Estácio Participações reported financial results for the fourth quarter and full year of 2010. Key highlights included: - Revenue was in line with guidance at R$252.5 million for 4Q10 and R$1.016 billion for 2010. - Recurring EBITDA margin was 10.7% for 4Q10 and 12.5% for 2010, meeting guidance. - Net income increased 107.5% to R$22.2 million for 4Q10 and 27.1% to R$80.6 million for 2010. - The distance learning segment grew significantly, reaching 26,200 students in just 18 months.

1. 4Q10 AND 2010 RESULTS
Eduardo Alcalay Rogério Melzi
CEO CFO and Investor Relations Officer
March. 2011

2. HIGHLIGHTS
40 years of history and looking to the future
New Academic Model: more than 70 thousand students received the new textbooks
Among the leaders in distance learning (EAD): more than 26 thousand students in
just 18 months of operations
Structured sales force: 20% increase in enrollments in 2H10
Working capital and cash: comfortable position to invest in business growth
2

3. RESULTS’ HIGHLIGHTS
Recurring EBITDA margin in line with guidance
Main Indicators
4Q09 4Q10 Change 2009 2010 Change
(R$ MM)
Net Revenue 244.4 252.5 3.3% 1.008.8 1.016.1 0.7%
Recurring EBIT 15.0 17.3 15.3% 77.5 94.6 22.1%
Recurring EBIT Margin 6.1% 6.9% 0.7 p.p. 7.7% 9.3% 1.6 p.p.
Recurring EBITDA 25.9 27.0 4.2% 119.1 127.4 7.0%
Recurring EBITDA Margin 10.6% 10.7% 0.1 p.p. 11.8% 12.5% 0.7 p.p.
Net Income 10.7 22.2 107.5% 63.4 80.6 27.1%
Recurring Net Income 12.3 27.7 125.2% 77.1 101.7 31.9%
3

4. OPERATING PERFORMANCE – STUDENT BASE
EDUCATIONAL SEGMENT
(In thousand students) On-Campus
Distance Learning
Total Student Base
+2.1%
210.0
205.7
9.6 26.2
196.1 183.8
2009 2010
Distance learning student base has 26.2 thousand students in just 18 months of operations
4

5. OPERATING REVENUE
OPERATING REVENUE
(In R$ million)
Average on-campus ticket grew 5.3% in 2010
1.459.7 1.454.3
Net Revenue from distance learning grew 356.7% in the
year
450.9 438.2
2.4 p.p. decline in Gross Operating Revenue deductions in
4Q10
357.2 356.3
1.008.8 1.016.1 (R$) 4Q09 4Q10 ∆% 2009 2010 ∆%
112.8 103.8 Average
392.8 398.2 1.4% 420.1 420.3 0.0%
Ticket
244.4 252.5
On-campus 402.4 432.2 7.4% 424.5 446.9 5.3%
4Q09 4Q10 2009 2010 Distance
186.4 161.5 -13.3% 203.8 182.0 -10.7%
Learning
Net Revenue Deductions Gross Revenue
5

6. COST OF SERVICES
Vertical Analysis
4Q09 4Q10 Change 2009 2010 Change
(% Net Operating Revenue)
Cash Cost* 62.4% 66.8% 4.3 p.p. 65.1% 65.3% 0.2 p.p.
Personnel and Payroll Charges 40.7% 40.0% -0.7 p.p 42.8% 40.7% -2.1 p.p.
Brazilian Social Security Institute
7.0% 8.0% 1.0 p.p. 7.4% 8.2% 0.8 p.p.
(INSS)
Rentals / Real Estate Taxes
9.3% 12.0% 2.7 p.p. 9.7% 10.1% 0.4 p.p.
Expenses
Textbooks Materials 0.2% 2.7% 2.6 p.p. 0.1% 1.6% 1.5 p.p.
Others 5..% 4.1% -1.1 p.p. 5.2% 4.8% -0.4 p.p.
* Excluding non recurring and depreciation
6

7. SELLING. GENERAL & ADMINISTRATIVE EXPENSES
(SG&A)
Vertical Analysis
4Q09 4Q10 Change 2009 2010 Change
(% Net Operating Revenue)
SG&A* 27.8% 23.2% -4.6 p.p. 24.1% 23.4% -0.7 p.p.
Selling Expenses 8.6% 9.1% 0.5 p.p. 7.3% 8.2% 0.9 p.p.
Provision for Doubtful Debts 8.2% 6.0% -2.2 p.p. 4.3% 4.1% -0.2 p.p.
Marketing 0.4% 3.1% 2.7 p.p. 3.0% 4.1% 1.1 p.p.
General Administrative Expenses* 19.2% 14.1% -5.1 p.p. 16.8% 15.2% -1.6 p.p.
Personnel and Payroll charges 8.8% 8.4% -0.4 p.p. 6.9% 6.9% 0.0 p.p.
Others 10.4% 5.7% -4.7 p.p. 9.9% 8.3% -1.6 p.p.
*Excluding non recurring and depreciation.
7

8. BAD DEBTS AND RECEIVABLES
Accounts Receivable (R$ mm) 4Q09 1Q10 2Q10 3Q10 4Q10
Gross Accounts Receivable 196.8 208.8 249.9 256.3 201.8
FIES 2.3 4.6 5.4 17.5 15.3
Tuition monthly fees 174.7 179.5 220.0 207.9 168.2
Financed Tuition 19.8 24.7 24.6 30.9 18.3
Cards receivable 2.7 1.1 6.0 11.8 6.9
Checks receivable 16.3 15.5 16.8 16.2 6.9
Fees receivables 0.9 8.2 1.8 2.9 4.4
Provision for bad debts (78.8) (85.1) (102.2) (107.3) (45.4)
Net Accounts Receivable 118.0 123.7 147.7 148.9 156.4
(-) FIES (2.3) (4.6) (5.4) (17.5) (15.3)
Net Accounts Receivable Ex. FIES 115.7 119.1 142.3 131.5 141.1
Net revenue (last twelve months) 1,008.8 1,000.3 1,010.0 1,008.1 1,016.2
Days Receivables Ex. FIES 41 43 51 47 50
8

9. EBITDA AND NET INCOME
EBITDA NET INCOME
(In R$ million) (In R$ million)
12.5% 10.0%
11.8%
7.6% 101.7
127.4
119.1
77.1
11.0%
10.6% 10.2%
5.0%
27.7
25.9 27.0
12.3
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
Recurring EBITDA Margin Recurring EBITDA Recurring Net Margin Recurring Net Income
9

10. CASH FLOW
2010 CASH FLOW
(In R$ million)
47.9
127.4
70.5
9.0
21.1
1.4
30.5 3.9
69.9 64.8 6.8
201.0
165.4
Cash Positive Variation Negative Variation
* Financial Result except Operating Financial Result (included in Recurring EBITDA)
10

11. OUTLOOK 2011
Growth with quality and profitability
1 Management: Optimization of faculty and infrastructure
2 Quality: Focus on SINAES indicators and student’s satisfaction
3 Tablet: Result of the revolutionary New Academic Model
4 Organic Expansion: Inauguration of 5 units
5 Acquisitions: Opportunities in the pipeline
11

12. IR CONTACTS
Investor Relations:
Flávia de Oliveira
Email: flavia.oliveira@estacio.br
Phone: +55 (21) 3311-9789
Fax: +55 (21) 3311-9722
Address: Av. Embaixador Abelardo Bueno. 199 – Office Park – 6th floor
CEP: 22.775-040 – Barra da Tijuca – Rio de Janeiro – RJ – Brazil
Website: www.estacioparticipacoes.com/ir
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. We are a holding company. and our only assets are our interests in SESES. STB. SESPA. SESCE. SESPE. SESAL. SESSE. SESAP. UNEC. 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.
12