1. 2Q09 Earnings Release
August/2009

2. 2Q09 Overview
• Shared Service Center (SSC): Beginning of operations antecipated
to mid-may, key operational indicators already achieved;
• SSC Eficiency gains: With the stabilization and shutdown of backup
sistems, the benefits will be more evident from 4Q09 on;
• Distance Learning: Launching of five under-graduate DL programs
through 54 units. Expectation: 5 thousand students by the end of
2009;
• Under-graduate: Reduction in the number of programs to 78. Starting
on 1H10, 40 programs will be standardized nationwide (87% of
students base);
• Marketing: in São Paulo the migration to Estácio brand is coming to
conclusion soon. In Northeast, this change will be slower, given the
strength of local brands;
• Renegotiation: in the second half of 2009, the Company will keep its
strict and rigid controls;
• Budget: Significant decrease in SG&A as result of Matrix and Zero
Based Budget monitoring.
2Q09 Webcast – 08/13/2009 1

3. Growth of Students Base (thousands)
+4.7%
211
207
202
198
196
193
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
The students’ base reached 202 thousand by the end of 1H09, +4.7% vs
1H08. The more conservative approach in the renewal and renegotiation
process with students in default remain in force for 2H09, to improve
profitability, reduction of delinquency rates and working capital management.
2Q09 Webcast – 08/13/2009 2

4. Income Statement Highlights – 2Q09 and 1H09
R$ Million 2Q08 2Q09 Change 1H08 1H09 Change
Net Revenue 238.0 248.5 4.4% 475.6 513.0 7.9%
Gross Profit 85.1 84.7 -0.5% 186.7 196.7 5.4%
Gross Margin 35.8% 34.1% -1.7 p.p. 39.3% 38.3% -0.9 p.p.
EBITDA 12.2 18.0 47.2% 51.0 61.0 19.7%
EBITDA Margin 5.1% 7.2% 2.1 p.p. 10.7% 11.9% 1.2 p.p.
EBITDAR Margin 13.5% 15.9% 2.4 p.p. 19.3% 20.7% 1.4 p.p.
(ex-rentals)
Net Income 6.2 10.9 76.7% 39.3 43.5 10.7%
2Q09 EBITDA margin’s expansion of 2.1 p.p. of NR, reflecting: i) significant
gains on G&A; ii) rigid cost control; and iii) personnel expenses stability.
2Q09 Webcast – 08/13/2009 3

5. Revenue (R$ million)
6.0%
741.2
699.2 Gross
2.8% 2.0%
Gross 351.0 360.7 223.6 228.1 Deductions
7.9%
(0.7%) 513.0 Net
475.6
Deductions 113.0 112.2
4.4% 248.5
Net 238.0
2Q08 2Q09 1H08 1H09
4.4% of net revenue expansion in 2Q09 derived from: increase
in students’ base and further development of acquisitions
made.
2Q09 Webcast – 08/13/2009 4

6. COS (R$ million)
316.3
288.9 (61.7% NR)
(60.7% NR) 76.2
68.5
9.0%
163.8 240.1
152.9 220.4
(65.9% NR)
(64.2% NR)
35.0 7.2% 37.4 46.3% NR 46.8% NR
117.9 126.4
49.5% NR 50.9% NR
2Q08 2Q09 1H08 1H09
Faculty Payroll Others
The increase in faculty payroll as a percentage of net revenues was mostly driven
by the increase in coordinator’s working hours, as well as, leasing and utilities
costs, as which is a consequence of higher tariffs from acquired companies and
not yet maturated units.
2Q09 Webcast – 08/13/2009 5

7. Gross Profit (R$ million)
38.3% NR
39.3% NR 5.4%
196.7
186.7
9.5%
35.8% NR
(0.5%) 34.1% NR 316.3
288.9
85.1 7.1% 84.7
152.9 163.8
2Q08 2Q09 1H08 1H09
COS Gross Profit
With a larger impact on costs, gross profit totaled R$84.7 million (34.1%
margin) in 2Q09, compared with R$85.1 million (35.8% margin) in 2Q08. In
1H09, gross profit reached R$196.7 million (38.3% margin), versus R$186.7
million (39.3% margin) in 1H08.
2Q09 Webcast – 08/13/2009 6

8. Selling, General and Admin. – SG&A (R$ million)
2Q08 2Q09
G&A G&A
53.7M 51.5M
SG&A SG&A
Net Revenue Net Revenue
30.6% 27.8%
Selling Selling
19.2M 17.6M
2Q08 2Q09
Marketing: 2.9% Marketing: 3.3%
Selling 8.1% NR PDD: 5.2%
7.1% NR PDD: 3.8%
General and (1.9) p.p.
22.6% NR 20.7% NR
Administrative
2Q09 vs 2Q08, PDD decreased 23.3% to R$9.4M.
2Q09 Webcast – 08/13/2009 7

9. Selling, General and Admin. – SG&A (R$ million)
1H08 1H09
G&A G&A
111.2M 105.2M
SG&A SG&A
Net Revenue Net Revenue
29.4% 27.4%
Selling Selling
28.4M 35.3M
1H08 1H09
Marketing: 2.6% Marketing: 3.8%
Selling 6.0% NR PDD: 3.3%
6.9% NR PDD: 3.1%
General and (2.9) p.p.
23.4% NR 20.5% NR
Administrative
Strong eficiency gains in administrative expenses allowed a more agressive
marketing strategy and a more conservative approach in PDD.
2Q09 Webcast – 08/13/2009 8

10. EBITDA and Net Income (R$ million)
61.0 43.5
EBITDA 19.7%
16,3% 11.9%
Net Income 39.3 10.7%
51.0 8.5%
8.3%
10.7% 12,3%
18.0
47.2% 10.9
12.2 76.7%
7.2% 6.2
4.4%
5.1%
2.6%
2Q08 2Q09 1H08 1H09 2Q08 2Q09 1H08 1H09
The EBITDA growth is chiefly explained by a reduction of other administrative
expenses, PDD and stability in personnel expenses. Net income totaled
R$10.9 million (4.4% of net margin) in 2Q09, up by 76.7% compared with
2Q08. The higher operating result was the main driver behind the larger net
income figure.
2Q09 Webcast – 08/13/2009 9

11. Capex, Capitalization and Net Cash (R$ million)
•Net cash: R$215.6
21.2 million
•Organic capex reached
26.6
R$14.8 million totaling
4.3 21.6
14.8 R$21.6 million on 1H09.
7.8
2Q08 2Q09 1H08 1H09
Organic Acquisitions
R$ million 03/31/2009 06/30/2009
Shareholders’ 451.8 460.6
Capitalization Equity
and Net Cash Total Debt 9.7 8.1
Cash 251.9 223.8
Net Cash 242.2 215.6
2Q09 Webcast – 08/13/2009 10