case of any transfer or distribution pursuant to clauses (c) or (d), (A) each transferee
or distributee shall sign and deliver a lock-up letter substantially in the form of this Lock-Up Agreement prior to any such transfer,
disposition or distribution, (B) any such transfer or distribution shall not involve a disposition for value and (C) no filing
or public announcement under the Exchange Act or otherwise shall be required or shall be voluntarily made in connection with such
transfer (other than a filing on a Form 5 made after the expiration of the Lock-Up Period) and (e) the establishment of a trading
plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of the Securities; <I>provided</I> that (A) such
plan does not provide for the transfer of the Securities during the Lock-Up Period and (B) to the extent a public announcement
or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company
regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer
of the Securities may be made under such plan during the Lock-Up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In furtherance of the foregoing, the Company
and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Securities if such transfer
would constitute a violation or breach of this Lock-Up Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">This Lock-Up Agreement shall be binding
on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned. This Lock-Up Agreement shall
automatically terminate and the undersigned will be released from all of his, her or its obligations hereunder upon the earliest
to occur, if any, of (i) the date on which the Company, on the one hand, or the Representative, on the other hand, advises in writing
that it has determined not to proceed with the Public Offering prior to the execution of the Underwriting Agreement, (ii) the date
on which the Selling Securityholder advises in writing that it has determined not to participate in the Public Offering prior to
the execution of the Underwriting Agreement, (iii) the date on which the Company files an application with the Securities and Exchange
Commission to withdraw the registration statement related to the Public Offering, (iv) the date on which the Underwriting Agreement
(other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery
of the Offered Securities to be sold thereunder, or (v) September 30, 2019, if the Underwriting Agreement has not been executed
by such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This Lock-Up Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><B>[</B><I>Name of stockholder</I><B>]</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>laur-20190909_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<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">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.19.2</span><table class="report" border="0" cellspacing="2" id="idp6628967920">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Sep. 09, 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 [Abstract]</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_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<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_AmendmentFlag', window );">Amendment Flag</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_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep.  09,  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_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_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Laureate Education, 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_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000912766<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_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<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_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">650 South Exeter Street<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_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Baltimore<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_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MD<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_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">21202<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_CityAreaCode', window );">City Area Code</a></td>
<td class="text">410<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_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">843-6100<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_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<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_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<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_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer 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_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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">LAUR<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<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>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<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 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>
</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_CityAreaCode">
<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>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>
</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_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>
</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:stringItemType</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_DocumentPeriodEndDate">
<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>
</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:dateItemType</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_DocumentType">
<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>
</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:submissionTypeItemType</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_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>
</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_EntityAddressCityOrTown">
<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>
</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_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>
</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_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>
</table>
<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>
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<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">
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<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">
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<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">
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<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">
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<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>
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