LAUREATE EDUCATION, INC. — Director's Dealing 2020

May 15, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAUREATE EDUCATION, INC. (LAUR)
CIK: 0000912766
Period of Report: 2020-05-12

Reporting Person: HOEHN SARIC RULDOLF CHRISTOPHER (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-12	Class A Common Stock	A	3405	—	Acquired	3405	Indirect
2020-05-12	Restricted Stock Units	A	10215	—	Acquired	10215	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	32764	Indirect

Footnotes

F1: Represents a grant made to Steven M. Taslitz as part of the 2020 annual retainer for non-employee director service on the board of directors (the "Board") of Laureate Education, Inc. ("Laureate").

F2: Pursuant to an agreement (the "Founders' Agreement") among Mr. Taslitz, Douglas L. Becker, 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 Laureate. Each Sterling Founder controls the voting and disposition of the securities allocable to such Sterling Founder. In light of the Founders' Agreement, each of Messrs. Becker, Hoehn-Saric and Taslitz may be deemed to indirectly beneficially own a portion of the equity securities of Laureate so issued to any of the other Sterling Founders and, as applicable, has made a separate Form 4 filing with respect thereto.

F3: Represents shares of Class A Common Stock of Laureate held by Mr. Becker that are subject to the Founders' Agreement.

F4: Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of Class A Common Stock of Laureate. The RSUs will vest ratably in three installments at the end of each of the remaining calendar quarters of 2020, provided that Mr. Taslitz continues to serve as a director on the Board.

F5: The reporting person disclaims beneficial ownership of the securities reported herein, except to the extent of the reporting person's pecuniary interest therein. 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, as amended, or otherwise.