1. www.estacioparticipacoes.com/ir
Global Services Conference
Phoenix-AZ, February 27, 2008
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2. 1. Visão Geral
 Brazilian Post-Secondary Education Market
 Company Overview
 Business Strategy
 Operating and Financial Highlights
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3. Sector Overview
Largest market in Latin America and 5th in the world, with low penetration rates
Post-secondary Enrollments in 2005 (million) Gross Enrollment Rate – Post-secondary (2005)
83%
23.4
17.3 71%
65%
11.8 48%
9.0
4.5 22% 24% 24%
4.0
11%
China USA India Russia Brazil Japan India China Brazil Mexico Chile Argentina Russia USA
Source: Unesco/INEP/MEC/SINAES Source: Unesco
Post-secondary growth in Brazil (million) Post-secondary Institutions in Brazil (units)
4.5
4.2 Private Private
3.9 CAGR
3.5 CAGR
12.2% 12.5%
3.0
72% 73%
71% 1,934
70% 1,789
69% 1,652
1,442
1,208
31% 30% 29% 28% 27%
183 195 207 224 231
2001 2002 2003 2004 2005 2001 2002 2003 2004 2005
Public Private Public Private
Source: INEP/MEC Source: INEP/MEC 2

4. Highly Fragmented Market
Top 10 largest post-secondary institutions account for only 17% of total enrollments
Top 10 Private Institutions Market Share (2005) Private Institutions vs. Students (2005)
Based on Number of Enrolled
Students
131 5K or more
173 2K < 4.9K
17.4% 500 < 1.9K
616
Up to 499
1,014
82.6%
Total: 3.3 million enrollments Total: 1,934 Institutions
High potential for consolidation
Source: Hoper Educacional
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5.  1. Visão Geral
Brazilian Post-Secondary Education Market
 Company Overview
 Business Strategy
 Operating and Financial Highlights
4

6. Highlights
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




*wholly-owned subsidiaries
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7. A National Footprint, with presence in main capitals
Students Enrolled per State Market-Share per State1
RJ 28.6%
2,755 CE 20.5%
11,432 BA 8.1%
PA 7.0%
PE 5.9%
676 ES 5.9%
MS 3.6%
SC 3.0%
MG 2.2%
GO 1.7%
6,037 4,788 SP 1.0%
PR 0.7%
11,161
1,720 Source: SINAES/2006
1 Undergraduate students enrolled (excluding state-owned universities)
2,942
1,589
1,773 1,356 Average Ticket: R$440
113,406 New Units Scheduled to open in
2008 (Organic)
1,328 2,735
8,612*  University Centers
3,979  Colleges to UCs
(*) Does not include ongoing acquisitions in SP (3,492 students )
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8. Growth and Profitability
60
taxes
96 100
56
2004
-15 2005 2006 2007E
Turnaround
Organic Growth 176
Undergraduate Students
National 167
Leadership 162
(in thousands)
135
144 North and Main
141
Northeast subsidiary
subsidiaries for (SESES) for
118 profit status profit status
Beginning of
National
Expansion 70
51
35
23 26
1970/96 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007E
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9. Quality Assurance
Average Score in MEC s Evaluation - 2004/2006
AVERAGE 3.10
3.15
Unipac 3.05
Ulbra 2.98
Anhanguera 2.93
Uninove 2.86
Universo 2.85
Unip 2.76
Uniban 2.58
Source: Ministry of Education – ENADE (National Evaluation)
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10.  1. Visão Geral
Brazilian Post-Secondary Education Market
 Company Overview
 Business Strategy
 Operating and Financial Highlights
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11. Growth Opportunities
‘Asset Light’
Growth Model
Organic growth,
Acquisitions and
Distance Learning
Faculty cost and
Shared Services
Center (G&A)
Convenience, Focus on ROE
Quality and Price
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Increasing
market share
3
Business
Turnaround
Value Proposition 2
1
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12. Value Proposition
 Convenience
COMPETTIVE ADVANTEGES
TARGET MARKET  Location
 Youths aged 18 to 24
 Quality
 Career improvement
 Workers who also study  Labor-market oriented
 Self-financed students
 Adequate facilities
 Urban Centers (large
cities)1
 Competitive price
1. except for distance learning business
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13. Business Turnaround
Increasing the Number of Students per Class
 Standardization/Modularization Across the Country
 Common disciplines
 Online disciplines
Faculty Costs Reduction: Agreement with Teachers’ Union in Rio
Shared Services Center (Back office centralization)
National Integration
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14. Increasing market share
 Maximizing opportunities in São Paulo and Bahia
Organic Growth  Upgrading colleges to University Centers
 Launch new programs
 Market share relevance – expanding and consolidating
 Strategic fit – compatible market positioning
Acquisitions
 Priority for university centers
 Operating synergies
 Open new market and reaching new segments
Distance learning  Content provider and distribution
 Marginal CAPEX (sunk costs)
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15. Focus on ROE - Asset light model
 Low investment in real estate
 90% of our campuses – long term rentals
 High mobility to grow
 Low PP&E per student – R$ 926 (*)
 ROE – 20% (2007E)
(*) 9M07
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16.  1. Visão Geral
Brazilian Post-Secondary Education Market
 Company Overview
 Business Strategy
 Operating and Financial Highlights
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17. Net Revenue
Net Revenue (R$ million)
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18. EBITDA Margin
EBITDA Margin EBITDAR: EBITDA Margin ex- rentals
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19. Ownership Breakdown
Market Data
 Total Units* = 78.6 million
 Free Float = 19.8 million (25.3%)
 Market Capitalization = R$ 943 million (02/08/2008)
 Enterprise Value = R$ 680 million
EV/EBITDA 07E = 6.8X
 P/E 07E = 10.8X (9M07 earnings annualized)
* 1 unit = 2 preferred shares and 1 common share
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20. Disclaimer & IR Contact
Disclaimer
This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results,
and those related to growth prospects of Estácio Participações. These are merely projections and, as such, are based exclusively on the
expectations of Estácio Participações’ management concerning the future of the business and its continued access to capital to fund the
Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations,
competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in Estácio
Participações’s filed disclosure documents and are, therefore, subject to change without prior notice. Since the Company was incorporated only
on March 31, 2007, we present, for the sole purpose of comparison, the non-audited pro-forma information for 2006 and 2007, as if the
company's incorporation had occurred on January 1, 2006. Additionally, certain information was presented adjusted to reflect the payment of
taxes at SESES, our largest subsidiary, which, from February 2007f, after becoming a for-profit company, is subject to the applicable tax rules
applied to corporations, except for the exemptions arising out of the University for All Program (PROUNI). The information presented for
comparison purposes should not be considered as a basis for calculation of dividends, taxes or any other corporate purposes. We are a holding
company, and our only assets are our interests in SESES, STB, SESPA, SESCE, SESPE and IREP, and we currently hold 99.9% of the capital
stock of each of these subsidiaries. We are a holding company incorporated on March 31, 2007 as a result of a corporate restructuring that
segregated the post-secondary education operations of our subsidiaries SESES, STB, SESPA, SESCE and SESPE under our common control.
Investor Relations
Carlos Lacerda – carlos.lacerda@estacio.br
Fernando Santino – fernando.santino@estacio.br
e-mail: ri@estacioparticipacoes.com
Phone: (55) 21 2433 9789 / 9790 / 9791
Visit our website: www.estacioparticipacoes.com/ir
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