ANHANGUERA EDUCACIONAL PARTICIPAÇÕES S.A.

Publicly Held Company

Corporate Taxpayer ID (CNPJ/MF): 04.310.392/0001-46

Corporate Registry (NIRE): 35.300.184.092

NOTICE TO SHAREHOLDERS PAYMENT OF DIVIDENDS

ANHANGUERA EDUCACIONAL PARTICIPAÇÕES S.A. ("Company"), informs its Shareholders that, at the Company's Annual General Meeting ("AGM") held on April 28, 2014, as per the Management proposal, the shareholders approved the payment of mandatory dividends, subject to the conditions below:

1. Holders of the Company's shares on April 28, 2014, date when the dividends were approved by the AGM, will be entitled to receive said dividends.

2. Total dividend amount: R$1,191,489.23 (one million, one hundred and ninety-one thousand, four hundred and eighty-nine reais and twenty-three centavos), corresponding to R$ 0.00272608 per common share.
3. Payment date: June 27, 2014.
4. The Company's shares will be traded ex-dividend rights as of and including April 29, 2014.
5. The credits will be made available to shareholders in accordance with the bank account information provided to Banco Itaú S.A., the depositary agent of the shares issued by the Company, as of the date when the dividends are paid.
6. For shareholders whose records do not include an individual (CPF/MF) or corporate (CNPJ/MF) taxpayer number or complete information on the bank, branch and account for deposit, the respective amounts will only be credited on the third business day after the date on which their records are effectively updated in the database of Banco Itaú S.A., which can be done through any branch of Banco Itaú SA network, or by email addressed to investfone.investimento@itau-unibanco.com.br.
7. For shareholders with shares held in custody at the BM&FBOVESPA - Securities, Commodities and Futures Exchange, the respective dividend amounts will be credited to the BM&FBOVESPA, which will transfer them to shareholders through the respective Custody Agents.

Valinhos, June 10, 2014.

Vítor Alaga Pini

Investor Relations Officer

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