# EDGAR Filing Document

**Accession Number:** 0001792829
**File Stem:** 0000950103-25-011743
**Filing Date:** 2025-9
**Character Count:** 348995
**Document Hash:** 7aa113212f75da1930529dbf01728094
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-011743.hdr.sgml**: 20250917

**ACCESSION NUMBER**: 0000950103-25-011743

**CONFORMED SUBMISSION TYPE**: SC TO-T

**PUBLIC DOCUMENT COUNT**: 27

**FILED AS OF DATE**: 20250917

**DATE AS OF CHANGE**: 20250917

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vasta Platform Ltd
- **CENTRAL INDEX KEY:** 0001792829
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91599
- **FILM NUMBER:** 251318950

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 901, 6TH FLOOR
- **STREET 2:** JARDIM PAULISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-100
- **BUSINESS PHONE:** 55 11 3133-7559

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 901, 6TH FLOOR
- **STREET 2:** JARDIM PAULISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-100
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cogna Educacao S.A.
- **CENTRAL INDEX KEY:** 0001844123
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T

**BUSINESS ADDRESS:**
- **STREET 1:** RUA SANTA MADALENA SOFIA, 25
- **STREET 2:** 4TH FLOOR, ROOM 01, VILA PARIS
- **CITY:** MINAS GERAIS - MG
- **STATE:** D5
- **ZIP:** 01310-100
- **BUSINESS PHONE:** 55 (11) 3133 7311

**MAIL ADDRESS:**
- **STREET 1:** RUA SANTA MADALENA SOFIA, 25
- **STREET 2:** 4TH FLOOR, ROOM 01, VILA PARIS
- **CITY:** MINAS GERAIS - MG
- **STATE:** D5
- **ZIP:** 01310-100

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**SCHEDULE TO** ****<br> (RULE 14d-100)

**Tender Offer Statement<br> under<br> Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934**

**VASTA PLATFORM LIMITED**

(Name of Subject Company (Issuer))

**COGNA EDUCAÇÃO S.A.**

(Name of Filing Person (Offeror))

**Class A Common Shares, par value U.S.$0.00005 per share**<br> (Title of Class of Securities)<br>

**KYG9440A1094<br> (ISIN of Class of Securities)<br>G9440A109<br> (CUSIP Number of Class of Securities)**

**Cogna Educação S.A.<br> Rua dos Guajajaras, No. 591, 4th Floor, Room 1, Bairro de Lourdes,<br> Belo Horizonte, Minas Gerais, 30.180-101<br> Brazil<br> Attention: Frederico da Cunha Villa, Chief Financial Officer** 

**Telephone: +55 (11) 3133-7309** 

(Name, address and telephone number of person authorized to receive notices and<br> communications on behalf of the filing persons)

***With copies to:***

 ****

****<br>Manuel Garciadiaz<br> Davis Polk & Wardwell LLP<br> 450 Lexington Avenue<br> New York, New York 10017<br> Telephone: (212) 450-4000**

Filing Fee Exhibit filed herewith.

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☒ third-party tender offer subject to Rule 14d-1.

☐ issuer tender offer subject to Rule 13e-4.

☒ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐ Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

☐ Rule 14d-l(d) (Cross-Border Third-Party Tender Offer)

**table of contents**

Page

---

| | |
|:---|:---|
| [Item 1. Summary Term Sheet.](#a_001) | [2](#a_001) |
| [Item 2. Subject Company Information.](#a_002) | [2](#a_002) |
| [Item 3. Identity and Background of Filing Person.](#a_003) | [2](#a_003) |
| [Item 4. Terms of the Transaction.](#a_004) | [2](#a_004) |
| [Item 5. Past Contacts, Transactions, Negotiations and Agreements.](#a_005) | [3](#a_005) |
| [Item 6. Purpose of the Transaction and Plans or Proposals.](#a_006) | [3](#a_006) |
| [Item 7. Source and Amount of Funds or Other Consideration.](#a_007) | [3](#a_007) |
| [Item 8. Interest in Securities of the Subject Company.](#a_008) | [3](#a_008) |
| [Item 9. Persons/Assets, Retained, Employed, Compensated or Used.](#a_009) | [3](#a_009) |
| [Item 10. Financial Statements.](#a_010) | [3](#a_010) |
| [Item 11. Additional Information.](#a_011) | [3](#a_011) |
| [Item 12. Exhibits.](#a_012) | [4](#a_012) |
| [Item 13. Information Required by Schedule 13E-3.](#a_013) | [4](#a_013) |

---

This Tender Offer Statement on Schedule TO (this "Schedule TO") is filed by Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil (the "Purchaser"). This Schedule TO relates to the offer by Purchaser to acquire, through an all cash tender offer pursuant to the terms and subject to the conditions set forth in the offer to purchase, dated September 17, 2025 (the "Offer to Purchase"), a copy of which is attached hereto as Exhibit (a)(1)(i), and the related Letter of Transmittal (as defined in the Offer to Purchase, the "Letter of Transmittal"), a copy of which is attached hereto as Exhibit (a)(1)(ii) (which, as amended or supplemented from time to time, together constitute the "Offer") for any and all of the outstanding Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" or the "Securities") of Vasta Platform Limited, a Cayman Islands exempted company (the "Company"), traded on the Nasdaq Global Select Market ("NASDAQ"), excluding those Class A Common Shares held, directly or indirectly, by the Purchaser. Unless otherwise defined herein, capitalized terms used in this Schedule TO shall have the meaning given to them in the Offer to Purchase.

The information set forth in the Offer to Purchase, including all schedules thereto, and the related Letter of Transmittal are hereby expressly incorporated by reference in response to all items of this Schedule TO.

**Item 1. Summary Term Sheet.**

Reference is made to the information set forth in the Offer to Purchase under the heading "Summary Term Sheet," which is incorporated herein by reference.

**Item 2. Subject Company Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reference is made to the information set forth in the Offer to Purchase under the heading "The Offer—Section 7. Certain Information Concerning the Company," which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference is made to the information set forth in the Offer to Purchase under the heading "Introduction," which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reference is made to the information set forth in the Offer to Purchase under the heading "The Offer—Section 6. Price Range of Class A Common Shares; Dividends," which is incorporated herein by reference.

**Item 3. Identity and Background of Filing Person.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reference is made to the information set forth in the Offer to Purchase under the headings "Summary Term Sheet," "Introduction," "The Offer—Section 8. Certain Information Concerning Purchaser" and in "Schedule A—Information Concerning Directors and Executive Officers of Cogna Educação S.A.," which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference is made to the information set forth in the Offer to Purchase under the heading "The Offer—Section 8. Certain Information Concerning Purchaser" and in "Schedule A—Information Concerning Directors and Executive Officers of Cogna Educação S.A.," which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reference is made to the information set forth in the Offer to Purchase under the heading "The Offer—Section 8. Certain Information Concerning Purchaser" and in "Schedule A—Information Concerning Directors and Executive Officers of Cogna Educação S.A.," which is incorporated herein by reference.

**Item 4. Terms of the Transaction.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reference is made to the information set forth in the Offer to Purchase under the headings "Summary Term Sheet," "Introduction," "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer," "Special Factors—Section 5. Effects of the Offer," "Special Factors—Section 6. Conduct of the Company's Business if the Offer Is Not Completed," "Special Factors—Section 9. Interests of Certain Persons in the Offer," "The Offer—Section 1. Terms of the Offer," "The Offer—Section 2. Acceptance for Payment and Payment for Securities," "The Offer—Section 3. Procedures for Accepting the Offer and Tendering Securities," "The Offer—Section 4. Withdrawal Rights," "The Offer—Section 5. Material U.S. Federal Income Tax Consequences," "The Offer—Section 10. Dividends and Distributions," "The Offer—Section 12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin

Regulations" and "The Offer—Section 13. Certain Legal Matters; Regulatory Approvals," which is incorporated herein by reference.

**Item 5. Past Contacts, Transactions, Negotiations and Agreements.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reference is made to the information set forth in the Offer to Purchase under the headings "Special Factors—Section 8. Related Party Transactions" and in "Schedule A—Information Concerning Directors and Executive Officers of Cogna Educação S.A.," which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference is made to the information set forth in the Offer to Purchase under the headings "Special Factors—Section 1. Background" and in "Schedule A—Information Concerning Directors and Executive Officers of Cogna Educação S.A.," which is incorporated herein by reference.

**Item 6. Purpose of the Transaction and Plans or Proposals.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) and (c) (1) through (7) Reference is made to the information set forth in the Offer to Purchase under the headings "Summary Term Sheet," "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer," "Special Factors—Section 5. Effects of the Offer," "Special Factors—Section 6. Conduct of the Company's Business if the Offer Is Not Completed" and "The Offer—Section 12. Possible Effect of the Offer on the Market for the Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations," which is incorporated herein by reference.

**Item 7. Source and Amount of Funds or Other Consideration.**

(a), (b) and (d) Reference is made to the information set forth in the Offer to Purchase under the headings "Summary Term Sheet" and "The Offer—Section 9. Source and Amount of Funds," which is incorporated herein by reference.

**Item 8. Interest in Securities of the Subject Company.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reference is made to the information set forth in the Offer to Purchase under the heading "Summary Term Sheet" and in "Schedule A—Information Concerning Directors and Executive Officers of Cogna Educação S.A.," which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference is made to the information set forth in the Offer to Purchase under the heading "Schedule A—Information Concerning Directors and Executive Officers of Cogna Educação S.A.," which is incorporated herein by reference.

**Item 9. Persons/Assets, Retained, Employed, Compensated or Used.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reference is made to the information set forth in the Offer to Purchase under the heading "The Offer—Section 14. Fees and Expenses," which is incorporated herein by reference.

**Item 10. Financial Statements.**

(a)-(b) Financial information with respect to Purchaser is not material because (a) the consideration offered consists solely of cash; (b) the offer is not subject to any financing condition; and (c) the offer is for all outstanding securities of the subject class. See "The Offer—Section 9. Source and Amount of Funds."

**Item 11. Additional Information.**

(a)(1) Reference is made to the information set forth in the Offer to Purchase under the headings "Special Factors—Section 1. Background," "Special Factors—Section 8. Related Party Transactions" and "Special Factors—Section 9. Interests of the Certain Persons in the Offer" and in "Schedule A—Information Concerning Directors and Executive Officers of Cogna Educação S.A.," which is incorporated herein by reference.

(a)(2) Reference is made to the information set forth in the Offer to Purchase under the headings "Special Factors—Section 7. Appraisal Rights; Rule 13e-3," "The Offer—Section 1. Terms of the Offer," "The Offer—Section 2. Acceptance for Payment and Payment for Securities," "The Offer—Section 3. Procedures for Accepting the Offer and Tendering Securities," "The Offer—Section 4. Withdrawal Rights," "The Offer—Section 5. Material

U.S. Federal Income Tax Consequences," "The Offer—Section 11. Conditions to the Offer," "The Offer—Section 12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations" and "The Offer—Section 13. Certain Legal Matters; Regulatory Approvals," which is incorporated herein by reference.

(a)(3) and (4) Reference is made to the information set forth in the Offer to Purchase under the headings "The Offer—Section 12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations" and "The Offer—Section 13. Certain Legal Matters; Regulatory Approvals," which is incorporated herein by reference.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reference is made to the information set forth in the Offer to Purchase, the Letter of Transmittal and the Notice of Guaranteed Delivery, which are incorporated herein by reference.

**Item 12. Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits.

(a)(1)(i) Offer to Purchase, dated September 17, 2025.

(a)(1)(ii) Form of Letter of Transmittal.

(a)(1)(iii) Form of Notice of Guaranteed Delivery.

(a)(1)(iv) Form of Letter to Brokers, Dealers, Banks, Trust Companies and Other Securities Intermediaries.

(a)(1)(v) Form of Letter to Clients for Use by Brokers, Dealers, Banks, Trust Companies and Other Securities Intermediaries.

(a)(1)(vi) Form of Withdrawal Letter.

(a)(1)(vii) Summary Advertisement.

(a)(5)(i) Press Release issued by the Purchaser with respect to the announcement of the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dealer Manager Agreement, dated as of September 17, 2025, by and between the Purchaser and Itau BBA USA Securities, Inc., as the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Filing Fees.

107 Filing Fee Exhibit.

**Item 13. Information Required by Schedule 13E-3.**

Not applicable. Purchaser has elected not to file a combined Tender Offer Statement and Transaction Statement on Schedule TO, and has instead filed a separate Transaction Statement on Schedule 13E-3 on the date hereof.

**SIGNATURES**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | | |
|:---|:---|:---|:---|
| Dated September 17, 2025 | COGNA EDUCAÇÃO S.A. | COGNA EDUCAÇÃO S.A. | COGNA EDUCAÇÃO S.A. |
|  | By: | /s/ Roberto Valério Neto | /s/ Roberto Valério Neto |
|  |  | Name: | Roberto Valério Neto |
|  |  | Title: | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Frederico da Cunha Villa | /s/ Frederico da Cunha Villa |
|  | Name: | Frederico da Cunha Villa |
|  | Title: | Chief Financial and Investor Relations Officer |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| [(a)(1)(i)](dp234471_ex-a1i.htm) | [Offer to Purchase, dated September 17, 2025.](dp234471_ex-a1i.htm) |
| [(a)(1)(ii)](dp234471_ex-a1ii.htm) | [Form of Letter of Transmittal.](dp234471_ex-a1ii.htm) |
| [(a)(1)(iii)](dp234471_ex-a1iii.htm) | [Form of Notice of Guaranteed Delivery.](dp234471_ex-a1iii.htm) |
| [(a)(1)(iv)](dp234471_ex-a1iv.htm) | [Form of Letter to Brokers, Dealers, Banks, Trust Companies and Other Securities Intermediaries.](dp234471_ex-a1iv.htm) |
| [(a)(1)(v)](dp234471_ex-a1v.htm) | [Form of Letter to Clients for Use by Brokers, Dealers, Banks, Trust Companies and Other Securities Intermediaries.](dp234471_ex-a1v.htm) |
| [(a)(1)(vi)](dp234471_ex-a1vi.htm) | [Form of Withdrawal Letter.](dp234471_ex-a1vi.htm) |
| [(a)(1)(vii)](dp234471_ex-a1vii.htm) | [Summary Advertisement.](dp234471_ex-a1vii.htm) |
| [(a)(5)(i)](dp234471_ex-a5i.htm) | [Press Release issued by the Purchaser with respect to the announcement of the Offer.](dp234471_ex-a5i.htm) |
| (b) | Not applicable. |
| (c) | Not applicable. |
| [(d)](dp234471_ex-d.htm) | [Dealer Manager Agreement, dated as of September 17, 2025, by and between the Purchaser and Itau BBA USA Securities, Inc., as the Dealer Manager.](dp234471_ex-d.htm) |
| (e) | Not applicable. |
| (f) | Not applicable. |
| (g) | Not applicable. |
| (h) | Not applicable. |
| [107](dp234471_exfilingfees.htm) | [Filing Fee Exhibit.](dp234471_exfilingfees.htm) |

---

## Ex-99.(A)(1)(I)

**EXHIBIT (a)(1)(i)**

**OFFER TO PURCHASE FOR CASH ALL OUTSTANDING CLASS A COMMON SHARES OF<br>VASTA PLATFORM LIMITED<br>AT<br>U.S.$5.00 PER CLASS A COMMON SHARE<br>BY<br>COGNA EDUCAÇÃO S.A.**

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M. NEW YORK CITY TIME, ON OCTOBER 15, 2025, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.

Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil ("Purchaser" or "Cogna"), whose shares are listed on B3 S.A. – Brasil, Bolsa, Balcão ("B3"), is making an all cash tender offer pursuant to this offer to purchase (as may be amended or supplemented from time to time, the "Offer to Purchase") to purchase any and all of the outstanding Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" and collectively the "Securities") of Vasta Platform Limited, an exempted company incorporated under the laws of the Cayman Islands (the "Company" or "Vasta"), traded on the Nasdaq Global Select Market ("NASDAQ"), other than any Class A Common Shares held, directly or indirectly, by the Purchaser, at a price of U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends or other distributions which may be paid, and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the date of expiration of the Offer (the "Offer Price"), without interest, upon the terms, and subject to the conditions, set forth in this Offer to Purchase and the related letter of transmittal for the Class A Common Shares (the "Letter of Transmittal"), which, together with any amendments or supplements, collectively constitute the "Offer."

The Offer commenced on September 17, 2025 and will expire at 5:00 p.m. New York City time on October 15, 2025 (the offering period may be extended as set forth in this Offer to Purchase but not including any subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act, if applicable, the "Expiration Time" and the "Expiration Date"). We refer to the period between 12:01 a.m. New York City time on September 17, 2025 and the Expiration Time (as such period may be extended as set forth in this Offer to Purchase but not including any subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act, if applicable) as the "initial offering period."

The Offer is subject to certain conditions set forth in "The Offer―Section 11. Conditions to the Offer" of this Offer to Purchase (the "Offer Conditions"), which include a condition that tendering holders of Securities shall have validly tendered and not withdrawn prior to the Expiration Date of the Offer a number of Class A Common Shares, other than any Class A Common Shares beneficially owned by Purchaser, that constitute at least 90% (the "Minimum Tender Amount") in value of the total outstanding Class A Common Shares of the Company (the "Minimum Tender Condition"). The Offer is not subject to any financing condition. Purchaser expressly reserves the right to waive any Offer Condition.

The purpose of the Offer is for Purchaser to acquire as many Securities as possible. In the event that Purchaser does not acquire all of the outstanding Securities, Purchaser may, at its election, in accordance with the applicable provisions of Rule 14d-11 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), provide for a subsequent offering period in which it would offer to purchase, at the same price of the Offer, any Securities that remain outstanding following the Expiration Date of the Offer.

You may withdraw Securities at any time prior to the Expiration Date and, if we have not accepted your Securities for payment by November 17, 2025 (which is the 60th day after the date of the commencement of the

Offer), you may withdraw them at any time after that date until we accept Securities for payment. If Purchaser provides for a subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act, you will have limited withdrawal rights with respect to any Securities you have tendered during such subsequent offering period. Securities tendered pursuant to the Offer during a subsequent offering period may be withdrawn at any time prior to 5:00 p.m. New York City time, on the date of the tender of such Securities. To withdraw Securities, you must deliver an executed written notice of withdrawal, or a facsimile of one, with the required information to the Tender Agent while you still have the right to withdraw the Securities. See "The Offer—Section 4. Withdrawal Rights" in the Offer to Purchase.

This Offer to Purchase, the related Letter of Transmittal and other related materials will be mailed to record holders of the Securities, and this Offer to Purchase and other related materials will also be furnished to brokers, dealers, commercial banks, trust companies and other securities intermediaries whose names appear on the Company's shareholder list or, if applicable, who are listed as participants in a clearing agency's security position listing for subsequent transmittal to beneficial owners of the Securities. Brokers, dealers, banks and trust companies will be reimbursed by Purchaser for customary mailing and handling expenses incurred by them in forwarding the Offer materials to their customers. We will also mail this Offer to Purchase, the related Letter of Transmittal and/or other related materials to any record or beneficial holder of Securities that requests a copy thereof.

The Company is a Cayman Islands exempted company and Cayman Islands law governs the duties and obligations of the Company's board of directors (the "Vasta Board"). Under U.S. law, within ten business days after the commencement of the Offer, the Company is required to file with the United States Securities and Exchange Commission (the "SEC") and distribute to its shareholders a statement indicating whether it recommends in favor of the Offer, recommends against the Offer, expresses no position and remains neutral in connection with the Offer or expresses that it is unable to take a position regarding the Offer. In each case, the Company's board of directors is required to explain the reasons for its position. This Offer to Purchase and the related Letter of Transmittal and the Company's Solicitation/Recommendation Statement on Schedule 14D-9 (the "Schedule 14D-9") to be filed by the Company within ten business days from the date of this Offer to Purchase with the SEC contain important information and should be read carefully and in their entirety before any decision is made with respect to the Offer.

**Neither the SEC nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of such transaction or passed upon the adequacy or accuracy of the information contained in this document. Any representation to the contrary is a criminal offense.**

The Purchaser has retained Itau BBA USA Securities, Inc. to act as the dealer manager (the "Dealer Manager") in connection with the Offer. Equiniti Trust Company, LLC has been appointed as tender agent (the "Tender Agent") and D.F. King & Co., Inc. has been appointed as information agent (the "Information Agent") in connection with the Offer.

You may contact the Dealer Manager with questions regarding the terms of the Offer or the Information Agent with questions regarding the terms of the Offer and how to tender or to request additional copies of this Offer to Purchase, the Letter of Transmittal or the Notice of Guaranteed Delivery, or other related materials, at their respective addresses and telephone numbers set forth on the back cover of this Offer to Purchase. You may also contact your broker, dealer, commercial bank, trust company or other securities intermediary, or obtain copies of these materials for free on the website maintained by the SEC at http://www.sec.gov.

None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them makes, has made or has authorized any person to make, any recommendation as to whether or not holders should tender Class A Common Shares pursuant to the Offer or as to the price or prices at which holders should tender their Class A Common Shares or overall fairness of the Offer otherwise. Holders should carefully evaluate all the information in this Offer to Purchase and in related filings and consult their own investment and tax advisors, and holders must make their own independent decision as to whether to participate in the Offer and, if so, the number of Class A Common Shares to tender.

This Offer to Purchase, the Letter of Transmittal and the Notice of Guaranteed Delivery contain important information, and you should carefully read both in their entirety before making a decision with respect to the Offer.

September 17, 2025

ii

***The Dealer Manager for the Offer is:***

Itau BBA USA Securities, Inc.<br> 599 Lexington Avenue, 34<sup>th</sup> Floor<br> New York, New York 10022<br> United States<br> Attention: Fernando Niemeyer<br> Phone Number: + 55 (11) 97530-3709

Attention: Felipe Condado Barbosa

Phone Number: +55 (11) 96587-0063

iii

**IMPORTANT**

If you wish to tender all or any portion of your Class A Common Shares in the Offer, this is what you must do:

&nbsp;&nbsp;&nbsp;&nbsp;· If you hold your Class A Common Shares indirectly through a broker, dealer, commercial bank, trust company or other securities intermediary,
you must instruct your broker, dealer, commercial bank, trust company or other securities intermediary to tender your Class A Common Shares
to the Tender Agent on your behalf, by book-entry transfer, to an account maintained by the Tender Agent at The Depository Trust Company
(the "DTC") by using the automated tender system (the "ATOP system") of the DTC. You must ensure that your broker,
dealer, commercial bank, trust company or other securities intermediary receives your instructions and any required documentation sufficiently
in advance of the Expiration Time so that it can effect such deposit and tender on your behalf prior to the Expiration Time and you must
pay any fees or commissions charged by such broker, dealer, commercial bank, trust company or other securities intermediary to make such
deposit or tender.

&nbsp;&nbsp;&nbsp;&nbsp;· If you hold your Class A Common Shares directly, you must complete and sign the Letter of Transmittal and return it together with
your Class A Common Shares and any required documentation to the Tender Agent at the appropriate address specified on the Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;· If you or your securities intermediary holds Class A Common Shares in certificated form and you would like to tender such Class A
Common Shares in the Offer, you will first have to deposit these Class A Common Shares with a broker, dealer, commercial bank, trust company
or other securities intermediary for delivery to the Tender Agent, and then follow the instructions set out in the first paragraph above.

&nbsp;&nbsp;&nbsp;&nbsp;· If you desire to tender Class A Common Shares and your certificates for those Class A Common Shares are not immediately available
or the procedure for book-entry transfer cannot be completed on a timely basis, your tender may be effected by following the procedure
for guaranteed delivery set forth herein.

Detailed instructions are contained in the Letter of Transmittal, in the Notice of Guaranteed Delivery and in "The Offer―Section 3. Procedures for Accepting the Offer and Tendering Securities." See the back cover of this Offer to Purchase for contact information for the Tender Agent.

**Do NOT send any Class A Common Share or Letter of Transmittal or any related documents to Purchaser, the Dealer Manager or the Information Agent.**

*Questions regarding the terms of the Offer may be directed to D.F. King & Co., Inc., the Information Agent, at (800) 659-5550 (Toll-Free in North America) or (212) 269-5550 (outside North America) or email at vasta@dfking.com, or to Itau BBA USA Securities, Inc., the Dealer Manager, at + 55 (11) 97530-3709; Attention: Fernando Niemeyer, or +55 (11) 96587-0063; Attention: Felipe Condado Barbosa.*

*See the back cover of this Offer to Purchase for additional contact information. Questions regarding how to tender your Securities and requests for additional copies of this Offer to Purchase, the Letter of Transmittal or the Notice of Guaranteed Delivery, and other related materials, may be directed to the Information Agent. A shareholder may also contact such shareholder's broker, dealer, commercial bank, trust company or other securities intermediary for assistance.*

iv

**table of contents**

**Page**

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| | |
|:---|:---|
| Summary Term Sheet | 2 |
| Introduction | 8 |
| Special Factors | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Background | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. The Current Status of the Position of the Company's Board of Directors | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Position of Purchaser Regarding Fairness of the Offer | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Effects of the Offer | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. Conduct of the Company's Business if the Offer Is Not Completed | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. Appraisal Rights; Rule 13e-3 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. Related Party Transactions | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. Interests of Certain Persons in the Offer | 17 |
| The Offer | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Terms of the Offer | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Acceptance for Payment and Payment for Securities | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Procedures for Accepting the Offer and Tendering Securities | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Withdrawal Rights | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Material U.S. Federal Income Tax Consequences | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. Price Range of Class A Common Shares; Dividends | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. Certain Information Concerning the Company | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. Certain Information Concerning Purchaser | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. Source and Amount of Funds | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;10. Dividends and Distributions | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;11. Conditions to the Offer | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;13. Certain Legal Matters; Regulatory Approvals | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;14. Fees and Expenses | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;15. Miscellaneous | 34 |
| Schedule A | 36 |

---

**Summary Term Sheet**

Cogna Educação S.A., as Purchaser, is offering to purchase, all outstanding Class A Common Shares, other than any Class A Common Shares held, directly or indirectly, by the Purchaser, at a price of U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends, distributions and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the Expiration Date of the Offer, without interest, upon the terms and subject to the conditions set forth in this Offer to Purchase and the related Letter of Transmittal.

**This summary term sheet is not meant to be a substitute for the more detailed information contained in the remainder of this Offer to Purchase, the Letter of Transmittal and the Notice of Guaranteed Delivery, and you should carefully read this Offer to Purchase and the accompanying Letter of Transmittal in their entirety because the information in this summary term sheet is not complete and additional important information is contained in the remainder of this Offer to Purchase and in the Letter of Transmittal.** Purchaser has included in this summary term sheet cross-references to the sections of the Offer to Purchase containing a more complete description of the topics covered in this summary term sheet. Unless otherwise indicated, all references in this Offer to Purchase to "we," "our" or "us" refer to Purchaser. The information concerning the Company contained herein and elsewhere in this Offer to Purchase has been taken from or is based upon publicly available documents or records of the Company on file with the SEC or other public sources at the time of the Offer. The Dealer Manager has not independently verified the accuracy or completeness of such information, and the Dealer Manager does not assume any responsibility for the accuracy or completeness of such information or for any failure to disclose events that may have occurred after the date of this Offer to Purchase that may affect the significance or accuracy of this information. None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them makes, has made or has authorized any person to make, any recommendation as to whether or not holders should tender Class A Common Shares pursuant to the Offer or as to the price or prices at which holders should tender their Class A Common Shares or overall fairness of the Offer otherwise. Holders should carefully evaluate all the information in this Offer to Purchase and in related filings and consult their own investment and tax advisors, and holders must make their own independent decision as to whether to participate in the Offer and, if so, the number of Class A Common Shares to tender.

In this Offer to Purchase, references to "United States dollars," "U.S. dollars," "U.S.$," "$" or "dollars" are to U.S. currency, references to "Brazilian *reais*," "*reais*," the "Brazilian *real*" or "R$" are to Brazilian currency. Solely for the convenience of the reader, certain *reais* amounts have been translated into U.S. dollars at specified rates. These translations should not be construed as representations that the Brazilian *real* amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated or at any other rate. As of December 31, 2024, 2023 and 2022, the exchange rate between Brazilian *reais* and U.S. dollars, as reported by the Brazilian Central Bank, was R$6.192, R$4.841 and R$5.218, in each case, per U.S.$1.00. As of June 30, 2025, the exchange rate between Brazilian *reais* and U.S. dollars, as reported by the Brazilian Central Bank, was R$ R$5.457 per U.S.$1.00.

**Who is offering to buy my securities?**

Cogna Educação S.A. is a company organized under the laws of the Federative Republic of Brazil. As of the date of this Offer to Purchase, Purchaser owns, directly or indirectly, approximately 80% of the Company's total capital through its ownership of 64,436,093 Class B Common Shares, representing approximately 98% of the Company's voting rights. Further details on Purchaser's affiliation with the Company can be found in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2024, as filed with the SEC on April 17, 2025 (the "2024 Form 20-F"). See also "The Offer―Section 8. Certain Information Concerning Purchaser."

**What securities are you offering to purchase?**

Purchaser is offering to purchase, on the terms and subject to the satisfaction and/or waiver of certain conditions as set out in this Offer to Purchase, the Letter of Transmittal and the Notice of Guaranteed Deliver**y**, all of the outstanding Class A Common Shares, other than any Class A Common Shares held, directly or indirectly, by the Purchaser.

See the "Introduction" and "The Offer—Section 1. Terms of the Offer" to this Offer to Purchase.

**How much are you offering to pay for my Securities, and what is the form of payment?**

Purchaser is offering to pay U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends, distributions and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was

announced and the Expiration Date of the Offer, without interest, upon the terms, and subject to the conditions, set forth in this Offer to Purchase and the related Letter of Transmittal.

See "The Offer―Section 1. Terms of the Offer―Subsequent Offering Period" and "Special Factors—Section 5. Effects of the Offer—Compulsory Acquisition."

**What is the market value of my Securities as of a recent date?**

On September 15, 2025, the last trading day before the Purchaser announced its intention to make a cash tender offer to acquire all outstanding Class A Common Shares of the Company not already held, directly or indirectly, by the Purchaser, the closing price of the Class A Common Shares on the NASDAQ was U.S.$4.85 per Class A Common Share.

**How do I participate in the Offer?**

If you wish to tender all or any portion of your Class A Common Shares in the Offer, this is what you must do:

&nbsp;&nbsp;&nbsp;&nbsp;· If you hold your Class A Common Shares indirectly through a broker, dealer, commercial bank, trust company or other securities intermediary,
you must instruct your broker, dealer, commercial bank, trust company or other securities intermediary to tender your Class A Common Shares
to the Tender Agent on your behalf, by book-entry transfer, to an account maintained by the Tender Agent at DTC by using the ATOP system
of the DTC. You must ensure that your broker, dealer, commercial bank, trust company or other securities intermediary receives your instructions
and any required documentation sufficiently in advance of the Expiration Time so that it can effect such deposit and tender on your behalf
prior to the Expiration Time and you must pay any fees or commissions charged by such broker, dealer, commercial bank, trust company or
other securities intermediary to make such deposit or tender.

&nbsp;&nbsp;&nbsp;&nbsp;· If you hold your Class A Common Shares directly, you must complete and sign the Letter of Transmittal and return it together with
your Class A Common Shares and any required documentation to the Tender Agent at the appropriate address specified on the Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;· If you or your securities intermediary holds Class A Common Shares in certificated form and you would like to tender such Class A
Common Shares in the Offer, you will first have to deposit these Class A Common Shares with a broker, dealer, commercial bank, trust company
or other securities intermediary for delivery to the Tender Agent, and then follow the instructions set out in the first paragraph above.

&nbsp;&nbsp;&nbsp;&nbsp;· If you desire to tender Class A Common Shares and your certificates for those Class A Common Shares are not immediately available
or the procedure for book-entry transfer cannot be completed on a timely basis, your tender may be effected by following the procedure
for guaranteed delivery set forth herein.

In any case, the Tender Agent must receive all required documents prior to 5:00 p.m. New York City time, on October 15, 2025, unless the Offer is extended. See "The Offer—Section 3. Procedures for Accepting the Offer and Tendering Securities." See the back cover of this Offer to Purchase for additional contact information for the Tender Agent. You should be aware that brokers and other securities intermediaries will set their own cutoff dates and times to receive instructions relating to tenders in the Offer, which will be earlier than the Expiration Date. You should contact your broker, dealer, commercial bank, trust company or other securities intermediary to determine the cutoff date and time that applies to you.

**Will I have to pay any brokerage fees or commissions?**

If you are the record owner of Securities and you tender your Securities in the Offer, you will not have to pay brokerage fees or similar expenses. If you beneficially own Securities through a broker, dealer, commercial bank, trust company or other securities intermediary, and your broker, dealer, commercial bank, trust company or other securities intermediary tenders your securities on your behalf, you will be responsible for any fees or commissions they may charge you in connection with such tender. In addition, you will be responsible for all governmental charges and taxes payable in connection with tendering your Securities. You should consult your broker, dealer, commercial bank, trust company or other securities intermediary and your tax advisors to determine whether any charges or taxes will apply.

See also "The Offer—Section 3. Procedures for Accepting the Offer and Tendering Securities."

**Do you have the financial resources to make payment?**

Yes. Purchaser has sufficient resources available to it to make the payment for your Securities. Based upon the Company's filings with the SEC, Purchaser estimates the total amount of funds necessary to purchase all of the outstanding Securities pursuant to the Offer to be approximately U.S.$79.4 million, excluding related transaction fees, costs and expenses.

For further information, see also "The Offer—Section 9. Source and Amount of Funds."

**Is your financial condition material to my decision to tender in the Offer?**

No. Purchaser's financial condition should not be relevant to your decision whether to tender Securities into the Offer because:

&nbsp;&nbsp;&nbsp;&nbsp;· you will receive payment solely in cash for any Securities that you tender into the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;· the Offer is for 100% of the outstanding Securities, other than any Securities held, directly or indirectly, by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;· as described above, Purchaser has sufficient funds to purchase all Securities validly tendered, and not validly withdrawn, in the
Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;· the consummation of the Offer is not subject to any financing condition.

See also "Introduction," "The Offer—Section 9. Source and Amount of Funds" and "The Offer—Section 11. Conditions to the Offer" for further information.

**What are the most significant conditions to the Offer?**

The Offer is subject to the conditions set forth in "The Offer—Section 11. Conditions to the Offer" section of this Offer to Purchase, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· that tendering holders of Securities shall have validly tendered and not withdrawn the Minimum Tender Amount prior to the Expiration
Date;

&nbsp;&nbsp;&nbsp;&nbsp;· that since the commencement of the Offer, there shall not have occurred or been threatened any change (or any condition, event or
development involving a prospective change) in the business, properties, assets, liabilities, capitalization, shareholders' equity,
condition (financial or otherwise), operations, licenses, franchises, permits, permit applications, results of operations, cash flows
or prospects of the Company or any of its subsidiaries, which, in Purchaser's reasonable judgment, is or may be materially adverse
to the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;· that none of the conditions described under "The Offer—Section 11. Conditions to the Offer" shall have occurred
since the commencement of the Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;· that since the commencement of the Offer, no public, governmental, judicial, legislative or regulatory authority in the U.S., Brazil
or Cayman Islands shall have enacted, issued, promulgated, enforced or entered any statute, law, rule, regulation, executive order, decree,
injunction or other order, or shall have threatened to do any of the foregoing, which prevents or prohibits the consummation of the Offer,
adversely affects the terms and/or conditions of the Offer or which entails additional risks, or causes any of the certain other effects
described in "The Offer—Section 11. Conditions to the Offer".

Consummation of the Offer is not conditioned on obtaining financing.

**Is there an agreement governing the Offer?**

No. There is no agreement in place between Purchaser and the Company governing the Offer. We have not negotiated the terms of the Offer with the Company, the Vasta Board or any special committee thereof, and we do not intend to do so. Our Offer is not conditioned upon the receipt of any approval or recommendation by the Vasta Board or any special committee thereof.

**What does the Company's board of directors think of the Offer?**

The Company is a Cayman Islands exempted company and Cayman Islands law governs the duties and obligations of the Vasta Board. As of the date of this Offer to Purchase, the Vasta Board has not made any recommendation to its shareholders in connection with the Offer, and we do not know if the Vasta Board will do so. Under U.S. law, within ten business days after the commencement of the Offer, the Company is required to file with the SEC and distribute to its shareholders a statement indicating whether it recommends in favor of the Offer, recommends against the Offer, expresses no position and remains neutral in connection with the Offer or expresses that it is unable to take a position regarding the Offer. In each case the Vasta Board is required to explain the reasons for its position. See "Introduction," "Special Factors—Section 1. Background" and "Special Factors—Section 3. The Current Status of the Position of the Company's Board of Directors." A more complete description of the Vasta Board's position with respect to the Offer will be set forth in the Schedule 14D-9 to be filed by the Company with the SEC and furnished to shareholders of the Company in connection with the Offer.

None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them makes, has made or has authorized any person to make, any recommendation as to whether or not holders should tender Class A Common Shares pursuant to the Offer or as to the price or prices at which holders should tender their Class A Common Shares or overall fairness of the Offer otherwise. Holders should carefully evaluate all the information in this Offer to Purchase and in related filings and consult their own investment and tax advisors, and holders must make their own independent decision as to whether to participate in the Offer and, if so, the number of Class A Common Shares to tender.

**What is your position as to the fairness of the Offer?**

Purchaser believes that the Offer is in the best interest of the Company and its shareholders, and is fair to all of the shareholders of the Company other than Purchaser, based upon the factors set forth under "Special Factors—Section 4. Position of Purchaser Regarding Fairness of the Offer."

**Do you have interests in the Offer that are different from my interests as a shareholder of the Company?**

Yes. Purchaser's interests in the Offer are different from those of security holders of the Company being asked to tender their Securities in the Offer. If you tender your Securities in the Offer, you would cease to have any interest in the Company and would not have the opportunity to participate in the future earnings or growth, if any, of the Company and would not bear the burden of a future decrease, if any, in the value of the Company. In contrast, Purchaser would benefit from any future increase in the value of the Company and would also bear the burden of any future decrease in the value of the Company.

See "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer."

**Do I need to do anything to retain my Securities?**

No. If you do not wish to tender your Securities, you do not need to take any action. However, remaining holders of Securities following any SEC Deregistration (as defined below) should be aware of the following: SEC Deregistration would substantially reduce the information required to be furnished by the Company to such holders and to the SEC and would make certain provisions of the Exchange Act no longer applicable to the Company, such as the requirement to file an annual report on Form 20-F with the SEC and the requirements of Rule 13e-3 under the Exchange Act with respect to "going private" transactions. Furthermore, the ability of "affiliates" of the Company and persons holding "restricted securities" of the Company to dispose of such securities pursuant to Rule 144 promulgated under the Securities Act may be impaired or eliminated. In addition, after any NASDAQ Delisting (as defined below), the Company would no longer be required to follow mandatory corporate governance standards promulgated by the listing rules of the NASDAQ.

**Is this the first step in a going-private transaction?**

Yes. The Offer is being made for the purpose of causing the Securities to become eligible for termination of registration and causing the reporting obligations with respect to such class to become eligible for termination under Rule 12h-6 under the Exchange Act. Following the completion of the Offer (including if the Minimum Tender Condition has been waived by Purchaser prior to the Expiration Date), Purchaser intends to take or cause the Company to take certain actions to that end, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· the delisting of the Class A Common Shares from the NASDAQ (the "NASDAQ Delisting"); and

&nbsp;&nbsp;&nbsp;&nbsp;· if at any time there are less than 300 holders of Securities of record (worldwide or in the United States), the filing of a Form 15F
with the SEC to deregister the Securities under the Exchange Act ("SEC Deregistration").

If you do not tender your Securities in the Offer and continue after expiration of the Offer to hold Securities, you would remain a shareholder of the Company. However, at such time, there may be no market for your Securities and you would have limited rights to information. In addition, after the NASDAQ Delisting, the Company would no longer be required to follow mandatory corporate governance standards promulgated by the listing rules of the NASDAQ.

See also "Special Factors―Section 5. Effects of the Offer—Delisting and Deregistration in the United States" and "The Offer―Section 12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations."

**What actions is Purchaser considering if Purchaser obtains the Minimum Tender Condition?**

Under Cayman Islands law, subject to certain requirements, within four months of the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act. Following the satisfaction of the Minimum Tender Condition, and after the statutory period has elapsed, Purchaser will therefore be entitled and intends to conduct a compulsory acquisition for the purpose of purchasing Securities held by any remaining holders of the Securities. As required under the Companies Act, the price in this compulsory acquisition shall be the same as the Offer Price.

**How long do I have to decide whether to tender in the Offer? Can the Offer be extended?**

The Tender Agent must receive all required documents prior to 5:00 p.m. New York City time, on October 15, 2025, unless the Offer is extended. See "The Offer—Section 1. Terms of the Offer."

If any of the Offer Conditions, including the Minimum Tender Condition, has not been satisfied or waived at the Expiration Date, Purchaser may extend the Offer for one or more periods to permit such Offer Condition to be satisfied. Purchaser may also provide for a subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act. Purchaser is also required to extend the Offer for the minimum period required by any rule, regulation, interpretation or position of the SEC or its staff or by any rule, regulation or position of NASDAQ or by any applicable U.S. federal securities law. If Purchaser extends the Offer or provides for a subsequent offering period, Purchaser will inform the Tender Agent of that fact and will make a public announcement of the extension not later than 9:00 a.m., New York City time, on the next business day after the day on which the Offer was scheduled to expire. Please be aware that if your Securities are held by a broker, dealer, commercial bank, trust company or other securities intermediary, they may require advance notification before the Expiration Date of the Offer in order to be able to tender your Securities prior to the expiration of the Offer.

See "The Offer—Section 1. Terms of the Offer," "The Offer—Section 2. Acceptance of Payment and Payment for Securities" and "The Offer—Section 3. Procedures for Accepting the Offer and Tendering Securities."

**Will there be a subsequent offering period? If so, when will such period begin?**

In the event that Purchaser does not acquire all of the outstanding Securities, Purchaser may, at its election, in accordance with the applicable provisions of Rule 14d-11 under the Exchange Act, provide for a subsequent offering period in which it would offer to purchase, at the same price of the Offer, any Securities that remain outstanding following the Expiration Date of the Offer.

If Purchaser provides for a subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act, you will have limited withdrawal rights during the subsequent offering period, as described under "The Offer—Section 4. Withdrawal Rights," and when Purchaser commences the subsequent offering period, Purchaser will inform the Tender Agent of that fact, and will issue a press release announcing the subsequent offering period not later than 9:00 a.m., New York City time, on the next business day after the day on which the Offer was scheduled to expire.

See "The Offer—Section 1. Terms of the Offer—Subsequent Offering Period."

**When and how will I be paid for my tendered Securities?**

If the Offer Conditions, including the Minimum Tender Condition, are satisfied or waived as of the expiration of the Offer, Purchaser will accept for payment and pay for all validly tendered and not validly withdrawn Securities within three business days after the Expiration Date.

Purchaser will pay for your validly tendered and not validly withdrawn Securities by depositing the purchase price with the Tender Agent, which will act as your agent for the purpose of receiving payments from us and transmitting such payments to you. In all cases, payment for tendered Securities will be made only after timely receipt by the Tender Agent of the Letter of Transmittal (or a facsimile thereof), properly completed and duly executed, with any required signature guarantees (or, in the case of a book-entry transfer, all Agent's Messages (as defined below)), and any other documents required by the Letter of Transmittal, as described in "The Offer—Section 3. Procedures for Accepting the Offer and Tendering Securities."

**How and until what time may I withdraw previously tendered Securities in the Offer?**

To withdraw Securities, you must deliver an executed written notice of withdrawal, or a facsimile of one, with the required information to the Tender Agent while you still have the right to withdraw the Securities. You may withdraw Securities at any time prior to the Expiration Date and, if we have not accepted your Securities for payment by November 17, 2025 (which is the 60th day after the date of the commencement of the Offer), you may withdraw them at any time after that date until we accept Securities for payment.

If Purchaser provides for a subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act, you will have limited withdrawal rights with respect to any Securities you have tendered during such subsequent offering period. Securities tendered pursuant to the Offer during a subsequent offering period may be withdrawn at any time prior to 5:00 p.m. New York City time, on the date of the tender of such Securities.

See "The Offer—Section 4. Withdrawal Rights."

**Are appraisal rights available in the Offer?**

Holders of Securities will not have appraisal rights in connection with the Offer. See "Special Factors—Section 7. Appraisal Rights; Rule 13e-3."

**Generally, what are the material United States federal income tax consequences of tendering Securities?**

Generally, if you are a U.S. Holder (as defined under "The Offer—Section 5. Material U.S. Federal Income Tax Consequences"), the sale of your Securities pursuant to the Offer will be a taxable transaction for United States federal income tax purposes. See "The Offer—Section 5. Material U.S. Federal Income Tax Consequences." Purchaser urges holders of Securities to consult their own tax advisors about the tax consequences of the Offer in light of their particular circumstances.

**To whom may I speak if I have questions about the Offer?**

For questions regarding the terms of the Offer, you may call D.F. King & Co., Inc., the Information Agent for the Offer, toll-free at (800) 659-5550 (in North America) or (212) 269-5550 (outside North America) or email to vasta@dfking.com, or Itau BBA USA Securities, Inc., the Dealer Manager for the Offer, at + 55 (11) 97530-3709; Attention: Fernando Niemeyer , or +55 (11) 96587-0063; Attention: Felipe Condado Barbosa. For questions regarding how to tender your Securities, you may call D.F. King & Co., Inc., the Information Agent for the Offer, toll-free at (800) 659-5550 (in North America) or (212) 269-5550 (outside North America) or email to vasta@dfking.com.

**To the Holders of Class A Common Shares:**

**Introduction**

Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil, hereby offers to purchase all the issued and outstanding Class A Common Shares, other than any Class A Common Shares held, directly or indirectly, by the Purchaser, at a price of U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends, distributions and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the Expiration Date, without interest, upon the terms and subject to the conditions set forth in this Offer to Purchase and in the related Letter of Transmittal. All U.S. dollar payments to tendering holders of Securities pursuant to this Offer to Purchase will be rounded to the nearest whole cent. Purchaser will not pay interest on the Offer Price for Securities pursuant to the Offer. See "The Offer―Section 1. Terms of the Offer―Subsequent Offering Period" and "Special Factors—Section 5. Effects of the Offer—Compulsory Acquisition."

Shareholders who hold their Securities through a broker, dealer, commercial bank, trust company or other securities intermediary should check with such institution as to whether the institution will charge any service fees. However, if you fail to provide a Form W-9 or the appropriate Form W-8, as applicable, you may be subject to a required backup withholding of federal United States income tax. See "The Offer—Section 5. Material U.S. Federal Income Tax Consequences." Purchaser will pay all charges and expenses of Itau BBA USA Securities, Inc., as the Dealer Manager, Equiniti Trust Company, LLC, as the Tender Agent and D.F. King & Co., Inc., as the Information Agent, incurred in connection with the Offer and in accordance with the terms of the agreements entered into by and between Purchaser or any affiliate thereof and each such person. See "The Offer—Section 14. Fees and Expenses."

The Offer is subject to certain conditions set forth in "The Offer―Section 11. Conditions to the Offer" of this Offer to Purchase. The Offer Conditions include a condition that tendering holders of Securities shall have validly tendered and not withdrawn the Minimum Tender Amount prior to the Expiration Date. The Offer is not subject to any financing condition. Purchaser expressly reserves the right to waive any Offer Condition.

According to the Company, as of the date of this Offer to Purchase, the Company's share capital consists of 83,649,887 common shares, comprising 15,874,676 Class A Common Shares outstanding, par value U.S.$0.00005 per share, and 64,436,093 Class B Common Shares outstanding. As of the date of this Offer to Purchase, the Purchaser owns, directly or indirectly, approximately 80% of the Company's total capital and approximately 98% of the Company's voting rights, through its ownership of 64,436,093 Class B Common Shares. Further details on Purchaser's affiliation with the Company can be found in the 2024 Form 20-F. In addition, Lagos Capital Corp. holds 8,040,098, or 51.1%, of the Company's Class A Common Shares. Lagos Capital Corp. is an affiliate of a reference shareholder of the Purchaser, Alaska Investimentos Ltda., who holds, directly or indirectly, approximately 17% of the common stock of the Purchaser and has the right to appoint two directors to Purchaser's board of directors. Further details can be found in Lagos Capital Corp.'s report on Form 13-D, filed with the SEC on January 10, 2025.

The purpose of the Offer is for Purchaser to acquire as many Securities as possible. In the event that Purchaser does not acquire all of the outstanding Securities, Purchaser may, at its election, in accordance with the applicable provisions of Rule 14d-11 under the Exchange Act, provide for a subsequent offering period in which it would offer to purchase, at the same price of the Offer, any Securities that remain outstanding following the Expiration Date of the Offer. For further information, see "The Offer—Section 1. Terms of the Offer—Subsequent Offering Period." Any reference to the Offer or the offer period in this Offer to Purchase would also include a reference to any such subsequent offering period, if applicable.

The Offer is being made for the purpose of causing the Securities to become eligible for termination of registration and causing the reporting obligations with respect to such class to become eligible for termination under Rule 12h-6 under the Exchange Act. Following the completion of the Offer (including if the Minimum Tender Condition has been waived by Purchaser prior to the Expiration Date), Purchaser intends to take or cause the Company to take certain actions to that end, including, but not limited to, the NASDAQ Delisting and the SEC Deregistration, as further described under "Special Factors―Section 5. Effects of the Offer."

Moreover, under Cayman Islands law, subject to certain requirements, within four months of the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act.

For more information, see "Special Factors—Section 7. Appraisal Rights; Rule 13e-3."

**None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them assumes any responsibility for the accuracy or completeness of the information concerning Purchaser, the Company, or any of their respective affiliates, contained or incorporated by reference in this Offer to Purchase, or for any failure by Purchaser or the Company to disclose events that may have occurred after the date of this Offer to Purchase that may affect the significance or accuracy of this information.**

**None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them makes, has made or has authorized any person to make, any recommendation as to whether or not holders should tender Class A Common Shares pursuant to the Offer or as to the price or prices at which holders should tender their Class A Common Shares, or overall fairness of the Offer otherwise. Holders should carefully evaluate all the information in this Offer to Purchase and in related filings and consult their own investment and tax advisors, and holders must make their own independent decision as to whether to participate in the Offer and, if so, the number of Class A Common Shares to tender.**

**This Offer to Purchase and the related Letter of Transmittal, and the Schedule 14D-9 when this becomes available, contain important information, and you should carefully read each document in its entirety before deciding whether to tender your Class A Common Shares into the Offer.**

**Cautionary Statement Regarding Forward-Looking Statements**

This Offer to Purchase includes certain forward-looking statements. These statements may be identified by words like "believes," "anticipates," "plans," "expects," "projects," "anticipates," "should," "will," "intends," "probability," "risk," "target," "goal," "objective," "estimate," "future" and similar expressions and include, but are not limited to, statements that are predictive in nature and depend upon or refer to future events, conditions, circumstances or the future performance of Purchaser or the Company or their respective affiliates, including as a result of the implementation of the transactions described herein. These statements are based on management's current expectations and are inherently subject to uncertainties and changes in circumstance and a number of risks, uncertainties and other important factors may cause actual developments and results to differ materially from expectations. Risks and uncertainties include, among other things: fluctuations in interest, inflation and exchange rates in Brazil and any other countries in which the Company or Purchaser may operate in the future; a downgrade of Brazil's credit rating; social and political instability, including allegations of corruption against political parties, civil servants and others; inflation, appreciation and depreciation of the *real* against the U.S. dollar; general economic, financial, political, demographic and business conditions in Brazil (including the impact of the current international economic environment) as well as any other countries in which the Company or Purchaser may operate in the future and their impact on the Company's or Purchaser's business; the Company's and the Purchaser's ability to implement their business strategies and expand their portfolio of products and services; the Company's limited operating history in new business segments on which it has not been focused in the past, such as providing services to schools in the public sector, including with respect to different rules and regulations that may apply to the Company; the Company's and Purchaser's ability to adapt to technological changes in the educational sector; the availability of government authorizations on terms and conditions and within periods acceptable to the Company or the Purchaser, as applicable; the Company's and Purchaser's ability to continue attracting and retaining new partner schools and students; the Company's and Purchaser's ability to maintain the academic quality of educational programs; the availability of qualified personnel and the ability to retain such personnel; changes in the financial condition of the students enrolling in the Company's and Purchaser's programs in general and in the competitive conditions in the education industry; the Company's and Purchaser's capitalization and level of indebtedness; changes in government regulations applicable to the education industry in Brazil; government interventionism in education industry programs, that affect the economic or tax regime, the collection of tuition fees or the regulatory framework applicable to educational institutions; cancellations of contracts within the solutions characterized by the Company or Purchaser as subscription arrangements or limitations on the Company's or Purchaser's ability to increase the rates charged for such services; the Company's and Purchaser's ability to compete and conduct business in the future; the Company's and Purchaser's ability to anticipate changes in the business, changes in regulation or the materialization of existing and potential new risks; the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by the Company or Purchaser and competitors; changes in consumer demands and preferences and technological advances, and the ability to innovate to respond to such changes; changes in labor, distribution and other operating costs; compliance with, and changes to, government laws, regulations and tax matters that currently apply to the Company or the Purchaser; the effectiveness of the Company's and Purchaser's risk management policies and procedures, including internal control over financial reporting; the negative impact of health crises, epidemics or pandemics; and other factors that may affect the Company's or Purchaser's business, condition (financial or otherwise), properties, assets, capitalization, shareholders' equity, liabilities, licenses, franchises, permits, permit applications, liquidity, results of operations, cash flows or prospects; and other risks and uncertainties discussed in (i) the Company's filings with the SEC, including the "Item 3. Key Information—D. Risk Factors" and "Forward-Looking Statements" sections of the Company's most recent annual report on Form 20-F and (ii) the Purchaser's filings with the

Brazilian Exchange Commission (*Comissão de Valores Mobiliários*) (the "CVM"). You can obtain copies of the Company's filings with the SEC and Purchaser's filings with the CVM for free at the SEC's website (<u>www.sec.gov</u>) and CVM's website (<u>www.gov.br/cvm/</u>), respectively. Other factors that may cause actual results to differ materially include those that will be set forth in this Offer to Purchase, the Purchaser's Tender Offer Statement on Schedule TO, the Purchaser's Transaction Statement on Schedule 13E-3, the Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by the Company, and other tender offer documents filed or to be filed by Purchaser and the Company. All forward-looking statements in this Offer to Purchase are qualified in their entirety by this cautionary statement.

**This Offer to Purchase and the related Letter of Transmittal contain important information and should be read carefully before any decision is made with respect to the Offer.**

**Except as otherwise stated herein, this Offer to Purchase does not constitute a solicitation of a proxy, consent or authorization for or with respect to any meeting of, or action by written consent by, the Company's securityholders.**

**Special Factors**

1. Background

Vasta is a Cayman Islands exempted company incorporated with limited liability on October 16, 2019 for purposes of undertaking its initial public offering (the "IPO") and, at the time, was fully owned by the Purchaser.

On October 11, 2018, through its subsidiary Saber Serviços Educacionais Ltda. ("Saber"), the Purchaser acquired control over Somos Educação S.A. ("Somos Educação" and, together with its subsidiaries, the "Somos Group") for R$6.3 billion, after which Purchaser became the manager of Somos Group's K-12 curriculum businesses (the "Business Combination"). In October 2019, Purchaser effected a corporate reorganization of its K-12 school business, pursuant to which Somos Group's K-12 curriculum business was consolidated into Vasta. Prior to the consummation of Vasta's IPO, Cogna contributed 100% of the shares of Somos Educação held by Cogna into Vasta's share capital. After the contribution, Vasta had not commenced operations and had only nominal assets and liabilities and no material contingent liabilities or commitments.

On July 31, 2020, the Company carried out its IPO, consisting of 18,575,492 Class A Common Shares issued and sold by the Company. The public offering price was U.S.$19.00 per Class A Common Share. The Company received net proceeds of U.S.$333.5 million, after deducting R$19.4 million in underwriting discounts and commissions. After accounting for the new Class A Common Shares that were issued and sold by the Company in its IPO, the Company had a total of 83,011,585 common shares issued and outstanding immediately following its IPO, 64,436,093 of these shares were Class B Common Shares beneficially owned by Cogna (which held 97% of the combined voting rights of the Company's outstanding Class A and Class B Common Shares), and 18,575,492 of these shares were Class A Common Shares beneficially owned by investors purchasing in its IPO (which held 2.8% of the combined voting rights of its outstanding Class A and Class B Common Shares).

As part of the regular review of Purchaser's businesses, Purchaser's senior management regularly reviews its long-term strategic goals and potential ways to address strategic imperatives and industry developments. As part of this process, Purchaser's senior management regularly considers potential opportunities for business combinations, acquisitions, dispositions, joint ventures, strategic partnerships, internal restructurings and other strategic alternatives.

Beginning in February 2025, Purchaser's senior management began to consider the potential acquisition of the remaining equity securities of the Company that Purchaser does not already own. Purchaser's senior management believed that a potential acquisition of the equity securities of the Company that Purchaser did not own would be consistent with Purchaser's goal to simplify its group corporate structure, unify and consolidate the group companies' free floats, increase stock liquidity, and unlock value within the Purchaser's portfolio.

In July 2025, members of Purchaser's senior management and representatives of Davis Polk & Wardwell LLP ("Davis Polk"), Purchaser's U.S. external counsel, held preliminary discussions regarding a potential tender offer for the equity securities of the Company, including discussions with respect to the potential transaction structure, timeline and required documentation.

In August 2025, Purchaser initiated discussions with the Dealer Manager in relation to the Offer.

In late August and early September 2025, Purchaser, Davis Polk, the Dealer Manager and Skadden, Arps, Slate, Meagher & Flom LLP ("Skadden"), the Dealer Manager's U.S. counsel, as well as the Information Agent and Tender Agent participated in a number of discussions relating to the Offer, including, among other details, a summary analysis of steps, and an estimated timeline related thereto, certain legal aspects of the Offer and certain disclosures set forth in this Offer to Purchase.

On September 3, 2025, the finance committee of the Purchaser's Board held a meeting in which all of the members of such committee were present and discussed the possibility of launching an offer to purchase all of the outstanding Class A common shares of the Company, including future plans for the Company such as delisting, deregistration and compulsory acquisition under the laws of the Cayman Islands.

Beginning on September 3, 2025 through September 14, 2025, representatives of Purchaser, the Dealer Manager, Davis Polk and Skadden held several discussions regarding the tender offer structure, timeline and required documentation.

On September 9, 2025, Purchaser's Board held a meeting to further consider the transaction and the directors that do not hold shares in the Company approved the terms and conditions of the Offer, including the price to be offered for the Class A Common Shares of the Company, and authorized the preparation of the tender offer documents.

On September 15, 2025, Purchaser entered into an Information Agent Agreement with D.F. King & Co., Inc., as the Information Agent. On September 15, 2025, Purchaser entered into a Tender Agent Agreement with Equiniti Trust Company, LLC, as the Tender Agent.

On September 15, 2025, the Purchaser published a material fact on or about 10:00 p.m. New York City Time announcing its intention to pursue the Offer, subject to the terms and conditions to be set forth in the tender offer documents. On September 16, 2025, the Purchaser filed a tender offer statement on Schedule TO relating to such pre-commencement communication.

On September 17, 2025, a Dealer Manager Agreement was entered into between Purchaser and the Dealer Manager.

On September 17, 2025, Purchaser commenced the Offer.

2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer

**Purchaser's Reasons for the Offer**

Purchaser's Board approved the Offer in a meeting held on September 15, 2025. In reaching its decision to approve these matters, Purchaser's Board consulted with Purchaser's management and its legal advisors and considered a variety of factors, including the material factors described below. This summary of Purchaser's reasons for conducting the Offer and the other information presented in this section may be considered forward-looking statements and, therefore, should be read in light of the factors discussed under the "Cautionary Statement Regarding Forward-Looking Statements" section of this Offer to Purchase.

The purpose of the Offer is for Purchaser to acquire as many Securities as possible. Purchaser intends to increase its direct and indirect beneficial ownership of the outstanding Securities from its current holding of approximately 80% to 100% of the outstanding Securities, while allowing holders of Securities an opportunity to receive the Offer Price by tendering their securities pursuant to the Offer.

In the event that Purchaser does not acquire all of the outstanding Securities, Purchaser may, at its election, in accordance with the applicable provisions of Rule 14d-11 under the Exchange Act, provide for a subsequent offering period in which it would offer to purchase, at the same price of the Offer, any Securities that remain outstanding following the Expiration Date of the Offer. For further information, see "The Offer—Section 1. Terms of the Offer—Subsequent Offering Period."

Moreover, if the Minimum Tender Condition is satisfied, and after the statutory period has elapsed, Purchaser will be entitled and intends to conduct a compulsory acquisition for the purpose of purchasing Securities held by any remaining holders of the Securities. For further information see "—Plans for the Company after the Offer."

The reasons (which are not listed in any relative order of importance) that Purchaser's Board considered in approving the Offer are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchaser believes that there are cost synergies within its existing business, which offer opportunities to reduce the administrative
structure and eliminate redundancies relating to Purchaser's and Company's back office and support functions;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchaser believes that SEC Deregistration is in the Company's best interests. This is because the Company may not, in the future,
seek funding from its activities from the U.S. capital markets. Accordingly, Purchaser believes that maintaining the Company's registration
of its Securities under the Exchange Act is an unnecessary cost, and eliminating it would address the inefficiency of incurring the costs
of a public company while only having a small base of public shareholders. Eliminating this cost would also allow the Company to allocate
the funds it would have otherwise used to fund such costs for investments in the Company's activities, in addition to enabling the
Company's management to devote more of their time and energy and more resources to core business operations; and

&nbsp;&nbsp;&nbsp;&nbsp;· Purchaser believes that consolidating the Company's business will simplify management across the group unlocking synergies expected
from the transaction, consolidate the free floats and unify stakeholder management.

The foregoing discussion of the information and factors considered by Purchaser's Board is not intended to be exhaustive and includes only the material factors considered by Purchaser. In view of the variety of factors considered in connection with its evaluation of the transaction, Purchaser did not find it practicable to, and did not, quantify or otherwise assign relative weights to the specific factors considered in reaching its determination. In addition, individual directors may have given different weights to different factors. Purchaser did not undertake to make any specific determination as to whether any factor, or any particular aspect of any factor, supported or did not support its ultimate determination. Purchaser based its determination on the totality of the information presented to and considered by it.

Purchaser expressly reserves the right to make any changes that it deems necessary, appropriate or convenient in light of its review or in light of future developments. Such changes could include, among other things, changes in the Company's business, corporate structure, certificate of incorporation, by-laws, capitalization (whether arising from refinancing or otherwise), management or dividend policy, including causing the Company to pay a special or extraordinary dividend to the extent permitted by applicable law.

**None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them makes, has made or has authorized any person to make, any recommendation as to whether or not holders should tender Class A Common Shares pursuant to the Offer or as to the price or prices at which holders should tender their Class A Common Shares or overall fairness of the Offer otherwise. Holders should carefully evaluate all the information in this Offer to Purchase and in related filings and consult their own investment and tax advisors, and holders must make their own independent decision as to whether to participate in the Offer and, if so, the number of Class A Common Shares to tender.**

**Plans for the Company after the Offer**

The Offer is being made for the purpose of causing the Securities to become eligible for termination of registration and causing the reporting obligations with respect to such class to become eligible for termination under Rule 12h-6 under the Exchange Act. Following the completion of the Offer (including if the Minimum Tender Condition has been waived by Purchaser prior to the Expiration Date), Purchaser intends to take or cause the Company to take certain actions to that end, including, but not limited to, the NASDAQ Delisting and the SEC Deregistration.

Moreover, under Cayman Islands law, subject to certain requirements, within four months of the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act. Following the satisfaction of the Minimum Tender Condition, and after the statutory period has elapsed, Purchaser will therefore be entitled and intends to conduct a compulsory acquisition for the purpose of purchasing Securities held by any remaining holders of the Securities. As required under the Companies Act, the price in this compulsory acquisition shall be the same as the Offer Price.

If you do not tender your Class A Common Shares in the Offer and continue after expiration of the Offer to hold Class A Common Shares, you would remain a holder of Securities of the Company. However, at such time, there may be no market for your Securities and you would have limited rights to information. In addition, after the NASDAQ Delisting, the Company would no longer be required to follow mandatory corporate governance standards promulgated by the listing rules of the NASDAQ. SEC Deregistration would substantially reduce the information required to be furnished by the Company to such holders and to the SEC and would make certain provisions of the Exchange Act no longer applicable to the Company, such as the requirement to file an annual report on Form 20-F with the SEC. Furthermore, the ability of "affiliates" of the Company and persons holding "restricted securities" of the Company to dispose of such securities pursuant to Rule 144 promulgated under the Securities Act may be impaired or eliminated.

See also "Special Factors—Section 5. Effects of the Offer," and "Special Factors—Section 7. Appraisal Rights; Rule 13e-3" for further information.

Following the Offer, the outstanding Class A Common Shares may be combined into a lesser number of outstanding shares, or a "reverse stock split," at a specific ratio to be determined.

Purchaser has no current proposals or negotiations that relate to or would result in (i) an extraordinary corporate transaction, such as a merger, reorganization or liquidation involving the Company or any of its subsidiaries, (ii) any purchase, sale or transfer of a material amount of assets of the Company or any of its subsidiaries, (iii) any material change in the Company's present dividend rate or policy or the indebtedness or capitalization of the Company or (iv) any other material change in the Company's corporate structure or business.

3. The Current Status of the Position of the Company's Board of Directors

The Company is incorporated in the Cayman Islands and Cayman Islands law governs the duties and obligations of the Vasta Board. As of the date of this Offer to Purchase, the Vasta Board has not made any recommendation to its shareholders in connection with the Offer. Under U.S. law, within ten business days after the commencement of the Offer, the Company is required to file with the SEC and distribute to its shareholders a statement indicating whether it recommends in favor of the Offer, recommends against the Offer, expresses no position and remains neutral in connection with the Offer or expresses that it is unable to take a position regarding the Offer. In each case the Vasta Board is required to explain the reasons for its position. See "Introduction" and "Special Factors—Section 1. Background." A more complete description of the Vasta Board's position with respect to the Offer will be set forth in the Schedule 14D-9 to be filed by the Company with the SEC and furnished to shareholders of the Company in connection with the Offer.

4. Position of Purchaser Regarding Fairness of the Offer

The Offer constitutes a "going private" transaction under Rule 13e-3 under the Exchange Act. Rule 13e-3 requires, among other things, that certain financial information concerning the Company and certain information relating to the fairness of the Offer and the consideration offered to unaffiliated security holders be filed with the SEC and disclosed to such unaffiliated security holders. Purchaser is making the statements included in this part of the Offer to Purchase solely for the purpose of complying with the requirements of Rule 13e-3 and other rules under the Exchange Act. Purchaser is not making any recommendation to any shareholder of the Company as to whether the securityholder should tender its Securities, and Purchaser's views as to the fairness of the transaction should not be construed as a recommendation to any securityholder as to whether the holder should tender its Securities.

The following discussion of the information and factors considered by Purchaser in connection with the fairness of the Offer is not intended to be exhaustive, but Purchaser believes that it includes all material factors considered by it. Purchaser did not find it practicable to, and did not, quantify or otherwise attach relative weights to the following factors in reaching its conclusion as to the fairness of the Offer. Rather, the fairness determinations were made by Purchaser after considering all the factors as a whole. The sequence in which the factors described below are presented is not intended to reflect their relative importance. Purchaser believes that these factors provide a reasonable basis upon which to form its belief that the Offer is fair to the unaffiliated security holders. This belief should not, however, be construed as a recommendation to any unaffiliated security holder to tender its Securities in connection with the Offer. As noted above, Purchaser is not making any recommendation as to whether such unaffiliated security holders should tender their Securities in connection with the Offer. Purchaser is not aware of any firm offer for a merger, asset sale or acquisition of a controlling stake of the Company having been made during the past two years.

Neither Purchaser nor its affiliates undertook a formal evaluation of the fairness of the transaction to the unaffiliated security holders. No financial advisor provided Purchaser or any of its affiliates with any analysis or opinion with respect to the fairness of the Offer Price to the unaffiliated security holders. Purchaser did not receive any independent reports, opinions or appraisals from any third party that is materially related to the transaction in connection with the Offer Price or the fairness of the Offer Price offered to the unaffiliated security holders or the fairness of the Offer to the Company or its affiliates or to the unaffiliated security holders, and thus did not consider any such reports, opinions or appraisals in determining the substantive and procedural fairness of the Offer Price to the unaffiliated security holders. None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them makes, has made or has authorized any person to make, any recommendation as to whether or not holders should tender Class A Common Shares pursuant to the Offer or as to the price or prices at which holders should tender their Class A Common Shares or overall fairness of the Offer otherwise. Holders should carefully evaluate all the information in this Offer to Purchase and in related filings and consult their own investment and tax advisors, and holders must make their own independent decision as to whether to participate in the Offer and, if so, the number of Class A Common Shares to tender.

Based on its knowledge and analysis of available information relating to the Company, discussions with the Company's senior management regarding the Company and its business and the following factors, which are considered material and not listed in any relative order of importance, Purchaser believes that the Offer is both substantively and procedurally fair to the unaffiliated security holders. The reasons (which are not listed in any relative order of importance) that Purchaser's Board considered in concluding that the Offer is substantively fair are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchaser is offering to unaffiliated security holders a fair solution, given the prevalent low liquidity of the Class A Common Shares,
and comparable listed education companies since the Company's listing on July 31, 2020. The Class A Common Shares have historically
had limited liquidity in the stock markets, and their trading volumes and prices are considered low. From March 17, 2025 to September
15, 2025, the day the Purchaser announced its

intention to pursue the Offer, the average daily trading volume for the Class A Common Shares on the NASDAQ was 37,063 Class A Common Shares, according to historical quotes on NASDAQ Market Activity.

&nbsp;&nbsp;&nbsp;&nbsp;· Purchaser believes that the Offer represents an opportunity for unaffiliated security holders to monetize their positions held in
Class A Common Shares, with low liquidity. The Offer Price represents (i) a premium of 3.1% in relation to the closing market price of
the Class A Common Shares on the NASDAQ on September 15, 2025 (the last trading day before the Purchaser announced its intention to make
a cash tender offer to acquire all outstanding Class A Common Shares of the Company not already held, directly or indirectly, by the Purchaser),
and (ii) a premium of 18.7% in relation to which is the volume weighted average price of U.S.$4.21 of the Class A Common Shares on the
NASDAQ over the 90 trading days ended September 15, 2025 (the last trading day before the Purchaser announced its intention to make a
cash tender offer to acquire all outstanding Class A Common Shares of the Company not already held, directly or indirectly, by the Purchaser).
In addition, the Offer Price represents 99% of the maximum closing price over the last 52 weeks. Accordingly, Purchaser believes that
the Offer represents an attractive liquidity opportunity for minority shareholders in light of the premium offered.

&nbsp;&nbsp;&nbsp;&nbsp;· Purchaser believes that SEC Deregistration is in the Company's best interests, as, in Purchaser's opinion, the Company
does not intend, in the future, to seek funding for its activities from the U.S. capital markets, and maintaining the registration of
its Securities under the Exchange Act is therefore an unnecessary cost the funds for which could be better allocated by investing in the
Company's activities. In other words, SEC Deregistration would eliminate the inefficiency of incurring the costs of a public company
while only having a small base of public shareholders, in addition to enabling the Company's management to devote more of their
time and energy and more resources to core business operations.

&nbsp;&nbsp;&nbsp;&nbsp;· The Offer Price is payable to the unaffiliated security holders entirely in cash, which provides certainty of value and immediate
liquidity to the holders of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;· The Offer provides the opportunity for the unaffiliated security holders to immediately monetize their investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;· The Offer provides an opportunity for unaffiliated security holders to exit their positions at the Offer Price with certainty of execution
and limited market risk.

&nbsp;&nbsp;&nbsp;&nbsp;· The Offer provides unaffiliated security holders the ability to dispose of their Securities without affecting the market for the Securities
(i.e., following the successful completion of the Offer, unaffiliated security holders will not face the risk of any decline in the value
of the Company).

In addition, the reasons (which are not listed in any relative order of importance) that Purchaser's Board considered in concluding that the Offer is procedurally fair are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Unaffiliated security holders will have sufficient time to make a decision whether or not to tender, as (i) the Offer will remain
open for a minimum of twenty business days as of the date hereof, and (ii) if Purchaser amends the Offer to include any material additional
information, Purchaser will, if necessary to allow adequate dissemination and investor response, extend the Offer for a sufficient period
to allow shareholders to consider the additional information.

&nbsp;&nbsp;&nbsp;&nbsp;· Each of the unaffiliated security holders will be able to decide voluntarily whether or not to tender such holder's Securities.

5. Effects of the Offer

**Overview**

The Offer is being made for the purpose of causing the Securities to become eligible for termination of registration and causing the reporting obligations with respect to such class to become eligible for termination under Rule 12h-6 under the Exchange Act. Following the completion of the Offer (including if the Minimum Tender Condition has been waived by Purchaser prior to the Expiration Date), Purchaser intends to take or cause the Company to take certain actions to that end, including, but not limited to, the NASDAQ Delisting and the SEC Deregistration. If you do not tender your Class A Common Shares in the Offer and continue after expiration of the Offer to hold Class A Common Shares, you would remain a holder of Securities of the Company. However, at such time, there may be no market for your Securities and you would have limited rights to information.

In addition, as a result of the Offer, the direct and indirect interest of Purchaser in the Company's net book value and net earnings would increase to the extent of the number of Securities acquired under the Offer. If the Offer results in the acquisition by Purchaser of all of the Securities, Purchaser's interest in such items would increase to 100%, and Purchaser would be entitled to all benefits resulting from that interest, including all income generated by the Company's operations and any future increase in the Company's value. Similarly, Purchaser would also bear the risk of losses generated by the Company's operations and any decrease in the value of the Company. Accordingly, former shareholders of the Company would not have the opportunity to participate in the earnings and growth of the Company after the Offer and would not have any right to vote on corporate matters. Similarly, former shareholders of the Company would not face the risk of losses generated by the Company's operations or decline in the value of the Company after the Offer.

**Compulsory Acquisition**

Under Cayman Islands law, subject to certain requirements, within four months of the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act. Following the satisfaction of the Minimum Tender Condition, and after the statutory period has elapsed, Purchaser will therefore be entitled and intends to conduct a compulsory acquisition for the purpose of purchasing Securities held by any remaining holders of the Securities. As required under the Companies Act, the price in this compulsory acquisition shall be the same as the Offer Price.

**Reverse Stock Split**

Following the Offer, the outstanding Class A Common Shares may be combined into a lesser number of outstanding shares, or a "reverse stock split," at a specific ratio to be determined.

**Delisting and Deregistration in the United States**

The Offer is being made for the purpose of causing the Securities to become eligible for termination of registration and causing the reporting obligations with respect to such class to become eligible for termination under Rule 12h-6 under the Exchange Act. Following the completion of the Offer (including if the Minimum Tender Condition has been waived by Purchaser prior to the Expiration Date), Purchaser intends to take or cause the Company to take certain actions to that end, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· the NASDAQ Delisting. Upon completion of the NASDAQ Delisting, the Class A Common Shares would no longer be tradeable and there would
be no listing of Class A Common Shares on any stock exchange in the United States or elsewhere; and

&nbsp;&nbsp;&nbsp;&nbsp;· if at any time there are less than 300 holders of Securities of record (worldwide or in the United States), the SEC Deregistration.
The SEC Deregistration would terminate the obligation of the Company to comply with its reporting and other obligations under the Exchange
Act, including the obligation to file reports pursuant to Section 13(a) or 15(d) of the Exchange Act.

See also "Special Factors―Section 6. Conduct of the Company's Business if the Offer Is Not Completed" and "The Offer―Section 12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations."

6. Conduct of the Company's Business if the Offer Is Not Completed

If the Offer is not completed because any Offer Condition is not satisfied or waived, Purchaser may reevaluate the acquisition of Securities. In particular, Purchaser may consider, among other things: (i) not taking any action at that time, including not purchasing any Securities; (ii) purchasing or selling Securities in the open market or in privately negotiated transactions; (iii) making a new tender offer; (iv) initiating a share buy-back at the level of the Company; (v) consummating any other business combination with the Company, subject to compliance with applicable laws.

If Purchaser were to pursue any of these alternatives, it might take considerably longer for the unaffiliated security holders to receive any consideration for their Securities (other than through sales in the open market or otherwise) than if they had tendered their Securities in the Offer. Any such transaction could result in proceeds per Security to such unaffiliated security holders that are more or less than, or the same as, the Offer Price or could cause the trading price of the Securities to increase, decrease or be unchanged.

7. Appraisal Rights; Rule 13e-3

**Appraisal Rights**

Holders of Securities will not have appraisal rights in connection with the Offer.

**Rule 13e-3**

The Offer constitutes a "going private" transaction under Rule 13e-3 under the Exchange Act. Rule 13e-3 requires, among other things, that certain financial information concerning the Company and certain information relating to the fairness of the Offer and the consideration offered to unaffiliated security holders be filed with the SEC and disclosed to such unaffiliated security holders. Purchaser has provided such information in this Offer to Purchase, in a Tender Offer Statement on Schedule TO and a Transaction Statement on Schedule 13E-3, together with the exhibits thereto, filed with the SEC pursuant to Rules 14d-3 and 13e-3 under the Exchange Act. Following the completion of the Offer, Purchaser will not be able to cause the Company to file a Form 15F to effect the SEC Deregistration (and thereby terminate the obligation of the Company to comply with its reporting and other obligations under the Exchange Act, including the obligation to file reports pursuant to Section 13(a) or 15(d) of the Exchange Act) until such time as the number of holders of record (worldwide or in the United States) of Securities falls below 300.

8. Related Party Transactions

The information in "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions" in the 2024 Form 20-F and in note 20 "Related parties" to the unaudited interim consolidated financial statements As of June 30, 2025 and for the six-month periods ended June 30, 2025 and 2024 included on pages 22 to 24 of Exhibit 99.2 to the current report on Form 6-K furnished by the Company to the SEC on August 6, 2025 is incorporated by reference herein.

**Commercial and Copyright License Agreements**

On June 13, 2022, the Company's subsidiary Somos Sistemas and the following subsidiaries of Cogna: (i) Editora Ática S.A., (ii) Editora Scipione S.A., (iii) Maxiprint Editora Ltda., and (iv) Saraiva Educação S.A., entered into a commercial agreement whereby Somos Sistemas agreed to provide and/or license the Company's products and services to such companies ("2022 License Agreement"). Somos Sistemas receives consideration based on 40% of the companies' EBITDA resulting from the distribution of Somos Sistemas' products and services to public entities. On July 4, 2025, the Company's subsidiary Somos Sistemas and the following subsidiaries of Cogna: (i) Editora Ática S.A., (ii) Editora Scipione S.A., (iii) Maxiprint Editora Ltda., and (iv) Saraiva Educação S.A., entered into a new commercial agreement ("2025 License Agreement") that superseded the 2022 License Agreement. Pursuant to the 2025 License Agreement, Somos Sistemas agreed to provide and/or license the Company's products and services to such companies.

**Private Debentures**

On September 10, 2025, the Company's subsidiary, Somos Sistema, issued debentures in single series, not convertible into shares, in the aggregate principal amount of R$250.0 million, bearing interest at the rate of CDI+1.35% per annum, and maturing on September 10, 2028 ("2025 Debentures"). The 2025 Debentures will be subscribed in their entirety by the Purchaser. The proceeds of the 2025 Debentures will be used to fully pre-pay the Company's outstanding 9th series of debentures, bearing interest at 100% of the CDI, plus 2.40%, per annum, and maturing on September 29, 2025, issued by the Company, and subscribed in their entirety by the Purchaser, on September 29, 2022.

Except as set forth in or incorporated by reference into this Offer to Purchase, from January 1, 2023 to the date of this Offer to Purchase, there has been no material related party transactions between the Company and each of its directors and executive officers or affiliates, on one hand, and Purchaser and its affiliates, on the other hand. Except as set forth in or incorporated by reference into this Offer to Purchase, there is no material agreement, arrangement or understanding or any actual or potential conflict of interest with respect to the Offer between Purchaser or its affiliates, on one hand, and the Company, its executive officers, directors or affiliates, on the other hand.

9. Interests of Certain Persons in the Offer

**Financial Interests**

The financial interests of Purchaser with regard to the Offer Price are generally adverse to the financial interests of the shareholders being asked to tender their Securities because Purchaser has an interest in acquiring the Securities as

inexpensively as possible and the shareholders being asked to tender their Securities have an interest in selling their Securities for the highest possible price.

**Conflicts of Interest**

In considering the fairness of the consideration to be received in the Offer, shareholders should be aware that Purchaser has certain current actual or potential conflicts of interest in connection with the Offer. As a result of Purchaser's current ownership of approximately 80% of the Company's total capital and approximately 98% of the Company's voting rights, through its ownership of 64,436,093 Class B Common Shares, Purchaser controls the Company.

Moreover, one director and two officers of the Purchaser, Mr. Rodrigo Calvo Galindo, Mr. Frederico da Cunha Villa and Mr. Roberto Valério Neto, respectively, are directors of Vasta. As of September 16, 2025, directors and executive officers of Purchaser held, directly or indirectly, an aggregate of 130,435 Class A Common Shares issued by the Company. Purchaser intends to accept for purchase any and all Class A Common Shares validly tendered and not withdrawn by its directors and executive officers in the Offer.

In addition, Lagos Capital Corp. holds 8,040,098, or 51.1%, of the Company's Class A Common Shares. Lagos Capital Corp. is an affiliate of a reference shareholder of the Purchaser, Alaska Investimentos Ltda., who holds, directly or indirectly, approximately 17% of the common stock of the Purchaser and has the right to appoint two directors to Purchaser's board of directors. Further details can be found in Lagos Capital Corp.'s report on Form 13-D, filed with the SEC on January 10, 2025.

**The Offer**

1. Terms of the Offer

**Consideration and Payment**

Upon the terms and subject to the conditions described in this Offer to Purchase, Purchaser is offering to pay a purchase price of U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends, distributions and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the Expiration Date of the Offer, without interest, upon the terms, and subject to the conditions, set forth in this Offer to Purchase, and the related Letter of Transmittal. All U.S. dollar payments to tendering holders of Securities pursuant to this Offer to Purchase will be rounded to the nearest whole cent. Purchaser will not pay interest on the Offer Price for Securities pursuant to the Offer. See "The Offer―Section 1. Terms of the Offer―Subsequent Offering Period" and "Special Factors—Section 5. Effects of the Offer—Compulsory Acquisition."

If, at any time during the period on or after the date hereof, any change in the number of outstanding Securities shall occur as a result of a reclassification, recapitalization, share split (including a reverse stock split), or combination, exchange or readjustment of Class A Common Shares, the Offer Price payable by Purchaser pursuant to the Offer will be equitably adjusted to reflect such change and as so adjusted will, from and after the date of such event, be the Offer Price, subject to further adjustment in accordance with this sentence.

**Initial Offer Period**

The Offer commenced on September 17, 2025, and will expire at 5:00 p.m. New York City time, on October 15, 2025, unless extended or terminated (the latest time and date at which the Offer will expire, not including any subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act, if applicable, is referred to as the "Expiration Date").

Upon the terms and subject to the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of such extension or amendment), Purchaser will accept for payment and pay for all Securities that are validly tendered and not properly withdrawn in accordance with "The Offer—Section 4. Withdrawal Rights" before 5:00 p.m., New York City time, on the Expiration Date.

If you hold your Securities through a broker or other security intermediary, you should be aware that such securities intermediary is likely to establish its own cut-off time and date, which is likely to be earlier than the deadline set forth above, for receipt of instructions to tender (or to withdraw, as applicable). Holders of Securities are responsible for determining and complying with any applicable cut-off times and dates.

**Extension**

Subject to applicable law, the period during which the Offer remains open may be extended at any time and from time to time. Purchaser will also extend the Offer for any period or periods required by applicable law or applicable rules, regulations, interpretations or positions of the SEC or its staff or any of the rules and regulations, including listing standards, of NASDAQ. All holders of Securities that validly tender, and do not withdraw, their securities into the Offer prior to the expiration of the Offer, will receive the same price per Security, as applicable, regardless of whether they tendered before or during any extension period of the Offer. In the event of an extension, all Securities validly tendered into and not properly withdrawn from the Offer will remain subject to the Offer. Under such extension, each holder will continue to have the right to withdraw Securities previously tendered. If Purchaser extends the Offer, Purchaser will notify the Tender Agent and will make a public announcement of the extension by press release or other public announcement not later than 9:00 a.m., New York City time, on the next business day after the day on which the Offer was scheduled to expire. At the start of any extension period, Purchaser will file with the SEC an amendment to this Offer to Purchase, setting forth the new Expiration Date of the Offer.

In addition, if Purchaser makes a material change in the terms of the Offer or the information concerning the Offer, or if we waive a material condition of the Offer, Purchaser will promptly disseminate such change or waiver to all holders of Securities in a manner reasonably designed to inform them of such change or waiver and extend the Offer to the extent required by Rules 14d-4, 14d-6 and 14e-1 under the Exchange Act. The minimum period during which the Offer must remain open following material changes in the terms of the Offer or information concerning the Offer, other than a change in price or a change in the percentage of the Securities sought, will depend upon the facts and circumstances then existing, including the relative materiality of the changed terms or information. Purchaser understands that in the SEC's view, an offer should

remain open for a minimum of five business days from the date the material change is first published, sent or given to shareholders, and with respect to a change in price or a change in the percentage of securities sought, a minimum period of ten business days is generally required to allow for adequate dissemination to shareholders and investor response. If, prior to the Expiration Date, Purchaser increases the consideration being paid for the Securities accepted for payment pursuant to the Offer, such increased consideration will be paid to all holders whose Securities are purchased pursuant to the Offer, whether or not such Securities were tendered prior to the announcement of the increase in consideration.

If Purchaser extends the Offer, if Purchaser is delayed in its acceptance for payment of, or payment (whether before or after Purchaser's acceptance for payment for the Securities) for, the Securities or is unable to accept Securities for payment pursuant to the Offer for any reason, then, without prejudice to Purchaser's rights under the Offer, the Tender Agent may retain tendered Securities on behalf of Purchaser, and such Securities may not be withdrawn except to the extent tendering holders are entitled to withdrawal rights as described in "The Offer—Section 4. Withdrawal Rights." However, the ability of Purchaser to delay the payment for Securities which Purchaser has accepted for payment is limited by Rule 14e-1(c) under the Exchange Act, which requires that a bidder pay the consideration offered or return the securities deposited by, or on behalf of, holders of securities promptly after the termination or withdrawal of the Offer.

**Subsequent Offering Period**

In the event that Purchaser does not acquire all of the outstanding Securities, Purchaser may, at its election, in accordance with the applicable provisions of Rule 14d-11 under the Exchange Act, provide for a subsequent offering period in which it would offer to purchase, at the same price of the Offer, any Securities that remain outstanding following the Expiration Date of the Offer.

If Purchaser provides for a subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act, Purchaser will inform the Tender Agent of that fact, and will issue a press release announcing the subsequent offering period not later than 9:00 a.m., New York City time, on the next business day after the day on which the Offer was scheduled to expire. Any reference to the Offer or the offer period in this Offer to Purchase would also include a reference to any such subsequent offering period, if applicable.

**Conditions to the Offer**

The Offer is conditioned upon the satisfaction or waiver of certain conditions discussed in "—Section 11. Conditions to the Offer," which include the Minimum Tender Condition. If any of the Offer Conditions has not been satisfied or waived, as applicable (to the extent waivable), immediately prior to the expiration of the Offer (as extended), Purchaser may extend the Offer for one or more periods to permit such Offer Condition to be satisfied. In addition, Purchaser must extend the Offer for any minimum period required by applicable law or by any rule, regulation, interpretation or position of the SEC or its staff.

Purchaser expressly reserves the right, in its sole discretion, subject to applicable rules and regulations of the SEC, not to accept for payment any Securities if, at the expiration of the Offer, any of the Offer Conditions have not been satisfied or upon the occurrence of any of the events set forth in "—Section 11. Conditions to the Offer." Under certain circumstances, Purchaser may terminate the Offer.

This Offer to Purchase, the related Letter of Transmittal and other related materials will be mailed to record holders of the Securities, and this Offer to Purchase and other related materials will also be furnished to brokers, dealers, commercial banks, trust companies and other securities intermediaries whose names appear on the Company's shareholder list or, if applicable, who are listed as participants in a clearing agency's security position listing for subsequent transmittal to beneficial owners of the Securities.

2. Acceptance for Payment and Payment for Securities

Upon the terms and subject to the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of any such extension or amendment), and the satisfaction or waiver of all the Offer Conditions, including the Minimum Tender Condition, as discussed in "—Section 11. Conditions to the Offer" (if waivable), Purchaser will accept for payment, within three business days after the Expiration Date, all Securities validly tendered on or prior to the Expiration Date and not withdrawn pursuant to the Offer, provided that the Offer has not been terminated by such date, and will pay for such Securities.

In all cases, payment for Securities tendered and accepted for payment pursuant to the Offer will be made only after timely receipt by the Tender Agent of the Letter of Transmittal, properly completed and duly executed, with any required signature guarantees (or, in the case of a book-entry transfer, all Agent's Messages (as defined below)), and any other

documents required by the Letter of Transmittal. Accordingly, tendering securityholders may be paid at different times depending upon when Letter of Transmittal and the related documents with respect to Securities are actually received by the Tender Agent. For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby purchased for all purposes, Securities validly tendered and not withdrawn as, if and when Purchaser gives oral or written notice to the Tender Agent of Purchaser's acceptance for payment of such Securities pursuant to the Offer.

Upon the terms and subject to the conditions of the Offer, payment for Securities accepted for payment pursuant to the Offer will be made by deposit of the Offer Price therefor with the Tender Agent, which will act as agent for tendering securityholders for the purpose of receiving payments from Purchaser and transmitting such payments to tendering securityholders whose Securities have been accepted for payment. If, for any reason whatsoever, acceptance for payment of any Securities tendered pursuant to the Offer is delayed, or if Purchaser is unable to accept for payment Securities tendered pursuant to the Offer, then, without prejudice to Purchaser's rights discussed in "—Section 1. Terms of the Offer," the Tender Agent may nevertheless retain tendered Securities on behalf of Purchaser, and such Securities may not be withdrawn, except to the extent that the tendering holders are entitled to withdrawal rights as described in "—Section 4. Withdrawal Rights" and as otherwise required by Rule 14e-1(e) under the Exchange Act.

If any of your Securities are not accepted for payment for any reason, or you properly withdraw your Securities, your Securities will be sent back to you promptly. If you tendered Class A Common Shares, the Class A Common Shares will be returned promptly by credit to the NASDAQ settlement system account from which they were transferred.

Purchaser reserves the right to transfer or assign, in whole or in part from time to time, to any direct or indirect wholly-owned subsidiary of Purchaser, the right to purchase all or any portion of the Securities tendered pursuant to the Offer. Any such transfer or assignment will not relieve Purchaser of its obligations under the Offer in the event of a breach by the transferee or assignee and will in no way prejudice the rights of tendering shareholders to receive payment for Securities validly tendered and accepted for payment pursuant to the Offer.

3. Procedures for Accepting the Offer and Tendering Securities

The steps you must follow in order to tender into the Offer, and the time and expense of tendering, differ according to whether you hold your Class A Common Shares directly or through a broker, dealer, commercial bank, trust company or other securities intermediary. You must follow the procedures described below in a timely manner in order to tender your Class A Common Shares into the Offer.

**THE METHOD OF DELIVERY OF CLASS A COMMON SHARES, THE LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS (INCLUDING DOCUMENTS REQUIRED PURSUANT TO THE PROCEDURES OF THE BROKER, DEALER, COMMERCIAL BANK, TRUST COMPANY OR OTHER SECURITIES INTERMEDIARY THROUGH WHICH YOU MAY HOLD YOUR CLASS A COMMON SHARES) IS AT YOUR ELECTION AND RISK. CLASS A COMMON SHARES TO BE TENDERED IN THE OFFER THROUGH THE TENDER AGENT WILL BE DEEMED DELIVERED ONLY WHEN ACTUALLY RECEIVED BY THE TENDER AGENT (INCLUDING, IN THE CASE OF A BOOK-ENTRY TRANSFER, BY BOOK-ENTRY CONFIRMATION). IF DELIVERY IS BY MAIL, PURCHASER RECOMMENDS THAT YOU USE PROPERLY INSURED REGISTERED MAIL WITH RETURN RECEIPT REQUESTED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY. PLEASE DO NOT SEND ANY CLASS A COMMON SHARES, LETTER OF TRANSMITTAL OR OTHER DOCUMENTS TO PURCHASER, THE DEALER MANAGER OR THE INFORMATION AGENT.**

**ALL HOLDERS WISHING TO TENDER THEIR CLASS A COMMON SHARES MUST ALLOW SUFFICIENT TIME FOR THE COMPLETION OF ALL REQUIRED STEPS DESCRIBED IN THIS OFFER BEFORE THE EXPIRATION TIME.**

**Tender of Class A Common Shares through the Tender Agent**

If you hold Class A Common Shares directly and you would like to tender them in the Offer, you must complete and sign the enclosed Letter of Transmittal and return it together with your Class A Common Shares and all other required documentation to the Tender Agent at the appropriate address specified on the Letter of Transmittal, to be received no later than the Expiration Time. The time involved in tendering Class A Common Shares will vary depending on the time it takes you to complete the Letter of Transmittal and deliver it, your Class A Common Shares and any other required documentation by registered mail to the Tender Agent.

If you hold Class A Common Shares indirectly through a broker, dealer, commercial bank, trust company or other securities intermediary and would like to tender them into the Offer, you must request that your broker, dealer, commercial bank, trust company or other securities intermediary tender your Class A Common Shares to the Tender Agent by book-entry transfer to an account maintained by the Tender Agent at DTC using the ATOP system and causing DTC to send an Agent's Message (as defined below) to the Tender Agent's account at DTC, to be received by the Tender Agent no later than the Expiration Time. "Agent's Message" means a message transmitted by DTC to, and received by, the Tender Agent and forming a part of a book-entry confirmation, which states that DTC has received an express acknowledgment from the participant in DTC tendering the Class A Common Shares which are the subject of such book-entry confirmation, that such participant has received and agrees to be bound by the terms of the Letter of Transmittal, and that Purchaser may enforce such agreement against the participant. If you hold Class A Common Shares indirectly through a broker, dealer, commercial bank, trust company or other securities intermediary, the time involved to tender your Class A Common Shares will vary depending on the time it takes you to instruct your broker, dealer, commercial bank, trust company or other securities intermediary to tender your Class A Common Shares to the Tender Agent and the time it takes your broker, dealer, commercial bank, trust company or other securities intermediary to tender your Class A Common Shares by book-entry transfer to an account maintained by the Tender Agent at DTC using the ATOP system. Delivery of documents to DTC will not constitute delivery to the Tender Agent.

If you or your securities intermediary holds Class A Common Shares in certificated form and you would like to tender such Class A Common Shares in the Offer, you will first have to deposit these Class A Common Shares with a broker, dealer, commercial bank, trust company or other securities intermediary for delivery to the Tender Agent, and then follow the instructions set out in the paragraph above.

While you may withdraw any Class A Common Shares you tender through the Tender Agent at any time prior to the Expiration Time on the Expiration Date by following the steps outlined in "—Section 4. Withdrawal Rights," unless effectively withdrawn, all tendered Class A Common Shares will be held in account controlled by the Tender Agent, which will prevent you from being able to transfer such Class A Common Shares from the date you make such delivery until the date the Offer is completed or terminated. The Tender Agent will receive and hold all tendered Class A Common Shares and will certify to Purchaser prior to 10:00 a.m. New York City time on the New York business day following the date of the Expiration Time the total number of Class A Common Shares that have been validly tendered through the Tender Agent into, and not withdrawn from, the Offer as of the Expiration Time. If all of the Offer Conditions, including the Minimum Tender Condition, have been satisfied or waived by Purchaser, upon completion of the Offer, the Class A Common Shares will be accepted for payment in the Offer.

**Signature Guarantees**

Except as otherwise provided below, all signatures on the enclosed Letter of Transmittal must be Medallion guaranteed by a financial institution (including most banks, savings and loan associations and brokerage houses) that is a participant in good standing in the Securities Transfer Agents Medallion Program, the New York Stock Exchange Medallion Signature Program or the Stock Exchanges Medallion Program. Signatures on the Letter of Transmittal need not be Medallion guaranteed (1) if the Letter of Transmittal is signed by the registered holder of the Class A Common Shares to be tendered and the holder has not completed either the "Special Payment Instructions" on the Letter of Transmittal, or (2) if the Class A Common Shares to be tendered are held for the account of an Eligible Institution.

**Guaranteed Delivery**

If you wish to tender Class A Common Shares under the Offer and your certificates for Class A Common Shares are not immediately available or the procedures for book-entry transfer cannot be completed on a timely basis or time will not permit all required documents to reach the Tender Agent prior to the Expiration Time, your tender may be effected if all the following conditions are met: (i) your tender is made by or through an eligible institution; (ii) a properly completed and duly executed Notice of Guaranteed Delivery in the form we have provided is received by the Tender Agent, as provided below, prior to the Expiration Time; and (iii) the Tender Agent receives, at one of its addresses set forth on the back cover of this Offer to Purchase and within the period of one trading day after the date of execution of that Notice of Guaranteed Delivery, either: (A) the certificates representing the Class A Common Shares being tendered, in the proper form for transfer, together with (1) a Letter of Transmittal relating thereto, which has been properly completed and duly executed and includes all signature guarantees required thereon, and (2) all other required documents; or (B) confirmation of book-entry transfer of the Class A Common Shares into the Tender Agent's account at the book-entry transfer facility, together with (1) either a Letter of Transmittal relating thereto, which has been properly completed and duly executed and includes all signature guarantees required thereon or an agent's message, and (2) all other required documents. For these purposes, a "trading day" is any day on which the NASDAQ is open for business.

A Notice of Guaranteed Delivery must be delivered to the Tender Agent by hand, overnight courier, facsimile transmission or mail before the Expiration Time and must include a guarantee by an eligible institution in the form set forth in the Notice of Guaranteed Delivery.

**Determination of Validity**

All questions as to the validity, form, eligibility (including time of receipt) and acceptance for payment of any tender of Securities, including questions as to the proper completion of any Letter of Transmittal, or other required documents and as to the proper form of transfer of any Securities, will be determined by Purchaser in its sole and absolute discretion (which may be delegated to the Tender Agent), which determination will be final and binding on all parties. Purchaser reserves the absolute right to reject any and all tenders determined by it not to be in proper form or the acceptance for payment of, or payment for, which may, in the opinion of its counsel, be unlawful. Purchaser also reserves the absolute right to waive any defect or irregularity in the tender of any Securities of any particular shareholder, whether or not similar defects or irregularities are waived in the case of other shareholders. No tender of Securities will be deemed to have been validly made until all defects and irregularities have been cured or waived to the satisfaction of Purchaser. Purchaser and the Tender Agent will make reasonable efforts to notify any person of any defect in any Letter of Transmittal submitted to the Tender Agent.

**Other Requirements**

By executing the Letter of Transmittal as set forth above, a tendering shareholder irrevocably appoints designees of Purchaser as such shareholder's attorneys-in-fact and proxies, each with full power of substitution, in the manner set forth in the Letter of Transmittal to the full extent of such shareholder's rights with respect to the Securities tendered by such shareholder and accepted for payment by Purchaser (including, with respect to any and all other securities issued or issuable in respect of such Securities, on or after the date of this Offer to Purchase). All such powers of attorney and proxies will be irrevocable and considered coupled with an interest in the tendered Securities. Such appointment will be effective when, and only to the extent that, Purchaser accepts such Securities for payment. Upon such acceptance for payment, all prior powers of attorney, proxies and consents given by such shareholder with respect to such Securities (and such other rights and securities) will be revoked without further action, and no subsequent powers of attorney, proxies, consents or revocations may be given nor any subsequent written consent executed by such shareholder (and, if given or executed, will not be deemed to be effective) with respect thereto. The designees of Purchaser will, with respect to the Securities and any other securities for which the appointment is effective, be empowered to exercise all voting and other rights of such shareholder as they in their sole discretion may deem proper at any annual or special meeting of the Company's shareholders or any adjournment or postponement thereof, by written consent in lieu of any such meeting or otherwise. Purchaser reserves the right to require that, in order for Securities to be deemed validly tendered, immediately upon Purchaser's acceptance for payment for such Securities, Purchaser must be able to exercise full voting, consent and other rights with respect to such Securities or rights, including voting at any meeting of shareholders or executing a written consent concerning any matter.

Moreover, by delivering a Letter of Transmittal or an instruction to tender Securities held in book-entry form, a holder of Securities will irrevocably authorize the Tender Agent to impose a stop transfer order on all of Securities tendered, which will prevent the undersigned from being able to transfer such Securities from the date this Letter of Transmittal or instruction is delivered until the date the Offer is completed or terminated.

The tender of Securities pursuant to any one of the procedures described above will constitute the tendering shareholders' acceptance of the Offer, as well as the tendering shareholder's representation and warranty that such shareholder has the full power and authority to tender and assign the Securities tendered, as specified in the Letter of Transmittal. Purchaser's acceptance for payment of Securities tendered pursuant to the Offer will constitute a binding agreement between the tendering shareholder and Purchaser upon the terms and subject to the conditions of the Offer (and if the Offer is extended or amended, the terms of or the conditions to any such extension or amendment).

4. Withdrawal Rights

Securities tendered into the Offer through the Tender Agent may be withdrawn at any time before the Expiration Time in accordance with the procedures described below:

&nbsp;&nbsp;&nbsp;&nbsp;· If you hold your Class A Common Shares directly in your name, you may withdraw them by delivering a properly completed and duly executed
notice of withdrawal to the Tender Agent.

&nbsp;&nbsp;&nbsp;&nbsp;· If you hold your Securities indirectly through a broker, dealer, commercial bank, trust company or other securities intermediary and
you tendered such Securities pursuant to the procedures of such broker, dealer, commercial bank,

trust company or other securities intermediary, you must follow the broker's, dealer's, commercial bank's, trust company's or other securities intermediary's procedures in order to withdraw such Securities.

If you withdraw your Class A Common Shares from the Offer, those Class A Common Shares will be returned promptly after the proper withdrawal of such Class A Common Shares.

You may not rescind a withdrawal. If you withdraw your Securities from the Offer, they will be deemed not validly tendered for purposes of the Offer. However, you may re-tender withdrawn Securities at any time prior to the Expiration Time by following the procedures described in "—Section 3. Procedures for Accepting the Offer and Tendering Securities."

Moreover, in accordance with Section 14(d)(5) of the Exchange Act, a holder that has tendered Securities may withdraw those Securities at any time after 60 days from the date hereof if they have not been accepted for tender before that date, by communicating its request to withdraw its Securities in the manner described above.

Even if Purchaser extends the Offer or is delayed in accepting, or unable to accept, Securities for purchase pursuant to the Offer for any reason, elections to tender may be withdrawn only as described herein. Any such delay will be made by an extension of the Offer to the extent required by law. All questions as to the form and validity (including time of receipt) of any notice of withdrawal will be determined by Purchase, in its sole discretion, and its determination will be final and binding. Neither Purchaser nor any of its affiliates or assigns nor any other person will be under any duty to give any notification of any defects or irregularities in any withdrawal or incur any liability for failure to give any such notification.

If Purchaser provides for a subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act (as described in "―Section 1. Terms of the Offer―Subsequent Offering Period"), you will have limited withdrawal rights with respect to any Securities you have tendered during such subsequent offering period. Securities tendered pursuant to the Offer during a subsequent offering period may be withdrawn at any time prior to 5:00 p.m. New York City time, on the date of the tender of such Securities.

5. Material U.S. Federal Income Tax Consequences

The following is a description of material U.S. federal income tax consequences of the Offer to Purchase. It addresses only the material U.S. federal income tax considerations applicable to U.S. Holders (described below) that hold the Securities as capital assets (generally, assets held for investment). This description does not address all of the tax consequences that may be relevant to you if you are a U.S. Holder in light of your particular circumstances, including any minimum tax consequences, the application of the "Medicare contribution tax" and differing tax consequences applicable to you if you are subject to special tax rules, such as if you are:

&nbsp;&nbsp;&nbsp;&nbsp;· one of certain financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;· an insurance company;

&nbsp;&nbsp;&nbsp;&nbsp;· a real estate investment trust or regulated investment company;

&nbsp;&nbsp;&nbsp;&nbsp;· a dealer or electing trader in securities that is subject to a mark-to-market method of tax accounting for your securities positions;

&nbsp;&nbsp;&nbsp;&nbsp;· a tax-exempt entity;

&nbsp;&nbsp;&nbsp;&nbsp;· a person that holds the Securities as part of a "straddle" or an integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;· a person that owns or is deemed to own 10% or more of the outstanding stock of the Company, by vote or value;

&nbsp;&nbsp;&nbsp;&nbsp;· a person whose "functional currency" is not the U.S. dollar; or

&nbsp;&nbsp;&nbsp;&nbsp;· a partnership or other entity classified as a partnership for U.S. federal income tax purposes.

No ruling has been or will be sought from the Internal Revenue Service (the "IRS") regarding any tax consequences relating to the matters discussed herein. Consequently, no assurance can be given that the IRS will not assert, or that a court will not sustain, a position contrary to any of those summarized below.

This description is based on the Internal Revenue Code of 1986, as amended (the "Code"), final, proposed and temporary U.S. Treasury regulations and judicial and administrative interpretations thereof, all as of the date hereof, changes to any of

which subsequent to the date of this Offer to Purchase may affect the tax consequences described herein, possibly with retroactive effect. This discussion does not address any aspect of state, local or non-U.S. taxation, or any U.S. federal tax considerations other than income taxation. You should consult your tax adviser concerning the U.S. federal, state and local, and non-U.S. tax consequences of the sale of the Securities pursuant to the Offer to Purchase in your particular circumstances.

For purposes of this description, you are a "U.S. Holder" if, for U.S. federal income tax purposes, you are a beneficial owner of Securities and:

&nbsp;&nbsp;&nbsp;&nbsp;· a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· a corporation created or organized in or under the laws of the United States, any state therein, or the District of Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;· an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

The U.S. federal income tax treatment of a partner in a partnership (for U.S. federal income tax purposes) that holds Securities will depend on the status of the partner and the activities of the partnership. Partners in partnerships holding Securities should consult their tax advisers concerning the U.S. federal income tax consequences to them of the sale of the Securities pursuant to the Offer to Purchase.

The Company believes that it has not been a passive foreign investment company (a "PFIC") for U.S. federal income tax purposes for its 2024 taxable year and it does not expect to become one for its 2025 taxable year. However, because PFIC status depends on the composition of a company's income and assets and the market value of its assets from time to time, there can be no assurance that the Company will not be a PFIC for any taxable year. Except as described below, this discussion assumes that the Company has not been a PFIC for any prior taxable year and will not be a PFIC for the current taxable year.

**Tax Consequences to Tendering U.S. Holders**

Treatment of Our Purchase of Securities

The receipt of cash in exchange for Securities will be a taxable transaction for U.S. federal income tax purposes. If you properly tender Securities and accept payment pursuant to the Offer to Purchase, you will generally recognize taxable gain or loss equal to the difference between the amount realized on the exchange and your adjusted tax basis in the tendered Securities. Any gain or loss will be capital gain or loss and will be long-term capital gain or loss if your holding period for the Securities is longer than one year at the time of the sale. If you are a non-corporate U.S. Holder, any long-term capital gain you recognize is generally eligible for a reduced rate of taxation. The deductibility of capital losses is subject to limitations. Any gain or loss recognized will be treated as U.S.-source gain or loss for foreign tax credit purposes.

Passive Foreign Investment Company Rules

In general, a non-U.S. corporation will be a PFIC for U.S. federal income tax purposes for any taxable year in which, after applying certain look-through rules, either (1) at least 75% of its gross income is "passive income" or (2) at least 50% of the average quarterly value of its assets consists of assets that produce "passive income" or are held for the production of "passive income." As indicated in the Company's prior annual reports on Forms 20-Fs, the Company believes that it has not been a PFIC for its 2024 taxable year. In addition, the Company does not expect to become one for its 2025 taxable year. However, because PFIC status depends upon the composition of the Company's income and assets and the market value of the Company's assets (including, among others, goodwill and less than 25% owned equity investments) from time to time, there can be no assurance that the Company has not been, or will not be, a PFIC for any taxable year.

In general, if the Company was a PFIC for any taxable year in which you held Securities, your Securities will be treated as PFIC stock, even if the Company thereafter ceased to meet the threshold requirements for PFIC status, and you will generally be subject to adverse tax consequences on the sale of your Securities pursuant to the Offer. In particular, if the Company were a PFIC for any taxable year during which you held Securities, gain recognized by you on the sale of the Securities generally would be allocated ratably over your holding period for the Securities. The amounts allocated to the taxable year of the sale and to any year before the Company became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate on ordinary income in effect for individuals or corporations, as appropriate for that taxable year, and an interest charge would be imposed on the resulting tax liability. Certain elections, if made, may result in alternative treatments. You should consult your tax adviser about such elections.

You should consult your tax adviser concerning the Company's PFIC status for any relevant taxable year and the tax considerations relevant to the sale of the Securities pursuant to the Offer.

Information Reporting and Backup Withholding

Sales proceeds from a U.S. Holder's sale of Securities within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting and may be subject to backup withholding unless (i) you are a corporation or other exempt recipient or (ii) in the case of backup withholding, you provide a correct taxpayer identification number and certify that you are not subject to backup withholding. The amount of any backup withholding will be allowed as a credit against your U.S. federal income tax liability and may entitle you to a refund, provided that the required information is timely furnished to the IRS.

Tax Consequences to Non-tendering U.S. Holders

If you do not tender your Securities pursuant to the Offer to Purchase, you will not recognize any gain or loss for U.S. federal income tax purposes. In this case, you will have the same adjusted tax basis and holding period in your Securities following the consummation of the Offer to Purchase as you had in your Securities immediately prior to the consummation. However, if your Securities are subsequently purchased or sold pursuant to a compulsory acquisition as described in "Special Factors—Section 5. Effects of the Offer—Compulsory Acquisition," you are urged to consult with your own tax adviser regarding the tax consequences to you of any such subsequent purchase or sale.

6. Price Range of Class A Common Shares; Dividends

**Price Range of Class A Common Shares**

The Class A Common Shares began trading on a "when-issued" basis on the NASDAQ on July 31, 2020 and began "regular-way" trading on a stand-alone basis on the NASDAQ on October 22, 2021 under the ticker symbol "VSTA." According to the Company, as of the date of this Offer to Purchase, the Company's share capital consists of 83,649,887 common shares, comprising 15,874,676 Class A Common Shares issued and outstanding and 64,436,093 Class B Common Shares, all of which are book-entry shares and are fully paid in.

The following table sets forth, for each of the fiscal quarters indicated, the high and low sales prices per Security as reported by published financial sources.

---

| | | |
|:---|:---|:---|
|  | **Trading Price(1)**  | **Trading Price(1)**  |
|  | **Class A Common Shares**  | **Class A Common Shares**  |
|  | **(in U.S.$)**  | **(in U.S.$)**  |
|  | **High**  | **Low**  |
| First Quarter 2023 | 4.34 | 3.10 |
| Second Quarter 2023 | 4.18 | 3.10 |
| Third Quarter 2023 | 4.17 | 3.32 |
| Fourth Quarter 2023 | 4.46 | 3.75 |
| First Quarter 2024 | 4.50 | 3.66 |
| Second Quarter 2024 | 4.10 | 3.01 |
| Third Quarter 2024 | 3.15 | 2.20 |
| Fourth Quarter 2024 | 2.70 | 1.87 |
| First Quarter 2025 | 4.53 | 2.00 |
| Second Quarter 2025 | 5.05 | 3.57 |
| Third Quarter 2025 (through September 15, 2025)(2) | 4.85 | 4.03 |

---

*Source*: Capital IQ Platform Service, S&P Global Market Intelligence.

(1) The first available trading price for the Company's Class A Common Shares is dated July 31, 2020, the day on which the Class
A Common Shares began trading on a "when-issued" basis on the NASDAQ.

(2) The last trading day before Purchaser announced its intention to make a cash tender offer to acquire all outstanding Class A Common
Shares of the Company not already held, directly or indirectly, by the Purchaser.

On September 15, 2025, the last trading day before the Purchaser announced its intention to make a cash tender offer to acquire all outstanding Class A Common Shares of the Company not already held, directly or indirectly, by the Purchaser, the

closing price of the Class A Common Shares reported on the NASDAQ was U.S.$4.85 per Class A Common Share. **All holders of Securities are urged to obtain a current market price for the Securities.**

**Dividends**

The information in "Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Dividends and Dividend Policy" and "Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Certain Cayman Islands and Brazilian Legal Requirements Related to Dividends" is hereby incorporated by reference from the Company's 2024 Form 20-F.

Except as set forth or incorporated by reference in this Offer to Purchase, to the extent known by Purchaser after making reasonable inquiry, there have been no other dividend distributions during the past two years with respect to the subject securities, and there is no restriction on Company's current or future ability to pay dividends.

7. Certain Information Concerning the Company

***General***. The information concerning the Company contained in, or incorporated by reference into, this Offer to Purchase has been taken from, or based upon, publicly available documents and records on file with the SEC and other public sources. The principal executive offices of the Company are located at Avenida Paulista, 901, 1<sup>st</sup> Floor, Bela Vista, São Paulo, São Paulo, 01310-100, Federative Republic of Brazil. The telephone number of the Company's principal executive offices is +55 (11) 3133-7311.

***Financial and Other Information***. The selected consolidated financial information with respect to the Company set forth below has been derived from the audited consolidated financial statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 contained in the Company's 2024 Form 20-F, from the unaudited interim consolidated financial statements as of June 30, 2025 and for the six-month periods ended June 30, 2025 and 2024 contained in the current report on Form 6-K furnished by the Company to the SEC on August 6, 2025 (the "June 2025 Form 6-K").

This financial and other information of the Company included in this Offer to Purchase is purely historical in nature and, accordingly, should not be considered, construed or relied-upon as predictive of actual future results and is not being included to induce holders of Class A Common Shares to participate in the Offer.

**Income Statement Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six-Month Period Ended June 30,** | **For the Six-Month Period Ended June 30,** | **For the Six-Month Period Ended June 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2022** |
|  | **(U.S.$)(1)** | **(R$)** | **(R$)** | **(U.S.$)(1)** | **(R$)** | **(R$)** | **(R$)** |
|  | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** |
| **Net revenue from sales and services** | 144.6 | 788.9 | 755.1 | 306.8 | 1674.2 | 1486.3 | 1264.3 |
| &nbsp;&nbsp;&nbsp;Sales | 135.3 | 738.3 | 715.0 | 291.1 | 1588.8 | 1440.3 | 1229.8 |
| &nbsp;&nbsp;&nbsp;Services | 9.3 | 50.6 | 40.1 | 15.7 | 85.4 | 46.0 | 34.5 |
| Cost of goods sold and services | (54.5) | (297.5) | (270.9) | (119.7) | (653.4) | (570.9) | (473.1) |
| **Gross profit** | 90.0 | 491.4 | 484.2 | 187.0 | 1020.7 | 915.4 | 791.1 |
| **Operating income (expenses)** | (85.3) | (465.5) | (431.5) | (129.7) | (708.0) | (781.8) | (710.6) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (48.0) | (262.2) | (262.8) | (66.8) | (364.8) | (465.5) | (471.6) |
| &nbsp;&nbsp;&nbsp;Commercial expenses | (33.0) | (180.1) | (146.8) | (51.8) | (282.7) | (246.1) | (194.0) |
| &nbsp;&nbsp;&nbsp;Impairment losses on trade receivables | (4.7) | (25.6) | (23.4) | (9.7) | (53.0) | (55.8) | (45.9) |
| &nbsp;&nbsp;&nbsp;Other operating income | 0.1 | 0.4 | 2.0 | 0.8 | 4.3 | 13.7 | 1.8 |
| &nbsp;&nbsp;&nbsp;Other operating expenses |  |  | (0.5) | (2.2) | (11.9) | (28.1) | (0.8) |
| &nbsp;&nbsp;&nbsp;Share of (loss) profit of equity-accounted investees | (1.2) | (6.6) | (7.0) | (2.3) | (12.3) | (18.7) | (4.5) |
| **Loss before finance result and taxes** | 3.5 | 19.3 | 45.7 | 55.1 | 300.4 | 114.9 | 76.1 |
| **Finance Result** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance income | 5.7 | 31.1 | 29.7 | 49.0 | 267.5 | 70.3 | 88.6 |
| &nbsp;&nbsp;&nbsp;Finance costs | (23.2) | (126.5) | (133.8) | (47.8) | (260.8) | (304.9) | (270.3) |
|  | (17.5) | (95.4) | (104.1) | 1.2 | 6.7 | (234.6) | (181.8) |
| **(Loss) before income tax and social contribution** | (13.9) | (76.1) | (58.4) | 56.3 | 307.1 | (119.7) | (105.7) |
| **Income tax and social contribution** | 3.0 | 16.5 | 14.1 | 32.8 | 179.3 | 36.7 | 51.1 |
| &nbsp;&nbsp;&nbsp;Current | (0.9) | (4.7) | (1.8) | 32.2 | 175.6 | 0.3 | 10.7 |
| &nbsp;&nbsp;&nbsp;Deferred | 3.9 | 21.2 | 15.9 | 0.7 | 3.6 | 36.4 | 40.4 |
| **Loss for the period** | (10.9) | (59.5) | (44.2) | 89.1 | 486.4 | (83.0) | (54.6) |
| Allocated to: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Controlling shareholders | (10.9) | (59.4) | (43.9) | 89.1 | 486.5 | (83.8) | (54.6) |
| &nbsp;&nbsp;&nbsp;Non-controlling shareholders |  | (0.1) | (0.4) |  | (0.1) | 0.8 |  |

---

(1) For convenience purposes only, amounts in *reais* have been translated to U.S. dollars using an exchange rate of R$5.457 to U.S.$1.00,
the commercial selling rate for U.S. dollars as of June 30, 2025, as reported by the Brazilian Central Bank. These translations should
not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange
rate as of that or any other date.

**Balance Sheet Data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(U.S.$)(1)** | **(R$)** | **(U.S.$)(1)** | **(R$)** | **(R$)** | **(R$)** |
|  | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** | **(in millions, unless otherwise indicated)** |
| Cash and cash equivalents | 2.6 | 14.3 | 15.5 | 84.5 | 95.9 | 45.8 |
| Marketable securities | 55.1 | 300.9 | 20.4 | 111.3 | 245.9 | 380.5 |
| Trade receivables | 132.9 | 725.3 | 158.2 | 863.2 | 697.5 | 649.1 |
| Inventories | 45.2 | 246.5 | 50.7 | 276.8 | 300.5 | 266.5 |
| Prepayments | 13 | 71 | 14.8 | 81 | 71.9 | 56.6 |
| Taxes recoverable | 4.1 | 22.1 | 3.8 | 20.8 | 19 | 19.1 |
| Income tax and social contribution recoverable | 1.2 | 6.6 | 2.5 | 13.6 | 16.8 | 17.7 |
| Other receivables | 0.9 | 4.9 | 0.2 | 1.3 | 2.1 | 1 |
| Related parties – other receivables | 4.9 | 26.6 | 2.5 | 13.7 | 7.2 | 1.8 |
| &nbsp;&nbsp;&nbsp;**Total current assets** | 259.9 | 1418.3 | 268.7 | 1466.3 | 1456.8 | 1438.1 |
| Judicial deposits and escrow accounts | 30.1 | 164.2 | 28.3 | 154.5 | 207.2 | 194.9 |
| Deferred income tax and social contribution | 42.2 | 230 | 38.3 | 208.8 | 205.5 | 170.9 |
| Equity accounted investees | 8.4 | 45.6 | 9.6 | 52.2 | 64.5 | 83.1 |
| Other investments and interests in entities | 0.3 | 1.6 | 0.3 | 1.6 | 9.9 | 8.3 |
| Property, plant and equipment | 27.1 | 148 | 29.5 | 161 | 151.5 | 197.7 |
| Intangible assets and goodwill | 932.5 | 5089 | 945.7 | 5160.8 | 5307.6 | 5427.7 |
| &nbsp;&nbsp;&nbsp;**Total noncurrent assets** | 1040.6 | 5678.4 | 1051.6 | 5738.8 | 5946.1 | 6082.5 |
| &nbsp;&nbsp;&nbsp;**Total assets** | 1300.5 | 7096.7 | 1320.3 | 7205.2 | 7402.9 | 7520.6 |
| Bonds | 49.9 | 272.4 | 48.5 | 264.5 | 541.8 | 93.8 |
| Suppliers | 31.6 | 172.6 | 44 | 240.2 | 221.3 | 250.6 |
| Reverse factoring | 55.3 | 301.9 | 55.5 | 302.6 | 263.9 | 155.5 |
| Lease liabilities | 4.3 | 23.7 | 4.1 | 22.1 | 17.1 | 23.2 |
| Income tax and social contribution payable | 0.8 | 4.6 | 0.4 | 2.1 |  | 5.6 |
| Taxes payable | 1.3 | 7.1 | 0.8 | 4.6 | 7.8 |  |
| Salaries and social contributions | 19.3 | 105.1 | 18.7 | 102 | 104.4 | 100.1 |
| Contractual obligations and deferred income | 8.8 | 48.1 | 7.4 | 40.6 | 32.8 | 57.9 |
| Accounts payable for business combination | 42.6 | 232.3 | 39.4 | 215.2 | 216.7 | 73 |
| Other liabilities | 0.1 | 0.5 | 3.7 | 19.9 | 26.4 | 29.6 |
| Related parties – other liabilities | 3.5 | 19 | 5.6 | 30.3 | 15.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | 217.6 | 1187.2 | 228 | 1244.2 | 1447.3 | 789.2 |
| Bonds | 91.3 | 498.1 | 91.2 | 497.5 | 250 | 749.2 |
| Lease liabilities | 15.4 | 84.1 | 16.4 | 89.2 | 79.6 | 117.4 |
| Accounts payable for business combination | 42.1 | 229.7 | 40.6 | 221.4 | 397.4 | 552.3 |
| Provision for tax, civil and labor losses | 29.4 | 160.6 | 28.8 | 157.1 | 698 | 651.3 |
| Contractual obligations and deferred income | 0.1 | 0.8 | 0.4 | 2.4 | 9.8 | 31.6 |
| Other liabilities | 178.4 | 973.3 | 177.3 | 967.7 | 1434.8 | 2101.7 |
| &nbsp;&nbsp;&nbsp;**Total noncurrent liabilities** | 395.9 | 2160.6 | 405.3 | 2211.8 | 2882.1 | 2890.9 |
| Share capital | 883.4 | 4820.8 | 883.4 | 4820.8 | 4820.8 | 4820.8 |
| Capital reserve | 16.7 | 90.9 | 16.7 | 90.9 | 89.6 | 80.5 |
| Treasury shares | (13.2) | (72.3) | (13.7) | (74.6) | (59.5) | (23.9) |
| Accumulated losses | 17.5 | 95.5 | 28.4 | 154.9 | (331.6) | (247.8) |
| Total shareholders' equity | 904.3 | 4934.9 | 914.8 | 4992 | 4519.4 | 4629.7 |
| Interest of non-controlling shareholders | 0.2 | 1.2 | 0.2 | 1.3 | 1.4 | - |
|  | 904.5 | 4936.1 | 915 | 4993.3 | 4520.8 | 4629.7 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | **1300.5** | **7096.7** | **1320.3** | **7205.2** | **7402.9** | **7520.6** |
| Number of Class A Common Shares (in thousands of Class A Common Shares)(2) | 19213.8 | 19213.8 | 19213.8 | 19213.8 | 19213.8 | 18575.5 |
| Shareholders' equity per share (in U.S.$/R$) | 0.05 | 0.26 | 0.05 | 0.26 | 0.24 | 0.25 |

---

(1) For convenience purposes only, amounts in *reais* have been translated to U.S. dollars using an exchange rate of R$5.457 to U.S.$1.00,
the commercial selling rate for U.S. dollars as of June 30, 2025, as reported by the Brazilian Central Bank. These translations should
not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange
rate as of that or any other date.

(2) Includes treasury shares.

**Other Financial Data** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Six-Month Period Ended June 30,** | **As of and for the Six-Month Period Ended June 30,** | **As of and for the Six-Month Period Ended June 30,** | **As of and for the Year Ended December 31,** | **As of and for the Year Ended December 31,** | **As of and for the Year Ended December 31,** | **As of and for the Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2022** |
|  | **(U.S.$)(1)** | **(R$)** | **(R$)** | **(U.S.$)(1)** | **(R$)** | **(R$)** | **(R$)** |
| Adjusted EBITDA | 7.70 | 42.0 | 26.0 | 93.2 | 508.4 | 450.6 | 375.3 |
| Adjusted Net (Loss) Profit | (5.31) | (29.0) | (37.0) | 14.7 | 80.3 | 59.6 | 38.6 |
| Free Cash Flow | 14.66 | 80.0 | 38.0 | 5.0 | 27.3 | 61.6 | (3.9) |
| Adjusted Cash Conversion Ratio | 65.5% | 65.5% | 3.6% | 5.4% | 5.4% | 13.7% | (1.0)% |

---

(1) For convenience purposes only, amounts in *reais* have been translated to U.S. dollars using an exchange rate of R$5.457 to U.S.$1.00,
the commercial selling rate for U.S. dollars as of June 30, 2025, as reported by the Brazilian Central Bank. These translations should
not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange
rate as of that or any other date.

**Special Note Regarding Non-IFRS Financial Measures**

The Purchaser presents certain non-IFRS financial measures of the Company below, which Purchaser believes serve as additional, useful and meaningful information to holders of Class A Common Shares. A non-IFRS financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable IFRS measure. These non-IFRS financial measures are provided to enhance the overall understanding of holders of Class A Common Shares of the Company's current financial performance. Specifically, we believe the non-IFRS financial measures provide useful information to holders of Class A Common Shares by excluding certain expenses, gains and losses, as the case may be, which may not be indicative of the Company's core operating results and business outlook. These non-IFRS financial measures may be different from non-IFRS financial measures used by other companies. The presentation of this non-IFRS financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered separately from, or as a substitute for, the Company's financial information prepared and presented in accordance with IFRS. Non-IFRS financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with IFRS. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding IFRS financial measures.

The information contained or incorporated by reference in this Offer to Purchase has been taken from or is based upon publicly available documents or records of the Company on file with the SEC or other public sources at the time of the Offer. The Dealer Manager has not independently verified nor does it make any representation or warranty, express or implied, or assume any responsibility, for the accuracy or adequacy of the information contained or incorporated by reference herein.

These non-IFRS financial measures included in this Offer to Purchase are purely historical in nature and, accordingly, should not be considered, construed or relied-upon as predictive of actual future results and are not being included to induce holders of Class A Common Shares to participate in the Offer.

**Adjusted EBITDA, Adjusted Net (Loss) Profit, Free Cash Flow and Adjusted Cash Conversion Ratio**

This Offer to Purchase presents Company's Adjusted EBITDA, Adjusted Net (Loss) Profit, Free Cash Flow and Adjusted Cash Conversion Ratio information for the convenience of investors. Adjusted EBITDA, Adjusted Net (Loss) Profit, Free Cash Flow and Adjusted Cash Conversion Ratio are the key performance indicators used by the Company to measure financial operating performance. Company's management believes that these non-GAAP financial measures provide useful information to investors and shareholders. Vasta also uses these measures internally to establish budgets and operational goals to manage and monitor its business, evaluate its underlying historical performance and business strategies and to report its results to the board of directors.

The Company calculates Adjusted EBITDA as profit (loss) for the year/period plus/minus: (a) income tax and social contribution; (b) finance result; (c) depreciation and amortization; (d) expenses for share-based compensation granted to Somos Educação's employees (for further information refer to note 23.3 to the audited consolidated financial statements, included in the Company's 2024 Form 20-F); (e) reversal of tax contingencies recorded in the year ended December 31, 2024, in relation to a change in the loss probability for the tax proceedings, which previously defined "probable" loss probability and was updated to "remote;" (f) loan write-off adjusting expenses incurred in the year ended December 31, 2023 in relation to costs associated with the write-off of a loan made to a potential target of Educbank in the context of M&A negotiations, which ultimately did not materialize; (g) ad-hoc contractual price adjustment upon the performance metric of

Mind Maker, in the year ended December 31, 2023; (h) expenses with contractual termination of employees due to organizational restructuring leading to a permanent headcount reduction; and (i) asset impairment loss on the initially invested amount in acquisition of the Flex Flix. The Company makes such adjustments to present a view of its operational performance excluding temporary factors that may have impacted its results and that should be considered when calculating its Adjusted EBITDA, which is a practical measure to assess its operational performance that allows the Company to compare itself with other companies that operate in the same segment.

The Company calculates Adjusted Net (Loss) Profit as the loss for the year/period as presented in its Statement of Profit or Loss and Other Comprehensive Income adjusted by (a) expenses with contractual termination of employees due to organizational restructuring leading to a permanent headcount reduction, (b) expenses for share-based compensation granted to Somos Educação's employees, (c) reversal of tax contingencies recorded in the year ended December 31, 2024, in relation to a change in the loss probability for certain tax proceedings, which previously had been classified with a probability of loss as "probable" and were updated to "remote", (d) loan write-off adjusting expenses incurred in the year ended December 31, 2023 in relation to costs associated with the write-off of a loan made to a potential target of Educbank in the context of M&A negotiations, which ultimately did not materialize, (e) ad-hoc contractual price adjustment upon the performance metric of Mind Makers, (f) amortization of intangible assets from Business Combination; (g) asset impairment loss on the initially invested amount in acquisition of Flex Flix; and (h) tax effect of 34% generated by the aforementioned adjustments.

The Company calculates Free Cash Flow as the net cash flows from operating activities as presented in the statement of cash flows of its financial statements less cash flows required for: (i) acquisition of property and equipment; (ii) addition to intangible assets; and (iii) payment for lease liabilities. The Company considers Free Cash Flow to be a liquidity measure, therefore, the Company adjusts its Free Cash Flow metric with amounts that directly impacted the cash flows in the period in addition to the operating activities. The Free Cash Flow measure provides useful information to management and investors about the amount of cash generated by its operations, deducting for investments in property and equipment to maintain and grow its business.

The Company calculates Adjusted Cash Conversion Ratio as the Free Cash Flow divided by Adjusted EBITDA for the relevant period.

The Company understands that, although Adjusted EBITDA, Adjusted Net (Loss) Profit, Free Cash Flow and Adjusted Cash Conversion Ratio are used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of its results of operations as reported under IFRS. Additionally, its calculations of Adjusted EBITDA, Adjusted Net (Loss) Profit, Free Cash Flow and Adjusted Cash Conversion Ratio may be different from the calculation used by other companies, including our competitors in the education services industry, and therefore, our measures may not be comparable to those of other companies.

For a reconciliation of our non-GAAP financial measures, see "Item 5. Operating and Financial Review and Prospects—A. Operating Result—Reconciliations for Non-GAAP Financial Measures" in the Company's 2024 Form 20-F.

The information in "Item 18. Financial Statements" of the Company's 2024 Form 20-F and in the unaudited interim consolidated financial statements as of June 30, 2025 and for the six-month periods ended June 30, 2025 and 2024, included on pages 3 to 7 of Exhibit 99.2 to the June 2025 Form 6-K is incorporated by reference herein. The financial information above is qualified in its entirety by reference to the Company's 2024 Form 20-F and the June 2025 Form 6-K, and all of the financial information (including any related notes) contained therein or incorporated therein by reference. More comprehensive financial information is included in documents filed by the Company with the SEC. The 2024 Form 20-F was filed with, and the June 2025 Form 6-K was furnished to, the SEC and may be inspected at, and copies thereof may be obtained from, the same places and in the same manner set forth under "Available Information" below.

***Available Information***. The Class A Common Shares are registered under the Exchange Act. Accordingly, the Company is subject to the informational reporting requirements of the Exchange Act and, in accordance therewith, is required to file periodic reports and other information with the SEC relating to its business, financial condition and other matters. Information as of particular dates concerning the Company's directors and officers, their remuneration, stock options granted to them, the principal holders of the Company's securities and any material interest of such persons in transactions with the Company is required to be disclosed in periodic reports and filed with the SEC. The Company's filings are available to the public on the SEC's website (http://www.sec.gov).

You may call D.F. King & Co., Inc., the Information Agent for the Offer, toll-free at (800) 659-5550 (in North America) or (212) 269-5550 (outside North America) or email to vasta@dfking.com, to request copies without charge of documents incorporated by reference.

8. Certain Information Concerning Purchaser

Purchaser is a company incorporated under the laws of the Federative Republic of Brazil. Purchaser's principal executive offices are located at Rua dos Guajajaras, No. 591, 4th Floor, Room 1, Bairro de Lourdes, Belo Horizonte, Minas Gerais, 30.180-101, Brazil. Purchaser's telephone number at this address is +55 (11) 3133-7309.

As of the date of this Offer to Purchase, the Purchaser owns, directly or indirectly, approximately 80% of the Company's total capital through its ownership of 64,436,093 Class B Common Shares, representing 98% of the Company's voting rights. Further details on Purchaser's affiliation with the Company can be found in the 2024 Form 20-F.

As of the date of this Offer to Purchase, Purchaser was not convicted in a criminal proceeding during the past five years, and was not a party to any judicial or administrative proceeding during the past five years that resulted in a judgment, decree or final order enjoining Purchaser from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.

9. Source and Amount of Funds

Assuming that all outstanding Securities are tendered into the Offer, the aggregate purchase price payable by Purchaser upon the consummation of the Offer would be approximately U.S.$79.4 million, excluding related transaction fees, costs and expenses. Purchaser intends to finance the Offer with cash on hand. Purchaser will have sufficient cash on hand to finance the consummation of the Offer upon the expiration of the Offer.

Because the only consideration to be paid in the Offer is cash and the Offer is to acquire all issued and outstanding Securities, Purchaser believes its financial condition is not material to a decision by a holder of Securities whether to sell, hold or tender Securities in the Offer.

10. Dividends and Distributions

The Offer Price will be adjusted for any potential dividends or other distributions which may be paid between the date on which the Offer was announced and the Expiration Date of the Offer.

11. Conditions to the Offer

Notwithstanding any other provision of the Offer, Purchaser shall not be required to accept for payment or, subject to any applicable rules and regulations of the SEC, including Rule 14e-1(c) promulgated under the Exchange Act (relating to Purchaser's obligation to pay for or return tendered Securities promptly after termination or withdrawal of the Offer), pay for, and (subject to any such rules or regulations) Purchaser may delay the acceptance for payment for, or the payment for, any Securities validly tendered and not properly withdrawn, if any of the following conditions have not been satisfied or waived, as applicable (to the extent waivable), immediately prior to the expiration of the Offer (as extended):

&nbsp;&nbsp;&nbsp;&nbsp;· tendering holders of Securities shall have validly tendered and not withdrawn the Minimum Tender Amount prior to the Expiration Date;

&nbsp;&nbsp;&nbsp;&nbsp;· there shall not have occurred or been threatened any change (or any condition, event or development involving a prospective change)
in the business, properties, assets, liabilities, capitalization, shareholders' equity, condition (financial or otherwise), operations,
licenses, franchises, permits, permit applications, results of operations, cash flows or prospects of the Company or any of its subsidiaries,
which, in Purchaser's reasonable judgment, is or may be materially adverse to the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;· that none of the following conditions shall have occurred since the commencement of the Offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a decrease of 10% or more in the trading price of the Class A Common Shares on the NASDAQ from their respective closing trading prices
on September 16 (the business day prior to the date hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a decrease of 10% or more in the exchange rate between Brazilian reais and U.S. dollars, as reported by the Brazilian Central Bank,
from the commercial selling rate for U.S. dollars reported as of September 16, 2025 (the business day prior to the date hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the occurrence of any material change in the rules and regulations applicable to the U.S. capital markets that adversely affects or
impedes the consummation of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the revocation of any governmental authorization required for the implementation of the Offer or the issuance of any rule, decision
or decree that would prevent Purchaser from conducting the Offer or imposes an obligation to acquire or dispose of Securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the creation of new taxes, or the increase in existing tax rates, which are directly levied on the Offer or on Purchaser, which, in
either event or together, increase the total cost of the Offer to Purchaser by five percent or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the general suspension or limitation of trading in securities in general, including trading in Class A Common Shares, on the NASDAQ
for more than 24 hours; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the issuance of a judicial or administrative decision, at an initial or final stage, awarded in any administrative, judicial and/or
arbitration proceedings or actions that require the suspension of the Offer or challenge their terms or conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· that since the commencement of the Offer, no public, governmental, judicial, legislative or regulatory authority in the U.S., Brazil
or Cayman Islands (a) shall have enacted, issued, promulgated, enforced or entered any statute, law, rule, regulation, executive order,
decree, injunction or other order, which: (i) prevents or prohibits the consummation of the Offer; (ii) adversely affects the terms and/or
conditions of the Offer; (iii) imposes material limitations on the ability of Purchaser (or any of its affiliates) to acquire, hold
or exercise full rights of ownership of the Securities to be purchased pursuant to the Offer including, without limitation, the right
to vote the Securities; (iv) prohibits, restrains or makes or seeks to make illegal the payment for purchase of the Securities pursuant
to the Offer or that would impose material damages in connection therewith; (v) restrains or limits the Company's business
operations; (vi) imposes or seeks to impose any material condition to the Offer in addition to the conditions set forth elsewhere in this
Offer to Purchase, or shall any action, proceeding or complaint be commenced that seeks to do any of the foregoing; (vii) imposes any
limitation on the participation of any holder of the Securities in the Offer; or (viii) imposes
an obligation to buy or sell Securities of Vasta; or (b) shall have threatened to
enact, issue, promulgate, enforce or enter, any statute, law, rule, regulation, executive order, decree, injunction or other order, which
would have, if enacted, issued, promulgated, enforced or entered, any of the foregoing effects.

The foregoing conditions are for the sole benefit of Purchaser and may be asserted by Purchaser or may be waived by Purchaser in whole or in part in Purchaser's discretion. The determination as to whether any condition has occurred shall be in Purchaser's sole judgment. The failure by Purchaser at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right and each such right shall be deemed an ongoing right that may be asserted prior to the Expiration Date. In certain circumstances, if Purchaser waives any of the conditions described above, Purchaser may be required to extend the Expiration Date. Any decision as to how Purchaser will proceed following the triggering of a condition to the Offer prior to the Expiration Date (other than a condition the satisfaction of which may be determined only upon expiration of the Offer) would be disclosed to holders of Securities promptly to the extent required by Rules 14d-3(b)(1) and 14d-4(d)(1) under the Exchange Act.

12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations

The Offer is being made for the purpose of causing the Securities to become eligible for termination of registration and causing the reporting obligations with respect to such class to become eligible for termination under Rule 12h-6 under the Exchange Act. Following the completion of the Offer (including if the Minimum Tender Condition has been waived by Purchaser prior to the Expiration Date), Purchaser intends to take or cause the Company to take certain actions to that end, including, but not limited to, the NASDAQ Delisting and the SEC Deregistration, as further described under "Special Factors―Section 5. Effects of the Offer—Delisting and Deregistration in the United States."

Moreover, under Cayman Islands law, subject to certain requirements, within four months of the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act. Following the satisfaction of the Minimum Tender Condition, and after the statutory period has elapsed, Purchaser will therefore be entitled and intends to conduct a compulsory acquisition for the purpose of purchasing Securities held by any remaining holders of the Securities. As required under the Companies Act, the price in this compulsory acquisition shall be the same as the Offer Price.

Remaining holders of Securities following the SEC Deregistration should be aware that the SEC Deregistration would substantially reduce the information required to be furnished by the Company to such holders and to the SEC and would

make certain provisions of the Exchange Act no longer applicable to the Company, such as the requirement to file an annual report on Form 20-F with the SEC and the requirements of Rule 13e-3 under the Exchange Act with respect to "going private" transactions. Furthermore, the ability of "affiliates" of the Company and persons holding "restricted securities" of the Company to dispose of such securities pursuant to Rule 144 promulgated under the Securities Act may be impaired or eliminated.

Moreover, the Securities are presently "margin securities" under Regulation T of the Board of Governors of the Federal Reserve System ("Regulation T"), which status has the effect, among other things, of allowing brokers to extend credit on the collateral of such securities. If registration of the Securities under the Exchange Act is terminated following the Offer, the Securities would no longer constitute "margin securities" under Regulation T. As such, the Securities could no longer be used as collateral for loans made by brokers.

Additionally, Purchaser would seek to cause the Company to proceed with the NASDAQ Delisting and SEC Deregistration and termination of reporting requirements under the Exchange Act. Upon completion of the NASDAQ Delisting, the Class A Common Shares would no longer be tradeable and there would be no listing of any securities of the Company on any stock exchange in the United States or elsewhere. Additionally, if at any time after the Offer, there are fewer than 300 holders of Securities of record (worldwide or in the United States), Purchaser would seek to cause the Company to pursue the SEC Deregistration. In the event Purchaser proceeds with the Offer, if you do not tender your Securities in the Offer and continue after expiration of the Offer to hold Securities, you would remain a securityholder of the Company. However, at such time, there may be no market for your Securities and you would have limited rights to information. In addition, after the NASDAQ Delisting, the Company would no longer be required to follow mandatory corporate governance standards promulgated by the listing rules of NASDAQ.

13. Certain Legal Matters; Regulatory Approvals

**General**

Purchaser is not aware of any pending legal proceeding relating to the Offer. Based on a review of publicly available filings by the Company with the SEC, Purchaser is not aware of (i) any license or regulatory permit that appears to be material to the business of the Company that might be adversely affected by the acquisition of Securities by Purchaser pursuant to the Offer or otherwise or (ii) any approval or other action by any governmental entity that would be required prior to the acquisition of Securities by Purchaser pursuant to the Offer or otherwise. Should any such approval or other action be required, Purchaser presently contemplates that such approval or other action will be sought. There can be no assurance that any such approval or other action, if required, would be obtained without substantial conditions, or that adverse consequences to the Company's business might not result. Except as otherwise described in this Offer to Purchase, although Purchaser does not presently intend to delay the acceptance for payment of or payment for Securities tendered into the Offer pending the outcome of any such matter, there can be no assurance that any such approval or other action, if needed, would be obtained or would be obtained without substantial conditions or that the failure to obtain any such approval or other action might not result in consequences adverse to the Company's business or other substantial conditions complied with in the event that such approvals were not obtained or such other actions were not taken or in order to obtain any such approval or other action.

**Antitrust**

The purchase of the Securities by us pursuant to the Offer is not subject to the approval of Brazilian or U.S. antitrust authorities.

**"Going Private" Transactions**

The Offer constitutes a "going private" transaction pursuant to Rule 13e-3 under the Exchange Act. Rule 13e-3 requires, among other things, that certain financial information concerning the Company and certain information relating to the fairness of the offer price be filed with the SEC. Purchaser has provided such information in a tender offer statement on Schedule TO and a Transaction Statement on Schedule 13E-3, together with the exhibits thereto, filed with the SEC pursuant to Rule 14d-3 under the Exchange Act.

14. Fees and Expenses

Purchaser has retained D.F. King & Co., Inc. to serve as the Information Agent, Equiniti Trust Company, LLC to serve as the Tender Agent, and Itau BBA USA Securities, Inc. to serve as the Dealer Manager in connection with the Offer. The Information Agent may contact holders of Securities by personal interview, mail, telephone and other methods of electronic communication and may request brokers, dealers, commercial banks, trust companies and other securities intermediary to

forward the Offer materials to beneficial holders. Each of the Dealer Manager, the Information Agent and the Tender Agent will receive reasonable and customary compensation for their services, be reimbursed for certain reasonable out-of-pocket expenses and be indemnified against certain liabilities in connection with their services, including certain liabilities and expenses under the federal securities laws.

In its role as such, the Dealer Manager may contact brokers, dealers and similar entities and may provide information regarding the Offer to persons that it contacts or to persons that contact it. The Dealer Manager may also request brokers, dealers and other nominee holders to forward materials relating to the Offer to beneficial holders. Questions regarding the terms of the Offer may be directed to the Dealer Manager, at + 55 (11) 97530-3709; Attention: Fernando Niemeyer , or +55 (11) 96587-0063; Attention: Felipe Condado Barbosa. The Dealer Manager and its respective affiliates have provided, and may in the future provide, various investment banking and other services to Purchaser, the Company and/or any of their affiliates, for which they have received, or we expect they will receive, customary compensation from Purchaser, the Company and/or any of their affiliates. The Dealer Manager and its respective affiliates in the ordinary course of their respective businesses may purchase and/or sell securities of the Purchaser, the Company and/or any of their affiliates, including the Class A Common Shares, and may hold positions, both long and short, for their respective own accounts and for the account of their respective customers. As a result, the Dealer Manager and its respective affiliates at any time may own Class A Common Shares. In addition, the Dealer Manager and its respective affiliates may tender Class A Common Shares into the Offer for their respective own accounts and for the account of their respective customers.

Except as discussed above, Purchaser will not pay any fees or commissions to any broker or dealer or other person or entity in connection with the solicitation of tenders of Securities pursuant to the Offer. Brokers, dealers, banks and trust companies will be reimbursed by Purchaser for customary mailing and handling expenses incurred by them in forwarding the Offer materials to their customers.

The Company will not pay any of the fees and expenses to be incurred solely by Purchaser.

None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them assumes any responsibility for the accuracy or completeness of the information concerning Purchaser, the Company, or any of their respective affiliates, contained or incorporated by reference in this Offer to Purchase, or for any failure by Purchaser or the Company to disclose events that may have occurred after the date of this Offer to Purchase that may affect the significance or accuracy of this information.

None of the Dealer Manager, the Tender Agent, the Information Agent nor any affiliate of any of them makes, has made or has authorized any person to make, any recommendation as to whether or not holders should tender Class A Common Shares pursuant to the Offer or as to the price or prices at which holders should tender their Class A Common Shares or overall fairness of the Offer otherwise. Holders should carefully evaluate all the information in this Offer to Purchase and in related filings and consult their own investment and tax advisors, and holders must make their own independent decision as to whether to participate in the Offer and, if so, the number of Class A Common Shares to tender.

15. Miscellaneous

The Offer is being made solely by this Offer to Purchase and the related Letter of Transmittal and is being made to the holders of Securities other than Purchaser. Purchaser is not aware of any state where the making of the Offer is prohibited by administrative or judicial action pursuant to any valid state statute. If Purchaser becomes aware of any valid state statute prohibiting the making of the Offer or the acceptance of the Securities pursuant thereto, Purchaser will make a good faith effort to comply with such statute or seek to have such statute declared inapplicable to the Offer. If, after such good faith effort, Purchaser cannot comply with such state statute, the Offer will not be made to (nor will tenders be accepted from or on behalf of) holders of Securities in such state.

**NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION ON BEHALF OF PURCHASER OR THE DEALER MANAGER NOT CONTAINED HEREIN OR IN THE LETTER OF TRANSMITTAL AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED.**

Purchaser has filed with the SEC a Tender Offer Statement on Schedule TO and a Transaction Statement on Schedule 13E-3, pursuant to Rules 14d-3 and 13e-3 under the Exchange Act, together with all exhibits thereto, furnishing certain additional information with respect to the Offer and the information required by Schedule 13E-3, respectively. Such Schedule TO and Schedule 13E-3, and any amendments thereto, including exhibits, should be available for inspection and copies should be obtainable in the same manner described herein in "—Section 7. Certain Information Concerning the Company."

**COGNA EDUCAÇÃO S.A.**

September 17, 2025

**Schedule A**

**INFORMATION CONCERNING DIRECTORS AND EXECUTIVE OFFICERS OF COGNA EDUCAÇÃO S.A.**

The name, current principal occupation or employment, and material occupations, positions, offices or employment for the past five (5) years of each director and executive officer of Purchaser are set forth below. The business address of each director and officer is Av. Paulista, 901, Bela Vista, São Paulo - SP, 01310-100. Unless otherwise indicated, each occupation set forth opposite an individual's name refers to employment with Purchaser. None of the directors and officers of Purchaser listed below has, during the past five (5) years, (i) been convicted in a criminal proceeding or (ii) been a party to any judicial or administrative proceeding that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, U.S. federal or state securities laws, or a finding of any violation of U.S. federal or state securities laws. Unless otherwise indicated, all directors and officers of Purchaser are citizens of Brazil.

**Board of Directors**

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| | |
|:---|:---|
| **Name**  | **Current Principal Occupation, 5 Year Employment <br> History and Country of Citizenship**  |
| Angela Regina Rodrigues de Paula Freitas | Ms. Angela Regina was a founding partner of Incorporadora Gamaro and a founding partner of Alaska Investimentos Ltda. She was a member of the Board of Directors of Anhanguera Educacional between 2007 and 2009 and held positions on the Executive Board of Anhembi Morumbi between 1997 and 2007, where she served as the Chief Executive Officer from 2005 to 2007. |
| Rodrigo Calvo Galindo | Rodrigo Calvo Galindo is the Chairman of our board of directors. Mr. Galindo is our former Chief Executive Officer. He has served in the management of various educational institutions over the last 29 years. He was Administrative Associate Dean at the University of Cuiabá and was responsible for the accreditation and establishment of postsecondary education institutions in the states of Bahia, Mato Grosso, Amapá, Acre and Rondônia. He was Chief Executive Officer of Grupo Educacional IUNI, with over 50,000 postsecondary students and campuses in six Brazilian states. He was also our Chief Operating Officer and Chief Postsecondary Education Officer. Mr. Galindo is also a director of Vasta. |
| Juliana Rozenbaum Munemori | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juliana Rozenbaum Munemori is an independent member of our board of directors who has held several positions in distinct companies in Brazil, including the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Duratex S.A.: independent member of the Board of Directors, member of the Audit and Risk Management Committee, and member and chairman (since May 2019) of the Committee for the Evaluation of Transactions with Related Parties.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Viva Decora Internet S.A.: member of the Board of Directors since November 2018.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Energias do Brasil S.A.: independent member of the Board of Directors, and member of the Corporate  |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;· Governance and Related Parties Committee, and the Inclusion and Diversity Committee since April 2018.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Suzano Papel e Celulose S.A.: member of the Strategy Committee since December 2018.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Eurofarma Laboratórios S.A.: member of the Advisory Board of since January 2019.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Lojas Renner S.A.: independent member of the Board of Directors, member of the Audit Committee since April 2017.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Arezzo&Co S.A.: member of the Board of Directors and Coordinator of the Strategy Committee since July 2013.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Uatt and GoCase: member of the Advisory Board.<br>She also has 13 years of experience in sell-side equity research, with a primary focus on companies in the consumer and retail sector. She worked for several financial institutions between 2007 and May 2013, but primarily at Itaú BBA. Between 2013 and 2017, she worked as a consultant in consumer and retail projects at Itaú BBA's Investment Banking. Previously, she worked as an economist on the buy-side desks of JGP, Pactual and Icatu.  |
| Nicolau Ferreira Chacur | Nicolau Ferreira Chacur is an independent member and vice-chairman of our board of directors since 2011. He served as Corporate Executive Officer of Unibanco from 2004 to 2009, and held the position of Corporate Executive Officer of Banco Itaú BBA S.A. from 2009 to 2011. |
| Walfrido Silvino dos Mares Guia Neto | Walfrido Silvino dos Mares Guia Neto joined Cogna in 1966, as one of the founding partners of Pitágoras. He has held several public positions, such as Secretary of Education of Minas Gerais from 1991 to 1995, President of the Council of Secretaries of Education, Minister of Tourism from 2003 to 2007 and Minister responsible for the Secretariat of the Presidential Office in 2007. |
| Eduardo Christovam Galdi Mestieri | Eduardo Mestieri was appointed to Cogna's board of directors on August 5, 2025. He is a founding partner of Alaska Investimentos Ltda. and has experience as an equity analyst in the private sector since 2012, including in companies such as Skipper Investimentos and VentureStar Capital Management. He holds a graduate degree in Business Administration at Insper and currently serves as member of the Fiscal Council of Magazine Luiza (since 2017) and Sonae Sierra Brasil (since 2017). |

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**Executive Officers**

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| | |
|:---|:---|
| **Name**  | **Current Principal Occupation, 5 Year Employment <br> History and Country of Citizenship**  |
| Frederico da Cunha Villa | Mr. Villa serves as the Chief Financial Officer and Investor Relations Officer of Cogna since 2020. Mr. Villa started his professional career at PwC Auditores Independente where he worked for 13 years in the areas of external auditing, corporate planning, mergers, acquisitions and advising on capital market operations, previously worked for 12 years at BRMalls Participações acting as controller and for the past 7 years he served as chief financial and investor relations officer of BRMalls Participações. Mr. Villa is also a director of Vasta. |
| Roberto Afonso Valério Neto | Mr. Valério Neto currently holds the position of Chief Executive Officer at Cogna. Prior to Anhaguera Eduacional's merger with Cogna in 2014, he had previously worked for 3 years at Anhanguera Educacional, where he held the positions of President and Vice President of Operations and Marketing. Prior to Anhaguera Educacional, Mr. Valério Neto worked for 11 years at DIRECTV Group, with the SKY and DIRECTV brands. Mr. Valério is also a director of Vasta. |
| Rodrigo Menezes Cavalcanti | Mr. Cavalcanti currently serves as Vice President of Operations & Student Experience of Cogna. He has been working in the education segment for more than 10 years, having joined Cogna after the merger of Kroton with Anhanguera Educacional, in 2014. At Kroton and Anhanguera Educacional, Mr. Cavalcanti has held the positions of Director of Marketing & Commercial Development for 3 years, Director of Development of Distance Learning for 3 years, National Director of Expansion for 1 year, Executive Director of Marketing for approximately 3 years. He has over 27 years of experience and, before joining the educational sector, he built a career in the areas of Finance, Planning, Strategy, Marketing and Customer Relations, with tenures in companies such as Wilson Sports, Motorola, SKY, Microsoft and GetNet. |
| Jeferson Altenhofen Ortiz | Mr. Ortiz currently serves as a Vice President of Youth and Adult Education at Cogna. He holds a degree in Physics from the Federal University of Santa Maria, a master's degree and a Ph.D. in Astrophysics from the State University of Campinas (UNICAMP), a post-doctoral degree in Particle Astrophysics from the University of São Paulo (USP), and an MBA from Fundação Dom Cabral. Mr. Ortiz began his career at Cogna as a research professor at Anhanguera Educacional, later serving as General Manager of Graduate Programs, Regional Director of Operations, and Director of Distance Education from 2003 to 2014. Following the acquisition of Anhanguera by Kroton in 2015, he served as Director of Distance Learning Development and Planning and as Senior Director of |

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Operations of Kroton Digital, prior to becoming Vice President of Operations of Kroton. <br>

As of September 16, 2025, directors and executive officers of Purchaser held, directly or indirectly, an aggregate of 130,435 Class A Common Shares issued by the Company.

## Ex-99.(A)(1)(Ii)

**EXHIBIT (a)(1)(ii)**

**LETTER OF TRANSMITTAL<br>To Offer to Purchase<br>each<br>Class A Common Share<br>of<br>VASTA PLATFORM LIMITED<br>for<br>U.S.$5.00 per Class A Common Share**

**THE OFFER AND WITHDRAWAL RIGHTS FOR TENDERS OF VASTA CLASS A COMMON SHARES WILL EXPIRE AT 5:00 P.M. NEW YORK CITY TIME (THE "EXPIRATION TIME") ON OCTOBER 15, 2025 ("THE EXPIRATION DATE"), UNLESS THE OFFER IS EXTENDED, IN WHICH CASE THIS DATE WILL CHANGE.**

**IF THE SUBSEQUENT OFFERING PERIOD IS TRIGGERED, COGNA WILL ANNOUNCE THE DATES OF THE SUBSEQUENT OFFERING PERIOD (AND THE TENDERING PERIODS INCLUDED THEREIN) AT THE TIME IT ANNOUNCES WHETHER OR NOT THE SUBSEQUENT OFFERING PERIOD WILL BE AVAILABLE. HOLDERS OF VASTA CLASS A COMMON SHARES DESIRING TO TENDER THEIR VASTA CLASS A COMMON SHARES DURING THE TENDERING PERIODS INCLUDED IN THE SUBSEQUENT OFFERING PERIOD SHOULD USE THE SAME DOCUMENTS THAT WOULD BE USED IF THEIR VASTA CLASS A COMMON SHARES WERE TO BE TENDERED PRIOR TO THE EXPIRATION TIME.**

*The Tender Agent for the Offer is* 

**Equiniti Trust Company, LLC** 

*To be received by 5:00 p.m. New York City time on October 15, 2025.*

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| | |
|:---|:---|
| *By Mail:*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*By hand, express mail, courier, or other expedited <br> service:* |
| *Equiniti Trust Company, LLC* <br> *Operations Center* <br> *Attn: Onbase - Reorganization Department* <br> *1110 Centre Pointe Curve* <br> *Suite # 101* <br> *Mendota Heights, MN 55120* <br> *Phone: Toll-free (877) 248-6417 /* <br> *(718) 921-8317* <br> *Fax (718) 765-8758*  | *Equiniti Trust Company, LLC* <br> *1110 Centre Pointe Curve* <br> *Suite # 101* <br> *Mendota Heights, MN 55120* <br> *Attn: Onbase - Reorganization Department* <br> *Phone: Toll-free (877) 248-6417 /* <br> *(718) 921-8317* <br> *Fax (718) 765-8758*  |
| <br> (\*) **Note:** The Tender Agent will accept the delivery of completed Letter of Transmittal, and only Letter of Transmittal (to the exclusion of any other document) by e-mail, by the Expiration Time on the Expiration Date, provided that signed, physical copies of such Letter of Transmittal are delivered to the Tender Agent for receipt by or prior to the Expiration Time, i.e., by courier or overnight delivery, at the addresses above. | <br> (\*) **Note:** The Tender Agent will accept the delivery of completed Letter of Transmittal, and only Letter of Transmittal (to the exclusion of any other document) by e-mail, by the Expiration Time on the Expiration Date, provided that signed, physical copies of such Letter of Transmittal are delivered to the Tender Agent for receipt by or prior to the Expiration Time, i.e., by courier or overnight delivery, at the addresses above. |

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**The instructions contained within this Letter of Transmittal should be read carefully before this Letter of Transmittal is completed.**

Exh. 1-1

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| | | | |
|:---|:---|:---|:---|
| **1.** | <br> **DESCRIPTION OF CLASS A COMMON SHARES TENDERED** <br> *Your name and address must match those provided to the Tender Agent at the time of deposit with the Tender Agent*  | <br> **DESCRIPTION OF CLASS A COMMON SHARES TENDERED** <br> *Your name and address must match those provided to the Tender Agent at the time of deposit with the Tender Agent*  | <br> **DESCRIPTION OF CLASS A COMMON SHARES TENDERED** <br> *Your name and address must match those provided to the Tender Agent at the time of deposit with the Tender Agent*  |
| **Name(s) and Address(es) of Registered Owner(s)** <br> (If blank, please fill in exactly as name(s) appear(s) on share certificate(s))  | **Name(s) and Address(es) of Registered Owner(s)** <br> (If blank, please fill in exactly as name(s) appear(s) on share certificate(s))  | **Vasta Class A Common Shares Tendered**<br> **(Please attach additional signed list, if necessary)** | **Vasta Class A Common Shares Tendered**<br> **(Please attach additional signed list, if necessary)** |
|  |  | Certificate Number(s)<br>| Total Number of Shares Represented by Certificate(s) |
|  |  | **Total Vasta Class A Common Shares Tendered** |  |

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[ ] If any certificate(s) representing shares of stock that you own have been lost or destroyed, check this box and see Instruction 8. Please fill out the remainder of this Letter of Transmittal and indicate here the number of shares of stock represented by the lost or destroyed certificates.<u> </u>(Number of Shares)

The Offer is being made to all holders of the Shares. Purchaser is not aware of any jurisdiction in which the making of the Offer or the acceptance thereof would be prohibited by securities, "blue sky" or other valid laws of such jurisdiction. If Purchaser becomes aware of any U.S. state in which the making of the Offer or the acceptance of Shares pursuant thereto would not be in compliance with an administrative or judicial action taken pursuant to a U.S. state statute, Purchaser will make a good faith effort to comply with any such law. If, after such good faith effort, Purchaser cannot comply with any such law, the Offer will not be made to the holders of Shares in such state. In any jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

This Letter of Transmittal is to be used by shareholders of Vasta Platform Limited ("Vasta" or the "Company") if certificates ("Certificates") for shares of common stock, par value U.S.$0.00005 per share, of the Company (the "Shares") are to be forwarded herewith or, unless an Agent's Message (as defined in Section 3 of the Offer to Purchase, dated September 17, 2025 (the "Offer to Purchase")) is utilized, if delivery of Shares is to be made by book-entry transfer to an account maintained by Equiniti Trust Company, LLC at the Depositary Trust Company ("DTC").

**Additional Information if Certificates Have Been Lost, Destroyed or Stolen, or Cannot Be Delivered by Book-Entry Transfer.** 

Tendering shareholders whose certificates for Shares are not immediately available or who cannot deliver either the certificates for, or a book-entry confirmation with respect to, their Shares and all other documents required hereby to the Tender Agent prior to the Expiration Time must tender their Shares in accordance with the guaranteed delivery procedures set forth in the Offer to Purchase.

☐ CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED HEREWITH.

☐ CHECK HERE IF YOU HAVE LOST YOUR CERTIFICATE(S) AND REQUIRE ASSISTANCE IN OBTAINING REPLACEMENT CERTIFICATE(S). BY CHECKING THIS BOX, YOU UNDERSTAND THAT YOU MUST CONTACT EQUINITI TRUST COMPANY, LLC TO OBTAIN INSTRUCTIONS FOR REPLACING LOST CERTIFICATES. SEE INSTRUCTION 8.

☐ CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO AN ACCOUNT MAINTAINED BY THE DEPOSITARY WITH DTC AND COMPLETE THE FOLLOWING (NOTE THAT ONLY FINANCIAL INSTITUTIONS THAT ARE PARTICIPANTS IN THE SYSTEM OF DTC MAY DELIVER SHARES BY BOOK-ENTRY TRANSFER):

Name of Tendering Institution:  

DTC Account Number:   Transaction Code Number:  

☐ CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE DEPOSITARY. ENCLOSE A PHOTOCOPY OF THE NOTICE OF GUARANTEED DELIVERY AND COMPLETE THE FOLLOWING:

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| | |
|:---|:---|
| If delivered by book-entry transfer, check box: | ☐ |
| Name(s) of Registered Owner(s): |  |
| Date of Execution of Notice of Guaranteed Delivery: |  |
| Name of Institution that Guaranteed Delivery: | |

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| |
|:---|
| **IMPORTANT<br> SHAREHOLDER: SIGN HERE<br> (Please Complete Form W-9 Included Herein)** |
| Signature(s) of Registered Holders of Class A Common Shares |
| Printed Name(s) |

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| | |
|:---|:---|
| Capacity (Full Title) | |
|  | (See Instructions) |

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| | |
|:---|:---|
| Address | |
|  | (Include Zip Code) |

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**PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY**

Ladies and Gentlemen:

The undersigned hereby tenders to Cogna Educação S.A. ("Cogna") the above-mentioned Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" and collectively the "Securities") of Vasta Platform Limited ("Vasta"), pursuant to Cogna's offer to purchase any and all of the outstanding Class A Common Shares, other than any Class A Common Shares held, directly or indirectly, by Cogna, at a price equal to U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends, distributions and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the Expiration Date (as defined below) (the "Offer Price"), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated September 17, 2025 (the "Offer to Purchase"), and in this Letter of Transmittal (which together, as they may be amended and supplemented from time to time, constitute the "Offer"), receipt of which are hereby acknowledged. Terms used but not defined in this Letter of Transmittal that are defined in the Offer to Purchase have the meaning given to such terms in the Offer to Purchase.

The Offer expires at 5:00 p.m. New York City time (the "Expiration Time") on October 15, 2025 ("the Expiration Date"), but such Expiration Date will change if the Offer is extended. Under certain circumstances set forth in the Offer to Purchase, Cogna may terminate or amend the Offer. There will be no guaranteed delivery process available to tender Class A Common Shares.

If a subsequent offering period (as described in the Offer to Purchase) is triggered, Cogna will announce the dates of the subsequent offering period (and the tendering periods included therein) at the time it announces whether or not such subsequent offering period will be available. Holders of Class A Common Shares desiring to tender their Class A Common Shares during the tendering periods included in the subsequent offering period should use the same documents that would be used if their Class A Common Shares were to be tendered prior to the Expiration Time.

Upon the terms and subject to the conditions of the Offer (and, if the Offer is extended, amended or earlier terminated, the terms and conditions of any such extension, amendment or termination), and subject to, and effective upon, acceptance of Class A Common Shares tendered herewith in accordance with the terms of the Offer, the undersigned hereby sells, assigns and transfers to or upon the order of Cogna all right, title and interest in and to all of the Class A Common Shares tendered hereby (and any and all dividends, distributions, rights or other securities issued, paid, distributed or issuable, payable or distributable in respect thereof with a record date on or after the third business day from the date on which the Securities are accepted for payment in the Offer (collectively, "Distributions")). In addition, by executing this Letter of Transmittal, the undersigned hereby irrevocably appoints each of the designees of Purchaser the attorneys-in-fact and proxies of the undersigned with respect to such Class A Common Shares and any and all Distributions with full power of substitution (such proxies and power of attorney being deemed to be an irrevocable power coupled with an interest in the tendered Class A Common Shares and any Distributions) to the full extent of such shareholder's rights with respect to such Class A Common Shares and any Distributions (a) to deliver certificates representing such Class A Common Shares and any and all Distributions, together, in either such case, with all accompanying evidence of transfer and authenticity, to or upon the order of Purchaser, (b) to present such Class A Common Shares and any and all Distributions for transfer on the books of the Company and (c) to receive all benefits and otherwise exercise all rights of beneficial ownership of such Class A Common Shares and any Distributions, all upon the terms and subject to the conditions of the Offer.

The designees of Purchaser so appointed will, with respect to such Class A Common Shares and Distributions, be empowered to exercise all voting and any other rights of such shareholder, as they, in their sole discretion, may deem proper at any annual, special, adjourned or postponed meeting of the Company's shareholders, by written consent in lieu of any such meeting or otherwise as such designee, in its, his or her sole discretion, deems proper with respect to all Class A Common Shares and any and all Distributions. Such appointment is effective when, and only to the extent that, Purchaser accepts the Class A Common Shares tendered with this Letter of Transmittal for payment pursuant to the Offer. Upon the effectiveness of such appointment, without further action, all prior powers of attorney, proxies and consents given by the undersigned with respect to such Class A Common Shares and any and all associated Distributions (other than prior powers of attorney, proxies or consent given by the undersigned to Purchaser or the Company) will be revoked, and no subsequent powers of attorney, proxies, consents or revocations (other than powers of attorney, proxies, consents or revocations given to Purchaser or the Company) may be given (and, if given, will not be deemed effective).

This power of attorney is granted in consideration of the acceptance of such Class A Common Shares tendered in accordance with the terms of the Offer and is irrevocable unless and until the undersigned withdraws such Class A Common Shares from the Offer. Such acceptance shall, without further action, revoke any prior powers of attorney granted by the undersigned at any time with respect to such Class A Common Shares (and any and all Distributions), and no subsequent

powers of attorney, proxies, consents or revocations may be given by the undersigned with respect thereto (and, if given, will not be deemed effective).

The undersigned hereby covenants, represents and warrants to Cogna and the Tender Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to accept the Offer and to irrevocably sell, assign, and transfer the Class A Common
Shares in respect of which the Offer is being accepted or deemed to be accepted (and any and all Distributions in respect thereof);

&nbsp;&nbsp;&nbsp;&nbsp;(b) on the second business day from the date on which Cogna accepts such Class A Common Shares for payment, Cogna will acquire good title
thereto, free and clear of all liens, charges, encumbrances and other third party interests, and together with all rights now or hereinafter
attaching thereto, including, without limitation, voting rights and the right to receive all Distributions payable to a holder thereof;
and

&nbsp;&nbsp;&nbsp;&nbsp;(c) by tendering such Class A Common Shares into the Offer, the undersigned approves and ratifies the Offer.

The undersigned will, upon request, execute and deliver any additional documents deemed by the Tender Agent or Cogna to be necessary or desirable to complete the sale, assignment and transfer of the Class A Common Shares tendered hereby (and any and all Distributions).

Except for Letter of Transmittal submitted for the purpose of agreeing or disagreeing with delisting of the Company without tendering Class A Common Shares, all properly completed and duly executed Letter of Transmittal and any other required documents delivered to the Tender Agent by the undersigned or on its behalf will be deemed, without any further action by the Tender Agent, to constitute acceptance by the undersigned of the Offer with respect to the Class A Common Shares tendered therewith in the Offer upon the terms and subject to the conditions set forth in the Offer to Purchase and this Letter of Transmittal.

All authority conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned and any obligations or duties of the undersigned under this Letter of Transmittal shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in the Offer to Purchase, this tender of Class A Common Shares is irrevocable unless and until the undersigned withdraws the tender of such Class A Common Shares from the Offer.

The valid tender of Class A Common Shares pursuant to the procedures described in the section of the Offer to Purchase entitled "The Offer— Section 3. Procedures for Accepting the Offer and Tendering Securities—Holders of Class A Common Shares —Tender of Class A Common Shares through the Tender Agent" and in the instructions hereto will constitute a binding agreement among the undersigned and Cogna upon the terms and subject to the conditions of the Offer (and, if the Offer is extended, amended or earlier terminated, the terms or conditions of any such extension, amendment or termination). Under certain circumstances set forth in the Offer to Purchase, Cogna may not be required to accept for payment any of the Class A Common Shares tendered hereby. Cogna will be deemed to have accepted for payment validly tendered Class A Common Shares, or defectively tendered Class A Common Shares with respect to which Cogna has waived such defect, if, as and when Cogna gives oral (promptly confirmed in writing) or written notice thereof to the Tender Agent.

Although you may withdraw any Class A Common Shares you tender through the Tender Agent at any time prior to the Expiration Time on the Expiration Date by following the steps outlined in the Offer to Purchase under the section "The Offer—Section 4. Withdrawal Rights," by delivering this Letter of Transmittal you will irrevocably authorize the Tender Agent to impose a stop transfer order on all of the Class A Common Shares tendered, which will prevent you from being able to transfer such Class A Common Shares from the date this Letter of Transmittal is delivered until the date the Offer is completed or terminated.

The delivery and surrender of the Class A Common Shares is not effective, and the risk of loss of such Class A Common Shares does not pass to the Tender Agent, until the Tender Agent receives the Class A Common Shares with this Letter of Transmittal and any related tax forms enclosed herewith, properly completed and duly executed, or an agent's message, as applicable, together with all accompanying evidences of authority in form satisfactory to Cogna and any other required documents. The undersigned hereby requests that a check for cash be issued in the name(s) of the registered holder(s) appearing above in the box entitled "Registered Holder" for any Class A Common Shares validly tendered for payment.

The undersigned hereby requests that a check for the Offer Price be issued in the name(s) of the registered owner(s) appearing under "Description of Class A Common Shares Tendered." Any Class A Common Shares not accepted for tender will be returned by delivery to the address indicated under "Description of Class A Common Shares Tendered" above.

**INSTRUCTIONS TO LETTER OF TRANSMITTAL**

***Please read this information carefully.***

1.  ***Requirements for Tender*** . This Letter of Transmittal is to be completed by holders of Class A Common Shares to be tendered
in the Offer through the Tender Agent. For a holder of Class A Common Shares to validly tender such Class A Common Shares in the Offer,
a properly completed and duly executed Letter of Transmittal and any other required documents must be received by the Tender Agent at
one of the addresses set forth herein prior to the Expiration Time.

The method of delivery of this Letter of Transmittal and the related tax forms enclosed with this Letter of Transmittal and all other required documents, including delivery pursuant to the procedures of the broker, dealer, commercial bank, trust company or other securities intermediary through which you may hold your Class A Common Shares, is at your election and risk, and delivery will be deemed made only when such documents are actually received by the Tender Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery by the Expiration Time. Do not send Letter of Transmittal or other documents to Cogna or the Tender Agent directly.

Cogna will not accept any alternative, conditional or contingent tenders. By executing this Letter of Transmittal, the tendering holder of Class A Common Shares waives any right to receive any notice of the acceptance for payment of the Class A Common Shares.

2.  ***Inadequate Space*** . If the space provided herein under "Description of Class A Common Shares Tendered" is
inadequate, the number of Class A Common Shares tendered should be listed on a separate signed schedule and attached hereto.

3.  ***Signatures on Letter of Transmittal and other required documents.*** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Joint Holders*. If any Class A Common Shares tendered hereby are held of record by two or more persons, all such persons must
sign this Letter of Transmittal and other required documents.

If this Letter of Transmittal is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, such person should so indicate when signing, and proper evidence satisfactory to Cogna of such person's authority to act must be submitted.

4.  ***Stock Transfer Taxes*** . Except as otherwise provided in this Instruction 4, all transfer taxes with respect to the transfer
and sale of Class A Common Shares contemplated hereby shall be paid or caused to be paid by Cogna. If payment of the Offer Price is to
be made to (in the circumstances permitted hereby) any person other than the registered holder(s), the amount of any transfer taxes (whether
imposed on the registered holder(s) or such person) payable on account of the transfer to such person, will need to be paid by such holder.

5.  ***Tax Identification Number.*** Holders of Class A Common Shares tendered in the Offer must provide the Tender Agent with
their correct taxpayer identification number. In general, a holder's taxpayer identification number will be the holder's social
security number (SSN), individual taxpayer identification number (ITIN) or employer identification number (EIN).

6.  ***Definition of U.S. Person*** . For federal tax purposes, you are considered a U.S. person if you are (1) an individual who
is a U.S. citizen or U.S. resident, (2) a partnership, corporation, company or association created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, (3) an estate or trust the income of which is subject to U.S. federal
income tax regardless of its source.

7.  ***Irregularities*** *.* All questions as to the validity, form, eligibility (including time of receipt) and acceptance
for payment of any tender of Class A Common Shares will be determined by Cogna in its sole discretion, and its determination shall be
final and binding to the fullest extent permitted by law. Cogna reserves the absolute right to reject any and all tenders of Class A Common
Shares that it determines are not in proper form or the acceptance of or payment for which may, in the opinion of its counsel, be unlawful.
Cogna also reserves the absolute right to waive any defect or irregularity in the tender of any Class A Common Shares. No tender of Class
A Common Shares will be deemed to be validly made until all defects and irregularities in tenders of such Class A Common Shares have been
cured or waived by Cogna. None of Cogna or any of its affiliates or assigns, the Information Agent, the Tender Agent, the Dealer Manager
or any other person is or will be under any duty to give any notification of any defects or irregularities in the tender of Class A Common
Shares and none of them will incur any liability for failure to give any such notice. Cogna' interpretation of the terms and conditions
of the Offer, including the Letter of Transmittal, will be final and binding to the fullest extent permitted by law.

8.  ***Requests for Additional Copies*** . Questions regarding how to tender and requests for additional copies of the Offer to
Purchase, this Letter of Transmittal and the Notice of Guaranteed Delivery, and any other required documents, should be directed to the
Information Agent at its address and telephone numbers set forth below.

**IMPORTANT: THIS LETTER OF TRANSMITTAL AND ANY OTHER REQUIRED DOCUMENTS MUST BE RECEIVED BY THE TENDER AGENT PRIOR TO THE EXPIRATION TIME.** 

The Letter of Transmittal and the related tax forms enclosed herewith and any other required documents should be sent or delivered by each investor or such investor's broker, dealer, bank, trust company or other securities intermediary to the Tender Agent at one of the addresses set forth herein.

9.  ***Authorization and Registration*** . The signer(s) will, upon request, execute and deliver any additional documents reasonably
deemed by the Tender Agent to be appropriate or necessary to complete the tender. The signer(s) hereby irrevocably appoints the Tender
Agent as lawful agent and attorney in fact of the signer(s) to effect the tender (such power of attorney being deemed coupled with an
interest). By providing the information required by this Letter of Transmittal, the signer confirms that the registered holder has consented
to the provision of such information, including any personal data contained therein, to the Tender Agent and the further transfer by the
Tender Agent of that information and personal data (if applicable) for the purpose of the tender. All authority conferred or agreed to
be conferred in this form shall be binding upon the successors, assigns, heirs, executors, administrators and legal representatives of
the signer(s) and shall not be affected by, and shall survive, the death and incapacity of the signer(s). The signer(s) understands that
tender will not be deemed to have been made in acceptable form until receipt by the Tender Agent of this Letter of Transmittal, duly completed
and manually signed, and all accompanying evidences of authority. The signer(s) agrees that all questions as to validity, form and eligibility
of any tender of Securities hereunder will be determined by Purchaser and that such determination will be final and binding. Until Purchaser
accepts the tendered Securities, the signer(s) will not receive any cash in exchange for Securities. No interest will accrue on the cash
payment.

10.  ***Guaranteed Delivery*** . Shareholders whose certificates for shares are not immediately available or who cannot deliver
their certificates and all other required documents to the Tender Agent or complete the procedures for book-entry transfer prior to the
Expiration Time may tender their shares by properly completing and duly executing the Notice of Guaranteed Delivery pursuant to the guaranteed
delivery procedures set forth in the Offer to Purchase. Pursuant to those procedures, (a) tender must be made by or through an eligible
institution, (b) a properly completed and duly executed Notice of Guaranteed Delivery, in the form provided by the Purchaser, must be
received by the Tender Agent prior to the Expiration Time and (c) the certificates for all tendered shares in proper form for transfer
(or a book-entry confirmation with respect to all such shares), together with a Letter of Transmittal, properly completed and duly executed,
with any required signature guarantees or, in the case of a book-entry transfer, an agent's message, and any other required documents,
must be received by the Tender Agent, in each case within one trading day after the date of execution of the Notice of Guaranteed Delivery
as provided in the Offer to Purchase. A "trading day" is any day on which the NASDAQ is open for business. The term "agent's
message" means "Agent's Message" means a message transmitted by DTC to, and received by, the Tender Agent and
forming a part of a book-entry confirmation, which states that DTC has received an express acknowledgment from the participant in DTC
tendering the Class A Common Shares which are the subject of such book-entry confirmation, that such participant has received and agrees
to be bound by the terms of the Letter of Transmittal, and that Purchaser may enforce such agreement against the participant.

**IMPORTANT TAX INFORMATION**

Under U.S. federal income tax law, unless an exemption applies, a U.S. Holder (as defined in the Offer to Purchase) of Class A Common Shares whose tendered Class A Common Shares are accepted for payment is required to provide the Tender Agent with such holder's correct TIN on the Form W-9. If such holder is an individual, the TIN generally is such holder's Social Security Number. If the Tender Agent is not provided with the correct TIN, the holder may be subject to a U.S.$50 penalty imposed by the Internal Revenue Service. In addition, payments that are made to such holder may be subject to backup withholding based on 24% of the reportable amount.

Certain holders (for example, corporations) are not subject to these backup withholding and reporting requirements. In order for a non-U.S. person to claim nonresident alien (or foreign) tax status and qualify for an exemption from backup withholding, such individual must submit an appropriate and properly completed IRS Form W-8, attesting to that individual's foreign status. Normally, a foreign individual or corporation will provide a Form W-8BEN or W-8BEN-E. Intermediary entities will provide a Form W-8IMY for the entity, and a Form W-8BEN or Form W-9, as may be required, for each beneficial owner along with a withholding statement. Such a Form W-8 may be obtained from the Tender Agent. Exempt U.S. shareholders, other than foreign individuals (i.e., corporations, etc.) should furnish their TIN, check the "Exempt payee" line and sign, date and return the Form W-9 to the Tender Agent.

If backup withholding applies, the Tender Agent is required to withhold a percentage of any reportable payments made to the holder at the 24% rate discussed above. Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund may be obtained from the Internal Revenue Service when completing a tax return for that applicable year.

**Purpose of Form W-9**

To prevent backup withholding on payments that are made to a U.S. Holder of Class A Common Shares with respect to Class A Common Shares paid for pursuant to the Offer, the shareholder is required to notify the Tender Agent of such holder's correct TIN (or the TIN of another payee) by completing the Form W-9 included herein certifying that the TIN provided is correct.

Questions regarding the terms of the Offer may be directed to the Information Agent or the Dealer Manager, at their respective addresses and telephone numbers set forth below. Questions regarding how to tender and requests for copies of the Offer to Purchase, this Letter of Transmittal, the IRS Form W-8 and other tender offer materials may be directed to the Information Agent. A holder of Class A Common Shares may also contact such holder's broker, dealer, commercial bank, trust company or other securities intermediary for assistance concerning the Offer.

The Dealer Manager for the Offer is:

**Itau BBA USA Securities, Inc.**

599 Lexington Avenue, 34<sup>th</sup> Floor<br> New York, NY 10022

Attention: Fernando Niemeyer<br> Phone Number: + 55 (11) 97530-3709<br> Attention: Felipe Condado Barbosa<br> Phone Number: +55 (11) 96587-0063

The Information Agent for the Offer is:

**D.F. King & Co., Inc.** 

28 Liberty Street, 53<sup>rd</sup> Floor<br> New York, NY 10005

(800) 659-5550 (Toll-Free in North America)<br> (212) 269-5550 (outside North America)

Email: vasta@dfking.com

## Ex-99.(A)(1)(Iii)

**EXHIBIT (a)(1)(iii)**

**NOTICE OF GUARANTEED DELIVERY**

**(Not to be used for Signature Guarantee)<br>** 

<br> **WITH RESPECT TO THE OFFER TO PURCHASE FOR CASH**

**EACH CLASS A COMMON SHARE**

**OF**

**VASTA PLATFORM LIMITED**

**AT**

**U.S.$5.00 PER CLASS A COMMON SHARE**

**BY**

**COGNA EDUCAÇÃO S.A.**

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M. NEW YORK CITY TIME, ON OCTOBER 15, 2025, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.**

As set forth in the Offer to Purchase (as defined below) this form must be used to accept the Offer (as defined below) if (1) certificates representing your issued and outstanding Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" or the "Securities") of Vasta Platform Limited, a Cayman Islands exempted company with limited liability (the "Company"), are not immediately available or cannot be delivered to Equiniti Trust Company, LLC (the "Tender Agent") prior to the Expiration Time (as defined in the Offer to Purchase), (2) the procedures for book-entry transfer cannot be completed before the Expiration Time or (3) time will not permit all required documents to reach the Tender Agent prior to the Expiration Time. This form may be delivered by hand or transmitted by facsimile transmission or mail to the Tender Agent. Unless the context otherwise requires, all references to the shares shall refer to the Class A Common Shares of the Company.

*The Tender Agent for the Offer is* 

**Equiniti Trust Company, LLC** 

*To be received by 5:00 p.m. New York City time on October 15, 2025.*

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| | |
|:---|:---|
| *By Mail:*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*By hand, express mail, courier, or other expedited<br> service:* |
| *Equiniti Trust Company, LLC* <br> *Operations Center* <br> *Attn: Onbase - Reorganization Department* <br> *1110 Centre Pointe Curve* <br> *Suite # 101* <br> *Mendota Heights, MN 55120* <br> *Phone: Toll-free (877) 248-6417 /* <br> *(718) 921-8317* <br> *Fax (718) 765-8758*  | *Equiniti Trust Company, LLC* <br> *1110 Centre Pointe Curve* <br> *Suite # 101* <br> *Mendota Heights, MN 55120* <br> *Attn: Onbase - Reorganization Department* <br> *Phone: Toll-free (877) 248-6417 /* <br> *(718) 921-8317* <br> *Fax (718) 765-8758*  |

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**DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS, OR TRANSMISSION OF INSTRUCTIONS VIA A FACSIMILE NUMBER, OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.**

This Notice is not to be used to guarantee signatures. If a signature on a Letter of Transmittal is required to be guaranteed by an eligible institution under the instructions in the Letter of Transmittal, the signature guarantee must appear in the applicable space provided in the signature box on the Letter of Transmittal.

Ladies and Gentlemen:

The undersigned hereby tenders to Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil (the "Purchaser"), on the terms and subject to the conditions set forth in the Offer to Purchase dated September 17, 2025 (the "Offer to Purchase"), and the related Letter of Transmittal (which, together with any amendments or supplements thereto, collectively constitute the "Offer"), receipt of which is hereby acknowledged, the number of shares set forth below, all pursuant to the guaranteed delivery procedures set forth in the Offer to Purchase. Unless the context otherwise requires, all references to the shares shall refer to the Class A Common Shares of the Company.

**Number of shares to be tendered: __________ shares\***

\* Unless otherwise indicated, it will be assumed that all shares held by the undersigned are to be tendered.

☐ The undersigned hereby tenders shares at and is willing to accept the Purchase Price determined by The Company pursuant to the Offer.

Certificate Nos. (if available):  

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| |
|:---|
| Name(s) of Record Holder(s): |
| (Please Type or Print) |

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Address:   <br> <br> 

Zip Code:

Daytime Area Code and Telephone Number:  

Signature:  

Dated:

If shares will be tendered by book-entry transfer, check this box ☐ and provide the following information:

Name of Tendering Institution:  

Account Number at Book-Entry Transfer Facility:  

**THE GUARANTEE SET FORTH BELOW MUST BE COMPLETED.** 

**GUARANTEE<br> (Not To Be Used For Signature Guarantee)**

The undersigned, a firm that is a member in good standing of a recognized Medallion Program approved by the Securities Transfer Association, Inc., including the Securities Transfer Agents Medallion Program, the New York Stock Exchange, Inc. Medallion Signature Program or the Stock Exchange Medallion Program, or is otherwise an "eligible guarantor institution," as that term is defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), hereby guarantees (1) that the above named person(s) "own(s)" the shares tendered hereby within the meaning of Rule 14e-4 under the Exchange Act, (2) that such tender of shares complies with Rule 14e-4 under the Exchange Act and (3) to deliver to the Tender Agent either the certificates representing the shares tendered hereby, in proper form for transfer, or a book-entry confirmation (as defined in the Offer to Purchase) with respect to such shares, in any such case together with a properly completed and duly executed Letter of Transmittal, with any required signature guarantees, or an agent's message (as defined in the Offer to Purchase)

in the case of a book-entry delivery, and any other required documents, within one trading day (as defined in the Offer to Purchase) after the date hereof.

The eligible institution that completes this form must communicate the guarantee to the Tender Agent and must deliver the Letter of Transmittal and certificates for shares to the Tender Agent within the time period shown herein. Failure to do so could result in financial loss to such eligible institution.

Name of Firm:  

Authorized Signature:  

---

| | |
|:---|:---|
| Name: | |
|  | (Please Type or Print) |

---

Title:

Address:

Zip Code:

Area Code and Telephone Number:  

Dated:

**Note: Do not send certificates for shares with this Notice of Guaranteed Delivery.<br> Certificates for Shares should be sent with your Letter of Transmittal.**

## Ex-99.(A)(1)(Iv)

**EXHIBIT (a)(1)(iv)**

**OFFER TO PURCHASE FOR CASH**

**WITH RESPECT TO THE OFFER TO PURCHASE FOR**

**EACH CLASS A COMMON SHARE**

**OF**

**VASTA PLATFORM LIMITED**

**AT**

**U.S.$5.00 PER CLASS A COMMON SHARE**

**BY**

**COGNA EDUCAÇÃO S.A.**

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M. NEW YORK CITY TIME, ON OCTOBER 15, 2025, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.**

September 17, 2025

To Brokers, Dealers, Commercial Banks, Trust Companies and Other Securities Intermediaries:

We have been engaged by Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil ("Purchaser") to act as Information Agent (the "Information Agent") in connection with the offer to purchase (the "Offer") the issued and outstanding Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" or the "Securities") of Vasta platform limited, a Cayman Islands exempted company with limited liability (the "Company"), from all holders other than any Class A Common Shares held, directly or indirectly, by the Purchaser, at a price equal to U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends or other distributions which may be paid, and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the Expiration Date (the "Offer Price"), without interest, upon the terms, and subject to the conditions, set forth in the Offer to Purchase, dated September 17, 2025 (the "Offer to Purchase"), and the related letter of transmittal for the Class A Common Shares (the "Letter of Transmittal"), which, together with any amendments or supplements, collectively constitute the "Offer." All capitalized terms not otherwise defined herein are defined in the Offer to Purchase.

**YOUR PROMPT ACTION IS REQUESTED. WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS POSSIBLE.**

**THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M. NEW YORK CITY TIME, ON OCTOBER 15, 2025, UNLESS THE OFFER IS EXTENDED.**

Please furnish copies of the following enclosed materials to those of your clients for whose accounts you hold security entitlements in Class A Common Shares with The Depository Trust Company ("DTC"):

&nbsp;&nbsp;&nbsp;&nbsp;1. the Offer to Purchase;

&nbsp;&nbsp;&nbsp;&nbsp;2. a printed form of letter which may be sent to your clients for whose accounts you hold security entitlements in Class A Common Shares
registered in your name or in the name of your securities intermediary with DTC, with space provided for obtaining such clients'
instructions with regard to the Offer.

Your attention is directed to the following.

&nbsp;&nbsp;&nbsp;&nbsp;1. The Offer commenced on September 17, 2025 and will expire at 5:00 p.m. New York City time (the "Expiration Date"), on
October 15, 2025, unless extended.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Offer is subject to the satisfaction or waiver of the conditions described in "The Offer—Section 11. Conditions to
the Offer" in the Offer to Purchase.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchaser will not pay any brokerage fees or commissions to any broker or dealer or to any other person (other than as disclosed in
"The Offer—Section 14. Fees and Expenses") in connection with the solicitation of tenders of Securities. Brokers, dealers,
commercial banks, trust companies and other securities intermediaries will, upon request, be reimbursed by Purchaser for customary mailing
and handling expenses incurred by them in forwarding offering materials to their customers.

&nbsp;&nbsp;&nbsp;&nbsp;4. For book-entry Class A Common Shares to be validly tendered into the Offer, book-entry confirmation for tender of Class A Common Shares
held in book-entry form, together with an Agent's Message (as defined in the Offer to Purchase), and any other documents required
herein or in the Offer to Purchase, must be timely received by the Tender Agent, in each case in accordance with the terms and conditions
of the Offer to Purchase.

&nbsp;&nbsp;&nbsp;&nbsp;5. If required by U.S. federal income tax laws, the Tender Agent or other applicable withholding agent will be required to backup withhold
at the applicable backup withholding rate from any payments made to certain U.S. holders of Class A Common Shares pursuant to the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;6. No interest will be paid on the Offer Price, regardless of any extension of the Offer or any delay in making payment for the Securities.

**NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL DESIGNATE YOU, THE INFORMATION AGENT, THE TENDER AGENT, THE DEALER MANAGER OR ANY AFFILIATE OF ANY OF THEM OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF ANY OF THEM IN CONNECTION WITH THE OFFER OTHER THAN THE DOCUMENTS ENCLOSED HEREWITH AND THE STATEMENTS CONTAINED THEREIN.**

Questions regarding the terms of the Offer may be directed to the Information Agent or the Dealer Manager, at their respective addresses and telephone numbers set forth below. Questions regarding how to tender or requests for additional copies of the Offer to Purchase and any other documents may be directed to the Information Agent.

**Itau BBA USA Securities, Inc.**

<br> 599 Lexington Avenue, 34<sup>th</sup> Floor<br> New York, NY 10022

Attention: Fernando Niemeyer<br> Phone Number: + 55 (11) 97530-3709<br> Attention: Felipe Condado Barbosa<br> Phone Number: +55 (11) 96587-0063

**D.F. King & Co., Inc.** 

28 Liberty Street, 53<sup>rd</sup> Floor

New York, NY 10005

Shareholders and All Others Call:

(800) 659-5550 (Toll-Free in North America)<br> (212) 269-5550 (outside North America)

Email: vasta@dfking.com

## Ex-99.(1)(V)

**EXHIBIT (a)(1)(v)**

**\*LETTER TO CLIENTS FOR TENDER OF VASTA CLASS A COMMON SHARES\***

**With Respect to the Offer to Purchase for Cash**

**each Class A Common Share**

**of**

**VASTA PLATFORM LIMITED**

**for**

**U.S.$5.00 PER CLASS A COMMON SHARE**

**THE OFFER AND WITHDRAWAL RIGHTS FOR TENDERS OF CLASS A COMMON SHARES WILL EXPIRE AT 5:00 P.M. NEW YORK CITY TIME (THE "EXPIRATION TIME") ON OCTOBER 15, 2025 ("THE EXPIRATION DATE"), UNLESS THE OFFER IS EXTENDED, IN WHICH CASE THIS DATE WILL CHANGE.**

**IF THE SUBSEQUENT OFFERING PERIOD IS TRIGGERED, COGNA WILL ANNOUNCE THE DATES OF THE SUBSEQUENT OFFERING PERIOD (AND THE TENDERING PERIODS INCLUDED THEREIN) AT THE TIME IT ANNOUNCES WHETHER OR NOT THE SUBSEQUENT OFFERING PERIOD WILL BE AVAILABLE. HOLDERS OF CLASS A COMMON SHARES DESIRING TO TENDER THEIR CLASS A COMMON SHARES DURING THE TENDERING PERIODS INCLUDED IN THE SUBSEQUENT OFFERING PERIOD SHOULD USE THE SAME DOCUMENTS THAT WOULD BE USED IF THEIR CLASS A COMMON SHARES WERE TO BE TENDERED PRIOR TO THE EXPIRATION TIME.** 

September 17, 2025

To Our Clients:

Enclosed for your consideration is the Offer to Purchase, dated September 17, 2025 (the "Offer to Purchase") in connection with the tender offer of Cogna Educação S.A. ("Cogna") to acquire all of the issued and outstanding Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" or the "Securities") of Vasta Platform Limited ("Vasta") that are not held, directly or indirectly, by Cogna, at a price equal to U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends or other distributions which may be paid, and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the Expiration Date, without interest, upon the terms and subject to the conditions set forth in the Offer to Purchase (the "Offer").

**YOUR PROMPT ACTION IS REQUESTED. YOUR INSTRUCTION FORM SHOULD BE FORWARDED TO US IN SUFFICIENT TIME TO PERMIT US TO TENDER YOUR CLASS A COMMON SHARES ON YOUR BEHALF BEFORE THE EXPIRATION TIME.** 

We hold Class A Common Shares for your account. A tender of such Class A Common Shares can be made only by us as a participant in The Depository Trust Company ("DTC") through which the Class A Common Shares are held pursuant to your instructions. If you wish to have us tender any or all of your Class A Common Shares, please so instruct us by completing, executing, detaching and returning to us the instruction form on the detachable part hereof. An envelope to return your instruction form to us is enclosed. If you authorize the tender of your Class A Common Shares, all such Class A Common Shares will be tendered unless otherwise specified on the instruction form. Any Class A Common Shares tendered or with respect to which an election has been made will be subject to a stop transfer order from the date on which they are tendered or an election is delivered until the date the Offer is completed or terminated.

Please note carefully the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Offer is being made for all issued and outstanding Class A Common Shares held by U.S. holders, other than those held, directly or indirectly, by Cogna.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You will receive U.S.$5.00, for each Class A Common Share accepted for payment in the Offer (unless the purchase price is adjusted as described in the Offer to Purchase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT THE EXPIRATION TIME ON THE EXPIRATION DATE, UNLESS THE OFFER IS EXTENDED.** If a subsequent offering period is triggered, Cogna will announce the dates of the subsequent offering period (and the tendering periods included therein) at the time it announces whether or not the subsequent offering period will be available. Holders of Class A Common Shares desiring to tender their Class A Common Shares during the tendering periods included in the subsequent offering period should use the same documents that would be used if their Class A Common Shares were to be tendered prior to the Expiration Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Completion of the Offer is subject to certain conditions described in the section of the Offer to Purchase entitled "The Offer—Section 11. Conditions to the Offer."

**INSTRUCTION FORM**

**With Respect to the Offer to Purchase for**

**each Class A Common Share**

**of**

**VASTA PLATFORM LIMITED**

**for**

**U.S.$5.00 PER CLASS A COMMON SHARE**

The undersigned acknowledge(s) receipt of your letter and the enclosed Offer to Purchase, dated September 17, 2025 (the "Offer to Purchase"), and the related letter of transmittal (the "Letter of Transmittal") in connection with the tender offer of Cogna Educação S.A. ("Cogna") to acquire all of the issued and outstanding Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares"), of Vasta Platform Limited ("Vasta") that are not held, directly or indirectly, by Cogna, at a price equal to U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends or other distributions which may be paid, and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the Expiration Date, without interest, upon the terms and subject to the conditions set forth in the Offer to Purchase (the "Offer").

The undersigned hereby instruct(s) you to tender to Cogna the number of Class A Common Shares indicated below or, if no number is indicated, all Class A Common Shares held by you for the account of the undersigned, upon the terms and subject to the conditions set forth in the Offer to Purchase.

**ACCOUNT NUMBER:** 

NUMBER OF CLASS A COMMON SHARES BEING TENDERED<br> HEREBY: Class A Common Shares \*

****

<br> **The method of delivery of this document is at the election and risk of the tendering securityholder. If delivery is by mail, then registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery.** 

**\*** **Unless otherwise indicated, it will be assumed that all Class A Common Shares held by us for your account are to be tendered.** 

****

<br> **Dated: , 2025** 

---

| |
|:---|
| (Signature(s)) |
| Please Print Name(s) |
| Address:<br>|
| Include Zip Code |
| Area Code and<br>Telephone No.<br>|
| Taxpayer Identification or<br>Social Security No.<br>|

---

## Ex-99.(A)(1)(Vi)

**EXHIBIT (a)(1)(vi)**

**WITHDRAWAL LETTER<br>FOR THE OFFER TO PURCHASE FOR CASH ALL CLASS A COMMON SHARES<br>OF<br>VASTA PLATFORM LIMITED<br>BY<br>COGNA EDUCAÇÃO S.A.**

**TO BE COMPLETED AND SUBMITTED IN DUPLICATE TO THE TENDER AGENT, TO BE <br> RECEIVED NO LATER THAN 5:00 P.M. (NEW YORK CITY TIME) ON OCTOBER 15, 2025**

I, the undersigned,

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| | |
|:---|:---|
| Legal entity: |  |
| Name and legal form: |  |
| Registered office: |  |
| Country: |  |
| Validly represented by: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (*name, surname, domicile and capacity*)<br> 2. (*name, surname, domicile and capacity*) |

---

*Natural person:*

---

| |
|:---|
| Surname: |
| Name: |
| Domicile: |
| Nationality: |
| Surname: |
| Passport number: |

---

declare after having had the opportunity to read the Offer to Purchase, dated September 17, 2025 (the "Offer to Purchase") published by Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil ("Purchaser"), relating to its offer (the "Offer") to purchase all of the (i) Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" and collectively the "Securities") of Vasta Platform Limited, a company organized under the laws of the Cayman Islands (the "Company"), that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I accept the terms and conditions to withdraw from the Offer described in the Offer to Purchase; and

&nbsp;&nbsp;&nbsp;&nbsp;2. I hereby withdraw my acceptance of the Offer and the tender of my Securities indicated on my executed Letter of Transmittal, a copy
of which I attach to this Withdrawal Letter.

I am aware, agree and confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;1. in order to be valid, this Withdrawal Letter must be submitted in duplicate in accordance with the applicable withdrawal procedure
as set forth in the Offer to Purchase ("The Offer—Section 4. Withdrawal Rights"), to the financial intermediary to which
I had delivered my Letter of Transmittal, at the latest before 5:00 p.m., New York City time, on the Expiration Date, or any earlier deadline
set by the financial intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;2. I am duly authorized to withdraw my acceptance of the Offer and all authorizations, formalities or procedures required to that end
have been duly and successfully obtained, accepted, completed and/or carried out;

&nbsp;&nbsp;&nbsp;&nbsp;3. if the Securities are co-owned by two or more holders, each of them must provide the identification information requested above and
sign this same Withdrawal Letter; if the Securities are subject to beneficial ownership, both the bare owner and the beneficial owner
must provide the identification information requested above and sign this Withdrawal Letter; if the Securities are pledged, both the pledging
debtor and the creditor benefiting from such pledge must provide the identification information requested above and sign this Withdrawal
Letter with the understanding that the creditor benefiting from the pledge will be deemed irrevocably and unconditionally to renounce
and release the Class A Common Shares concerned from his pledge; and

&nbsp;&nbsp;&nbsp;&nbsp;4. I have received all information necessary to be able to take a decision on the Offer with full knowledge of the facts, and I am fully
aware of the risks it entails and have inquired about the taxes I could owe in the framework of the transfer of my Securities to Purchaser
which, if need be, I shall bear in full.

Except where indicated to the contrary, the terms used in this Withdrawal Letter shall have the same meaning as in the Offer to Purchase.

------

---

| | |
|:---|:---|
| Done in **duplicate** at *(place)* | on |
| __________________________ | (*date*) __________________________ |
| **The holder of Securities** | **Other financial intermediary** |
| (*signature*)<br> (*name, first name*) | (*signature*)<br> (*financial intermediary*) |
| (*signature*)<br> (*name, first name*) |  |

---

## Ex-99.(A)(1)(Vii)

**EXHIBIT (a)(1)(vii)**

*This announcement is neither an offer to purchase nor a solicitation of an offer to sell Securities (as defined below) and the provisions herein are subject in their entirety to the provisions of the Offer (as defined below). The Offer is made solely pursuant to the Offer to Purchase dated September 17, 2025 and the related Letter of Transmittal (as defined below) and any amendments or supplements thereto. The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Securities in any jurisdiction in which the making of the Offer or acceptance thereof would not be in compliance with the laws of such jurisdiction. In those jurisdictions where the applicable laws require that the Offer be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser (as defined below) by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by the Purchaser.*

**Notice of Offer To Purchase For Cash**

**Outstanding Class A Common Shares**

**of**

**VASTA PLATFORM LIMITED**

**at**

**U.S.$5.00 per Class A Common Share**

**Pursuant to the Offer to Purchase dated September 17, 2025 by**

**COGNA EDUCAÇÃO S.A.**

Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil ("Purchaser"), is making an all cash tender offer pursuant to an offer to purchase (the "Offer to Purchase") any and all of the outstanding Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" and collectively the "Securities"), traded on the Nasdaq Global Select Market, of Vasta Platform Limited, a Cayman Islands exempted company with limited liability (the "Company"), other than any Class A Common Shares held, directly or indirectly, by the Purchaser, at a price equal to U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends, distributions and/or splits, reverse splits and conversions which may take place, between the date on which the Offer was announced and the Expiration Date (as defined below) (the "Offer Price"), without interest, upon the terms, and subject to the conditions, set forth in the Offer to Purchase and the related letter of transmittal for the Class A Common Shares (the "Letter of Transmittal") which, together with any amendments or supplements, collectively constitute the "Offer." Tendering securityholders whose Securities are registered in their names and who tender directly to Purchaser will not be charged brokerage fees or similar expenses on the sale of Class A Common Shares for cash pursuant to the Offer. Tendering securityholders whose Securities are registered in the name of their broker, bank or other securities intermediary should be responsible for any fees or commissions in connection with such tender.

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M. NEW YORK CITY TIME, <br> ON OCTOBER 15, 2025 UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED (THE "EXPIRATION DATE").**

The Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 ("Schedule 14D-9") with the United States Securities and Exchange Commission (the "SEC") and disseminate the Schedule 14D-9 to the Company's securityholders. The Schedule 14D-9 will include important information, and should be read carefully and in its entirety before any decision is made with respect to the Offer.

The Offer is subject to the conditions set forth in "The Offer—Section 11. Conditions to the Offer" section of the Offer to Purchase, including, without limitation: (i) that tendering holders of Class A Common Shares shall have validly tendered and not withdrawn the Minimum Tender Amount prior to the Expiration Date; (ii) that since the

commencement of the Offer, there shall not have occurred or been threatened any change (or any condition, event or development involving a prospective change) in the business, properties, assets, liabilities, capitalization, shareholders' equity, condition (financial or otherwise), operations, licenses, franchises, permits, permit applications, results of operations, cash flows or prospects of the Company or any of its subsidiaries, which, in Purchaser's reasonable judgment, is or may be materially adverse to the Company or any of its subsidiaries, including certain events described in "The Offer—Section 11. Conditions to the Offer" in the Offer to Purchase; (iii) that none of the conditions described under "The Offer—Section 11. Conditions to the Offer" shall have occurred since the commencement of the Offer; and (iv) that since the commencement of the Offer, no public, governmental, judicial, legislative or regulatory authority in the U.S., Brazil or Cayman Islands shall have enacted, issued, promulgated, enforced or entered any statute, law, rule, regulation, executive order, decree, injunction or other order, or shall have threatened to do any of the foregoing, which prevents or prohibits the consummation of the Offer, adversely affects the terms and/or conditions of the Offer or which entails additional risks, or causes any of the certain other effects described in "The Offer—Section 11. Conditions to the Offer".

Upon the terms and subject to the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of such extension or amendment), Purchaser will accept for payment and pay for all Securities that are validly tendered and not properly withdrawn in accordance with "The Offer—Section 4. Withdrawal Rights" of the Offer to Purchase before 5:00 p.m., New York City time, on the Expiration Date.

In the event that Purchaser does not acquire all of the outstanding Securities, Purchaser may, at its election, in accordance with the applicable provisions of Rule 14d-11 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), provide for a subsequent offering period in which it would offer to purchase, at the same price of the Offer, any Securities that remain outstanding following the Expiration Date of the Offer.

You may withdraw Securities at any time prior to the Expiration Date and, if we have not accepted your Securities for payment by November 17, 2025 (which is the 60<sup>th</sup> day after the date of the commencement of the Offer), you may withdraw them at any time after that date until we accept Securities for payment. If Purchaser provides for a subsequent offering period in accordance with Rule 14d-11 promulgated under the Exchange Act, you will have limited withdrawal rights with respect to any Securities you have tendered during such subsequent offering period. Securities tendered pursuant to the Offer during a subsequent offering period may be withdrawn at any time prior to 5:00 p.m. New York City time, on the date of the tender of such Securities. To withdraw Securities, you must deliver an executed written notice of withdrawal, or a facsimile of one, with the required information to the Tender Agent while you still have the right to withdraw the Securities. See "The Offer—Section 4. Withdrawal Rights" in the Offer to Purchase.

The Offer to Purchase, the related Letter of Transmittal and other related materials will be mailed to record holders of the Securities, and the Offer to Purchase and other related materials will also be furnished to brokers, dealers, commercial banks, trust companies and other securities intermediaries whose names appear on the Company's shareholder list or, if applicable, who are listed as participants in a clearing agency's security position listing for subsequent transmittal to beneficial owners of the Securities. Brokers, dealers, banks and trust companies will be reimbursed by Purchaser for customary mailing and handling expenses incurred by them in forwarding the Offer materials to their customers. We will also mail Offer to Purchase, the related Letter of Transmittal and/or other related materials to any record or beneficial holder of Securities that requests a copy thereof.

**All questions as to the validity, form, eligibility (including time of receipt) and acceptance for payment of any tender of Securities, including questions as to the proper completion of any Letter of Transmittal, or other required documents, will be determined by Purchaser in its sole and absolute discretion (which may be delegated to the Tender Agent), which determination will be final and binding on all parties.**

Generally, if you are a U.S. Holder (as defined in the Offer to Purchase), the sale of your Securities pursuant to the Offer will be a taxable transaction for United States federal income tax purposes. See "The Offer—Section 5. Material U.S. Federal Income Tax Consequences" in the Offer to Purchase. Purchaser urges holders of Securities to consult their own tax advisors about the tax consequences of the Offer in light of their particular circumstances.

The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 promulgated under the Exchange Act is contained in the Offer to Purchase and is incorporated herein by reference. **The Offer to Purchase and the related documents filed with the SEC in connection with the Offer contain important information, and should be read carefully and in their entirety before any decision is made with respect to the Offer.**

Questions regarding the terms of the Offer may be directed to the Information Agent or the Dealer Manager, at their respective addresses and telephone numbers set forth below. Questions regarding how to tender and requests for copies of the Offer to Purchase and all other tender offer materials may be directed to the Information Agent, and will be furnished promptly at Purchaser's expense. Purchaser will not pay any fees or commissions to any broker or dealer or any other person (other than as disclosed in "The Offer—Section 14. Fees and Expenses" in the Offer to Purchase) in connection with the solicitation of tenders of Securities pursuant to the Offer.

*The Dealer Manager for the Offer is:*

**Itau BBA USA Securities, Inc.** 

599 Lexington Avenue, 34<sup>th</sup> Floor<br> New York, NY 10022

Attention: Fernando Niemeyer<br> Phone Number: + 55 (11) 97530-3709<br> Attention: Felipe Condado Barbosa<br> Phone Number: +55 (11) 96587-0063

*The Information Agent for the Offer is:*

**D.F. King & Co., Inc.** 

28 Liberty Street, 53<sup>rd</sup> Floor<br> New York, NY 10005

**Shareholders and All Others Call:**<br> (800) 659-5550 (Toll-Free in North America)<br> (212)-269-5550 (outside North America)

Email: vasta@dfking.com

September 17, 2025

## Ex-99.(A)(5)(I)

**EXHIBIT (a)(5)(i)**

**COGNA EDUCAÇÃO S.A.**

CNPJ/MF nº 02.800.026/0001-40

NIRE 31.300.025.187

Publicly-Held Company

**<u>MATERIAL FACT</u>**

**COGNA EDUCAÇÃO S.A.** (B3: COGN3) ("Cogna" or the "Company"), in compliance with Article 157, § 4 of Law No. 6,404/76, as amended, and with the regulations of the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – "CVM"), in particular CVM Resolution No. 44, dated August 24, 2021, as amended, and further to the Material Fact disclosed on September 15, 2025, hereby informs its shareholders and the market in general that it has commenced, on this date, a tender offer (the "Tender Offer") for the acquisition of up to all outstanding Class A common shares issued by Vasta Platform Limited, a controlled company of the Company, duly incorporated and validly existing under the laws of the Cayman Islands, with registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands ("Vasta"), currently registered with the SEC and listed and traded on the Nasdaq Global Select Market ("NASDAQ"). The Tender Offer was approved by the Company's Board of Directors and will be filed with the U.S. Securities and Exchange Commission ("SEC") and conducted in accordance with U.S. law, the "Offer to Purchase" and applicable U.S. regulations.

As of this date, the Company is the holder of all Class B common shares issued by Vasta, totaling 64,436,093 Class B common shares, representing approximately 97.6% of Vasta's share capital.

The Tender Offer is being made at a purchase price of US$5.00 per share and will cover up to 15,970,992 Class A common shares, representing a total purchase price of up to US$79,854,960.00.

The Tender Offer will be conducted in accordance with the terms and conditions set forth in the Offer to Purchase dated September 17, 2025, and is scheduled to expire at 5:00 p.m. (New York City time) on October 15, 2025, unless extended or terminated earlier.

If the Tender Offer is successfully completed, Vasta will cease to be registered with the SEC and will no longer have its shares traded on NASDAQ.

The Company will keep the market informed of any developments or deliberations regarding the matters set forth in this Material Fact, in accordance with applicable CVM regulations and legislation.

The information agent for the Tender Offer is D.F. King & Co., Inc. The tender agent for the Tender Offer is Equiniti Trust Company, LLC. The dealer manager for the Tender Offer is Itau BBA USA Securities, Inc.

Belo Horizonte, September 17, 2025.

**Frederico da Cunha Villa**

Chief Financial Officer and Investor Relations Officer

**For questions regarding the terms of the Tender Offer, you may call D.F. King & Co., Inc., the information agent for the Tender Offer, toll-free at (800) 659-5550 (in North America) or (212) 269-5550 (outside North America) or email to vasta@dfking.com, or Itau BBA USA Securities, Inc., the dealer manager for the Tender Offer, at +55 (11) 97530-3709; Attention: Fernando Niemeyer, or +55 (11) 96587-0063; Attention: Felipe Condado Barbosa. For questions regarding how to tender your Securities, you may call D.F. King & Co., Inc., toll-free at (800) 659-5550 (in North America) or (212) 269-5550 (outside North America) or email to vasta@dfking.com.**

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This announcement contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Cogna and Vasta resulting from and following the implementation of the transaction described herein. These statements are based on management's current expectations and are inherently subject to risks, uncertainties and changes in circumstance, including the satisfaction of closing conditions for the transaction, including regulatory approval, and the possibility that the transaction will not be completed. None of Cogna or Vasta undertake any obligations to update the forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.

**ADDITIONAL INFORMATION REGARDING THE TENDER OFFER AND WHERE TO FIND THEM**

This press release is for informational purposes only. This press release is not a recommendation to buy or sell Class A common shares or any other securities of Vasta, and it is neither an offer to purchase nor a solicitation of an offer to sell Class A common shares or any other securities of Vasta. Cogna will be filing today a tender offer statement on Schedule TO, including the Offer to Purchase, the related letter of transmittal and other related materials, with the SEC. Shareholders should read carefully these materials (including the Offer to Purchase, the related letter of transmittal and other related materials) because they contain important information, including the various terms of, and conditions to, the Tender Offer.

Shareholders will be able to obtain a free copy of the tender offer statement on Schedule TO, the Offer to Purchase, the related letter of transmittal and other related materials that Cogna will be filing with the SEC at the SEC's website at www.sec.gov. In addition, free copies of these documents may be obtained by contacting D.F. King & Co., Inc., the information agent for the Tender Offer, toll-free at (800) 659-5550 (in North America) or (212) 269-5550 (outside North America) or email to vasta@dfking.com.

## Ex-99.(D)

**EXHIBIT (d)**

**DEALER MANAGER AGREEMENT**

September 17, 2025

Cogna Educação S.A.<br> Rua dos Guajajaras, No. 591, 4th Floor, Room 1, Bairro de Lourdes<br> Belo Horizonte, Minas Gerais, 30.180-101<br> Federative Republic of Brazil

Ladies and Gentlemen:

This dealer manager agreement (this *"*<u>Agreement</u>*"*) will confirm the understanding between Cogna Educação S.A. (the *"*<u>Offeror</u>*"*), a company organized under the laws of the Federative Republic of Brazil (*"*<u>Brazil</u>*"*) and Itau BBA USA Securities, Inc. (*"*<u>Itaú BBA</u>*"*) pursuant to which the Offeror has retained Itaú BBA to act as the exclusive dealer manager (the *"*<u>Dealer Manager</u>*"*), on the terms and subject to the conditions set forth herein and in the tender offer materials that the Offeror has caused to be prepared and furnished to the Dealer Manager for use in connection with the proposed tender offer (the *"*<u>Tender Offer</u>*"*) for any and all of the outstanding Class A common shares, par value U.S.$0.00005 per share (the "<u>Class A Common Shares</u>") of Vasta Platform Limited, a Cayman Islands exempted company (the "<u>Company</u>"), traded on the Nasdaq Global Select Market ("<u>NASDAQ</u>"), excluding those Class A Common Shares held, directly or indirectly, by the Offeror, which includes (a) the Offer to Purchase, dated September 17, 2025 (including all information incorporated by reference therein and exhibits, appendices and attachments thereto, as may be amended, modified or supplemented from time to time) (the *"*<u>Offer to Purchase</u>*"*), (b) the tender offer statement on Schedule TO (as the same may be amended, the *"*<u>Schedule TO</u>*"*) filed with the U.S. Securities and Exchange Commission (the *"*<u>Commission</u>*"*) pursuant to Rule 13e-4 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the *"*<u>Exchange Act</u>*"*), (c) the transaction statement on Schedule 13e-3 (as the same may be amended, the *"*<u>Schedule 13e-3</u>*"*) filed with the Commission pursuant to Section 13(e) of the Exchange Act, (d) the form of letter of transmittal (the *"*<u>Letter of Transmittal</u>*"*) to be used by shareholders tendering Class A Common Shares pursuant to the Tender Offer, (e) the form of letter to brokers, dealers, banks, trust companies and other securities intermediaries and the form of letter from any of them to their clients, (f) the form of withdrawal letter, (g) any press releases or newspaper advertisements to be used in connection with the Tender Offer and (h) any other materials, including any presentation to Holders that the Offeror or its affiliates may use, prepare, file, distribute, mail, publish, approve or authorize for use in connection with the Tender Offer (collectively, the "<u>Tender Documents</u>"). All Class A Common Shares to be purchased pursuant to the Tender Offer will be purchased by the Offeror. The holders of Class A Common Shares are hereinafter referred to as the *"*<u>Holders</u>*."* Capitalized terms used and not defined in this Agreement shall have the meanings assigned to them in the Offer to Purchase.

SECTION 1. *Engagement*. Subject to the terms and conditions set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Offeror hereby retains the Dealer Manager, and subject to the terms and conditions hereof, the Dealer Manager agrees to act, as the exclusive dealer manager to the Offeror in connection with the Tender Offer until the date on which the Tender Offer expires or is earlier terminated in accordance with its terms; provided that the <u>Tender Documents</u> have been or will be prepared by, and are the sole responsibility of, the Offeror and, accordingly, any statements regarding the Tender Offer contained in the Tender Documents represent only the views of the Offeror without any independent verification by the Dealer Manager regarding overall fairness or otherwise. The Dealer Manager agrees that it will not furnish written information other than the Tender Documents and customary Bloomberg communications (which shall be consistent with the Tender Documents) to the Holders in connection with the Tender Offer without the prior consent of the Offeror. The Offeror authorizes the Dealer Manager, in accordance with its customary practices and consistent with industry practice, to communicate generally regarding the Tender Offer with the Holders in connection with the Tender Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Offeror acknowledges that the Dealer Manager has been retained solely to provide the services to the Offeror expressly set forth in this Agreement, and for no other purpose. Accordingly, the Dealer Manager is not providing, and shall not be deemed to have provided, any valuation, appraisal, fairness opinion, recommendation or other analysis regarding the Offeror or the Company, or any of their respective subsidiaries, securities or assets, or the consideration payable in the Tender Offer to, or for the benefit of, any person, including the directors, officers and employees of the Offeror and Company or any of their security holders. The Offeror also acknowledges and agrees that the Dealer Manager shall act as an independent contractor, on an arm's-length basis under this Agreement with duties solely to the Offeror and that nothing contained herein or the nature of the Dealer Manager's services hereunder is intended to create or shall be construed as creating an agency or fiduciary relationship among the Dealer Manager (or any of its affiliates), the Offeror, and/or the Company (or any of their security holders, affiliates, directors, officers, employees or creditors, including the Holders) or any other person. The Offeror further acknowledges that (i) the Dealer Manager shall not be deemed to act as a partner, joint venturer or agent of, or a member of a syndicate with, the Offeror, the Company or any of their affiliates (except that in any jurisdiction in which the Tender Offer is required to be made by a registered licensed broker or dealer, it shall be deemed made by the Dealer Manager or their respective affiliates on behalf of the Offeror), and neither the Offeror, nor the Company, nor any of their affiliates shall be deemed to act as the agent of Itaú BBA and (ii) no securities broker, dealer, bank, trust company or other securities intermediary shall be deemed to act as the agent of Itaú BBA or as the agent of the Offeror, the Company or any of their affiliates, and Itaú BBA shall not be deemed to act as the agent of any securities broker, dealer, bank, trust company or other securities intermediary. In connection with the transactions contemplated hereby and the process leading to such transactions, Itaú BBA is and has been acting solely as a principal and not the agent or fiduciary of the Offeror, the Company or any of their security holders, affiliates, directors, officers, employees, creditors or any other person, including the Holders. For purposes of this Agreement, "subsidiary" means, with respect to any person, any corporation, partnership, limited liability company or other entity of which such person, directly or indirectly, owns or controls the capital stock or other ownership interests having voting power, or with respect to which such person otherwise has the power, directly or indirectly, to direct or cause the direction of the management and policies, whether through ownership of voting securities, by contract or otherwise. "Subsidiaries" means all such entities collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accordingly, the Offeror expressly disclaims any agency or fiduciary relationship of any form with Itaú BBA hereunder. The Offeror understands that Itaú BBA and its affiliates are not providing (nor is the Offeror or any of its affiliates relying on Itaú BBA or its affiliates for) tax, regulatory, legal or accounting advice. The rights and obligations the Offeror or any of its affiliates may have to Itaú BBA or its affiliates under any credit or other agreement are separate from the Offeror's rights and obligations under this Agreement and will not be affected in any way by this Agreement. Itaú BBA may, to the extent it deems appropriate, retain the services of any of its affiliates to assist Itaú BBA in providing its services hereunder and share with any such affiliates any information made available by or on behalf of the Offeror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Offeror acknowledges that Itaú BBA and its affiliates are engaged in a broad range of securities trading and brokerage activities as well as in providing investment banking and financial advisory services. In the ordinary course of Itaú BBA's business, Itaú BBA or its affiliates (i) may at any time hold long or short positions, and may trade or otherwise effect transactions, for Itaú BBA's own account or the accounts of its customers, in debt or equity securities of the Offeror, its affiliates or any other entity that may be involved in the transactions contemplated hereby and (ii) may at any time be providing or arranging financing and other financial services to persons that may be involved in a competing transaction or who may have conflicts of interest with the Offeror, the Company or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Dealer Manager agrees, in accordance with its customary practice and consistent with industry practice and in accordance with the terms of the Tender Offer, to perform those services in connection with the Tender Offer as are customarily performed by dealer managers in connection with similar transactions of a like nature, including, without limitation, using all reasonable efforts to solicit tenders of Class A Common Shares pursuant to the Tender Offer, communicating generally regarding the Tender Offer with securities brokers, dealers, banks, trust companies and other securities intermediaries and other Holders, and participating in meetings with, furnishing information to, and assisting the Offeror in negotiating with Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Offeror shall arrange for Equiniti Trust Company, LLC to act as tender agent (the "<u>Tender Agent</u>") and D.F. King & Co., Inc. to serve as information agent (the *"*<u>Information Agent</u>*"*) in connection with the

Tender Offer and as such to advise the Dealer Manager at least daily as to such matters relating to the Tender Offer as the Dealer Manager may reasonably request. In addition, the Offeror hereby authorizes the Dealer Manager to communicate with the Tender Agent and the Information Agent with respect to matters relating to the Tender Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Offeror shall furnish the Dealer Manager, or cause the transfer agent or registrars for the Class A Common Shares to furnish the Dealer Manager, as soon as practicable, with cards or lists or copies thereof showing the names of persons who were the Holders of record of Class A Common Shares as of the date or dates specified by the Dealer Manager and, to the extent reasonably available to the Offeror, the beneficial Holders of the Class A Common Shares as of such date or dates, together with their addresses and the principal amount of Class A Common Shares held by them. In addition, the Offeror shall update such information from time to time during the term of this Agreement as reasonably requested by the Dealer Manager and to the extent such information is reasonably available to the Offeror within the time constraints specified. The Dealer Manager agree to use such information only in connection with the Tender Offer and not to furnish such information to any persons except (i) in connection with the Tender Offer, (ii) as required by law, regulation, or legal process, or as requested by any regulatory authority or self-regulatory organization or court having jurisdiction over the Dealer Manager or (iii) to the extent such information is or becomes publicly available or was received from third parties (other than through a breach of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Offeror agrees to advise the Dealer Manager promptly of the occurrence of any event which, in the reasonable judgment of the Offeror or its counsels, could cause or require the Offeror to withdraw, rescind or modify the Tender Documents. In addition, if any event occurs as a result of which it shall be necessary to amend or supplement any Tender Documents in order to correct any untrue statement of a material fact contained therein or omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, the Offeror shall, promptly upon becoming aware of any such event, advise the Dealer Manager of such event and, as promptly as practicable under the circumstances, prepare and furnish copies of such amendments or supplements of any such Tender Documents to the Dealer Manager, so that the statements in such Tender Documents, as so amended or supplemented, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as otherwise required by law or regulation, neither the Offeror nor any of its subsidiaries will use or publish, or cause the use or publication of, any material in connection with the Tender Offer, or refer to the Dealer Manager in any such material, without the prior approval of the Dealer Manager. The Offeror, upon receiving such approval, will promptly furnish the Dealer Manager with as many copies of such approved materials as the Dealer Manager may reasonably request. The Offeror will promptly inform the Dealer Manager of any litigation or administrative or similar proceeding which is initiated or, to its knowledge, threatened with respect to the Tender Offer. The Dealer Manager agrees that it will not make any statements in connection with the Tender Offer other than the statements that are set forth in, or derived from, the Tender Documents without the prior consent of the Offeror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Offeror agrees to pay promptly, in accordance with the terms of the Tender Documents, the applicable purchase price for the Class A Common Shares to the Holders entitled thereto. The Offeror agrees not to purchase any Class A Common Shares during the term of this Agreement except pursuant to and in accordance with the Tender Offer or as otherwise agreed in writing by the parties hereto and permitted under applicable laws and regulations.

SECTION 2. *Compensation and Expenses*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services provided hereunder as the Dealer Manager, the Offeror shall pay the fees described below to Itaú BBA on the Closing Date (as defined below) or promptly on such other date as may be agreed by the Offeror and Itaú BBA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Success fee*: Upon consummation of the Tender Offer, on the Closing Date, assuming that the Offeror accepts for purchase at
least one Class A Common Share, the Offeror shall pay to Itaú BBA a success fee in the amount of US$750,000.00 (seven hundred and
fifty thousand dollars); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Additional fee*: In the event that the Tender Offer results in the Offeror holding (directly or indirectly) 90% or more in value
of the outstanding Class A Common Shares, other than any Class A Common Shares beneficially owned by Offeror on the date hereof, thereby
entitling the Offeror to conduct a squeeze-out offering for the purpose of purchasing Class A Common Shares held by any remaining holders
of the Class A Common Shares, the Offeror shall pay to Itaú BBA, on the Closing Date, an additional fee of US$750,000.00 (seven
hundred and fifty thousand dollars). For the avoidance of doubt, in such scenario, should the Tender Offer result in the Offeror (directly
or indirectly) holding 90% or more of Class A Common Shares, the total compensation that the Dealer Manager is entitled to receive under
this Agreement corresponds to US$1,500,000.00 (one million five hundred thousand dollars).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether or not any Class A Common Shares are tendered pursuant to the Tender Offer, the Offeror shall promptly pay all reasonable and documented expenses incurred in connection with the preparation, printing, mailing and publishing of the Tender Documents, and all amounts payable to securities dealers (including the Dealer Manager), brokers, banks, trust companies and other securities intermediaries as reimbursements of their customary mailing and handling expenses incurred in forwarding the Tender Documents to their customers, the fees and expenses of any tender agent, information agent (including the Tender Agent and the Information Agent), depositary and their respective legal counsel in connection with the Tender Offer, and of any forwarding agent, and all other expenses of the Offeror in connection with the Tender Offer. In addition, the Offeror shall promptly reimburse the Dealer Manager for all reasonable out-of-pocket expenses incurred by the Dealer Manager in connection with its services as Dealer Manager under this Agreement, including the reasonable fees and expenses of counsel to the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All payments due under this Agreement are to be made in United States dollars, payable by electronic wire transfer to the account specified by the Dealer Manager. The Offeror agrees with the Dealer Manager to make all payments pursuant to this Agreement and consummation of the transactions contemplated under the Tender Documents without withholding or deduction for or on account of any present or future taxes, duties or governmental charges whatsoever imposed under, and free and clear of any set-off or claim under, the current laws and regulations of the United States of America, Brazil or the Cayman Islands, or any political subdivision thereof or any other applicable taxing jurisdiction (each, a "<u>Taxing Jurisdiction</u>"), unless the Offeror is compelled by law to withhold or deduct such taxes, duties or charges. In that event, the Offeror shall pay such additional amounts as may be necessary in order that the net amount received and retained by the Dealer Manager after such withholding or deduction will equal the amount that would have been received if no such withholding or deduction had been required or made; provided, however, that no additional amounts shall be payable on account of (i) any corporation, income, franchise and branch profit taxes that would not have been so imposed but for the existence of any present or former connection between the Dealer Manager and the relevant Taxing Jurisdiction (other than a connection arising solely from the execution of this Agreement of the performance of obligations, receipt of payments or enforcement of rights under this Agreement) or (ii) any taxes, levies, imposts, duties charges or other deductions or withholdings imposed solely as a result of the Dealer Manager failing to complete, execute and deliver to the Offeror any form or document to the extent applicable to the Dealer Manager that may be required by law or by reason of administration of such law in order to enable the payer to make payments without deduction or withholding, or with deduction or withholding of a lesser amount, provided that the Dealer Manager is legally able to provide such form or document and such form or document is reasonably requested by the Offeror in writing and upon sufficient written notice to enable the Dealer Manager to comply with such request prior to the date of the relevant payment. The Offeror further agrees to indemnify and hold harmless the Dealer Manager and its affiliates against any documentary, stamp, sales, transaction or similar issue tax, including any interest and penalties, on the consummation of the Tender Offer, and on the execution, delivery, performance and enforcement of this Agreement. For this purpose, (i)"taxes" means all forms of taxation, duties (including stamp duty), levies, imposts, charges and withholdings (including any related or incidental penalty, fine, interest or surcharge), whenever created or imposed, and whether required by the law or regulations of Brazil, the United States, the Cayman Islands or elsewhere and (ii) "Business Day" means a day on which commercial banking institutions in New York, New York and São Paulo, Brazil are open for business.

SECTION 3. *Termination*. Subject to Section ‎7 hereof, this Agreement shall terminate upon the earlier to occur of (i) the consummation, expiration, termination or withdrawal of the Tender Offer and (ii) the date one year from the date hereof, and may be terminated by either the Offeror or the Dealer Manager at any time, with or without cause, effective upon receipt by the other party of written notice to that effect; provided, however, that Itaú BBA will be entitled to its full fees described above, in the event that, at any time prior to 12 months from any such termination, the Offeror (or any of its affiliates) consummates any offer or offers to purchase Class A Common Shares in a transaction or series of transactions in which Itaú BBA did not act as dealer manager or similar role to the Offeror or its affiliates, as applicable.

SECTION 4. *Representations and Warranties by the Offeror*. The Offeror represents and warrants to the Dealer Manager that, as of the date hereof, as of each date that any Tender Documents are published, sent, given or otherwise distributed, throughout the continuance of the Tender Offer, upon the Expiration Time and as of the closing date of the Tender Offer on which the Class A Common Shares are purchased by the Offeror pursuant to the Tender Offer (the *"*<u>Closing Date</u>*"*) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Offeror and its subsidiaries has been duly incorporated or otherwise formed and is validly existing in good standing under the laws of the Federative Republic of Brazil (in the case of the Offeror) or its respective jurisdictions of formation (in the case of the subsidiaries of the Offeror) with power and authority (corporate and other) to own its properties and conduct its business, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which its ownership or leasing of property or its conducting any business requires such qualification, except where the failure to be so qualified could not reasonably be expected to result in a material adverse effect on (i) the condition (financial or other), prospects, earnings, business, properties or results of operations of the Offeror and its affiliates taken as a whole, whether or not arising from transactions in the ordinary course of business, or (ii) the ability of the Offeror to consummate the transactions contemplated by this Agreement (any such event, *"*<u>Material Adverse Effect</u>*"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Offeror has all necessary corporate power and authority to execute and deliver this Agreement, and to perform all its obligations hereunder and to make and consummate the Tender Offer in accordance with its terms. The Tender Offer is not subject to the preemptive or other similar rights of any securityholder of the Offeror or any of its subsidiaries; and no Holder will be subject to personal liability by reason of tendering Class A Common Shares in the Tender Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Offeror has taken all necessary corporate action to authorize the making and consummation of the Tender Offer and the execution, delivery and performance by the Offeror of this Agreement; and this Agreement has been duly authorized, executed and delivered by the Offeror and, assuming due authorization, execution and delivery by the other parties hereto, this Agreement constitutes a valid and legally binding agreement of the Offeror, enforceable against the Offeror in accordance with its terms, except to the extent such enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent transfer, judicial and extrajudicial restructuring, moratorium or other similar laws relating to or affecting the enforcement of creditors' rights generally and remedies of creditors or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the Tender Documents and the documents incorporated or deemed to be incorporated by reference into each of the Tender Documents (collectively, the "I<u>ncorporated Documents</u>") complies and (as amended or supplemented, if amended or supplemented) will comply in all material respects with all applicable requirements of the U.S. federal securities laws (including, without limitation, as applicable, Rules 13e-3, 14d-1 through 14d-11 and 14e-1 through 14e-8), and any other applicable laws and regulations; and the <u>Incorporated Documents</u> complied, as of their respective dates in all material respects with all applicable requirements of the U.S. federal securities laws; and each of the Tender Documents (including the Incorporated Documents) do not and (as amended or supplemented, if amended or supplemented) will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Tender Offer, the purchase of Class A Common Shares pursuant to the Tender Offer, and all other actions by the Offeror contemplated in the Tender Documents, including the execution, delivery, performance and compliance by the Offeror with all of the provisions of the Offer to Purchase and this Agreement and the

consummation of the transactions herein and therein contemplated (i) will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Offeror or any of its subsidiaries is a party or by which the Offeror or any of its subsidiaries is bound or to which any of the property or assets of the Offeror or any of its subsidiaries is subject, (ii) nor will such action result in any violation of (A) the provisions of the charter, memorandum of association, bye-laws or similar organizational documents of the Offeror or any of its subsidiaries or any statute or (B) any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Offeror or any of its subsidiaries or any of its or their properties, including, without limitation, the U.S. federal securities laws (including, without limitation, as applicable, Rules 13e-3, 14d-1 through 14d-11 and 14e-1 through 14e-8), and any other applicable laws and regulations, except, in the case of (i) for such conflicts, breaches, violations, or defaults which would not reasonably be expected to result in a Material Adverse Effect; no consent, approval, authorization, order, registration, exemption, action, qualification or filing with any such court, regulatory authority, self-regulatory organization or other governmental agency or instrumentality is or will be required in connection with the making or consummation of the Tender Offer or the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated hereby, except such as have been obtained or made and are in full force and effect or will be duly made by the Offeror or its subsidiaries (including under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the *"*<u>Securities Act</u>*"*), the Exchange Act and such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or "blue sky" laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Offeror is not (i) in breach or violation of its charter, memorandum of association, bye-laws or similar organizational documents or (ii) in default under any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, the effect of which is reasonably likely to have a material adverse effect on the Offeror's ability to carry out the transactions contemplated in the Tender Documents or the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Since the date of the latest audited financial statements included or incorporated by reference in the Tender Documents, there has not been any material adverse change, nor any development involving a prospective material adverse change, in or affecting the general affairs, management, condition (financial or other), business, management, properties, shareholders' equity or results of operations of the Offeror or its subsidiaries (taken as a whole), or any dividend or other distribution of any kind declared, paid or made by the Offeror or its subsidiaries other than as set forth in the Tender Documents and the Incorporated Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with the Tender Offer, the Offeror has complied, and will continue to comply, and conducting the Tender Offer in the manner described in the Tender Documents complies, in all material respects with the Securities Act, the Exchange Act, the applicable regulations of Financial Industry Regulatory Authority, Inc. or any stock exchange and applicable state securities or "blue sky" laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental agency or body, domestic or foreign, now pending or, to the Offeror's knowledge, threatened, against or affecting the Offeror, its subsidiaries or of which any of their property is the subject (and the Offeror knows of no reasonable basis for any such action, suit, proceeding or investigation), which challenge or seek to make illegal, or directly or indirectly, restrict, limit or prohibit the Offeror's ability to carry out the transactions contemplated in the Tender Documents or the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Offeror has, or at the time it becomes obligated to purchase the Class A Common Shares pursuant to the Tender Offer will have, sufficient funds available, and sufficient authority to use such funds under applicable law, to enable it to pay promptly the full purchase price for the Class A Common Shares tendered (and all the related costs, fees and expenses, including, but not limited to, those payable hereunder) in accordance with the terms and conditions set forth in the Tender Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Tender Offer constitutes a "Rule 13e-3 Transaction"(as such term is defined under Rule 13e-3 of the Exchange Act) and will be conducted in accordance with the requirements of Rule 13e-3, including with respect to disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The statements set forth in Tender Documents (including the Incorporated Documents), insofar as they purport to describe the provisions of the laws and documents referred to therein, are based on reliable sources, accurate, complete and fair in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Except as disclosed in the Tender Documents (including the Incorporated Documents), there are no material business relationships or related party transactions that would be required to be disclosed therein by Item 404 of Regulation S-K of the Commission; and such business relationships or related party transactions described therein are fair and accurate descriptions in all material respects of the relationships and transactions so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To the best knowledge of the Offeror, whose financial results consolidate those of the Company and its subsidiaries, the consolidated financial statements of the Company and the related notes thereto, incorporated by reference into the Tender Documents, present fairly, in all material respects, the financial position of the Company and its subsidiaries as of the dates indicated, and those financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"); it being acknowledged that the financial information regarding the Company set forth in the Tender Documents is derived from such consolidated financial statements. KPMG Auditores Independentes Ltda. ("KPMG") (i) audited the Company's financial statements as of and for the years ended December 31, 2023, 2022 and 2023 and (ii) performed a limited review of the Company's consolidated interim financial statement as of and for the six months ended June 30, 2025, in each case, as incorporated by reference into the Tender Documents. KPMG was an independent registered public accounting firm with respect to the Company as required by applicable U.S. securities laws and the Public Company Accounting Oversight Board (United States) PCAOB rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Neither the Offeror nor any of its subsidiaries, directors, officers nor, to the knowledge of the Offeror, any agent, employee, affiliate or other person acting on behalf of the Offeror or any of its subsidiaries, (i) has used any funds for any unlawful contribution, gift, property, entertainment or other unlawful expense related to political activity; (ii) has made or taken any action to further or facilitate any offer, payment, gift, promise to pay, or any offer, gift or promise of anything else of value, directly or indirectly, to any person knowing that all or a portion of the payment will be used, offered, given or promised to anyone to improperly influence official action, to unlawfully obtain or retain business for the Offeror or any of its subsidiaries, or to secure an improper advantage for Offeror or any of its subsidiaries; (iii) has made, offered or taken any act in furtherance of any bribe, unlawful rebate, payoff, influence payment, property, gift, kickback or other unlawful payment to any "foreign official" (as such term is defined in the respective Anticorruption Laws (as defined below)) or any foreign political party or official thereof or any candidate for foreign political office; or (iv) is aware of or has taken any action, directly or indirectly, that could result in a violation by such persons of the Brazil's Clean Company Act of 2014 (Law No. 12,846/2013), the Foreign Corrupt Practices Act of 1977, the OECD Convention on Bribery of Foreign Public Officials in International Business Transactions, the U.K. Bribery Act of 2010, in each case as may be amended from time to time, or similar law of any other applicable jurisdiction, including the rules and regulations thereunder (collectively, the "<u>Anticorruption Laws</u>"); and the Offeror, its subsidiaries and, to the knowledge of the Offeror, its affiliates, have conducted their businesses in compliance with the Anticorruption Laws, and have instituted, maintain and enforce policies and procedures designed to ensure compliance with the Anticorruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The operations of the Offeror and its subsidiaries are and have been conducted at all times in compliance with all applicable financial recordkeeping and reporting requirements, including the applicable anti-money laundering statues of Brazil, the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of all jurisdictions where the Offeror and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the *"*<u>Anti-Money Laundering Laws</u>*"*), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Offeror or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Offeror, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Neither the Offeror, its subsidiaries, directors, officers, nor, to the knowledge of the Offeror, any employee, agent, affiliate or person acting on behalf of the Offeror or its subsidiaries (i) is currently the subject or target of any sanctions administered or imposed by the government of the United States (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of

State or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, a member state of the European Union (including sanctions administered or enforced by His Majesty's Treasury of the United Kingdom) or any similar sanctions imposed by any governmental body to which the Offeror or its subsidiaries is subject (collectively, "<u>Sanctions</u>" and such persons, "<u>Sanctioned Persons</u>"), or (ii) is located, organized or resident in a country or territory that is, or the government of which is, the subject or target of Sanctions, including, without limitation, the so-called Donetsk People's Republic, or so called Luhansk People's Republic, the non-government controlled areas of the Zaporizhzhia and Kherson Regions of Ukraine, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine (collectively, "<u>Sanctioned Countries</u>" and each, a "<u>Sanctioned Country</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Upon commencement of the Tender Offer, the Offeror will duly file with the Commission the Schedule TO (including the documents required by Item 12 thereof to be filed as exhibits thereto) and the Schedule 13e-3 (including the documents required by Item 16 thereof to be filed as exhibits thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To the best knowledge of the Offeror, the Company is not an "ineligible issuer" as defined in Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Neither the Offeror, its subsidiaries nor, to the knowledge of the Offeror, its affiliates, have taken nor will take, directly or indirectly, any action designed to cause or that has constituted or that might reasonably be expected to cause or result, under the Exchange Act or otherwise, in the stabilization or manipulation of the price of the Class A Common Shares to facilitate the Tender Offer or encourage tenders by holders of Class A Common Shares in the Tender Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) No stop order or restraining order has been issued, served upon or delivered to the Offeror or with respect to the Tender Offer or any of the transactions contemplated hereby, and, to the best knowledge of the Offeror, no action, lawsuit, claim or governmental or administrative proceeding seeking a stop order or restraining order has been commenced and served upon the Offeror or threatened with respect to the Tender Offer or any of the transactions contemplated hereby before any court, agency or other governmental regulatory body of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Offeror is not subject to suit in respect of its obligations under this Agreement or the consummation of the Tender Offer, and none of Offeror or any of its subsidiaries, properties, assets or revenues is subject to any right or immunity under Brazilian or other applicable law, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Brazilian court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court with respect to its respective obligations, liabilities or any other matter under or arising out of or in connection with this Agreement or the transactions contemplated by this Agreement; and, to the extent that the Offeror or any of its properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings arising out of, or relating to, the transactions contemplated by the Tender Documents and this Agreement may at any time be commenced, the Offeror has, pursuant to Section 8 of this Agreement, waived, and will waive such right to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) To ensure the legality, validity or enforceability of this Agreement, it is not necessary that this Agreement be filed or recorded with any governmental agency or body or court or other authority in Brazil, provided, however, that in order to be enforceable and admissible into evidence in the courts or public agencies of Brazil, (i)(x) this Agreement shall have been translated into Portuguese by a sworn translator and (y) the signatures of the parties thereto that execute this Agreement outside of Brazil shall have been notarized by a notary public licensed as such under the law of the place of signing and the signature of such notary public shall have been authenticated by the Brazilian Consulate or, if the State in which this Agreement is executed is party to the Apostille Convention, an authority designated by the State in which this Agreement is executed, shall have issued a certificate that authenticates the origin of such Agreement is apostilled, and (ii) this Agreement, together with its respective sworn Portuguese translation, shall have been registered with the appropriate Registry of Deeds and Documents in Brazil (*Cartório de Registro de Títulos e Documentos*) in Brazil, together with its sworn translations, which registration may be made at any time for judicial enforcement thereof in Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The choice of the laws of the State of New York as the governing law of this Agreement is a valid choice of law under the laws of Brazil and shall be recognized by the courts of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) The indemnification and contribution provisions set forth in Annex A of this Agreement do not contravene Brazilian law or public policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The Dealer Manager will not be deemed resident, domiciled, carrying on business or subject to taxation in Brazil on an overall income basis solely by the execution, delivery, performance or enforcement of this Agreement, the Dealer Manager's participation or involvement in the transactions contemplated by this Agreement or the Dealer Manager's receipt of payments pursuant to this Agreement.

The representations and warranties set forth in this Section ‎4 shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Indemnified Person (as defined in Annex A attached hereto) or (ii) any termination of this Agreement.

SECTION 5. *Conditions and Obligations*. The obligation of the Dealer Manager to act as a Dealer Manager hereunder shall at all times be subject, in its discretion, to the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations and warranties of the Offeror contained herein or in any certificate or writing delivered hereunder at all times during the Tender Offer shall be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Offeror at all times during the Tender Offer shall have performed, or is performing, all its obligations as are required hereunder at such times as are specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Davis Polk & Wardwell LLP, United States counsel for the Offeror and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados, Brazilian counsel for the Offeror shall have delivered to the Dealer Manager opinions, prior to the commencement of the Tender Offer and on the Closing Date, in form and substance satisfactory to the Dealer Manager, the forms of which are attached as Exhibits A and B hereto, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No stop order, restraining order or injunction has been issued, and no litigation shall have been commenced or threatened, with respect to (i) the making or the consummation of the Tender Offer, (ii) the execution, delivery or performance by the Offeror of this Agreement or (iii) any of the transactions in connection with, or contemplated by, the Tender Documents before any agency, court, or other governmental body which the Dealer Manager or its legal counsel in their sole discretion believes makes it inadvisable or impracticable for the Dealer Manager to continue to render services pursuant hereto and it shall not have otherwise become unlawful under any law or regulation, federal, state or local, for the Dealer Manager so to act, or continue so to act, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the Closing Date, there shall have been delivered to the Dealer Manager, on behalf of the Offeror, a certificate of the Chief Executive Officer and the Chief Financial Officer of the Offeror, dated the Closing Date, and stating that the representations and warranties set forth in Section ‎4 hereof are true and accurate as of the date hereof, at all times during the period of each Tender Offer, and as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Offeror shall have advised the Dealer Manager promptly of (i) the occurrence of any event which could cause the Offeror to withdraw, rescind or terminate the Tender Offer or would permit the Offeror to exercise any right not to purchase Class A Common Shares tendered under the Tender Offer, (ii) the occurrence of any event, or the discovery of any fact, the occurrence or existence of which it believes would make it necessary or advisable to make any change in the Tender Documents being used or would cause any representation or warranty contained in this Agreement to be untrue or inaccurate, (iii) any proposal by the Offeror or requirement to make, amend or supplement any Tender Document or any filing in connection with the Tender Offer pursuant to the Exchange Act or any applicable law, rule or regulation, (iv) its awareness of the issuance by any regulatory authority of any comment or order or the taking of any other action concerning the Tender Offer (and, if in writing, will have furnished the Dealer Manager with a copy thereof), (v) its awareness of any material developments in connection with the Tender Offer or the financing thereof, including, without limitation, the commencement of any lawsuit

relating to the Tender Offer and (vi) any other information relating to the Tender Offer, the Tender Documents or this Agreement which the Dealer Manager may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Dealer Manager shall have received evidence of the agreement of the Process Agent to act as the process agent of each the Offeror, as described in Section 8(c) hereof.

SECTION 6. *Indemnification*. In consideration of the engagement hereunder, the Offeror shall indemnify and hold the Dealer Manager harmless to the extent set forth in Annex A hereto, which provisions are incorporated by reference herein and constitute a part hereof. Annex A hereto is an integral part of this Agreement and shall survive any termination of this Agreement.

SECTION 7. *Survival*. The agreements contained in Sections ‎2, ‎3, and ‎6 hereof and Annex A hereto and the representations and warranties of the Offeror set forth in Section ‎4 hereof shall survive any termination of this Agreement, any completion of the engagement provided by this Agreement or any investigation made on behalf of the Offeror, the Dealer Manager or any Indemnified Person (as defined in Annex A attached hereto) and shall survive the termination of the Tender Offer.

SECTION 8. *Governing Law, Etc.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Governing Law*. This Agreement and any claim, controversy or dispute relating to or arising out of this Agreement shall be governed by and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in such state without regard to conflicts of law principles thereof that would result in the application of the laws of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Waiver of Jury Trial*. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Consent to Jurisdiction; Waiver of Immunity*. The Offeror hereby submits to the non-exclusive jurisdiction of the U.S. federal and state courts in the Borough of Manhattan in the City of New York or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York (collectively, the "<u>Specified Courts</u>") in respect of any suit, action or proceeding in respect of this Agreement, the engagement of the Dealer Manager or the Tender Offer, and the Offeror agrees to submit to the jurisdiction of, and to venue in, such courts. The Offeror irrevocably waives, to the fullest extent permitted by law, any objection that it may have to the laying of venue of any such suit, action or proceeding brought in the Specified Courts, any claim that any such suit, action or proceeding brought in such Specified Courts has been brought in an inconvenient forum and any right to which it may be entitled on account of place of residence or domicile. To the extent that the Offeror has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of a judgment or otherwise) with respect to itself or any of its property, the Offeror hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement. The Offeror hereto agrees that the waivers set forth above shall be given effect to the fullest extent permitted under the U.S. Foreign Sovereign Immunities Act of 1976, as amended, and are intended to be irrevocable and are not subject to withdrawal for purposes of such legislation. The Offeror irrevocably appoints Cogency Global Inc., with its current address at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168, as its agent to receive service of process or other legal summons (the "<u>Process Agent</u>") in respect of any suit or proceeding in respect of this Agreement, the engagement of the Dealer Manager or the Tender Offer that may be instituted. The Offeror agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The Offeror agrees that service of

process upon the Process Agent, and written notice of said service to the Offeror by the person serving the same to the address provided in Section 10, shall be deemed in every respect effective service of process upon the Offeror in any proceeding. Notwithstanding the foregoing, the Offeror agrees that service of any process, summons, notice or document by mail to such party at such party's address specified in this Agreement shall be effective service of process for any proceeding brought in any court. Nothing in this Agreement shall affect the right of any party hereto to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Judgment Currency.* In respect of any judgment or order given or made for any amount due hereunder that is expressed and paid in a currency (the *"*<u>Judgment Currency</u>*"*) other than United States dollars, the Offeror will indemnify the Dealer Manager against any loss incurred by the Dealer Manager as a result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the rate of exchange at which an Dealer Manager is able to purchase United States dollars with the amount of the Judgment Currency actually received by the Dealer Manager. The foregoing indemnity shall constitute a separate and independent obligation of the Offeror and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into United States dollars.

SECTION 9. *Exclusivity*. For as long as the Dealer Manager is dealer manager, none of the Offeror or its respective affiliates shall directly or indirectly initiate or participate in any discussion or other contact with the holders of Class A Common Shares or solicit any inquiries concerning the Tender Offer, except through the Dealer Manager.

SECTION 10. *Notices.* Except as otherwise expressly provided in this Agreement, whenever notice is required by the provisions of this Agreement to be given, such notice shall be in writing addressed as follows and effective when received:

If to the Offeror:

Cogna Educação S.A.<br> Rua dos Guajajaras, No. 591, 4th Floor, Room 1, Bairro de Lourdes<br> Belo Horizonte, Minas Gerais, 30.180-101<br> Brazil<br> Attention: Manuella Falcão, Legal Director (manuella.falcao@cogna.com.br); Frederico <br> da Cunha Villa, Chief Financial and Investor Relations Officer(frederico.villa@cogna.com.br)

If to the Dealer Manager:

Itau BBA USA Securities, Inc.<br> 540 Madison Avenue, 24th Floor<br> New York, NY, 10022-3263<br> Attention: Equity Capital Markets

SECTION 11. *Advertisements*. The Offeror agrees that the Dealer Manager shall have the right to place advertisements in financial and other newspapers and journals at its own expense describing its services to the Offeror hereunder, subject to the Offeror's prior approval, which approval shall not be unreasonably withheld or delayed.

SECTION 12. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. This Agreement may not be amended or modified except by a writing executed by each of the parties hereto. Section headings herein are for convenience only and are not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement is solely for the benefit of the Offeror and the Dealer Manager, and the Indemnified Persons (as defined and to the extent set forth in Annex A attached hereto) and their respective successors, heirs and assigns, and no other person shall acquire or have any rights under or by virtue of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Dealer Manager may share any information or matters relating to the Offeror, the Company, the Tender Offer and the transactions contemplated hereby with its affiliates and such affiliates may likewise share information relating to the Offeror and the Company with the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Offeror and the Dealer Manager shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed in counterparts, each of which will be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, but all of which, taken together, will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Dealer Manager is required to obtain, verify and record information that identifies its clients, including the Offeror, which information may include the name and address of its clients, as well as other information that will allow the Dealer Manager to properly identify its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) None of the parties hereto shall be responsible or have any liability to any other party for any indirect, special, punitive, loss of profits or consequential damages arising out of or in connection with this Agreement or the transactions contemplated hereby, even if advised of the possibility thereof; provided that nothing in this sentence shall be deemed to relieve the Offeror of any obligation it may otherwise have under Annex A hereto to indemnify an Indemnified Person (as defined in Annex A) for any such damages asserted by an unaffiliated third party.

SECTION 13. *QFC Stay Rules*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Dealer Manager that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from the Dealer Manager of this Agreement, and any such interest and obligation, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any interest and obligation in or under this Agreement, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Dealer Manager that is a Covered Entity or a BHC Act Affiliate (as defined below) of the Dealer Manager becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against the Dealer Manager are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this Agreement:

"**BHC Act Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k);

"**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b);

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and

"**U.S. Special Resolution Regime**" means each of (1) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (2) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

[*Signature Pages Follow*]

If the foregoing correctly sets forth our understanding, please indicate your acceptance of the terms hereof by signing in the appropriate space below and returning to the Dealer Manager the enclosed duplicate originals hereof, whereupon this letter shall become a binding agreement between us.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Itau BBA USA Securities, Inc. | Itau BBA USA Securities, Inc. |
| By: | /s/ Renata G. Domingues |
|  | Name: Renata G. Domingues |
|  | Title: Managing Director, Investment Banking Department |

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| | |
|:---|:---|
| By: | /s/ Thiago Maceira |
|  | Name: Thiago Maceira |
|  | Title: Managing Director, Investment Banking Department |

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| | |
|:---|:---|
| Accepted and agreed to as<br> of the date first written above: | Accepted and agreed to as<br> of the date first written above: |
| Cogna Educação S.A. | Cogna Educação S.A. |
| By: | /s/ Roberto Valério Neto |
|  | Name: Roberto Valério Neto |
|  | Title: Chief Executive Officer |
| By: | /s/ Frederico da Villa Cunha |
|  | Name: Frederico da Villa Cunha |
|  | Title: Chief Financial Officer |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[Signature Page to Dealer Manager Agreement]

**ANNEX A**

To Dealer Manager Agreement,<br> dated September 17, 2025 (the *"*<u>Agreement</u>*"*), between<br> Itau BBA USA Securities, Inc. and<br> Cogna Educação S.A.

The Offeror shall indemnify and hold harmless the Dealer Manager, its affiliates and their respective officers, directors, employees, agents and controlling persons (each, an *"*<u>Indemnified Person</u>*"*) from and against any and all losses, claims, damages, liabilities and reasonable documented expenses, joint or several, to which any such Indemnified Person may become subject arising out of or based upon (a) any untrue statement or alleged untrue statement of a material fact contained in the Tender Documents or the Incorporated Documents or in any amendment or supplement to any of the foregoing, or the omission or alleged omission to state therein a material fact necessary in order to make the statement therein, in the light of the circumstances under which they were made, not misleading, except, in the case of this clause (a), with respect solely to information relating to the Dealer Manager Information (as defined below), (b) any breach by the Offeror of any representation or warranty or failure to comply with any of the agreements set forth in the Agreement or (c) the transactions contemplated by the Agreement or the performance by the Dealer Manager thereunder, or any action, claim, litigation, investigation (including, without limitation, any governmental or regulatory investigation) or proceedings relating to the foregoing (each, a *"*<u>Proceeding</u>*"* and collectively, *"*<u>Proceedings</u>*"*), except, in the case of this clause (c), to the extent such losses, claims, damages, liabilities or expenses are finally determined by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person, regardless of whether any of such Indemnified Persons is a party thereto, and to reimburse such Indemnified Persons for any reasonable documented legal or other reasonable documented out-of-pocket expenses as they are incurred in connection with investigating or defending any of the foregoing. The Offeror also acknowledges and agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Offeror or its affiliates or any other person for any act or omission on the part of any broker or dealer in securities or any commercial bank, trust company or other nominee or any other person, and that no Indemnified Person shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Offeror and its affiliates or any other person for any losses, claims, damages, liabilities or expenses arising from or in connection with any act or omission in performing the Indemnified Person's obligations hereunder or otherwise in connection with the Tender Offer or any other action contemplated in the Tender Documents and the Incorporated Documents or any other purchase of Class A Common Shares, in each case, except to the extent that any such losses, claims, damages, liabilities or expenses are finally determined by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person. As used herein, the term *"*<u>Dealer Manager Information</u>*"* shall mean the written information furnished to the Offeror by such Dealer Manager expressly for use in the Tender Documents, it being understood and agreed that only such information shall be the name and address of such Dealer Manager as provided in the Tender Documents.

In case an Indemnified Person receives notice of a Proceeding with respect to which indemnity may be sought from the Offeror hereunder, such Indemnified Person shall promptly notify the Offeror in writing; provided that (a) the failure to give such notice shall not relieve the Offeror of its obligations pursuant to this Annex A unless and only to the extent it is finally determined by a court of competent jurisdiction that such failure to give notice results in the loss or compromise of any material rights or defenses of the Offeror, and (b) such failure to notify the Offeror will not relieve the Offeror from any liability which it may have to such Indemnified Person otherwise than on account of this Annex A. Upon receiving such notice, the Offeror will be entitled to participate in any such Proceeding and to assume at its sole expense the defense thereof, with counsel reasonably satisfactory to such Indemnified Person (who shall not, except with the consent of the Indemnified Person, be counsel to the Offeror, the Company or an affiliate thereof) and after written notice from the Offeror to such Indemnified Person of its election so to assume the defense thereof within 15 business days after receipt of the notice from the Indemnified Person of such Proceeding, the Offeror shall not be liable to such Indemnified Person hereunder for legal expenses of other counsel subsequently incurred by such Indemnified Person in connection with the defense thereof (other than reasonable costs of investigation) unless (i) the Offeror shall not have employed counsel reasonably satisfactory to such Indemnified Person to represent such Indemnified Person within a reasonable time after notice of

commencement of the Proceedings, or (ii) the Offeror agrees in writing to pay such fees and expenses, or (iii) the Offeror fails to assume such defense within the 15 business days specified above, (iv) representation of the Indemnified Person by counsel chosen by the Offeror would present such counsel with an actual or potential conflict of interest or (v) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Person and the Offeror, the Company or their respective affiliates and such Indemnified Person shall have reasonably concluded that there may be legal defenses available to it which are different from or additional to those available to the Offeror, the Company or their respective affiliates (in which case, if such Indemnified Person notifies the Offeror in writing, the Offeror shall not have the right to assume the defense thereof); it being understood, however, that the Offeror shall not, in connection with any one such Proceeding or separate but substantially similar or related Proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all Indemnified Persons, which firm shall be designated in writing by Itaú BBA. The Offeror shall not effect, or cause to be effected, without the prior written consent of Itaú BBA, any settlement of any pending or threatened Proceeding unless such settlement includes an unconditional release from the party bringing such Proceeding of each Indemnified Person and does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf, of any Indemnified Person. The Offeror shall not be liable for any settlement of any Proceeding effected by an Indemnified Person without the Offeror's written consent, but if settled with such consent, the Offeror agrees, subject to the provisions of this Annex A, to indemnify the Indemnified Person from and against any loss, damage or liability by reason of such settlement.

If for any reason the foregoing indemnification is unavailable to any Indemnified Person or insufficient to hold it harmless (other than in accordance with the terms of this Annex A) then the Offeror shall contribute to the amount paid or payable by such Indemnified Person as a result of such loss, claim, damage, liability or expense in such proportion as is appropriate to reflect (a) the relative benefits received by the Offeror and/or its subsidiaries on the one hand and such Indemnified Person on the other hand, or (b) if the allocation provided by clause (a) above is not available, the relative fault of the Offeror and/or its subsidiaries on the one hand and such Indemnified Person on the other hand, as well as any relevant equitable considerations. It is hereby agreed that the relative benefits to the Offeror (including its affiliates, officers, directors, employees, agents and controlling persons) on the one hand and the Dealer Manager (including its affiliates, officers, directors employees, agents and controlling persons) on the other hand shall be deemed to be in the same proportion as (i) the greater of (x) the aggregate principal amount of all Class A Common Shares subject to the Tender Offer and (y) the maximum possible consideration proposed to be offered by the Offeror in connection with the Tender Offer bears to (ii) the fee actually paid to such Dealer Manager pursuant to the Agreement. The relative fault of the Offeror and/or its subsidiaries on the one hand and the Indemnified Person on the other hand relating to an untrue or alleged untrue statement of material fact or the omission or alleged omission to state a material fact shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by, or relating to, the Offeror or its affiliates or the Indemnified Person and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Offeror and Itaú BBA agree that it would not be just and equitable if contribution pursuant to this paragraph were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein.

The remedies provided for in this Agreement are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity, reimbursement and contribution obligations of the Offeror shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Offeror and any such Indemnified Person. Notwithstanding the foregoing, in no event shall the Dealer Manager be liable under the foregoing indemnity, reimbursement and contribution provisions in an amount in excess of the fees actually received by such Dealer Manager pursuant to the Agreement.

Capitalized terms used but not defined in this Annex A have the meanings assigned to such terms in the Agreement.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**SC TO**

**Cogna Educacao S.A.**

**Table 1 to Paragraph (a)(7)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Line Item Type** | **Notes** | **Transaction <br> Valuation** | **Fee Rate** | **Amount <br> of <br> Filing Fee** |
| Fees to be Paid | (1) | $79373380.00 | 0.0001531 | $12152.06 |
| Total Transaction Valuation: | Total Transaction Valuation: | $79373380.00 |  |  |
| Total Fees Due for Filing: | Total Fees Due for Filing: |  |  | $12152.06 |
| Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: |  |  | $12152.06 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Calculated solely for the purpose of determining the filing fee in accordance with Rule 0-11(b)(1) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The filing fee is calculated based on the aggregate cash payment for the proposed per-share cash payment of U.S.$5.00 for 15,874,676 outstanding Class A Common Shares subject to the transaction (the "Transaction Valuation"). The amount of the filing fee, calculated in accordance with Exchange Act Rule 0-11(b)(1) and the Securities and Exchange Commission Fee Rate Advisory #1 for Fiscal Year 2025, was calculated by multiplying the Transaction Valuation by 0.00015310.