Estácio: 4Q15 and 2015 Conference Call Presentation

1. 4Q15 and 2015
Results
Rogério Melzi | CEO
Virgílio Gibbon | CFO and IRO

2. 2015 Highlights
2
 Growth of 15.2% in the student base and growth of 23.4% in the net revenue
 Sustainable EBITDA growth (+40.9%) and margin expansion (+3.0 p.p.)
 Growth of 22.5% in earnings per share
 Acquisitions of FNC and FCAT
 Growth of 33.9% in the undergraduate intake
Financial Indicators
(R$ million)
4Q14 4Q15 Chg. 2014 2015 Chg.
Recurring Net Revenue 652.4 746.3 14.4% 2,404.5 2,967.5 23.4%
Recurring Gross Income 277.5 323.2 16.5% 1,028.6 1,307.0 27.1%
Recurring Gross Margin 42.5% 43.3% 0.8 p.p. 42.8% 44.0% 1.3 p.p.
Adjusted Recurring EBITDA 126.4 163.2 29.1% 518.5 730.3 40.9%
Recurring EBITDA Margin 19.4% 21.9% 2.5 p.p. 21.6% 24.6% 3.0 p.p.
Recurring Net Income 80.9 93.2 15.2% 425.6 512.8 20.5%
Recurring Net Margin 12.4% 12.5% 0.1 p.p. 17.7% 17.3% -0.4 p.p.

3. 3
Strategy Pillars
56% 56%
62%
65% 65%
68%
73%
75%
2008 2009 2010 2011 2012 2013 2014 2015
Employee Satisfaction
58%
60%
64% 64%
67% 68%
73%
75%
2008 2009 2010 2011 2012 2013 2014 2015
PESA – Student Satisfaction Survey (On-Campus)
63%
58% 59%
72%
77%
79%
2010 2011 2012 2013 2014 2015
PESA – Student Satisfaction Survey (DL)
 Continuous growth in Employee Satisfaction
 High student satisfaction levels both in the
on-campus and in DL

4. SINAES
1%
25%
61%
11%
2%0%
3%
59%
36%
2%
1 2 3 4 5
CPC – Preliminary Course Concept (2014 vs 2011)
97%
Satisfactory
(+ 23 p.p.)
3%
40%
55%
3% 0%0% 5%
90%
5%
0%
1 2 3 4 5
IGC – General Course Index (2014 vs 2011)
95%
Satisfactory
(+ 37 p.p.)
20142011
4

5. Operational Performance
Note: Total student base considering undergraduate and graduate students.
652.4
746.3
4Q14 4Q15
NET REVENUE – 4Q15
(R$ million)
+14.4%
Average Ticket
(R$)
4Q14 4Q15 Chg.
On-Campus 596.4 613.1 2.8%
Distance Learning 183.9 155.3 -15.6%
Net Revenue
STUDENT BASE
Distance Learning
On Campus
Total Student Base
Acquisitions - 12 months
(000’ students)
318.7
358.2
116.9
133.2
12.4
4Q14 4Q15
435.6
+15.4%
502.8
+12.4%
+14.0%
5
 Retention rate:
• On Campus Undergraduate: 0.6 p.p.
• Distance Learning Undergraduate: -0.1 p.p.

6. Costs and Operational Expenses
Vertical Analysis
(% of recurring operating net
revenue)
4Q14 4Q15 Chg. 2014 2015 Chg.
Cash Cost -54.0% -53.7% 0.3 p.p. -54.3% -53.2% 1.1 p.p.
Personnel and Fees -33.8% -34.3% -0.6 p.p. -34.7% -33.9% 0.8 p.p.
Brazilian Social Security
Institute (INSS)
-6.5% -6.7% -0.2 p.p. -6.8% -7.0% -0.2 p.p.
Rentals, Fees and Municipal
Property Tax
-7.2% -7.5% -0.3 p.p. -7.3% -7.3% 0.0 p.p.
Textbooks Materials -3.5% -1.4% 2.2 p.p. -2.5% -1.6% 0.9 p.p.
Services providers and Others -3.1% -3.8% -0.8 p.p. -2.9% -3.4% -0.5 p.p.
Selling Expenses -9.7% -15.6% -5.9 p.p. -9.9% -11.3% -1.4 p.p.
PDA -6.0% -7.4% -1.4 p.p. -4.3% -4.3% 0.0 p.p.
Marketing -3.6% -8.1% -4.5 p.p. -5.6% -7.0% -1.4 p.p.
G&A Expenses -16.6% -12.4% 4.3 p.p. -14.4% -12.4% 2.1 p.p.
6Note: Cost of services and G&A expenses excluding deprecitation and amortization..

7. Adjusted recurring EBITDA
7
Financial highlights (R$ million) 4Q14 4Q15 Change 2014 2015 Change
Operational net revenue 652.4 718.2 10.1% 2,404.5 2,939.4 22.2%
(+) Adjusted present value (APV) - 28.1 N.A. - 28.1 N.A.
Recurring operational net revenue 652.4 746.3 14.4% 2,404.5 2,967.5 23.4%
(-) Cash cost of services (352.4) (400.9) 13.8% (1,034.5) (1,577.5) 20.9%
(-) SG&A cash expenses (171.4) (208.3) 21.5% (585.6) (702.0) 19.9%
(+) Other operating revenues 4.5 7.2 60.0% 18.2 20.5 12.6%
Recurring EBITDA 133.1 144.3 8.4% 532.6 708.5 33.0%
Recurring EBITDA margin (%) 20.4% 19.3% -1.1 p.p. 22.1% 23.9% 1.7 p.p.
(+) Operating financial result (6.7) 18.9 N.A. (14.1) 21.8 N.A.
Fines and interest charged 1.7 2.8 64% 13.3 17.6 32.3%
Inflation adjustment of FIES
accounts receivable
- 18.7 N.A. - 18.7 N.A.
Financial siscounts (8.4) (2.6) -69% (27.4) (14.5) -47.0%
Adjusted recurring EBITDA 126.4 163.2 29.1% 518.5 730.3 40.9%
Adjusted recurring EBITDA margin (%) 19.4% 21.9% 2.5 p.p. 21.6% 24.6% 3.0 p.p.

8. Receivables
Accounts Receivables (R$ MM) 4Q14 1Q15 2Q15 3Q15 4Q15
Gross Accounts Receivables 573.2 833.9 1,087.6 1,168.8 1,237.4
FIES 149.7 325.9 552.5 616.8 681.3
Tuition Monthly Fees 354.0 412.5 448.2 429.6 454.7
Cards Receivables 30.8 43.9 38.9 45.6 34.9
Agreement Receivables 38.7 51.6 48.1 76.8 66.5
Credits to identify (6.8) 1.5 (5.4) (3.5) (2.2)
Provision for Doubtful Accounts (115.0) (111.7) (99.4) (111.2) (128.3)
Adjustment to Present Amount – FIES - - - - (28.1)
Net Accounts Receivables 451.4 723.6 982.8 1,054.1 1,078.8
Net Revenues (Last 12 months) 2,518.5 2,724.8 2,789.5 2,915.6 2,977.6
Days Receivables 65 96 127 130 134
Net Revenue Ex. FIES (Last 12 months) 1,483.3 1,612.9 1,598.1 1,672.9 1,702.1
Days Receivables Ex. FIES and FIES Revenue 73 89 97 94 90
8

9. FIES Accounts Receivable (R$ MM) 4Q14 1Q15 2Q15 3Q15 4Q15
Opening Balance 222.2 149.7 325.9 552.5 616.8
(+) FIES Net Revenue 321.8 311.7 376.7 352.8 364.0
(-) Transfer 378.3 121.1 128.9 270.4 301.8
(-) FIES Deduction/Provision 16 16.6 19.0 18.1 18.9
(+) Acquisitions - 2.2 -2.2 - 2.4
(+) Accounts Receivable Update - - - - 18.7
Ending Balance 149.7 325.9 552.5 616.8 681.3
FIES Carry-Forward Credits (R$ MM) 4Q14 1Q15 2Q15 3Q15 4Q15
Opening Balance 50.0 81.7 87.2 74.4 79.0
(+) Transfer 378.3 121.1 128.9 270.4 301.8
(-) Tax payment 78.9 24.3 79.2 78.9 91.4
(-) Repurchase auctions 265.9 91.3 63.5 188.4 203.8
(+) Acquisitions -1.8 - - 1.0 -
(+) Monetary restatement - - 0.9 0.5 1.8
Ending Balance 81.7 87.2 74.4 79.0 87.5
FIES Average Days Receivables 4Q14 1Q15 2Q15 3Q15 4Q15
FIES Days Receivables 80 134 189 202 217
9
FIES Receivables

10. Cash Flow
10
20.2
23.5
185.6
-165.5
4Q14 4Q15 2014 2015
Operational Cash Flow
R$ million
 Operational Cash Flow was negative by R$23.5 million in 4Q15, compared to positive
R$20MM last year.
 Operational Cash Flow was negative by R$165,5 million in 2015, mainly due to the negative
change in working capital due to the effects of new monthly payment cycle of FIES students.

11. 11
Faculdade Unidas de Feira de Santana
 Located in Feira de Santana
 First intake in 2013.01 (base under
maturation)
 5 undergraduate programs:
• Biomedicine
• Nursing
• Physiotherapy
• Nutrition
• Radiology (technician)
 1,500 students
 Net average ticket: ≈ R$500.0
Over view: INEP Evaluation Result
Index Grade Year
CI – Institutional Concept 3 2011
IGC – General Course Index - -
IGC Cont. - -
Cleonice de
Souza Lima
Ownership Structure
Péricles
Magalhães
Moraes
Ana Souza
Lima Moraes
Matheus
Souza Lima
37% 33% 20% 10%

12. Final Remarks
12
Heading to the Vision 2020:
 Innovation  Hybrid products and new technologies
 Speed up organic and inorganic growth (ex: Feira de Santana)
 New businesses projects
We will continue to march our 20 miles one more year!
2016 Focus:
 Positive enrollment cycle
 Retention and Collection (PDA)  Cash Flow
 Quality  Continuous Improvement  Excellence

13. Investor Relations:
Email: ri@estacio.br
Phone: +55 (21) 3311-9700
Fax: +55 (21) 3311-9722
Address: Av. Embaixador Abelardo Bueno. 199 – Office Park – 6th floor
ZIP Code: 22.775-040 – Barra da Tijuca – Rio de Janeiro – RJ – Brazil
This presentation may contain forward-looking statements concerning the industry’s prospects and Estácio Participações’ estimated financial and operating results; these are ere
projections and. as such. are based solely on the Company management’s expectations regarding the future of the business and its continuous access to capital to finance Estácio
Participações’ business plan. These considerations depend substantially on changes in market conditions. government rules. competitive pressures and the performance of the sector
and the Brazilian economy as well as other factors and are. therefore. subject to changes without previous notice.