This document provides an overview of Estácio, the largest private higher education group in Brazil, for investors. It discusses Estácio's strategy of focusing on quality products, management culture, sales and marketing, growth opportunities, and efficiency gains to drive value creation. Financial highlights are presented showing Estácio's large student base and revenue growth, strict cost control, strong cash position, and rising stock performance since its public offering. Recent developments and future plans emphasize continued expansion through new campuses, sales and marketing efforts, and a focus on quality.

1. CORPORATE PRESENTATIONCredit Suisse IV Equity Ideas Conference 2011January, 20111

2. AGENDACompany OverviewStrategyFinancialsRecent DevelopmentsQuality RequirementsConclusion2

3. # of students (‘000)CAGRESTÁCIO: KEY MILESTONESGreenfield GrowthConsolidation of national leadershipListed Company Turn aroundIPO and preparation for growthFollow-OnDistance learning launching

4. New academic model

5. Shared Services Center (“SSC”)

6. 2005 – 2007: for-profit transformation

7. Acquisitions in the São Paulo market

8. Organic growth

9. M&A

10. Efficiency gains

11. Distance Learning

12. GP acquires 20% of Estácio

13. Estácio joins in Novo Mercado218216206(5.5%)4.4%22.5%1784.8%141Complete management organization restructuring41.7%35231.5%9M101970 …… 2002 …… 200720082009… 80’s - 90’s …Note: Until 2007 the student base did not include graduate students.3

14. ESTÁCIO AT-A-GLANCEESTÁCIO’S REGIONAL FOOTPRINT¹HIGHLIGHTSLargest private post-secondary education group in Brazil

15. Leading presence in the large and underserved working adults target group

16. Diversified portfolio of programs with differentiated quality and competitive pricing

17. Only Brazilian education company listed in Novo MercadoNationwide operations, covering states that account for 86% of GDP and 82% of population.........KEY FIGURES.University....College.216k students69 campuses in 35 major cities in Brazil51 accreditedDistance-learning Centers78 programs.University Center.In process to Upgrade to University Center.Distance Learning Center.(1) Estácio also owns a University in Paraguay with 2.7 thousand students4

18. 52%43%20032008ATTRACTIVE MARKET ENVIRONMENTEmergence of a class C with enormous consumption power and increasing awareness of the value of educationEMERGING CLASS¹FOCUS ON MIDDLE AND LOWER CLASSES²(% households, Apr/03 – Apr/08)BrazilianPopulation189 milhões98mm+22mm76mmPopulation Agedfrom 18 to 35 years57 MMEnrolled in PostSecondary Programs4.9 MMGraduated in PostSecondary Programs5.1 MMPenetration = 17%Market size and penetration per Income Brackets:A ClassB ClassC ClassD&E ClassesTotal Mkt2.35.72.10.4810.6Current Mkt SizeIncome per capita CAGR of 4% since 1980 and 22 million individuals entered the class C income segment in the last 5 yearsAccording to FGV, 36 million people will join class C over the next 4 years77%36%9%3%17%Penetration Level22%54%20%5%100%Share of Penetrated Mkt0.710.121.215.547.6Unpenetrated Mkt1%21%45%33%100%Share of Unpenetrated Note: (1) Households earning: R$1,064 to R$4,591 per month (2) PNAD - IBGEEstácio’s Target5

19. AGENDACompany OverviewStrategyFinancialsRecent DevelopmentsQuality RequirementsConclusion6

20. VALUE CREATION STRATEGYQualityofProductsStrongManagementCultureSales & MarketingGrowthOpportunitiesEfficiencyGains7

21. NEW ACADEMIC MODEL DRIVING QUALITY AND EFFICIENCYDIFFERENTIATED QUALITY PROCUCTS…41 programs updated to labor market demands (90% of Estácio’s current student base)Tailor made text books bundled in tuitionsComprehensive student portalOn-line library with more than 2,000 titlesHigher attraction and retention of students….WITH REDUCED COSTSIntegrated curricula with shared disciplines20% of distance learning content in on-campus programs20% of on-line self-learning activitiesImproved gross marginInnovation and product reengineering aiming at better quality at competitive pricing88

22. SALES & MARKETING EFFORTSMARKET INTELLIGENCEScreening of key geographies and targets for: - New programs and revenue sources - Expansion through new units - M&A targetsSTRUCTURES SALES FORCEBRANDING AND ADVERTISINGStrong national brand equity: 2nd most valuable brand in the education sector and 48th overall, by InBrandsNew media channels (online and social networks)Geographical and channel segmentation7,000 high schools and 2,000 companies regularly visited for student sourcingTrade marketing approachFull planning, execution and tracking for all admission cycles9

23. ORGANIC GROWTH OPPORTUNITIESDISTANCE LEARNINGOTHER ORGANIC OPPORTUNITIES (Students in thousands)Launching of new programs and coursesFocus on high growth segments according to market needs (Ex: courses for oil & gas, infrastructure and tourism industries)Opening of new campusesGeographic expansionNew revenue sourcesCorporate education and vocational courses+216.7%24.7Undergraduate20.9Graduate16.49.67.8Quality of education coupled with technology and supportLower average ticket: bringing D Class to the addressable marketNo additional CAPEX: 51 centers within our 69 campusesHigher profitabilityMarket share gains, increased points of presence and time to market10

24. 2.016 privateEntitiesMARKET GROWTH OPPORTUNITIESM&ASTUDENT FINANCING<Region><# ofTargets>Long-term financing to low-income students3.5% a.a. nominal interests with 18-year termNo guarantor required from 2011 onwardsAllows further penetration in Classes C and DStudents become more quality sensitive and less price sensitiveLower level of drop-outs: financing is currently the major reason for drop-outsNorth and NE48Central Brazil30Rio de Janeiro10Example: payment flow for a 100% FIES financed of a 4-year course and R$600/month tuitionSP andSouth32247R$ / monthSize over 2 thousand studentsAttractive citiesStrategic fitAssets qualityCourseperiod12011

25. EFFICIENCY GAINSLOWER OPERATING COSTSPERSONNEL COSTS¹( as a % of net revenues)1Product reengineering – new academic model2More efficient faculty cost allocation:PPC modeling and control3Management on a unit-by-unit basis(individual P&Ls and internal benchmarking)(1) Excluding INSS andnon-recurringG&AG&A DILUTION( as a % of net revenues)1Zero based / matrix budgetingStrong cost austerity2Centralizationof back-office (SSC)Scalability3Better managementof receivablesLower bad debtprovisions12

26. RESULT-ORIENTED MANAGEMENT CULTURE Result-oriented culture is key to differentiation and long-term sustainability of business modelExpertise in education combined with experience from several industriesManagement by “walking around” to guarantee execution and disseminate culture220 managers with individual, monthly tracked goals driving their variable compensation

27. 68 units visited by CEO in the first 18 monthsStock options & variable compensation fully aligned with shareholdersEBITDA based variable compensation for executives, managers and faculty members

28. Stock option to 28 senior executives (up to 4.5% of capital to be granted)Capacity to attract and retain new talentsTrainee programs and accelerated meritocratic career planning in all levelsCulture set to groom internal talents for self-sustained growthExcellence in human talents in all levels is top priority13

29. AGENDACompany OverviewStrategyFinancialsRecent DevelopmentsQuality RequirementsConclusion14

30. STUDENT BASE AND REVENUESSTUDENT BASENET REVENUES( in ‘000 students )+2.9%+14.0%total–9.6%-0.1%218.3216.2+22.6%205.7DistanceLearningGraduateDistanceLearningUndergraduateOn Campus GraduateOn Campus Undergraduate178.1+4.4%+9.2%AVERAGE TICKETSOn Campus Average Ticket DistanceLearningAverage Ticket -6.9%200720082009Set/10(1) Average ticket = net revenues in the period over student base at the end of the period15

31. STRICT CONTROL OF COSTS AND EXPENSESCOST OF SERVICESSELLING EXPENSESG&A EXPENSES( in R$ million )( in R$ million )( in R$ million )% of net revenues% of net revenues% of net revenuesINSSRentalsOthersMarketingINSSOthersPayrollPDDPayroll6.9%7.9%7.3%8.6%5.8%73.916.0%15.6%16.8%18.1%19.1%65.0%64.4%64.8%65.9%64.2%83.8655.5629.1177.7169.473.9164.2554.1503.9495.260.0122.552.8119.549.5Better management of faculty offset the step up of INSS and inflationBenchmark delinquency in the industryDiscretionary increase in marketing to advertise new academic model and FIESReal decrease in G&A expenses – scalable modelNote: (1) Not considering depreciation and non-recurring items16

32. SIGNIFICANT ROOM FOR MARGIN EXPANSIONADJUSTED GROSS PROFIT (R$MM) AND GROSS MARGIN¹% of net revenues32.6%31.9%30.9%33.3%32.9%ADJUSTED EBITDA (R$MM) AND EBITDA MARGIN (%)¹10.0%11.8%12.2%13.1%11.7%Note: (1) On a recurring basisStudent base growth and efficiency gains will leverage margin expansion17

33. SOLID CASH POSITIONNET CASH (NET DEBT) AS OF 30-SEP-2010 (R$MM)DIVIDENDS DISTRIBUTED (R$ MM) AND PAYOUT RATIO% of net incomeNet debt/EBITDA LTM52.6%56.7%50.0%238.516.1-0.6x(130.8)18

34. AGENDACompany OverviewStrategyFinancialsRecent DevelopmentsQuality RequirementsConclusion19

35. OWNERSHIP STRUCTUREBEFORE PUBLIC OFFERAFTER PUBLIC OFFERFree Float reaches 76%Number of shares78,751,843Number of shares82,038,04120

36. STOCK PERFORMANCE 2010STOCK PERFORMANCE AND MARKET VALUEESTACIO’S LIQUIDITY Average Daily Trading Volume (Reais)Before vs. After the Public OfferMarket Cap (in R$ billion)1.1 MM1.91.52.2Jan Feb Mar Apr May JunJulAugSepOctNovDec+680%PublicOfferAnnouncementStock price increases 39% after the Public Offer8.7 MMAverage Trading Volume grows over 6 times from Jan-Aug to Sep-Dec21

37. EXPANSION THROUGH NEW CAMPUSESCHACARA FLORA CAMPUSSULACAP CAMPUSLocation: Rio de JaneiroNumber of courses: 18Capacity: 3200 students per shift Location: São Paulo Number of courses: 2 (niche programs) Capacity: 2100 students 22

38. SALES & MARKETING EFFORTSSTRUCTURED TRADE MARKETING AND FOCUS ON DIRECT MARKETING“TIRA DÚVIDAS” PROJECTEducational stands at the subwayEstacio professors answer population’s doubtsESTÁCIO´S POINTS OF SALESSale outlets well located Focus on neutralizing the actions of our competitorsPromote brand and productsCLICK PROFISSÃOPromote vocational testsEvents in high schools23

39. COMING SOON24

40. TOWARD A CULTURE OF SUSTAINABILITYIN 2009, 200.000 STUDENTS WERE ACHIEVED BY OUR 206 PROJECTS TO THE COMMUNITYCOMMUNITY ATTENDANCE700.000+40 %500.00025

41. AGENDACompany OverviewStrategyFinancialsRecent DevelopmentsQuality RequirementsConclusion26

42. HIGH EDUCATION EVALUATIONREGULATORY EVENTSMEC EVALUATIONSPositive assessmentmayrender dismissal of regulatory events543Accreditation Assessment GradesACCREDITATIONREACCREDITATIONGraduateandundergraduateaverage gradesIES IES grades(High EducationInstitution)IGC¹AUTHORIZATION*RECOGNITIONRECOGNITION RENEWALNegative assessmentmay render penaltiesbytheMinistryofEducation (MEC)ENADECPC²21IDDSupplies³COURSEGrades fromcourses in eachminicipalityInfraestructureFacultyStudentsatisfaction¹General Index of Courses – Representstheaverageweightedgraduateandundergraduate grades fromeachinstitution; ²Preliminary CourseConcept; ³Represets thehighestwight in the CPC calculoscompositon; *Ifthe IES is a College, anddoesn’thaveautonomy; except Law, Medicine, OdontologyandPsicology.27

43. REGULATORY EVENTS RESULTS100% ofActsofAuthorizationsubmittedwith MEC weregrantedwith grades equalorabove 3, byanExternalAssessmentCommittee. Out of 50 municipality-coursesevaluatedby MEC in 2010, 48% exceededtheminimum grades required, reaching grades ofexcellence (4 and 5).100% ActsofAuthorizationgranted48% Grades 4 e 552% Grade 328

44. MEASURES IMPLEMENTED IN 2010 Implementationofthe New AcademicModel; Dashboardofregulatorycompliances;Actionplanstoallandeveyregulatoryevents;Legal Opinions, Tecnical Notes andReportsissuedby Central ComplianceIntelligence;Operations, academicand legal teamswithgoalsandbonusesdrivenbyregulatorycompliance.29

45. AGENDACompany OverviewStrategyFinancialsRecent DevelopmentsQuality RequirementsConclusion30

46. UNIQUELY POSITIONED IN A HIGH GROWTH MARKETQuality product and competitive pricingOrganic and M&A growth platformScalable business model with margin expansion potentialManagement culture drives self sustained business model and long term growth31

47. IR CONTACTSInvestor Relations:Flávia de OliveiraE-mail: flavia.oliveira@estacio.brPhone: +55 (21) 3311-9789Fax: +55 (21) 3311-9722Address: Av. EmbaixadorAbelardoBueno, 199 – Office Park – 6thfloor CEP: 22.775-040 – Barra da Tijuca – Rio de Janeiro – RJ – Brazil Website: www.estacioparticipacoes.com/irThis 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.32