X0206 3 2017-01-31 0 0000912766 LAUREATE EDUCATION, INC. LAUR 0001586449 StepStone Group Holdings LLC 4275 EXECUTIVE SQUARE, SUITE 500 SAN DIEGO CA 92037 0 0 1 0 0001502287 StepStone Group LP 4275 EXECUTIVE SQUARE, SUITE 500 SAN DIEGO CA 92037 0 0 1 0 0001502288 StepStone Co-Investment Funds GP, LLC 4275 EXECUTIVE SQUARE, SUITE 500 SAN DIEGO CA 92037 0 0 1 0 0001611683 2007 Co-Investment Portfolio, L.P. 4275 EXECUTIVE SQUARE, SUITE 500 SAN DIEGO CA 92037 0 0 1 0 0001375500 STEPSTONE CAPITAL PARTNERS II ONSHORE L P 4275 EXECUTIVE SQUARE, SUITE 500 SAN DIEGO CA 92037 0 0 1 0 0001441380 StepStone Capital Partners II Cayman Holdings, L.P. 4275 EXECUTIVE SQUARE, SUITE 500 SAN DIEGO CA 92037 0 0 1 0 Class B Common Stock Class A Common Stock 3999536 I See footnote Each share of Class B Common Stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer") is convertible into one share of Class A Common Stock of the Issuer ("Class A Common Stock") upon the election of the holder or upon transfer, subject to the terms of the Issuer's Amended and Restated Certificate of Incorporation. Shares of Class B Common Stock are held directly by Wengen Alberta, Limited Partnership ("Wengen"). Wengen Investments Limited ("Wengen GP") is the general partner of Wengen. Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc., StepStone Group LP ("StepStone LP"), Sterling Fund Management, LLC and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. The Reporting Persons and certain of the other Wengen Investors have designated representatives who serve as the members of the board of directors of Wengen GP. 2007 Co-Investment Portfolio L.P. ("2007 Co-Invest"), StepStone Capital Partners II Onshore, L.P. ("Onshore") and StepStone Capital Partners II Cayman Holding, L.P. (collectively with 2007 Co-Invest and Onshore, the "StepStone Funds") may be deemed to indirectly beneficially own shares of Class B Common Stock owned by Wengen by virtue of the limited partnership interests they hold in Wengen. StepStone Group Holdings LLC is the general partner of StepStone LP, which is the sole member of StepStone Co-Investment Funds GP, LLC ("StepStone GP" and, collectively with the StepStone Funds and StepStone LP, the "Reporting Persons"), which is the sole general partner of each of the StepStone Funds. None of the Reporting Persons directly own shares of the Issuer. This filing shall not be deemed an admission that the Reporting Persons are subject to Section 16 of the Securities Exchange Act of 1934, as amended. Except as set forth herein, the reporting persons disclaim beneficial ownership of all securities other than those reported herein, and this report shall not be deemed an admission that any group exists or that the reporting persons are the beneficial owner of the securities of any group for purposes of Section 16 or any other purpose. StepStone Group Holdings LLC, by its partner and general counsel, Jason Ment. /s/ Jason Ment 2017-01-31 StepStone Group LP, by its general partner StepStone Group Holdings LLC, by its partner and general counsel, Jason Ment. /s/ Jason Ment 2017-01-31 StepStone Co-Investment Funds GP, LLC, by its partner and general counsel, Jason Ment. /s/ Jason Ment 2017-01-31 Each StepStone Fund, by its respective general partner, StepStone Co-Investment Funds GP, LLC, by its partner and general counsel, Jason Ment. /s/ Jason Ment 2017-01-31