MATERIAL FACT

Kroton Educacional S.A. ("Kroton") and Estácio Participações S.A. ("Estácio", and, jointly with Kroton, the "Companies") announce that, on the date hereof, the Extraordinary Shareholders‘ Meeting of Estácio and the Extraordinary Shareholders‘ Meeting of Kroton approved the business combination between the Companies ("Operation"), in accordance with the agreement and plan of merger of the shares of Estácio into Kroton, entered into on July 8, 2016 ("Merger Agreement") and announced through the Material Fact notices dated July 8, 2016 and July 14, 2016.

The decisions taken by the Shareholders‘ Meetings are still subject to approval by Brazil’s antitrust agency CADE (Conselho Administrativo de Defesa Econômica), in accordance with the Merger Agreement.

Belo Horizonte, August 15, 2016.

Carlos Alberto Bolina Lazar
Diretor de Relações com Investidores
Kroton Educacional S.A.

Pedro Thompson
Investor Relations Officer
Estácio Participações S.A.

For more information, please contact our investor relations department:

Carlos Lazar - Director
Carolina Igi - Coordinator
Pedro Gomes - Coordinator

Phone: +55 (11) 3133-7309 / +55 (11) 3133-7314 / +55 (11) 3133-7311
Email: dri@kroton.com.br
www.kroton.com.br/ir


Contact IR

Phone: (55 11) 3133-7309
E-mail: dri@kroton.com.br