Arco Platform provides update related to non-binding proposal

Arco Platform Limited announced that its board of directors formed in December 2022 a special committee consisting of four independent and disinterested directors, Beatriz Amary, Carla Schmitzberger, Edward Ruiz and Stelleo Tolda, to evaluate and consider the previously announced preliminary non-binding proposal, dated November 30, 2022, from General Atlantic L.P. and Dragoneer Investment Group, LLC to acquire all of the outstanding Class A common shares of the Company that are not held by such parties or Oto Brasil de Sa Cavalcante and Ari de Sa Cavalcante Neto or their respective affiliates and any potential alternative transactions with respect to the acquisition of the Public Shares by General Atlantic and Dragoneer or by any other party or parties. The Special Committee retained (i) Evercore Group L.L.C. and Seneca Evercore Advisors Ltda.as its financial advisor, (ii) Skadden, Arps, Slate, Meagher & Flom LLP as its U.S. legal counsel, (iii) Carey Olsen Cayman Limited as its Cayman Islands legal counsel and (iv) BMA – Barbosa Mussnich Aragao Advogados as its Brazilian legal counsel, in each case to assist it in its mandate. The Board cautions the Company’s shareholders and others considering trading the Company’s securities that the Proposal is under evaluation by the Special Committee; however, no decisions have been made with respect to the response to the Proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the Proposal or any potential alternative transaction, or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.