Arbitration Chamber: Market Arbitration Chamber established by the Bovespa for resolution of disputes between companies and its investors.

Bovespa: São Paulo Stock Exchange (Bolsa de Valores de São Paulo).

BR GAAP: Accounting practices adopted in Brazil, or Brazilian GAAP or Brazilian Corporation Law.

CBLC: The Brazilian Settlement and Custodial Company (Companhia Brasileira de Liquidação e Custódia).

CONAES: National Postsecondary Education Assessment Commission (the Comissão Nacional de Avaliação da Educação Superior).

CNE: National Education Council (the Conselho de Nacional de Educação).

Company or Anhanguera Educacional: Refers to Anhanguera Educacional Participações S.A.

CVM: The Brazilian Securities Commission (Comissão de Valores Mobiliários).

EBITDA: EBITDA means income before net financial expenses, income and social contribution taxes, depreciation and amortization, and non-operating result.

FIES: Financing Fund for the Postsecondary Education Student (the Programa de Financiamento Estudantil).

GDR or GDRs: Global Depositary Receipt.

GDS or GDSs: Each GDS will represent two units and will be evidenced by a global depositary receipt, or GDR. The depositary for the GDSs is The Bank of New York. The GDSs offered pursuant to Rule 144A will be evidenced by Rule 144A GDRs issued pursuant to the Rule 144A deposit agreement. The GDSs offered pursuant to Regulation S will be evidenced by Regulation S GDRs issued pursuant to the Regulation S deposit agreement. The units represented by GDSs will be deposited with Banco Itaú, as custodian for the depositary in Brazil. Payment for the GDSs may be made only in U.S. dollars.

IBGE: Brazilian Institute of Geography and Statistics (the Instituto Brasileiro de Geografia e Estatística).

INEP: National Institute of Educational Studies and Research Anísio Teixeira (the Instituto Nacional de Estudos e Pesquisas Educacionais Anísio Teixeira).

LDB: Basic Framework Law for National Education (the Lei das Diretrizes e Bases da Educação Nacional).

MEC: Ministry of Education (the Ministério da Educação).

Real, Reais or R$: refers to the Brazilian real, the official currency of Brazil.

Regulation S: Rule promulgated under the U.S. Securities Act of 1933, as amended, or the Securities Act, related to institutional and other investors outside the United States and Brazil that are not U.S. persons.

Rule 144A: Rule promulgated under the U.S. Securities Act of 1933, as amended, or the Securities Act, related to qualified institutional buyers of the United States.

SEC: Securities and Exchange Commission.

SEED: Distance Learning Secretariat (the Secretaria de Educação à Distância).

SESU: Postsecondary Education Secretariat (the Secretaria de Educação Superior).

SETEC: Professional and Technological Education Secretariat (the Secretaria de Educação Profissional e Tecnológica).

Unesco: United Nations Educational, Scientific and Cultural Organization.

Unit or Units: Each unit represents one common share, without par value, and six preferred shares, without par value, of Anhanguera Educacional. Banco Itaú S.A. will act as the custodian of these shares and as the issuing agent of the units, pursuant to the unit deposit agreement entered between the Company and Banco Itaú. Holders of units will be entitled to the same voting and dividends rights as the direct holders of underlying shares.

U.S. dollar, U.S. dollars or US$: refers to U.S. dollars.