Exhibits
Exhibit 2 Stock price evolution of Kroton Educacional SA (BOVESPA: KROT11) – 23 July 2007–25/06/2009
Source: Yahoo Finance.
Exhibit 3 Peer group of Kroton Educational SA
Exhibit 4 Ownership structure of Kroton
Source: company data. Note: OS refers to voting shares. PS refers to non-voting shares.
Exhibit 5 History of the Brazilian education sector
Kroton Educacional SA
1966: Creation of Pitágoras courses in the state of Minas Gerais.
1971: Creation of Colegios Pitagoras (primary/secondary).
1980: Starts its replicable business model, develops it in other Brazilian states and abroad.
1997: Launch of its educational and management technology which it commercialises to private schools.
2001: Apollo International (a US-based private equity firm) invests in Kroton. Kroton enters the post-secondary market.
2005: The brand INED is used to offer post-secondary education.
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