1. 2Q07 Earnings Release

4. Financial Highlights Main Indicators (R$ million) 2Q07 2Q06 Chg. % 1H07 1H06 Chg. % 210.9 209.7 0.6% 430.3 420.3 2.4% 32.9% 31.8% 1.1 p.p. 38.3% 37.4% 0.9 p.p. 9.9 9.7 2.1% 51.1 44.2 15.6% Net Revenue Gross Margin EBITDA Adjusted EBITDA Net Income Adj. Net Income* (Debt) Net Cash 9.9 -7.3 n/a 45.2 7.9 472.2% 1.4 0.9 48.5% 27.3 23.7 15.2% 2.5 0.9 165.9% 28.4 23.7 19.8% 41.2 (18.1) n/a 41.2 (18.1) n/a *excluding IPO expenses

5. Revenue Net Revenue (R$ million) 0.6% Gross Revenue (R$ million) 4.1% Deductions (R$ million) 94.0 105.3 2Q06 2Q07 12.1% Students Enrolled 173,518 174,217 2Q06 2Q07 0.4% 88.2% 9.8% 1.5% 0.5% 82.3% 8.0% 0.6% 9.0% 2.4% Adjusted for taxes 4.1% 194.0 208.9 1H06 1H07 7.7% 88.0% 9.5% 1.5% 1.0% 83.0% 8.0% 0.8% 8.2% 303.7 316.2 614.3 639.3 2Q06 2Q07 1H06 1H07 Scholarships Taxes Charges Returned Discounts 209.7 210.9 420.3 430.4 2Q06 2Q07 1H06 1H07

6. Costs and Gross Profit - 1.1% 4.3% - 5.0% 31.2% Adjusted for taxes 143.2 141.5 263.0 265.4 2Q06 2Q07 1H06 1H07 66,6 69,4 157.3 164,9 2T06 2T07 1S06 1S07 0.9% 4.9% 52.9 69.4 128.5 154.2 2Q06 2Q07 1H06 1H07 20.0% 149.0 141.5 276.3 265.4 2Q06 2Q07 1H06 1H07 - 3.9% Costs of Services (R$ millions) Gross Profit (R$ millions)

7. Expenses 3.5% 66.4 65.1 2Q06 2Q07 1.9% Adjusted for taxes Restructuring on going -0.2% 62.9 65.1 127.0 126.7 2Q06 2Q07 1H06 1H07 General and Administrative Expenses (R$ millions) General and Administrative Expenses (R$ millions)

8. EBITDA and Net Income 9.7 9.9 2Q06 2Q07 2.1% 4.6% 4.7% 0.9 2.5* 2T06 2T07 0.5% 1.5% (7.3) 9.9 2T06 2T07 (3.6%) 4.7% 4.3* 2T07 0.6% Adjusted for PROUNI 166.0% * excluding IPO expenses (16.1) 2T06 7.7% EBITDA (R$ millions) Net Income (R$ millions) Adjusted for taxes 44.2 51.1 1H06 1H07 15.6% 11.9% 10.5% 7.9 45.2 1H06 1H07 2.0% 10.6% 23.7 28.4 1H06 1H07 5.6% 6.5% 20.1 1H07 4.7% 19.8% (12.6) 1H06 377.8% ( 3.1%) 472,2% Adjusted for taxes Adjusted for PROUNI * excluding IPO expenses

9. Debt and Capex Total Debt (R$ million) 31.2 2.0 2Q06 2Q07 -93.7% Short term Long Term 96.3% 3.7% 93.1% 6.9% Net Cash (R$ million) (18.1) 41..2 2Q06 2Q07 Capex (R$ million) 11.0 14.5 1H06 1H07 31.8% 2005 2004 2006 22.2 22.5 25.1

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

11. Questions and Answers