7/25/2019 Estcio: Material Fact - Ser Educacional Proposal

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DOCS-SP - 273882v1

Corporate Taxpayer's ID (CNPJ/MF): 08.807.432/0001-10Company Registry (NIRE): 33.3.0028205-0

ESTCIO PARTICIPAES S.A.Publicly-Held Company

MATERIAL FACT

Estcio Participaes S.A. (Estcio or Company) - (BM&FBOVESPA: ESTC3; OTCQX:ECPCY) informs its shareholders, investors and the market in general that it received

today a proposal from Ser Educacional S.A. (Ser Educacional) related to the business

combination of Estcio and Ser Educacional, pursuant to the Material Fact published by

Ser Educacional today.

With the support of the Committee created to examine the matter, Estcios Board of

Directors will evaluate the proposal presented by Ser Educacional and will opportunely

make a communication pursuant to the prevailing legislation.

Rio de Janeiro, June 29, 2016

Pedro Thompson

Chief Financial and Investor Relations Officer