X0206 3 2017-01-31 0 0000912766 LAUREATE EDUCATION, INC. LAUR 0001526095 FRIEDMAN DARREN M. C/O STEPSTONE GROUP LP 885 THIRD AVENUE, 17TH FLOOR NEW YORK NY 10022 1 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, 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") and certain investment funds and other persons affiliated with or managed by Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc., Sterling Fund Management, LLC and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. (continued from footnote 2)The Reporting Person is a designated representative of the StepStone Funds who serves as a member of the board of directors of Wengen GP. In such capacity, the Reporting Person may be deemed to indirectly beneficially own shares of Class B Common Stock owned by Wengen by virtue of the limited partnership interests the StepStone Funds hold in Wengen. This filing shall not be deemed an admission that the Reporting Person is subject to Section 16 of the Securities Exchange Act of 1934, as amended. Except as set forth herein, the Reporting Person disclaims beneficial ownership of all securities, and this report shall not be deemed an admission that any group exists or that the Reporting Person is the beneficial owner of the securities of any group for purposes of Section 16 or any other purpose. Darren M. Friedman 2017-02-03