7/25/2019 Estcio: Material Fact

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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)

hereby informs its shareholders, investors and the market in general, in relation to thematerial fact published on June 27, 2016, transcribing the letter of Clube de Investimentos

TCA, which stated that its shareholders are considering the possibility of launching a tender

offer for the acquisition of Estcios control (Tender Offer), that today it has received an

official letter from the Brazilian Securities and Exchange Commission - CVM determining that,

pursuant to article 4-A of CVM Instruction 361/02, Clube de Investimentos TCA must, within

20 days of this date: (I) publish a Tender Officer notice, pursuant to article 11 of said

Instruction; or (ii) announce to the market, in an unequivocal manner, that it does not intend to

carry out said Tender Offer within a six-month period.

Rio de Janeiro, June 29, 2016.

Pedro Thompson

Chief Financial and Investor Relations Officer