The Brazilian Corporation Law and the Company’s By-laws require the shareholders’ ordinary general meeting to be held up to April 30 of each year where the shareholders must, among other things, decide about the distribution of the annual dividends. All shareholders are entitled to receive the dividends on the date when the dividends were declared.

The Company’s shareholders will decide about the Board of Directors proposal to allocate the net income for the prior year. The Brazilian Corporation Law defines "net profits" for any fiscal year as net income for that fiscal year, net of any accumulated losses from prior fiscal years, income tax and social contribution taxes and any amounts allocated to the participation of its employees and management in Anhanguera Educacional’s net profits in such fiscal year.

The Anhanguera Educacional mandatory dividend to all of its shares is of at least 1% of the adjusted net income, under the terms of article 202 of the Brazilian Corporate Law and the Company’s By-laws. The yearly distribution of dividends, including dividends in excess of the minimum mandatory dividend will depend on many factors. These factors include the Company’s results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by Anhanguera Educacional’s board of directors and shareholders.

Dividend History

(*) Shareholders have expressly waived their right to receive any dividends on results.