Mauricio Equity

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Ser Educacional S.A. and its subsidiaries (the "Company" or "Maurício") is a leading private, for-profit education company providing undergraduate, graduate and technical education to students in the North East region of Brazil. The Company targets primarily middle and low income students under two brand names Maurício and Joaquim Nabuco. IFC will support Maurício to fund: (i) further expansion in the North, with focus on the cities of Manaus and Belem; (ii) further modernization and improvements in existing campuses; (iii) expansion into new campuses through acquisitions of post-secondary education institutions in the North and Northeast regions (the "Project").