X0206 3 2017-01-31 0 0000912766 LAUREATE EDUCATION, INC. LAUR 0001695722 Bregal Europe Co-Investment Limited Partnership QUARTERMILE ONE, 15 LAURISTON PLACE EDINBURGH X0 EH3 9EP UNITED KINGDOM 0 0 1 0 0001695721 Bregal General Partner Jersey Ltd 2ND FLOOR, WINDWARD HOUSE LA ROUTE DE LA LIBERATION ST. HELIER Y9 JE2 3BQ JERSEY 0 0 1 0 Class B Common Stock (1) Class A Common Stock 11915410 I By Wengen Alberta, Limited Partnership Each share of Class B common stock of Laureate Education, Inc. (the "Issuer") is convertible into one share of Class A common stock of the Issuer 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, 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. Bregal Europe Co-Investment Limited Partnership may be deemed to indirectly beneficially own these shares of Class B common stock by virtue of the limited partnership interests it holds in Wengen and its ability to direct Wengen with respect to certain voting and disposition of these shares. The General Partner of Bregal Europe Co-Investment Limited Partnership is Bregal General Partner Jersey Limited. The reporting persons are Bregal Europe Co-Investment Limited Partnership and Bregal General Partner Jersey Limited. Each of the reporting persons disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose. /s/ Paul Bradshaw, Director, Bregal General Partner Jersey Limited, general partner of Bregal Europe Co-Investment Limited Partnership 2017-01-31 /s/ Paul Bradshaw, Director, Bregal General Partner Jersey Limited 2017-01-31