The document summarizes Estacio's 3Q09 earnings release. It shows that in 3Q09, Estacio enrolled 32 thousand new on-campus students and launched distance learning with 6.2 thousand students. The renewal rate was 87% despite more conservative policies. EBITDA grew 8.6% in 9M09 due to cost reductions. However, net income declined 22.5% in 3Q09 due to flat revenues and higher costs. Capex totaled $35 million in 9M09 while net cash reached $229.2 million.

1. 3Q09 Earnings Release
November/2009

2. 3Q09 Overview
 Enrollment: 32 thousand new onground students and 6.2 thousand at the lauching of
the under-grad Distance Learning. Student base 200.7 thousand;
 Renewal rate: even with the more conservative approach towards negotiations with
students on default, the renewal rate reached 87%, above the historical average;
 Bad Debt: in 9M09, reached R$23.8 million (3.1 p.p. NR), 0,1 p.p. lower vs. 9M08;
 SSC: new efficiency gains with recurring improvements in performance ratios;
 Learning center: In 1H10 launch of standardized curricula for all regions (but
RJ:2H10);
 Competitive market advantage: reference books and printed materials tailored made
granted in all 41 core programs, included in tuitions;
 G&A: reduction of 2.3 p.p. of NR in 9M09, as result of Matrix and Zero Based Budget
monitoring;
 At the end of third quarter, Estácio won the Abrasca Market Value Creation Award, as
the Outstanding of the sector.
3Q09 Webcast – 11/12/2009 1

3. Growth of Students Base (thousands)
+2.4% (3Q09/3Q08)
211
207
201
202 6
196 195
193
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Onground DL
The onground students’ base reached 195 thousand by the end of 3Q09, -
0.8% vs 3Q08. In addition, the DL roll-out reached 6.2 thousand students,
above the Company’s expectations.
3Q09 Webcast – 11/12/2009 2

4. Income Statement Highlights – 3Q09 and 9M09
R$ Million 3Q08 3Q09 Change 9M08 9M09 Change
Net Revenue 251.5 251.3 0.0% 727.1 764.4 5.1%
Gross Profit 103.3 99.9 -3.3% 290.0 296.6 2.3%
Gross Margin 41.1% 39.7% -1.3 p.p. 39.9% 38.8% -1.1 p.p.
EBITDA 34.3 31.6 -7.9% 85.3 92.6 8.6%
EBITDA Margin 13.6% 12.6% -1.1 p.p. 11.7% 12.1% 0.4 p.p.
EBITDAR Margin 22.4% 21.8% -0.6 p.p. 20.4% 21.0% 0.7 p.p.
(ex-rentals)
Net Income 28.4 22.0 -22.5% 67.7 65.6 -3.2%
9M09 EBITDA margin’s expansion of 0.3 p.p. of NR, reflecting:
i) significant gains on G&A; and;
ii) rigid bad debt control.
3Q09 Webcast – 11/12/2009 3

5. Revenue (R$ million)
3Q08 vs. 3Q09
(1.5%)
366.7 361.3
The decrease in the level of allowances and Gross
stricter policies in granting scholarships/commercial Gross
partnerships fully offset the flat students’ base and (4.6%)
gross ticket decrease. Net Revenue of R$251.3 Deductions 115.2 109.9 Deductions
0.0%
million, flat vs 3Q08. 251.5 251.3 Net
Net
3Q08 3Q09
9M08 vs. 9M09
+3.4%
1,102.5
1,066.0 Gross
Net Revenue of R$764.4 million, up 5.1% vs 9M08.
Gross
(0.2%)
Deductions 338.9 338.1 Deductions
+5.1%
727.1 764.4 Net
Net
9M08 9M09
3Q09 Webcast – 11/12/2009 4

6. COS (R$ million)
3Q08 vs. 3Q09
148.2 (58.9% NR) 151.5 (60.3% NR)
36.7 38.4
The increase in faculty payroll as a percentage of 1.4%
net revenues was partly driven by the increase in
coordinator’s working hours, in order to improve the 44.4% NR 45.0% NR
111.5 113.1
quality to the students, as well as, higher social
security rate and investments in developing
academic syllabus.
3Q08 3Q09
Faculty Payroll Others
9M08 vs. 9M09
467.8 (61.2% NR)
437.1 (60.1% NR)
114.6
105.2
6.4%
In 9M09 the personnel expenses reached 46.2%
NR (+0.5 p.p. against 9M08). 45.7% NR 46.2% NR
331.9 353.3
9M08 9M09
Pessoal e Encargos Sociais Outros
3Q09 Webcast – 11/12/2009 5

7. Gross Profit (R$ million)
3Q08 vs. 3Q09
(3,3%)
103.3 99.9
In 3Q09, given net revenues stability and higher +2,2%
costs, recurring gross profit margin reached 39.7% 148.2 151.5
(1.3 p.p. lower than 3Q08).
3Q08 3Q09
COS Gross Profit
9M08 vs. 9M09
+2.3%
296.6
290.0
In 9M09, the gross margin stood in 38.8%, vs +7.0%
39.9% in 9M08. 437.1
467.8
9M08 9M09
COS Gross Profit
3Q09 Webcast – 11/12/2009 6

8. Selling, General and Admin. – SG&A (R$ million)
3Q08 3Q09
G&A G&A
56.3M 53.3M
SG&A SG&A
Net Revenue Net Revenue
28.4% 28.2%
Selling Selling
15.1M 17.5M
3Q08 3Q09
Marketing: 2.9% Marketing: 3.7%
Selling 6.0% NR 7.0% NR
PDD: 3.1% PDD: 3.2%
General and (1.2) p.p.
Administrative 22.4% NR 21.2% NR
D&A decrease of 1.2 p.p of net revenues in 3Q09, driven by rigid cost control. PDD in 3Q09 reached
R$8.1M, 0.1 p.p of net revenue increase. Vs., resulting from a less benign economic setting.
3Q09 Webcast – 11/12/2009 7

9. Selling, General and Admin. – SG&A (R$ million)
9M08 9M09
G&A G&A
167.5M 158.5M
SG&A SG&A
Net Revenue Net Revenue
29.0% 27.7%
Selling Selling
43.5M 52.8M
9M08 9M09
Marketing: 2.7% Marketing: 3.8%
Selling 6.0% NR 6.9% RL
PDD: 3.2% PDD: 3.1%
General and (2.3) p.p.
Administrative 23.0% NR 20.7% NR
The decrease in general and administrative expenses derives from efficiency gains with a strict cost
control by means of the zero-based and matrix budget, as well as, efficiency from SSC´s streamlining
processes.
3Q09 Webcast – 11/12/2009 8

10. EBITDA and Net Income (R$ million)
+8.6% 92.6
EBITDA 85.3 Net Income 67.7 (3.2%)
65.6
16,3% 12.1%
9.3%
11.7% 12,3% 8.6%
34.3 (7.9%) 28.4
31.6 (22.5%)
22.0
13.6%
12.6% 11.3%
8.8%
3Q08 3Q09 9M08 9M09 3Q08 3Q09 9M08 9M09
The 9M09 EBITDA growth is chiefly explained by a reduction of other administrative expenses and slight
decrease in PDD, offsetting the increase in personnel and marketing expenses. The 3Q09 net income
reached R$22.0 million (-2.5 p.p. margin vs 3Q08).
3Q09 Webcast – 11/12/2009 9

11. Accounts Receivable, Capex, Capitalization and
Net Cash (R$ million)
Capex Capitalization and Net
Cash
R$ million 06/30/09 09/30/09
Shareholders’ 460.6 476.7
47.0 Equity
35.0
Total Debt 8.1 6.8
20.4 Cash 223.8 236.0
13.5
Net Cash 215.6 229.2
3Q08 3Q09 9M08 9M09
 Organic capex in the quarter reached R$13.5  Net Cash: R$229.2 million
million totaling R$35.0 million in 9M09.
R$ million 09/30/2008 06/30/2009 09/30/2009
Accounts Receivable Accounts Receivable - Net 100.1 121.0 112.4
Days of Accounts Receivable 36.0 42.0 40.0
3Q09 Webcast – 11/12/2009 10