Corporate Structure

(1) Pennsula Fundo de Investimento em Participaes (Pennsula fund) is an investment fund administered by BTG Pactual Servios Financeiros S.A. DTVM and managed by O3 Gesto de Recursos Ltda. Pennsula Fund is one of the investment vehicles of Diniz Family, indirectly held by Abilio Diniz, Ana Maria Falleiros dos Santos Diniz D’Avilla, Joo Paulo Falleiros dos Santos Diniz, Pedro Paulo dos Santos Diniz, Adriana Falleiros dos Santos Diniz, Rafaela Marchesi Diniz and Miguel Marchesi Diniz.

(2) SOCIESC’s sole associates are PGP EDUCAO S.A. and PGP - GESTO PATRIMONIAL S.A.

(3) PGP EDUCAO S.A. is the new name of HSM EDUCAO S.A.

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