Ser Educacional : Minutes of Board of Directors’ Meeting - Termination of the Share Buyback Program

SER EDUCACIONAL S.A.

Corporate Taxpayer's ID (CNPJ) 04.986.320/0001-13

State Registry (NIRE) 26300016796

Publicly-Held Company

Minutes of the Board of Directors' Meeting held on January 9, 2018 ___________________________________________________________________________

Date, Time and Venue: January 9, 2018, at 10:00 a.m., at the headquarters of Ser Educacional S.A. ("Company"), in the city of Recife, State of Pernambuco, at Avenida da Saudade, No. 254, Santo Amaro, Recife/PE, CEP 50.100-200.

Presiding Board: José Janguiê Bezerra Diniz, Chairman; Pedro de Lemos Araújo Neto, Secretary.

Call Notice: the call notice was waived due to the attendance of all members of the Company's Board of Directors, pursuant to Federal Law 6,404/76, as amended

("Corporations Law").

Attendance: All members of the Company's Board of Directors attended via conference call, pursuant to Article 16, Paragraph 1 of the Company's Bylaws.

Summarized Minutes: These minutes were authorized to be prepared in summary form and disclosed without the signatures, pursuant to Article 130, Paragraphs 1 and 2 of the Corporations Law.

Agenda: To resolve on the termination of the Company's current Share Buyback Program, as approved by the Company's Board of Directors on January 9, 2017.

Resolutions Unanimously Taken: The members of the Board of Directors unanimously approved, without reservations, on the termination of the Company's Share Buyback Program,as approved by the Board of Directors on January 9, 2017 ("Program"). The members of the

Board of Directors further discussed that, since the launch of the Company's first Share Buyback Program approved on January 12, 2015, up to the present date, three hundred and seventy-seven thousand and five hundred (377,500) common shares issued by the Company have been repurchased, being that, during the last edition of the Program, no transactions took place. The repurchased common shares will be held in treasury for subsequent cancellation or allocation to any other plans that may be approved at future Shareholders' Meetings of the Company.

Closure: There being no further matters to discuss, the Chairman offered the floor to anyone who intended to speak and, as no one did, the meeting was adjourned for the time necessary to draw up these minutes, which were then read, approved and signed by all those present and subsequently signed by the Board members who attended the meeting via conference call.

Attending Board Members: José Janguiê Bezerra Diniz and Jânyo Janguiê Bezerra Diniz (present), Herbert Steinberg, Flávio César Maia Luz and Francisco Muniz Barreto (via conference call).

Certificate: I certify that this is a free English translation of the original minutes drawn up in the Company's Minutes Book number 3 of the Board of Directors' Meetings, pages 199 and

200.

Recife, January 9, 2018.

Pedro de Lemos Araújo Neto Secretary

Signature:__________

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