Kroton Educacional S.A. (BM&FBovespa: KROT3 or "Kroton") and Anhanguera Educacional Participações S.A. (BM&FBovespa: AEDU3 or "Anhanguera" and, jointly with Kroton, the "Companies"), in compliance with Instruction 358/02 issued by the Securities and Exchange Commission of Brazil (CVM), hereby inform to their respective shareholders and the general market the latest developments in the process of approval by Brazil's antitrust agency Conselho Administrativo de Defesa Econômica - CADE ("CADE") of the association agreement entered into between the Companies on April 20, 2013 ("Association Agreement"), as follows:
a) the Court of Appeals of CADE received the records of the process after a non-binding opinion was issued by the General Superintendence of CADE ("GS"), as informed in the Material Fact notice published by the Companies on December 4, 2013, and has since been analyzing the merits of the matter;
b) in the context of said analysis, the Specialized Federal Prosecutors Office, together with CADE, issued, on March 6, 2014, a report containing its opinion indicating that the transfer of control of the educational institution would be a solution for remedying the anti-trust concerns identified by the GS with regard to the Association Agreement in the undergraduate distance learning segment;
c) in view of the circumstances of the case and the various market segments involved, the Companies will continue to pursue solutions negotiated with the Court of Appeals of CADE that include remedies for the anti-trust concerns identified with regard to the offering of on-campus postsecondary education, as well as alternatives for changing the controlling institutions with regard to the offering of postsecondary distance learning education, all with the objective of obtaining the approval of the Association Agreement within the legal time period.
The Companies will keep their shareholders and the market informed of further developments in this matter.
March 12, 2014
For more information, please contact our investor relations department:
Carlos Lazar - Director
Carolina Igi - Coordinator
Pedro Gomes - Coordinator
Cogna Educacao SA, formerly Kroton Educacional SA, is a Brazil-based company active in the private education sector. The Company focuses on developing primary and secondary schools, post-secondary and undergraduate programs, as well as vocational courses. The Company's activities are divided into three business segments: In-class higher education, which offers port-secondary programs on campus; Distance learning higher education (EAD), which provides port-secondary programs via online platform, and Basic education, which includes own and managed primary schools, collection and development of teaching materials, school management advisory, as well as educational support tools, among others. The Company operates a number of brand names, such as Anhanguera, Fama, Pitagoras, Unic, Unime and Unopar. In addition, it is involved in the wholesale, retail, distribution, import and export of textbooks, course books, magazines and other publications related to education.
COGNA EDUCAÇÃO 
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