1. Estacio reported strong growth in 1Q12, with net revenue up 19.9% and net income up 39%. Organic student base growth and recent acquisitions contributed to results. 2. Key metrics like EBITDA and EBITDA margin increased significantly in 1Q12 both overall and excluding acquisitions, demonstrating sustainable growth. 3. Cash costs improved as a percentage of revenue due to personnel cost controls and the end of social security step-ups, while SG&A expenses were well managed.

1. 1Q12 Results
Rogério Melzi | CEO Virgílio Gibbon | CFO

2. 1Q12: Sustainable Growth
 Organic Student Base’s Continuous Growth
 Acquired Companies with Solid Results
 Intense DL Growth
 Positive Operational Cash Flow
 SEAMA’s Acquisition in Amapa (Northern Brazil)
1Q12 ex.
Main Indicators (R$ MM) 1Q11 1Q12 Change Change
acquisitions
Net Revenue 275.8 330.6 19.9% 316.3 11.0%
EBIT 28.4 46.3 63.0% 40.9 45.6%
EBITDA 43.5 62.0 42.5% 56.2 30.7%
EBITDA Margin 15.8% 18.8% 3.0 p.p. 17.8% 2.0 p.p.
Net Income 28.7 39.9 39.0% 34.9 21.6%
Net Margin 10.4% 12.1% 1.7 p.p. 11.0% 0.4 p.p.
EPS (R$) 0.35 0.49 40.0%
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3. Operational Performance
STUDENT BASE BY SEGMENT NET REVENUE
(‘000 Students) (In R$ million)
+20.8% 481.2
278.6 462.5
241.4
+15.4% 398.2
50.2 150.6
6.8 146.3
30.9 122.4
+19.9%
203.7 228.4
330.6 316.3
275.8
1Q11 1Q12
On campus Acquisitions in 1Q11 1Q11 1Q12 1Q12 ex-
acquisitions
Distance Learning Total Student Base
Net Revenue Deduction Gross Revenue
 On-campus student base growing healthily
Average
and with average ticket adjusted by inflation 1Q11 1Q12 Var.
Ticket (In R$)
 Distance Leaning student base shows On-campus 427.7 463.2 8.3%
significant growth (+62.5%)
Distance Learning 171.5 172.4 0.5%
*SEAMA’s acquisition is yet to be consolidated in our results. Companies acquired in 2011 are already consolidated in 1Q12 Results. 3

4. Cash Cost
Vertical Analysis
1Q11 1Q12 Change
(% of Net Operating Revenue)
Cash Cost* -63.2% -58.0% +5.2 p.p.
Personnel -40.3% -35.7% +4.6 p.p.
Brazilian Social Security Institute
-9.0% -7.8% +1.2 p.p.
(INSS)
Rentals, Condominium Fees and
-9.1% -9.0% +0.1 p.p.
Municipal Property Tax
Textbooks Materials -1.1% -1.7% -0.6 p.p.
Others -3.7% -3.8% -0.1 p.p.
*Cost of Services excluding depreciation.
 4.6 p.p margin gain in the Personnel line, an evidence of the good control of
faculty costs
 End of the INSS step-up, yielding a 1.2 p.p. margin gain
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5. SG&A Expenses
Vertical Analysis
1Q11 1Q12 Change
(% of Net Operating Revenue)
SG&A* -23.1% -24.4% -1.3 p.p.
Selling Expenses -10.5% -11.3% -0.8 p.p.
PDA -1.9% -4.2% -2.3 p.p.
Marketing -8.6% -7.1% +1.5 p.p.
G&A Expenses* -12.6% -13.1% -0.5 p.p.
Personnel and Payroll charges -5.9 % -6.3% -0.4 p.p.
Third-party services -3.7% -3.7% 0.0 p.p.
Machinery rental and leasing -0.4% -0.2% +0.2 p.p.
Other Operating Renevues 0.6% 0.8% +0.2 p.p.
Provision for Contingencies 1.2% -0.5% -1.7 p.p.
Others -4.3% -3.2% +1.1 p.p.
*SG&A Expenses excluding depreciation.
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6. Net Average Days Receivables
1Q12 ex.
Accounts Receivables (R$ MM) 1Q11 2Q11 3Q11 4Q11 1Q12
acquisitions1
Gross Accounts Receivables 2344 273.1 283.2 320.8 358.5 329.8
FIES 21.2 25.4 31.0 36.5 55.4 55.3
Tuition Monthly Fees 164.6 198.7 195.0 241.4 246.4 220.5
Agreement Receivables 31.7 32.4 35.5 26.4 33.7 31.8
Others 11.4 9.7 16.5 9.1 16.6 16.1
Provision for Doubtful Accounts (49.9) (55.8) (56.0) (69.3) (73.9) (62.4)
Net Accounts Receivables 179.0 210.5 221.9 244.1 278.5 261.3
(-) FIES (21.2) (25.4) (31.0) (36.5) (55.4) (55.3)
Net Accounts Receivables Ex. FIES 157.8 185.0 190.9 207.6 223.0 206.0
Net Revenues (Last 12 months) 1,036.0 1,119.3 1,106.5 1,148.4 1,203.2 1,147.8
Net Days Receivables Ex. FIES1 55 60 62 65 67 65
Gross Days Receivables2 65 88 92 101 107 103
1 Acquired companies since 2011: Atual, FAL, FATERN and Academia do Concurso.
2 In 1Q12, FIES days receivables was 203. 6

7. Aging of Receivables and Agreements
Breakdown of accounts receivable by age (R$ millions) 1Q11 % 1Q12 %
FIES 21.2 9% 55.4 15%
Not yet due 68.7 29% 101.4 28%
Overdue up to 30 days 40.2 17% 52.9 15%
Overdue from 31 to 60 days 18.5 8% 20.8 6%
Overdue from 61 to 90 days 5.8 2% 6.9 2%
Overdue from 91 to 179 days 30.2 13% 47.2 13%
Overdue more than 180 days 49.9 21% 73.9 21%
Total 234.4 100% 358.5 100%
Breakdown of agreements by age (R$ millions) 1Q11 % 1Q12 %
Not yet due 23.1 73% 19.5 58%
Overdue up to 30 days 1.9 6% 2.5 7%
Overdue from 31 to 60 days 0.8 3% 1.2 4%
Overdue from 61 to 90 days 0.7 2% 1.3 4%
Overdue from 91 to 179 days 2.0 6% 4.1 12%
Overdue more than 180 days 3.2 10% 5.1 15%
TOTAL 31.7 100% 33.7 100%
% over Gross Accounts Receivable 14% 9%
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8. Cash Flow
Operational Cash Flow
CASH FLOW 1Q12
(In R$ million)
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9. Final Remarks
 FIES reaching 23k students at the end of 1Q12 (26k in April/12)
 New certificates inflow: R$26 million in April/12 and $30.6 million in May/12
 Legal authorization for SESES’ CND (Debt Clearance Certificate)
 FIES’ provision criteria defined
 Possibility to solve pending issues of Law and Business courses in Rio de Janeiro
 Leverage + Efficiency + Quality = Sustained Growth
 2012 Scenario:
Net Revenue Personnel G&A
PDA
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10. IR Contacts
Investor Relations:
Flávia de Oliveira
Email: flavia.oliveira@estacio.br
Phone: +55 (21) 3311-9789
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
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. STB. SESPA. SESCE. SESPE. SESAL. SESSE. SESAP. UNEC. 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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