LAUR

SEC source: 0001415889-22-002901 · form4-03112022_020349.xml · nonDerivative · entry 1

Serck-Hanssen Eilif · CIK 0001292178 · Director · PRESIDENT & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 843,775

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan established by the reporting person on November 23, 2021 with respect to two option grants expiring on October 2, 2023.

SEC source: 0001415889-22-001719 · form4-02232022_040256.xml · nonDerivative · entry 1

Buskirk Richard M. · CIK 0001854519 · SVP & CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 90,489

F1 · shares: Includes (i) 15,781 restricted stock units that will vest in three substantially equal installments on each of December 31, 2022, 2023 and 2024 and (ii) 5,261 time-based units granted as part of a performance-based award that will vest on March 15, 2025, subject, in each case, to the reporting person's continued employment through the applicable vesting date.

SEC source: 0001415889-22-001724 · form4-02232022_040220.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,859

F1 · shares: Includes (i) 3,115 restricted stock units that will vest in three substantially equal installments on each of December 31, 2022, 2023 and 2024 and (ii) 1,039 time-based units granted as part of a performance-based award that will vest on March 15, 2025, subject, in each case, to the reporting person's continued employment through the applicable vesting date.

SEC source: 0001415889-22-001722 · form4-02232022_040210.xml · nonDerivative · entry 1

Grace Timothy P. · CIK 0001742044 · CHIEF HUMAN RESOURCES OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 92,027

F1 · shares: Includes (i) 16,612 restricted stock units that will vest in three substantially equal installments on each of December 31, 2022, 2023 and 2024 and (ii) 5,538 time-based units granted as part of a performance-based award that will vest on March 15, 2025, subject, in each case, to the reporting person's continued employment through the applicable vesting date.

SEC source: 0001415889-22-001723 · form4-02232022_040208.xml · nonDerivative · entry 1

Sinkfield Richard Harvey III · CIK 0001818941 · CHIEF LEGAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,168

F1 · shares: Includes (i) 13,082 restricted stock units that will vest in three substantially equal installments on each of December 31, 2022, 2023 and 2024 and (ii) 4,361 time-based units granted as part of a performance-based award that will vest on March 15, 2025, subject, in each case, to the reporting person's continued employment through the applicable vesting date.

SEC source: 0001415889-22-001718 · form4-02232022_040242.xml · nonDerivative · entry 1

Serck-Hanssen Eilif · CIK 0001292178 · Director · PRESIDENT & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 670,014

F1 · shares: Includes (i) 105,898 restricted stock units that will vest in three substantially equal installments on each of December 31, 2022, 2023 and 2024 and (ii) 35,300 time-based units granted as part of a performance-based award that will vest on March 15, 2025, subject, in each case, to the reporting person's continued employment through the applicable vesting date.

SEC source: 0001415889-22-001720 · form4-02232022_040244.xml · nonDerivative · entry 1

Cardoso Marcelo · CIK 0001769387 · CHIEF OPERATING OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 119,577

F1 · shares: Includes (i) 20,895 restricted stock units that will vest in three equal installments on each of December 31, 2022, 2023 and 2024 and (ii) 6,965 time-based units granted as part of a performance-based award that will vest on March 15, 2025, subject, in each case, to the reporting person's continued employment through the applicable vesting date.

SEC source: 0001415889-22-001529 · form4-02172022_040218.xml · nonDerivative · entry 1

Buskirk Richard M. · CIK 0001854519 · SVP & CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 69,447

F1 · shares: Represents shares earned under performance share unit awards granted in 2019, 2020 and 2021 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2021.

SEC source: 0001415889-22-001533 · form4-02172022_040216.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,705

F1 · shares: Represents shares earned under performance share unit awards granted in 2019, 2020 and 2021 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2021.

SEC source: 0001415889-22-001532 · form4-02172022_040221.xml · nonDerivative · entry 1

Sinkfield Richard Harvey III · CIK 0001818941 · CHIEF LEGAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,725

F1 · shares: Represents shares earned under performance share unit awards granted in 2019, 2020 and 2021 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2021.

SEC source: 0001415889-22-001531 · form4-02172022_040228.xml · nonDerivative · entry 1

Grace Timothy P. · CIK 0001742044 · CHIEF HUMAN RESOURCES OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 69,877

F1 · shares: Represents shares earned under performance share unit awards granted in 2019, 2020 and 2021 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2021.

SEC source: 0001415889-22-001530 · form4-02172022_040228.xml · nonDerivative · entry 1

Cardoso Marcelo · CIK 0001769387 · CHIEF OPERATING OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 91,717

F1 · shares: Represents shares earned under performance share unit awards granted in 2019, 2020 and 2021 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2021.

SEC source: 0001415889-22-001528 · form4-02172022_040209.xml · nonDerivative · entry 1

Serck-Hanssen Eilif · CIK 0001292178 · Director · PRESIDENT & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 528,816

F1 · shares: Represents shares earned under performance share unit awards granted in 2019, 2020 and 2021 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2021.

SEC source: 0001415889-22-000244 · form4-01042022_050117.xml · nonDerivative · entry 2

Buskirk Richard M. · CIK 0001854519 · SVP & CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,932

F2 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class A Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021.

F3 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Class A Common Stock in Table I.

SEC source: 0001415889-22-000245 · form4-01042022_050122.xml · nonDerivative · entry 1

Grace Timothy P. · CIK 0001742044 · CHIEF HUMAN RESOURCES OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 56,891

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class A Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021.

F2 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Class A Common Stock in Table I.

SEC source: 0001415889-22-000243 · form4-01042022_050112.xml · nonDerivative · entry 2

Serck-Hanssen Eilif · CIK 0001292178 · Director · PRESIDENT & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 446,028

F2 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class A Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021.

F3 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Class A Common Stock in Table I.

SEC source: 0001415889-22-000246 · form4-01042022_050130.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,810

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class A Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021.

F2 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Class A Common Stock in Table I.

SEC source: 0001415889-22-000242 · form4-01042022_050104.xml · nonDerivative · entry 2

Sinkfield Richard Harvey III · CIK 0001818941 · CHIEF LEGAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,193

F2 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class A Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021.

F3 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Class A Common Stock in Table I.

SEC source: 0001415889-23-001508 · form4-01272023_090126.xml · nonDerivative · entry 2

MUNOZ GEORGE · CIK 0001238129 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,784.612

F1 · kind: Purchase of shares pursuant to a broker-administered dividend reinvestment plan.

SEC source: 0001415889-21-005316 · form4-11192021_011153.xml · nonDerivative · entry 1

DURHAM MICHAEL J · CIK 0001226347 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,609

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class A Common Stock of the Issuer has converted into Common Stock of the Issuer.

F2 · price: This transaction was executed in multiple trades at prices ranging from $11.08 to $11.085. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001415889-23-001508 · form4-01272023_090126.xml · nonDerivative · entry 1

MUNOZ GEORGE · CIK 0001238129 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,455.156

F1 · kind: Purchase of shares pursuant to a broker-administered dividend reinvestment plan.

SEC source: 0001415889-22-000244 · form4-01042022_050117.xml · derivative · entry 3

Buskirk Richard M. · CIK 0001854519 · SVP & CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 642 shares

Expires not disclosed

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.expiration_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000244 · form4-01042022_050117.xml · nonDerivative · entry 1

Buskirk Richard M. · CIK 0001854519 · SVP & CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,366

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000243 · form4-01042022_050112.xml · derivative · entry 3

Serck-Hanssen Eilif · CIK 0001292178 · Director · PRESIDENT & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 52,318 shares

Expires not disclosed

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.expiration_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000243 · form4-01042022_050112.xml · nonDerivative · entry 1

Serck-Hanssen Eilif · CIK 0001292178 · Director · PRESIDENT & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 473,142

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000242 · form4-01042022_050104.xml · derivative · entry 3

Sinkfield Richard Harvey III · CIK 0001818941 · CHIEF LEGAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,669 shares

Expires not disclosed

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.expiration_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000242 · form4-01042022_050104.xml · nonDerivative · entry 1

Sinkfield Richard Harvey III · CIK 0001818941 · CHIEF LEGAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,248

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000782 · form5-01262022_020109.xml · derivative · entry 2

RODIN JUDITH · CIK 0001102075 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 19,698 shares

Expires not disclosed

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.expiration_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000782 · form5-01262022_020109.xml · nonDerivative · entry 1

RODIN JUDITH · CIK 0001102075 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,192

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000781 · form5-01262022_020126.xml · derivative · entry 2

MUNOZ GEORGE · CIK 0001238129 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 19,698 shares

Expires not disclosed

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.expiration_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000781 · form5-01262022_020126.xml · nonDerivative · entry 1

MUNOZ GEORGE · CIK 0001238129 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 88,444

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000780 · form5-01262022_020113.xml · derivative · entry 2

CARROLL BRIAN F · CIK 0001208847 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 12,233 shares

Expires not disclosed

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.expiration_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001415889-22-000780 · form5-01262022_020113.xml · nonDerivative · entry 1

CARROLL BRIAN F · CIK 0001208847 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,655

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001387131-22-001956 · laur-form5_123121.xml · derivative · entry 2

Wengen Alberta, LP · CIK 0001399590 · 10% owner

Wengen Investments LTD · CIK 0001406898 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 20,855,584 shares

Expires not disclosed

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.exercise_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · derivative.expiration_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F2 · ownership.direct: Represents shares held directly by 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 CPV Partners, LLC and Snow Phipps Group, LLC (collectively, the "Wengen Investors"), have interests in the Issuer through Wengen. Each of the Wengen GP and the holders of interests in Wengen (including the Wengen Investors) disclaims beneficial ownership of the securities held by Wengen except to the extent of its pecuniary interest therein.

SEC source: 0001387131-22-001956 · laur-form5_123121.xml · nonDerivative · entry 1

Wengen Alberta, LP · CIK 0001399590 · 10% owner

Wengen Investments LTD · CIK 0001406898 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,855,584

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021 and is being reported herein pursuant to Rule 16b-7 of the Securities Exchange Act of 1934.

F2 · ownership.direct: Represents shares held directly by 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 CPV Partners, LLC and Snow Phipps Group, LLC (collectively, the "Wengen Investors"), have interests in the Issuer through Wengen. Each of the Wengen GP and the holders of interests in Wengen (including the Wengen Investors) disclaims beneficial ownership of the securities held by Wengen except to the extent of its pecuniary interest therein.

SEC source: 0001415889-24-008339 · form4-03182024_100334.xml · derivative · entry 9

del Corro Pedro · CIK 0001696382 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 0

Underlying: Class A Common Stock · 47,661 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer converted into Common Stock of the Issuer effective as of October 29, 2021. Such Class B Common Stock was previously indirectly held by Wengen Alberta, Limited Partnership ("Wengen"). Mr. del Corro indirectly beneficially owned these shares of Class B Common Stock by virtue of the limited partnership interests held directly and indirectly in Wengen.

F1 · kind: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer converted into Common Stock of the Issuer effective as of October 29, 2021. Such Class B Common Stock was previously indirectly held by Wengen Alberta, Limited Partnership ("Wengen"). Mr. del Corro indirectly beneficially owned these shares of Class B Common Stock by virtue of the limited partnership interests held directly and indirectly in Wengen.

F1 · derivative.exercise_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer converted into Common Stock of the Issuer effective as of October 29, 2021. Such Class B Common Stock was previously indirectly held by Wengen Alberta, Limited Partnership ("Wengen"). Mr. del Corro indirectly beneficially owned these shares of Class B Common Stock by virtue of the limited partnership interests held directly and indirectly in Wengen.

F1 · derivative.expiration_date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer converted into Common Stock of the Issuer effective as of October 29, 2021. Such Class B Common Stock was previously indirectly held by Wengen Alberta, Limited Partnership ("Wengen"). Mr. del Corro indirectly beneficially owned these shares of Class B Common Stock by virtue of the limited partnership interests held directly and indirectly in Wengen.

F1 · ownership.nature: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer converted into Common Stock of the Issuer effective as of October 29, 2021. Such Class B Common Stock was previously indirectly held by Wengen Alberta, Limited Partnership ("Wengen"). Mr. del Corro indirectly beneficially owned these shares of Class B Common Stock by virtue of the limited partnership interests held directly and indirectly in Wengen.

SEC source: 0001415889-24-008339 · form4-03182024_100334.xml · nonDerivative · entry 1

del Corro Pedro · CIK 0001696382 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 47,661

F1 · price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class B Common Stock of the Issuer converted into Common Stock of the Issuer effective as of October 29, 2021. Such Class B Common Stock was previously indirectly held by Wengen Alberta, Limited Partnership ("Wengen"). Mr. del Corro indirectly beneficially owned these shares of Class B Common Stock by virtue of the limited partnership interests held directly and indirectly in Wengen.

F2 · ownership.nature: Reflects Common Stock of the Issuer held directly by Wengen Alberta, Limited Partnership ("Wengen"). Mr. del Corro indirectly beneficially owned these shares of Class B Common Stock by virtue of the limited partnership interests held directly and indirectly in Wengen.

SEC source: 0001104659-21-132534 · tm2131608d4_4seq1.xml · derivative · entry 4

Sterling Capital Partners II L P · CIK 0001321135 · 10% owner

SC Partners II, L.P. · CIK 0001696604 · 10% owner

Sterling Capital Partners II, LLC · CIK 0001696565 · 10% owner

STERLING CAPITAL PARTNERS III LP · CIK 0001404646 · 10% owner

SC Partners III, L.P. · CIK 0001611317 · 10% owner

Sterling Capital Partners III, LLC · CIK 0001611325 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 1,788,082 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F4 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F4 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F3 · ownership.nature: Sterling Capital Partners III, L.P. ("SCP III LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners III, L.P. ("SC Partners III") is the sole general partner of SCP III LP, and Sterling Capital Partners III, LLC ("SCP III LLC") is the sole general partner of SC Partners III. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP III LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F5 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Persons), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F6 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. This filing shall not be deemed an admission that any Reporting Person is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by such Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132534 · tm2131608d4_4seq1.xml · derivative · entry 3

Sterling Capital Partners II L P · CIK 0001321135 · 10% owner

SC Partners II, L.P. · CIK 0001696604 · 10% owner

Sterling Capital Partners II, LLC · CIK 0001696565 · 10% owner

STERLING CAPITAL PARTNERS III LP · CIK 0001404646 · 10% owner

SC Partners III, L.P. · CIK 0001611317 · 10% owner

Sterling Capital Partners III, LLC · CIK 0001611325 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 729,366 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F4 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F4 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F2 · ownership.nature: Sterling Capital Partners II, L.P. ("SCP II LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners II, L.P. ("SC Partners II") is the sole general partner of SCP II LP, and Sterling Capital Partners II, LLC ("SCP II LLC") is the sole general partner of SC Partners II. Steven M. Taslitz, Douglas L. Becker and R. Christopher Hoehn-Saric are the managers of SP II LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F5 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Persons), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F6 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. This filing shall not be deemed an admission that any Reporting Person is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by such Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132534 · tm2131608d4_4seq1.xml · nonDerivative · entry 2

Sterling Capital Partners II L P · CIK 0001321135 · 10% owner

SC Partners II, L.P. · CIK 0001696604 · 10% owner

Sterling Capital Partners II, LLC · CIK 0001696565 · 10% owner

STERLING CAPITAL PARTNERS III LP · CIK 0001404646 · 10% owner

SC Partners III, L.P. · CIK 0001611317 · 10% owner

Sterling Capital Partners III, LLC · CIK 0001611325 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,235,103

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F1 · price: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F3 · balance_after: Sterling Capital Partners III, L.P. ("SCP III LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners III, L.P. ("SC Partners III") is the sole general partner of SCP III LP, and Sterling Capital Partners III, LLC ("SCP III LLC") is the sole general partner of SC Partners III. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP III LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F6 · balance_after: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. This filing shall not be deemed an admission that any Reporting Person is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by such Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

F3 · ownership.direct: Sterling Capital Partners III, L.P. ("SCP III LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners III, L.P. ("SC Partners III") is the sole general partner of SCP III LP, and Sterling Capital Partners III, LLC ("SCP III LLC") is the sole general partner of SC Partners III. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP III LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F6 · ownership.direct: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. This filing shall not be deemed an admission that any Reporting Person is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by such Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132534 · tm2131608d4_4seq1.xml · nonDerivative · entry 1

Sterling Capital Partners II L P · CIK 0001321135 · 10% owner

SC Partners II, L.P. · CIK 0001696604 · 10% owner

Sterling Capital Partners II, LLC · CIK 0001696565 · 10% owner

STERLING CAPITAL PARTNERS III LP · CIK 0001404646 · 10% owner

SC Partners III, L.P. · CIK 0001611317 · 10% owner

Sterling Capital Partners III, LLC · CIK 0001611325 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 913,707

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F1 · price: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F2 · balance_after: Sterling Capital Partners II, L.P. ("SCP II LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners II, L.P. ("SC Partners II") is the sole general partner of SCP II LP, and Sterling Capital Partners II, LLC ("SCP II LLC") is the sole general partner of SC Partners II. Steven M. Taslitz, Douglas L. Becker and R. Christopher Hoehn-Saric are the managers of SP II LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F6 · balance_after: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. This filing shall not be deemed an admission that any Reporting Person is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by such Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

F2 · ownership.direct: Sterling Capital Partners II, L.P. ("SCP II LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners II, L.P. ("SC Partners II") is the sole general partner of SCP II LP, and Sterling Capital Partners II, LLC ("SCP II LLC") is the sole general partner of SC Partners II. Steven M. Taslitz, Douglas L. Becker and R. Christopher Hoehn-Saric are the managers of SP II LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F6 · ownership.direct: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. This filing shall not be deemed an admission that any Reporting Person is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by such Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · derivative · entry 16

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 1,788,082 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F11 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F11 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F10 · ownership.nature: Sterling Capital Partners III, L.P. ("SCP III LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners III, L.P. ("SC Partners III") is the sole general partner of SCP III LP, and Sterling Capital Partners III, LLC ("SCP III LLC") is the sole general partner of SC Partners III. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP III LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F12 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · derivative · entry 15

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 729,366 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F11 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F11 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F9 · ownership.nature: Sterling Capital Partners II, L.P. ("SCP II LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners II, L.P. ("SC Partners II") is the sole general partner of SCP II LP, and Sterling Capital Partners II, LLC ("SCP II LLC") is the sole general partner of SC Partners II. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP II LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F12 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · derivative · entry 14

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 1,761,750 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F11 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F11 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F8 · ownership.nature: SP-L Affiliate, LLC ("SP-L Affiliate") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP-L Affiliate.

F12 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · derivative · entry 13

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 204,497 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F11 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F11 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F7 · ownership.nature: Sterling Laureate Rollover, LP ("Sterling Rollover") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SP-L Management V, LLC ("SP-L Management V") is the general partner of Sterling Rollover, and SP-L Parent is the general partner of SP-L Management V. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP-L Parent, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F12 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · derivative · entry 12

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 418,421 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F11 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F11 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F6 · ownership.nature: Sterling Laureate Executives Fund, LP ("Sterling Executives Fund") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SP-L Management IV, LLC ("SP-L Management IV") is the general partner of Sterling Executives Fund, and SP-L Parent is the general partner of SP-L Management IV. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP-L Parent, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F12 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · derivative · entry 11

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 331,649

Underlying: Class A Common Stock · 704,672 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F11 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F11 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F5 · ownership.nature: Sterling Laureate, LP ("Sterling Laureate") directly holds shares of Class A Common Stock and indirectly beneficially owns shares of Class B Common Stock by virtue of its limited partnership interests in Wengen. SP-L Management III, LLC ("SP-L Management III") is the general partner Sterling Laureate, and SP-L Parent, LLC ("SP-L Parent") is the general partner of SP-L Management III. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP-L Parent, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F12 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · derivative · entry 10

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 880 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F11 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F11 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F2 · ownership.nature: Pursuant to an agreement (the "Founders' Agreement") among Steven M. Taslitz, Douglas L. Becker and R. Christopher Hoehn-Saric and one other founder of Sterling (the "Sterling Founders"), the Sterling Founders share equally, on a net after-tax basis, in certain equity securities they receive in connection with services rendered by any of them to certain entities, including the Issuer. Each Sterling Founder controls the voting and disposition of the securities allocable to such Sterling Founder.

F4 · ownership.nature: Mr. Becker directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of his prior limited partnership interests in Wengen, which are subject to the Founders' Agreement. In light of the Founders' Agreement, Mr. Taslitz may be deemed to indirectly beneficially own a portion of these shares in the Issuer.

F12 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · derivative · entry 9

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock · 845 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of 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.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F11 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of 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.

F11 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of 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.

F2 · ownership.nature: Pursuant to an agreement (the "Founders' Agreement") among Steven M. Taslitz, Douglas L. Becker and R. Christopher Hoehn-Saric and one other founder of Sterling (the "Sterling Founders"), the Sterling Founders share equally, on a net after-tax basis, in certain equity securities they receive in connection with services rendered by any of them to certain entities, including the Issuer. Each Sterling Founder controls the voting and disposition of the securities allocable to such Sterling Founder.

F3 · ownership.nature: Mr. Taslitz directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of his prior limited partnership interests in Wengen, which are subject to the Founders' Agreement.

F12 · ownership.nature: Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited ("Wengen GP"). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts & Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the "Wengen Investors") have interests in the Issuer through Wengen. Certain Wengen Investors have designated representatives who serve on the board of directors of Wengen GP.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

SEC source: 0001104659-21-132538 · tm2131608-5_4seq1.xml · nonDerivative · entry 8

Taslitz Steven · CIK 0001407214 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,235,103

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F1 · price: Upon distribution of shares of Class B common stock ("Class B Common Stock") of Laureate Education, Inc. (the "Issuer"), previously indirectly beneficially owned (for purposes of Section 16) by certain investors through ownership of limited partnership interests in Wengen Alberta, Limited Partnership ("Wengen"), upon redemption of such limited partnership interests, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis.

F10 · balance_after: Sterling Capital Partners III, L.P. ("SCP III LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners III, L.P. ("SC Partners III") is the sole general partner of SCP III LP, and Sterling Capital Partners III, LLC ("SCP III LLC") is the sole general partner of SC Partners III. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP III LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F13 · balance_after: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.

F10 · ownership.nature: Sterling Capital Partners III, L.P. ("SCP III LP") directly holds shares of Class A Common Stock and previously indirectly beneficially owned shares of Class B Common Stock by virtue of its prior limited partnership interests in Wengen. SC Partners III, L.P. ("SC Partners III") is the sole general partner of SCP III LP, and Sterling Capital Partners III, LLC ("SCP III LLC") is the sole general partner of SC Partners III. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP III LLC, but, as memorialized in a memorandum of understanding, Mr. Becker does not share voting or investment power over these shares.

F13 · ownership.nature: The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. 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 (the "Exchange Act"), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by the Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.