1Q12 ResultsRogério Melzi | CEO Virgílio Gibbon | CFO

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1Q12: Sustainable Growth

Main Indicators (R$ MM) 1Q11 1Q12 Change 1Q12 ex. acquisitions Change

Net Revenue 275.8 330.6 19.9% 316.3 11.0%

EBIT 28.4 46.3 63.0% 40.9 45.6%

EBITDA 43.5 62.0 42.5% 56.2 30.7%

EBITDA Margin 15.8% 18.8% 3.0 p.p. 17.8% 2.0 p.p.

Net Income 28.7 39.9 39.0% 34.9 21.6%

Net Margin 10.4% 12.1% 1.7 p.p. 11.0% 0.4 p.p.

EPS (R$) 0.35 0.49 40.0%

Organic Student Base’s Continuous Growth

Acquired Companies with Solid Results

Intense DL Growth

Positive Operational Cash Flow

SEAMA’s Acquisition in Amapa (Northern Brazil)

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Operational Performance

*SEAMA’s acquisition is yet to be consolidated in our results. Companies acquired in 2011 are already consolidated in 1Q12 Results.

Distance LearningOn campus

Total Student BaseAcquisitions in 1Q11

203.7 228.4

30.9

50.26.8

1Q11 1Q12

241.4278.6

STUDENT BASE BY SEGMENT(‘000 Students)

+15.4%

275.8330.6 316.3

122.4

150.6 146.3

1Q11 1Q12 1Q12 ex-acquisitions

NET REVENUE

398.2

481.2+20.8%

+19.9%

462.5

Net Revenue Deduction Gross Revenue

(In R$ million)

On-campus student base growing healthilyand with average ticket adjusted by inflation

Distance Leaning student base showssignificant growth (+62.5%)

AverageTicket (In R$) 1Q11 1Q12 Var.

On-campus 427.7 463.2 8.3%

Distance Learning 171.5 172.4 0.5%

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Cash CostVertical Analysis (% of Net Operating Revenue) 1Q11 1Q12 Change

Cash Cost* -63.2% -58.0% +5.2 p.p.

Personnel -40.3% -35.7% +4.6 p.p.

Brazilian Social Security Institute (INSS) -9.0% -7.8% +1.2 p.p.

Rentals, Condominium Fees and Municipal Property Tax -9.1% -9.0% +0.1 p.p.

Textbooks Materials -1.1% -1.7% -0.6 p.p.

Others -3.7% -3.8% -0.1 p.p.

4.6 p.p margin gain in the Personnel line, an evidence of the good control offaculty costs

End of the INSS step-up, yielding a 1.2 p.p. margin gain

*Cost of Services excluding depreciation.

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SG&A Expenses Vertical Analysis (% of Net Operating Revenue) 1Q11 1Q12 Change

SG&A* -23.1% -24.4% -1.3 p.p.

Selling Expenses -10.5% -11.3% -0.8 p.p.

PDA -1.9% -4.2% -2.3 p.p.

Marketing -8.6% -7.1% +1.5 p.p.

G&A Expenses* -12.6% -13.1% -0.5 p.p.

Personnel and Payroll charges -5.9 % -6.3% -0.4 p.p.

Third-party services -3.7% -3.7% 0.0 p.p.

Machinery rental and leasing -0.4% -0.2% +0.2 p.p.

Other Operating Renevues 0.6% 0.8% +0.2 p.p.

Provision for Contingencies 1.2% -0.5% -1.7 p.p.

Others -4.3% -3.2% +1.1 p.p.*SG&A Expenses excluding depreciation.

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Net Average Days ReceivablesAccounts Receivables (R$ MM) 1Q11 2Q11 3Q11 4Q11 1Q12 1Q12 ex.

acquisitions1

Gross Accounts Receivables 2344 273.1 283.2 320.8 358.5 329.8

FIES 21.2 25.4 31.0 36.5 55.4 55.3

Tuition Monthly Fees 164.6 198.7 195.0 241.4 246.4 220.5

Agreement Receivables 31.7 32.4 35.5 26.4 33.7 31.8

Others 11.4 9.7 16.5 9.1 16.6 16.1

Provision for Doubtful Accounts (49.9) (55.8) (56.0) (69.3) (73.9) (62.4)

Net Accounts Receivables 179.0 210.5 221.9 244.1 278.5 261.3

(-) FIES (21.2) (25.4) (31.0) (36.5) (55.4) (55.3)

Net Accounts Receivables Ex. FIES 157.8 185.0 190.9 207.6 223.0 206.0

Net Revenues (Last 12 months) 1,036.0 1,119.3 1,106.5 1,148.4 1,203.2 1,147.8

Net Days Receivables Ex. FIES1 55 60 62 65 67 65

Gross Days Receivables2 65 88 92 101 107 103

1 Acquired companies since 2011: Atual, FAL, FATERN and Academia do Concurso.2 In 1Q12, FIES days receivables was 203.

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Aging of Receivables and AgreementsBreakdown of accounts receivable by age (R$ millions) 1Q11 % 1Q12 %

FIES 21.2 9% 55.4 15%Not yet due 68.7 29% 101.4 28%Overdue up to 30 days 40.2 17% 52.9 15%Overdue from 31 to 60 days 18.5 8% 20.8 6%Overdue from 61 to 90 days 5.8 2% 6.9 2%Overdue from 91 to 179 days 30.2 13% 47.2 13%Overdue more than 180 days 49.9 21% 73.9 21%Total 234.4 100% 358.5 100%

Breakdown of agreements by age (R$ millions) 1Q11 % 1Q12 %

Not yet due 23.1 73% 19.5 58%

Overdue up to 30 days 1.9 6% 2.5 7%

Overdue from 31 to 60 days 0.8 3% 1.2 4%

Overdue from 61 to 90 days 0.7 2% 1.3 4%

Overdue from 91 to 179 days 2.0 6% 4.1 12%

Overdue more than 180 days 3.2 10% 5.1 15%

TOTAL 31.7 100% 33.7 100%

% over Gross Accounts Receivable 14% 9%

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Cash Flow

CASH FLOW 1Q12

Operational Cash Flow

(In R$ million)

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Final RemarksFIES reaching 23k students at the end of 1Q12 (26k in April/12)

New certificates inflow: R$26 million in April/12 and $30.6 million in May/12

Legal authorization for SESES’ CND (Debt Clearance Certificate)

FIES’ provision criteria defined

Possibility to solve pending issues of Law and Business courses in Rio de Janeiro

Leverage + Efficiency + Quality = Sustained Growth

2012 Scenario:

Net Revenue Personnel G&A

PDA

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IR Contacts

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 continuousaccess 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 withoutprevious notice. We are a holding company. and our only assets are our interests in SESES. STB. SESPA. SESCE. SESPE. SESAL. SESSE. SESAP. UNEC. SESSA andIREP. 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. theinformation presented herein is for comparison purposes only. on a proforma unaudited basis. relative to the first three months of 2007. as if the Company hadbeen organized on January 1 2007. Additionally. information was presented on an adjusted basis. in order to reflect the payment of taxes on SESES. our largestsubsidiary. 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 beconsidered as a basis for calculation of dividends. taxes or for any other corporate purposes.

Investor Relations:Flávia de Oliveira

Email: flavia.oliveira@estacio.brPhone: +55 (21) 3311-9789Fax: +55 (21) 3311-9722

Address: Av. Embaixador Abelardo Bueno, 199 – Office Park – 6th floorZIP Code: 22.775-040 – Barra da Tijuca – Rio de Janeiro – RJ – Brazil

Website: www.estacioparticipacoes.com/ir