Analysis of Average Ticket in 2016.1 São Paulo, November 25, 2016 Considerations on the assumptions adopted
  • The scope of the analysis was the first semester of 2016 (2016.1) and included On-Campus Undergraduate freshmen and senior students and excluded students from Uniasselvi

  • The analysis was conducted based on the Company's managerial information for sales and revenue in 2016.1

  • To ensure comparability, the classes were evaluated broken down by unit, academic program, curricula and starting semester

2

WHAT IS THE DIFFERENCE BETWEEN NET TICKET FOR FIES VS. EX-FIES STUDENTS AND WHY?

3

In 2016.1, the difference between the On-Campus Undergraduate Net Ticket for FIES and Ex-FIES was R$250

Net Ticket On-Campus Format

(reported in earnings release)

On-campus undergraduate

Net Ticket1 by payment method

(internal analysis)

On-campus Undergraduate

952.11

701.81

FIES

Ex-FIES

746.2 / 857.81

On-campus

752.6

= On-campus Net Revenue

(+) NPV

(-) Pronatec Net Revenue

÷ Total Invoices (including Prouni)

= On-Campus Net Revenue¹

(+) NPV

(-) Pronatec Net Revenue

(-) Graduate, Unregulated and Language Courses Net Revenue (+) Reallocation of out of pocket portion of FIES from Ex-FIES to FIES

(-) Uniasselvi and Other Academic

Services Net Revenue

÷ Invoices for FIES and Ex-FIES Tuitions¹

R$250 difference between

FIES e EX-FIES

1 Does not consider revenue and invoices for Prouni students 4

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