This document summarizes Estácio Participações' 2Q15 results. It reported solid organic and inorganic growth with a 31% increase in student base and net revenue. EBITDA grew 57% and margins expanded. Another strategic acquisition was completed. Preliminary results for medical residency seats were excellent. Receivables increased due to delays in FIES transfers but cash generation is expected to improve in 2H15. Integration of the UniSEB acquisition is on track. Renewal rates remained stable and outlook for 2H15 intake is positive. The company is focused on supporting students through initiatives like Compromisso Estácio during a period of lower FIES availability.

1. 2Q15 Results
Rogério Melzi | CEO
Virgílio Gibbon | CFO and IRO

2. 2
 Solid organic and inorganic growth:
 Growth of 31% in the student base (16% same-shops) and growth of 31% in the net revenue (20% same-shops)
 Another quarter of sustainable EBITDA growth (R$166 million, +57%) and margin expansion (+3.4 p.p.)
 Another strategic acquisition: Faculdade Nossa Cidade, in Carapicuíba/SP – 8,700 students and more than 16,000
seats
 Approval of two new University Centers, confirming quality and giving us autonomy to open courses and seats: Juiz de
Fora/MG and Boa Vista/RR
 Excellent preliminary result in the Mais Médicos Bid: 275 new seats approved in 5 different cities
 National Education Council (CNE) approves the accreditation for DL offer by our Santa Catarina institution (16 centers)
 Good control of the dropout rates even in a scenario with less FIES and higher uncertainty
 Solid cash position to support the FIES cash flow in 2015
 Low leverage: Net Debt/EBITDA LTM: 0.5x
Financial Indicators
(R$ million)
2Q14 2Q15 Var. 1H14 1H15 Chg.
Net Revenue 589.1 774.3 31.4% 1,127.3 1,496.7 32.8%
Gross Income 240.4 324.3 34.9% 469.9 643.4 36.9%
Gross Margin 40.8% 41.9% 1.1 p.p. 41.7% 43.0% 1.3 p.p.
EBITDA 106.0 166.1 56.6% 235.5 362.0 53.7%
EBITDA Margin 18.0% 21.4% 3.4 p.p. 20.9% 24.2% 3.3 p.p.
Net Income 86.0 131.9 53.4% 211.7 262.5 24.0%
Net Margin 14.6% 17.0% 2.4 p.p. 18.8% 17.5% -1.3 p.p.
2Q15 Highlights

3. 3Note: Total student base considering undergraduate and graduate students.
589.1
774.3
233.1
299.5
2Q14 2Q15
NET REVENUE – 2Q15
(R$ million)
822.2
1,073.8
+30.6%
+31.4%
Average Ticket
(R$)
2Q14 2Q15 Chg.
On-Campus 595.9 627.7 5.3%
Distance Learning 194.4 193.6 -0.4%
STUDENT BASE
(000’ students))
303.6
349.3
79.4
96.0
56.2
2Q14 2Q15
383.0
+30.9%
501.5
+15.1%
+20.9%
Operational Performance
Distance Learning
On Campus
Total Student Base
Acquisitions - 12 months Net Revenue Deduction Gross Revenue
 15.1% student base growth (organic)
 31.4% net revenue growth
 5.3% on-campus average ticket increase
 Stable distance learning average ticket

4. 4Note: Cost of services and G&A expenses excluding deprecitation and amortization..
Vertical Analysis
(% of net revenue)
2Q14 2Q15 Chg.
Cash Cost -56.7% -55.7% 1.0 p.p.
Personnel -35.9% -34.9% 1.0 p.p.
Brazilian Social Security
Institute (INSS)
-7.4% -7.4% 0.0 p.p.
Rentals, Fees and Municipal
Property Tax
-6.8% -7.2% -0.4 p.p.
Textbooks Materials -3.6% -2.8% 0.8 p.p.
Others -3.0% -3.4% -0.4 p.p.
Selling Expenses -13.7% -12.2% 1.5 p.p.
PDA -6.1% -4.9% 1.2 p.p.
Marketing -7.6% -7.3% 0.3 p.p.
G&A Expenses -11.7% -10.7% 1.0 p.p.
Costs and Operational Expenses
 Efficiency gains in COGS and Selling/G&A expenses

5. 5
EBITDA and Net Income
EBITDA and Margin
(R$ million)
Net Income and Margin
(R$ million)
106.0
166.1
18.0%
21.4%
0.0%
5.0%
10.0%
15.0%
20.0%
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2Q14 2Q15
86.0
131.9
14.6%
17.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
2Q14 2Q15
+56.6%
+53.4%

6. 6
Accounts Receivables (R$ MM) 2Q14 3Q14 4Q14 1Q15 2Q15
Gross Accounts Receivables 520.9 641.5 573.2 833.9 1,087.6
FIES 128.6 222.2 149.7 325.9 552.5
Tuition Monthly Fees 329.0 333.5 354.0 412.5 448.2
Agreement Receivables 35.0 47.4 38.7 51.6 48.1
Others 24.2 31.7 24.0 45.4 33.5
Provision for Doubtful Accounts (93.1) (101.7) (115.0) (111.7) (99.4)
Net Accounts Receivables 423.7 533.0 451.4 723.6 982.8
Net Revenues (Last 12 months) 2,001.5 2,315.5 2,518.5 2,724.8 2,789.5
Days Receivables 76 83 65 96 127
Net Revenue Ex. FIES (Last 12 months) 1,216.4 1,410.5 1,472.7 1,601.0 1,585.5
Days Receivables Ex. FIES and FIES Revenue 87 79 74 89 98
 FIES Receivables are the main responsible for the worse average days receivables, as expected after
Normative Ordinance #23
 Non-FIES Receivables as an attention point  focus on collection efforts in 2H15
- Around R$26 million of the increase related to 10,000 students who lost FIES in 1H15, i.e. 6 days
of our average days receivables
- Financing alternatives and payment flexibility  “Compromisso Estácio” (Estácio’s Commitment)
Receivables

7. 7
FIES Accounts Receivable (R$ MM) 2Q14 3Q14 4Q14 1Q15 2Q15
Opening Balance 147.2 128.6 222.2 149.7 325.9
(+) FIES Net Revenue 289.6 296.3 321.8 311.7 376.7
(-) Transfer 293.8 190.6 378.3 121.1 128.9
(-) FIES Deduction/Provision 14.5 14.8 16.0 16.6 19.0
(+) Acquisitions - 2.6 - 2.2 -2.2
Ending Balance 128.6 222.2 149.7 325.9 552.5
FIES Carry-Forward Credits (R$ MM) 2Q14 3Q14 4Q14 1Q15 2Q15
Opening Balance 63.6 82.4 50.0 81.7 87.2
(+) Transfer 293.8 190.6 378.3 121.1 128.9
(-) Tax payment 70.8 70.2 78.9 24.3 79.2
(-) Repurchase auctions 204.3 152.8 265.9 91.3 63.5
(+) Acquisitions - - -1.8 - -
(+) Monetary restatement - - - - 0.9
Ending Balance 82.4 50.0 81.7 87.2 74.4
FIES Average Days Receivables 2Q14 3Q14 4Q14 1Q15 2Q15
FIES Days Receivables 97 108 80 132 187
Out of the R$688 million
booked as FIES
revenues, we received
only $250 million in
certificates (only R$130
million referring to 2015)
FIES Receivables

8. 8
Cash Flow
74.2
-132.5
95.8
-225.5
2Q14 2Q15 1H14 1H15
Operational Cash Flow
R$ million
 Cash flow affected by the new FIES schedule for tuition certificate transfers and buyback auctions
 Marked delay in the FIES contracts amendment process in 1H15 due to SisFIES’s late opening and instabilities contributed
to the accumulation of FIES receivables
 Cash generation should improve in 2H15 with the transfer of the certificates from April to June, within the schedule
proposed by the MEC, and also with the regularization of the amendment process which was delayed this semester

9. 9
Integration Status
 Migration of the last 77 DL centers (around 20,000 students) scheduled for 2016 – deactivation of
UniSEB’s legacy systems
 Focus on the partner centers: implementation of Estácio’s management model and strengthening of the
long term partnership
 Four new on-campus programs
 Gradual operational leverage: 45.0% EBITDA Margin in the last twelve months
 Increase in the students per center ratio: 302 in 2Q14 vs. 326 in 2Q15, even with the opening of 7
additional centers
UniSEB Student Base
(‘000)
2Q14 2Q15 Chg.
On-Campus Undergraduate 2.0 2.9 41.5%
Distance Learning
Undergraduate
26.7 32.0 20.0%
Graduate 6.8 6.5 -4.7%
FGV Graduate 1.9 1.8 -2.2%
Pronatec 0.3 0.4 23.8%
Total 37.7 43.6 15.7%
Financial Indicators
(R$ million)
2Q15 LTM
Net Revenue 36.0 118.7
Gross Income (Cash) 21.4 71.8
Gross Margin (Cash) 59.3% 60.4%
EBITDA 16.4 53.4
EBITDA Margin 45.5% 45.0%
Net Income 13.9 39.2
Net Margin 38.7% 33.0%
UniSEB Results

10. 10
FIES Student Base
(‘000)
2Q14 3Q14 4Q14 1Q15 2Q15 Chg.
On-campus undergraduate students 280.9 315.7 290.2 359.3 333.4 18.7%
FIES Student Base 110.4 121.2 122.7 132.6 146.1 32.3%
% of FIES Students 39.3% 38.4% 42.3% 36.9% 43.8% 4.5 p.p.
New FIES Contracts (Freshmen and Seniors)
(‘000)
1H13 2H13 1H14 2H14 1H15
Total Intake 85.3 63.8 105.7 67.5 110.9
Freshmen with FIES (until the end of the intake
process)
10.3 12.1 26.1 14.9 12.1
% via FIES 12.1% 19.0% 24.7% 22.1% 10.9%
Freshmen with FIES (until the end of the
semester)
20.4 15.4 34.9 18.9 22.1
% via FIES 23.9% 24.1% 33.0% 28.0% 19.9%
Senior students with FIES (new contracts) 5.5 6.2 5.3 3.9 1.9
New FIES contracts in the semester 25.9 21.6 40.2 22.8 24.0
 Intake via FIES totaling 22,100 students – just 19.9% of total intake vs. 33.0% in 1H14  resilience
of the non-FIES intake: effectiveness of our strategy to rely less on FIES
 Around 5,000 PraValer contracts
 61,500 FIES seats for 2H15 and new conditions of the program are a good sign for its
sustainability  Estácio was granted around 6,000 seats, within our expectations
FIES

11. 11
On-Campus
Undergraduate
Distance Learning
Undergraduate
+3 to 6%
+8 to 12%
Expectation
3Q15 vs. 3Q14
Note: Considering UniSEB both in 3Q14 and 3Q15 for the distance learning undergraduate.
2H15 Intake & Renewal
 3Q15 renewal rates at the same levels recorded in 3Q14, both in on-
campus and distance learning segments

12. 12
Final Remarks
 Company delivering solid operational results – another excellent quarter
 Good expectations for 2H15 intake cycle
 Compromisso Estácio (Estácio’s Commitment):
 Support to our student
 Payment alternatives and educational insurance
 PraValer
 Other financing alternatives for 2016
 Aligned with our Mission: Educate to Transform
 Next Steps:
 2H15 Intake & Renewal cycles
 1H16 Intake Cycle  Compromisso Estácio + New Campaigns + Enrollment
Center + Relationship Center
 Strategic Projects  Differentiation
 New Business Lines  Diversification
 Proactive attitude  Life goes on

13. Investor Relations:
Flávia de Oliveira
Arthur Assumpção
Email: ri@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
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.