The document summarizes the 3Q07 earnings results of Estácio Participações. Key highlights include an IPO that raised R$252 million, the acquisition of Radial for R$56 million which expanded operations to São Paulo and Paraná, an increase in campuses to 62 across 12 states, EBITDA of R$34 million with a 15.6% margin, and adjusted net income growth of 58% to R$28 million. The company also ended the quarter with R$264 million in cash.

1. 3Q07 Earnings Release

6. Average Tuition 415.8 400.0 3.9% Enrolled Students* (thousands) 172.2 172.5 -0.2% Revenue 3Q07 3Q06 Chg.% Net Revenue (R$ million) +6.4% +2.9% taxes 627.2 667.0 9M06 9M07 +7.8% +3.8% taxes 207.0 3Q06 214.8 3Q07 223.1 8.4 21.8 645.1

7. EBITDA Margin EBITDA Margin EBITDA Margin: ex-rentals 21.1% 23.4% 3Q07 9M07 12.9% 14.8% 3Q07 9M07 83.2M 31.8M 50.3M 136.5M

8. EBITDA EBITDA (R$ million) impostos +50.1% -1.9% -14.6 95.9 55.5 2004 2005 2006 86.6 130.0 85.0* 45.0 9M06 9M07 taxes *Including R$ 1.8M of non recurring expenses

9. Net Income 57.9% 315.9% 18.0 28.4 15.7 65.2 3Q06 3Q07 9M06 9M07 Adjusted Net Income* (R$ million) Adjusted Net Income* (R$ million) * Excluding the extraordinary IPO expenses (R$15.5 million in the 3Q07 and R$17.2 million in the 9M07)

10. Organic Capex (R$ million) 2005 2004 2006 22.2 22.5 25.1 Capex / Depreciation Capex / Student Investments 78 159 9M06 9M07 71% 9M06 9M07 10.6 27.6 9M06 9M07 96% less than 100%

11. Cash Flow Cash Flow (R$ million) Initial Cash EBITDA Financial Result Working Capital Investments Long-Term Chg. Income Tax Capitalization IPO Expenses Final Cash Sub-Total Cash 263.7 43.2 (15.4) 31.8 1.7 2.0 (0.9) 65.2 268.2 (13.5) 0.8 (54.3) Radial Acquisition

12. Final Remarks Following our strategy, we continued committed with Organic growth and acquisitions Capture scale gains and synergies between operations Focus Growing Synergies Excellence Continuous improvement

13. Questions & Answers