This corporate presentation discusses why now is a pivotal moment for Brazil's education sector and Estacio's role in it. It outlines government support for education through student financing. It then summarizes Estacio's history and turnaround, focusing on building a sustainable platform through processes, products, people and culture. Charts show education indicators and enrollment growth targets. The management team, new academic model, and cultural changes to align people are described. Finally, it acknowledges the challenges of implementing widespread changes.

1. CORPORATE PRESENTATION
INVESTOR RELATIONS
June, 2011

2. WHY THIS IS “THE MOMENT” OF BRAZILIAN
EDUCATION SECTOR?
STRENGTHENING THE FOUNDATIONS
Change in Educational Scenario in Brazil
1
0,8
0,6
0,4
0,2
0
Started Basic Finished Basic Started High Finished High Started Higher
School School School School Educacion
1993 1998 2003 2009
Performance and Evolution - Countries Illiteracy Rate - Brazil
57%
Performance
South Korea
Japan 47%
39%
Germany 32%
France USA 25%
Russia 17%
450
Chile 10%
Mexico Brazil
Argentina 1950 1960 1970 1980 1991 2000 2010
Source: IBGE
Zero Evolution
2

3. WHY THIS IS “THE MOMENT” OF BRAZILIAN
EDUCATION SECTOR?
Income Distribution Consumer’s Confidence
(In millions of people)
Source: Cetelem - O Observador Source: BC, ACSP
Aging Population Unemployment Rate (%)
Source: IBGE Source: BC, ACSP
3

4. WHY THIS IS “THE MOMENT” OF BRAZILIAN
EDUCATION SECTOR?
GOVERNMENT SUPPORT
Student Financing Comparative Interest Rates
33%
12% 13%
Long-term financing to low-income students 6% 7%
3.4% p.a. nominal interests with 18-year term 3%
No guarantor required from 2011 onwards
FIES Inflation Savings Selic Mortgages Auto
Allows further penetration in Classes C and D 2011E Account Financing
4

5. WHY THIS IS “THE MOMENT” OF BRAZILIAN
EDUCATION SECTOR?
CREDIT EVOLUTION
CAGR
Credit in Brazil Total Light Vehicle Sales
+11%
+19%
2004 2005 2006 2007 2008 2009 2010
Total amount of Credit in Brazil. Source: BACEN Total number of light vehicles sold in Brazil
(financed and non financed). Source: ANFAVEA.
Mortgage Lending in Brazil Financed Homes
+41% +31%
2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 2009 2010
Evolution of brazilian mortgage amount financed. New units constructed / acquired through housing finance
Source: CBIC/BACEN in Brazil Source: BACEN
5

6. WHY THIS IS “THE MOMENT” OF BRAZILIAN
EDUCATION SECTOR?
2020 EDUCATION SECTOR
14,000 + 1,050 = 15,050
Youngsters in Class C & D
with High School Degree
are out of the Colleges
903 Young Adults 6%
1,050 stop in Private Higher
studing Education
1,750 60% Institutions 1,603 New
Graduated Enrollments
3,500 in High 350 Private Higher
Children School 700 go Education Institutions
straight to 163 New Students
Start High 350 Public
School the Colleges
1,750 Institutions “Net" per Annum
Every Year
Drop‐out
High School 50% 12% ‐1,440
‐720 Graduated
Graduated
‐720 Drop‐out & Drop‐out
12%
Sensitivity Analysis– Annual Growth 6,000 Total Base of
“Conversion” of Working Adults The System
6,0 6,5 7,0 7,5 8,0
2.7% Growth Rate
12,0 2,7 4,0 5,2 6,5 7,7 Government per Annum
11,5 3,2 4,5 5,7 7,0 8,2 Break‐even CAGR: target:
Drop-out Rate
5% per year 10,000 students 7,637
11,0 3,7 5,0 6,2 7,5 8,7 Total Enrollments
by 2020
10,5 4,2 5,5 6,7 8,0 9,2 Estimated for 2020
10,0 4,7 6,0 7,2 8,5 9,7
6

7. NATIONAL COVERAGE
ESTACIO AT‐A‐GLANCE
Highlights ESTACIO’s Regional Footprint¹
– Largest private post-secondary education group in Brazil Nationwide operations, covering states that account
for 86% of GDP and 82% of population
– Leading presence in the large and underserved working
adults target group
– Diversified portfolio of programs with differentiated quality
.
and competitive pricing
. .
– First Brazilian education company listed in Novo Mercado
.
.
.
Key Figures .
.
241k students .
University
72 campuses in 36 major cities in Brazil .
College
.
University Center . . . .
51 accredited Distance-learning Centers In process to Upgrade
to University Center . .
. Distance Learning Center
78 programs
.
(1) Estácio also owns a University in Paraguay with 2.7 thousand students
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8. COMPANY´S BACKGROUND
KEY MILESTONES
Listed Company
Greenfield Consolidation of
Growth national leadership and preparation for growth
IPO Turn around
Follow-On
On
– Organic growth
# of students (‘000) – 2005 – 2007: – Acquisitions in the
for-profit São Paulo market – GP acquires – M&A
CAGR transformation 20% of Estácio – Efficiency gains
– Estácio joins in – Distance Learning
Novo Mercado
218 210 241
206 14.8%
(5.5%) 1.9%
178 22.5%
141
4.8%
– Beginning of – Distance – New
management learning academic
restructuring launching model
41.7% – Shared
Services
35 Center
23 (“SSC”)
1.5%
1970 … … 80’s - 90’s … … 2002 … … 2007 2008 2009 2010 2011
Note: Until 2007 the student base did not include graduate students.
8

9. MANAGEMENT TEAM WITH LARGE EXPERIENCE
Eduardo Alcalay  Holds a bachelor’s degree in business administration from FGV and a bachelor’s degree in law from the USP
Chief Executive  Joined GP in 2005 as a Partner
Officer  More than 15 years of investment banking experience as Head of M&A at DLJ-Brazil and Banco Garantia and as a Partner of Singular
 Served as Senior Vice President for Business Development and Board Member at UOL and Grupo Folha
Rogerio Melzi  Holds a bachelor’s degree in Mechanical Engineering from Mackenzie University, a bachelor’s degree in Business Administration from
CFO and Investor FGV and Master in Business Administration from Stanford University.
Relations Officer  Suplly Chain Planning & Performance at Inbev/Labatt , Financial Planning Officer at Suzano Holding and Associate at Booz-Allen.
João Luís Barroso  Holds a bachelor’s degree in Economy from the University Gama Filho, master and doctorate’s degree in Economy from the FGV
Development and  Institutional Relations Officer at Vivo, CEO at CBS Security System, Corporate Support Director at CSN.
Corporate Relations  RJ Secretary of the Treasury Chief and Assistant Secretary for Economic Policy of the Ministry of Economy, Planning and Finance
Miguel de Paula  Holds a bachelor’s degree in Business Administration from Ulbra University, master in Business Administration at USP and STC
Executive at Kellog University, Strategic Human Resources Planning at Michigan University.
Human Resources Officer
 HR general manager at Gerdau, HR Officer at Farmasa and HR Officer at Votorantim Cimentos Ltda.
Paula Caleffi  Holds a bachelor’s degree in History from Universidade Católica/RS and doctorate’s degree at Universidad Complutense de Madrid.
Chief Academic Officer
 Served as Academic Development officer at University of Vale do Rio dos Sinos.
Pedro Graça  Holds a bachelor’s degree in System Analysis from Mackenzie University and postgraduate in Business Administration at FGV.
Chief Marketing Officer  Co-owner of ENAD and Sistema Energia de Ensino.
 Responsible for the Estacio’s Distance Learning start-up, expansion and consolidation.
Virgilio Gibbon  Holds a bachelor’s degree and a graduate degree in Economy from PUC-RJ.
Chief Operating Officer  Partner and Director at TOTVS Consulting and responsible for implementing Estácio’s Shared Services Center.
 More than 10 years experience at Consulting, mostly dedicated to Operations and Efficiency related projects.
9

10. TURN AROUND AND RESTRUCTURING
PLATFORM FOR GROWTH & INNOVATION
Processes Product & People &
& IT Marketing Culture
10

11. COMPANY´S BACKGROUND
KEY MILESTONES Seeding Harvesting
Listed Company
Greenfield Consolidation of
Growth national leadership and preparation for growth
IPO Turn around
Follow-On
Follow On
– Organic growth
# of students (‘000) – 2005 – 2007: – Acquisitions in the
for-profit São Paulo market – GP acquires – M&A
CAGR transformation
Focus on the means toward
20% of Estácio – Efficiency gains
– Estácio joins in – Distance Learning
Novo Mercado
241
sustainable results
218 206 210 14.8%
(5.5%) 1.9%
178 22.5%
141
4.8%
– Beginning of – Distance – New
full learning academic
management launching model
41.7% restructuring – Shared Services
Center (“SSC”)
35
23
1.5%
1970 … … 80’s - 90’s … … 2002 … … 2007 2008 2009 2010 2011
Note: Until 2007 the student base did not include graduate students.
11

12. PROCESSES ‐ SSC
PROCESSES STANDARDIZATION AND CENTRALIZATION
TECNOLOGY HUMAN RESOURCES & BILLING &
PAYROLL COLLECTION
CENTRALIZATION SCALE
ACCOUNTING
ACADEMIC OPERATIONS
SERVICE LEVEL
& REGULATORY 72 CAMPUSES S
AGREEMNENT
INTEGRATION
7.2K TEACHERS S
3.5K ADM. EMPLOYEES
C
241K STUDENTS
36 LOCATIONS 2009
INTEGRATION
PROCUREMENT STANDARDIZATION
EFICCIENCY
300 FTE
250k invoice/month
8k payment/month
17k MEC processes
360k candidates
18 balance sheets
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13. PROCESSES – LOOKING AHEAD
NEW IT ARCHICTECTURE
CHANGING THE PLATFORM FOR GROWTH
Adding New Features
CRM
Students briefcase (scanned documents)
High performance
Academic Solution
400 thousand
students
Over the next 3 years Estácio will invest R$30 mm to completely
redefine its technology platform in order to boost performance
and increase reliability to users.
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14. PRODUCT
NEW ACADEMIC MODEL
Reduced costs …
O
Integrated curricula with shared disciplines
T
H 20% of distance learning content in on- Improved gross
E campus programs margin
R
20% of on-line self-learning activities
E S
S
T
... with quality and differentiation
A
C 41 programs updated to labor market
I demands (90% of Estácio’s current student
O Higher
base)
attraction and
Tailor made text books bundled in tuitions retention of
Comprehensive student portal students
On-line library with more than 2,000 titles
Innovation and product reengineering aiming at better quality at competitive pricing
14

15. CONTINUOUS INNOVATION
UNIQUE PRODUCT OFFERING
Quality curricula
Improved access to learning tools
Accessible prices
Bundled in financing
15

16. PEOPLE & CULTURE
Getting the right people at the right place
– Expertise in education combined with experience from several industries
C
Aligning people through meritocracy & variable compensation
U
L
– Stock option to 48 senior executives (up to 4.5% of capital to be granted)
– More than 300 managers with individual, monthly tracked goals driving their variable compensation (financial and
non financial)
– 20% of professors with variable compensation based on performance T
Managing by “walking around” to guarantee execution and disseminate culture U
– Visits to campuses are constant in CEO’s agenda
– Monthly Performance Meetings with regional divisions R
– COO visited all units more than once over the last 2 years
E
Attracting and retaining new talents
– Trainee programs and accelerated career planning based on meritocracy
– Culture set to groom internal talents for self-sustained growth
– Excellence in human talents in all levels is top priority
Estacio’s
Using managerial tools to develop and improve processes & results
way
– Zero-based budgeting – “Gestão a vista”
– Matrix budgeting – Six Sigma
– Business Intelligence – Benchmarking
16

17. CHALLENGE TO IMPLEMENT ALL THE CHANGES...
Fixing the company – Ex.: returning with program coordinators (R$ 12 mm/year)
Developing an entirely new product
Cleaning up student base
Creating a new culture
Revamping company’s image
Investing in infra structure, technology and services INSS RAMP UP
Brazilian Social Security Institute
Holding inflationary pressures and… (in R$ millions)
60
Dealing with labor tax (INSS) ramp up (@ R$16mm/year)
45
30
15
2007 2008 2009 2010
17

18. ...WITHOUT LOSING MARGINS
RESULTS EBITDA MARGIN
Main Operating Indicators
2008 2009 2010
(‘000)
Total Student Base 218.3 205.7 210.0
On-Campus 218.3 196.1 183.8 26.2%
Distance Learning - 9.6 26.2
21.7%
19.9%
16.8%
Main Financial Indicators¹
2008 2009 2010 17.4%
(R$ million)
Net Revenue 980.0 1,008.8 1,016.2 12.5%
11.8%
Cost of Services (629.1) (656.6) (657.5) 10.0%
Sales (83.9) (91.6) (95.3)
G&A (177.7) (151.7) (148.8)
EBITDA 98.4 119.1 127.3 2008 2009 2010 1Q11
Margin EBITDA 10.0% 11,8% 12.5% EBITDA Margin EBITDA Margin ex. the Brazilian Social
Security Institute (INSS)
¹ Excluding Depreciation and non recurring items.
Changing the tire without parking the car
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19. ...AND IMPROVING QUALITY
PESA AND CORPORATE CLIMATE COURSES EVALUATION
ON‐SITE VISITS 2010/11
64 7 Courses
9 Courses 46
62 Courses
60
58
56 56
50
Courses
2008 2009 2010
PESA Corporate Climate Grade 3 Grade 4 Grade 5 No grade
Source: Copernicus, Hay.
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20. TIME TO HARVEST
2011 – LAST YEAR OF LABOR TAX STEP‐UP…
STRONG FOUNDATION
Processes & Product & People &
IT Marketing Culture
20

21. ORGANIC GROWTH & MARGIN GAINS
3% Market growth + inflation pass-through
800 basis points over 4 years (2011-2014)
200 New academic model Online / Sharing / Off-class activities
200 Faculty costs Academic planning
Benchmarking / Matrix and Zero-based
150 Other costs
Budgeting/ Centralization
Dilution through M&A and Distance
250 G&A
Learning
800 Total
21

22. DISTANCE LEARNING
DISTANCE LEARNING GROWTH
(Students in thousands)
Undergraduate
Graduate
+296.2% 30.9 From zero to 30 thousand students in 1.5 years
26.2 2.7 Expect to reach 80 thousand students in 4 years
24.7
20.9 2.4
2.5 High-quality product, using campuses as centers
16.4 1.7 11 programs and growing
1.5 Opportunity to increase coverage
28.2
9.6
7.8 22.3 23.7
19.2
2.1
1.6 14.9
6.2 7.5
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
22

23. NEW PRODUCTS
EXECUTIVE DIRECTOR FOCUSED ON NEW PRODUCTS
Revamp Graduation Programs
Preparatory courses
 Take advantage of Distance Learning platform
 Cross Selling
 Academia do Concurso
 Over 29,000 students in 2010
 R$ 10.4 million net revenue in 2010
Corporate Universities
Non regulated short-term products
23

24. M&A
ACQUISITIONS WITH DISCIPLINE
Region>
<# of Targets>
IRR Valuation
North and NE
Post-Audit
48
Targets for variable compensation
linked to Business Plan
Central Brazil
30
Rio de Janeiro
10 2.016
SP and South private
32 Entities
 Size over 2 thousand students
 Attractive cities
 Strategic fit
120  Assets quality
24

25. 1Q11 FIRST RESULTS
STUDENT INTAKES EXPANSION
2nd time in a row… all times record for intakes 2 new greenfield campuses
73.5
 Sulacap
59.1 +24.4%  Chacara Flora
+27.0% 50.3
39.6
12.0 4 M&A
10.2  Atual 4.500 students
11.1
6.4 61.5  FAL 2.400 students
39.2 48.9
33.0  Academia do Concurso 29.000 students
 FATERN 3.350 students
3Q09 3Q10 1Q10 1Q11
On‐Campus Distance Learning Total Student
Main Financial Indicators
1Q10 1Q11 Chg
(R$ million)
Net Revenue 256.0 275.8 7.7%
Cost of Services (158.6) (168.7) 6.4%
Sulacap Gross Margin 35.9% 36.8% 2.5%
Sales (24.4) (29.0) 18.9%
G&A (36.6) (36.1) -1.4%
EBITDA 39.6 47.9 21.0%
Margin EBITDA 15.5% 17.4% 1.9 p.p.
Chacara Flora Atual
* Excluding depreciation and non recurring items.
25

26. CONCLUSION
Quality + Profitability =
Sustainability
26

27. IR CONTACTS
Investor Relations:
Flávia de Oliveira
E‐mail: flavia.oliveira@estacio.br
Phone: +55 (21) 3311‐9789
Fax: +55 (21) 3311‐9722
Address: Av. Embaixador Abelardo Bueno, 199 – Office Park – 6thfloor
CEP: 22.775‐040 – Barra da Tijuca – Rio de Janeiro – RJ – Brazil
Website: www.estacioparticipacoes.com/ir
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. We are a holding company, and our only assets are our
interests in SESES, SESSA and IREP, and we currently hold 99.9% of the capital stock of each of these subsidiaries. Considering that the Company was incorporated on March 31
2007, the information presented herein is for comparison purposes only, on a proforma unaudited basis, relative to the first three months of 2007, as if the Company had been
organized on January 1 2007. Additionally, information was presented on an adjusted basis, in order to reflect the payment of taxes on SESES, our largest subsidiary, which from
February 2007, after becoming a for‐profit company, is subject to the applicable taxation rules applied to the remaining subsidiaries, except for the exemptions arising out of the
PROUNI – University for All Program (“PROUNI”). Information presented for comparison purposes should not be considered as a basis for calculation of dividends, taxes or for any
other corporate purposes.
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