Average Graduation Ticket: Gross revenue for the period divided by the average number of students in the period.

Adjusted EBITDA: Adjusted EBITDA corresponds to the combination of EBITDA and the financial result of revenues with fines and interest on monthly fees, non-recurring costs and expenses and total leases incurred. According to CVM Instruction 527, the company may choose to disclose EBITDA values excluding net income associated with discontinued operations, as specified in Technical Pronouncement CPC 31 – Non-current Assets Held for Sale and Discontinued Operations, and adjusted for other items that contribute to the information on gross cash generation potential.


B3: Brasil Bolsa Balcão – official Brazilian stock exchange, based in the city of São Paulo

Biological Sciences: Science field that studies living beings in its diversity and interaction with the environment; theories concerning Biology and its teaching process.


Capes: Coordenação de Aperfeiçoamento de Pessoal de Nível Superior is a foundation associated with the Ministry of Education of Brazil that operates in the expansion and consolidation of postgraduate studies stricto sensu in all Brazilian states.

CAGR: Compounded annual growth rate.

CORPORATE TAXPAYER’S ID (CNPJ): Identification number given to corporate taxpayers in the National Register of Legal Entities (CNPJ) , which identifies them at the Internal Revenue Service (Receita Federal).

Company: Cruzeiro do Sul Educacional or Cruzeiro do Sul Educacional S.A.

CPC: It is the score that evaluates the course, on a scale from 1 to 5. The following are taken into account for the assessment: Enade Score (students’ performance in the Enade exam); Indicator of Difference between Observed and Expected Performances (IDD); teaching staff (information from the Higher Education Census on the percentage of masters, PhDs and work schedule) and students’ perception of their training process (information from the Enade’s Student Questionnaire).

CVM: Brazilian Securities and Exchange Commission (CVM).


Distance-Learning (EAD): Distance-Learning.

Distance-Learning Sites: Sites operated by the Company, certified by the MEC, to support the offering of courses through the distance-learning.


Education System: A range of products and services through which a comprehensive educational solution is offered to schools that embrace it.

Exact Sciences: Science field that studies quantitative expressions, precise forecasts, methods and hypotheses, replicable experiments involving projections and measurable estimates.

EBITDA: According to CVM Instruction 527, the definition of EBITDA is Earnings Before Net Financial Income, Income Tax including Social Contribution on Net Income, Depreciation and Amortization.

ENADE: National Student Performance Exam.

ENEM: National Secondary Education Examination.


Final Prospectus: The Final Prospectus of the Public Offering of Primary and Secondary Shares issued by Cruzeiro do Sul Educacional, including its attachments.


GDP: Gross Domestic Product.


Human Sciences: Science field that studies the aspects of the human being as an individual and as a social being.

Higher Education: Education offered at universities, colleges, polytechnics, higher education institutions and other institutions that grant academic or professional degrees.


IES: Higher Education Institution.

IBGC: Brazilian Institute of Corporate Governance.

IFRS: International Financial Reporting Standards. Set of international accounting standards, issued and revised by the International Accounting Standards Board (IASB).

IGC: General Course Index, is a quality indicator that evaluates the Institutions of Higher Education, its estimation is made annually.

INCC: National Construction Cost Index, prepared by Fundação Getúlio Vargas.

INEP: National Institute of Educational Studies and Research.

ITR: Interim Financial Information, pursuant to CVM Instruction 480.

IC: Institutional Concept.


MEC: Brazilian Ministry of Education and Culture.


Preliminary Offering Memorandum: Preliminary document disclosing the Offer to be submitted in the scope of the efforts to allocate Shares to Foreign Investors.

Preliminary Prospectus: This Preliminary Prospectus of the Public Offering of Primary and Secondary Shares issued by Cruzeiro do Sul Educacional, including its attachments.

Prospectus: This Preliminary Prospectus and the Final Prospectus jointly.


Reference Form: Company’s Reference Form as of the date of this Prospectus and attached thereto, prepared pursuant to CVM Instruction 480.


SERES/MEC: The Secretariat of Regulation and Supervision of Higher Education (SERES) is the unit of the Ministry of Education responsible for the regulation and supervision of public and private Higher Education Institutions (IES), as well as undergraduate, graduate and technological courses, and post-graduate courses, all in the on-site or distance learning format. SERES is also responsible for CEBAS.

Shareholders’ Meeting: Annual Shareholders’ Meeting.


Technical Education: Intermediate level between primary and higher education, or a substitute for higher education. Its purpose is to prepare students who conclude primary or high school for the work environment.


University: Higher education institution which comprises a group of colleges or schools for professional and scientific quialification. Universities offer teaching, research and extension activities, which are services to assist the local community in several areas of expertise.

University Center: The University Centers have some autonomy in relation to the MEC in the execution of their activities. 70% of their professors must be university graduates, but they are not required to do research and it is not compulsory to offer postgraduate courses stricto sensu.