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The Company has adopted, following a decision by its board of directors, a trading policy on securities issued by Anhanguera. This policy establishes rules for ensuring fair conduct practices when trading the Company’s securities. These rules apply to its management, fiscal council members and employees with access to privileged information, controlling shareholders, subsidiary companies and persons who by virtue of their position, function or job in the controlling shareholder or in subsidiaries may have privileged information about Anhanguera.