COGNITA | arents 31x - 18 I hope that this note finds you well. The first thing | would like to say is, “thank you" for trusting Cognita with the most important thing in your lives, your children. Being a father of four, ! completely understand how big a decision this is and the choices it entails. As a result, we never take for granted the responsibility we have to you, your children and our communities. The purpose of this letter is to inform you that there will be a change in ownership of Cognita in the coming months. | also want to explain why | am so delighted by this development. Over the weekend, our current owners Bregal Investments and KKR, signed an irrevocable agreement to sell Cognita to Jacobs Holding of Switzerland. We expect this to complete at the end of October. Jacobs Holding is a private family office representing the Jacobs family. Over the last 40 years, Jacobs have been highly successful and amassed significant financial resources. These funds are now predominantly channelled into the Jacobs Foundation: an organisation with the exclusive aim to improve the lives of young people from all around the world. Essentially Jacobs have a passionate conviction for education and for the benefits of developing young minds. As a result, | am sure you will appreciate why we are so delighted with our new owners and future partners. There is of course also a fundamentally important point relating to “time horizons". At Cognita we believe that education represents a very long-term endeavour. In this regard, this further supports our new ownership ~ Jacobs are long-term investors, owning and investing in companies for decades. Jacobs have a track record of building globally-respected and renowned organisations as they have done in the chocolate, coffee and recruitment sectors. This is the ambition that Jacobs have for Cognita and they want to see us continually improving our quality of education. In recent months, we have appeared in the papers as the media has speculated about our new owners. This is an inevitable by-product of any process to find new partners. | completely understand that this can be unsettling as it is normally combined with speculation regarding how the future might change. The reality is much more mundane, and | would be surprised if you noticed any differences in the “day to day” activities of school life. We have been discussing the Potential for Jacobs to own us for many months. The determining factor for Jacobs is that they shared our vision, values and genuine optimism for the power of high-quality education. Before concluding this letter, | would like to thank our current owners. Bregal founded Cognita in 2004 and KKR became their partner in 2013. They have been great custodians for the organisation and we will always appreciate their foresight, belief and encouragement. As | mentioned, we are absolutely delighted to have Jacobs as our new partners. We are highly optimistic regarding our future and we look forward to continuing to serve the 40,000 children in ‘our care. If you have any questions, please do contact me directly at chrisi ss S Encer 1 Pe Gens Chris Jansen Group Chief Executive