Estácio Participações

APIMEC Meeting

Rio de Janeiro, October 25, 2016

2

Disclaimer

This presentation may contain forward-looking statements that solely reflect Management’s expectations regarding the future conditions of the economy and the sector in which the Company operates, as well as the Company’s own performance and financial results, among others. The terms “anticipates", “believes", "expects", “foresees", “intends", "plans", “estimates", “envisages", “must", as well as other similar terms, are used to identify such estimates which, clearly, involve risks and uncertainties envisaged or not by the Company and, consequently, are no guarantee of the Company’s future results. Consequently, the future results of the Company’s operations may differ from its current expectations, and readers should not consider only the information contained herein. The Company is not obliged to update this presentation or its estimates in light of new information or future developments. Figures for 2016 onwards are merely estimates or goals. Additionally, this presentation contains certain financial indicators that are not recognized by BR GAAP or IFRS. These indicators do not have a standardized meaning and may not be comparable with similar indicators used by other companies. We provide these indicators once we use them as a measure of the Company’s performance. However, they should not be considered individually or as a substitute for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS.

1

History

4

Present in Higher Education since 1970

5

Track record of more than 45 years

Organic Growth National Expansion IPO Turnaround FIES Expansion

1970... 80-90 ...2000 2008 - 2010 2011-2014

23

35

141

178

218 206

1.5%

41.7%

4.8%

22.5%

-5.5%

New Academic Model

Shared Service Center

(CSC)

Launch of Distance

Learning

GP Investments # Students (‘000)

Average growth rate

2015-

Currently

Acquisition

of UniSEB

Brazilian

Crisis

2007

Return to

acquisitions

Changes in

FIES - PN 23

Agreement

with the

Brazilian

Government

240 272

316

210

437

2.1% 14.2%

13.3% 16.2%

38.2%

6

Estácio’s Differentials

Growth Potential Nationwide presence with units in the major urban centers Extensive portfolio of courses

High Quality Education Nationally integrated syllabi Unique teaching methodology Complete convergence between On-Campus and Distance-Learning models Highly qualified faculty

Financial Solidity Strong cash reserve Capacity to generate and raise funds

Corporate Governance Listed in the Novo Mercado segment since 2008

2

1st Half of 2016

8

Student Base

Note.: Total student base including undergraduate and graduate students and companies acquired.

383

502 544

6M14 6M15 6M16

Total Student Base (‘000)

304 357 375

6M14 6M15 6M16

On-Campus Students (‘000)

79 136 151

6M14 6M15 6M16

Distance-Learning Students (‘000)

+8.5%

+11.0%

+5.0%

9

Net Revenue

1,127.3

1,485.8 1,624.6

6M14 6M15 6M16

Net Revenue (R$ million)

Ticket recovery Price adjustment for seniors Selective exemptions Suspension of scholarships for students in

default within the contractual rules

Creation of an executive department focused exclusively on collection Advisory services for specialized collection

in the sector Portfolio recovery targets Revision of the collection calendar Partnership with credit bureaus

+9.3%

10

EBITDA and Net Income

R$ million 2Q15 2Q16 Specific

Launches

2T16 Ex-Specific Launches

Variation

Net Revenue 779.2 835.3 - 835.3 7.2%

Cost of Services (448.2) (494.5) 18.1 (476.4) 6.3%

Selling Expenses (99.9) (184.5) 43.0 (141.5) 41.7%

G&A Expenses (106.5) (145.9) 28.9 (117.0) 9.9%

Other operating revenues 5.0 (11.7) 15.8 4.1 -18.8%

(+) Depreciation and

amortization 38.1 44.9 - 44.9 17.8%

EBITDA 167.5 43.6 105.7 149.4 -10.8%

EBITDA margin 21.4% 5.2% 17.9% -3.5 p.p.

Financial result (7.7) (16.6) - (16.6) 115.6%

Depreciation and amortization (38.1) (44.9) - (44.9) 17.8%

Income tax and social

contribution 11.6 (2.0) (6.7) (8.7) 175.0%

Net Income/Loss 133.3 (19.9) 99.0 79.1 -40.6%

Net Margin 17.1% -2.4% - 9.5% -7.6 p.p.

Improvement and revision of internal policies and controls

11

EBITDA and Net Income

Note: * Adjusted EBITDA and Adjusted Net Income: Excl. Non-Recurring Items

235.5

359.7

240.7

6M14 6M15 6M16

EBITDA (R$ million)

346.5

211,7

260,3

108,1

6M14 6M15 6M16

Net Income (R$ million)

207.1

12

Cash Flow

R$ million 2Q16 2Q15

Profit before taxes and after the result from discontinued operations (18.4) 120.3

Adjustments to reconcile profit to cash and equivalents generated 210.1 105.3

Result after reconciliation to cash and equivalents generated 191.7 225.6

Change in assets and liabilities 1.8 (307.0)

Net cash generated by (used in) operating activities 193.5 (81.3)

Cash flow from investing activities (43.8) (50.4)

Operating Cash Flow (OCF) 149.7 (131.7)

Cash flow from financing activities (124.0) (95.4)

Net cash generated by (used in) financing activities 25.6 (227.1)

Cash at the beginning of the period 362.3 721.0

Increase (decrease) in cash and equivalents 25.6 (227.1)

Cash at the end of the period 387.9 493.9

13

Extraordinary Dividends

58,1

101,1

115,1

6M14 6M15 6M16

Dividends (R$ million)

Dividend Distribution Proposal:

R$420 million: established in the Protocol and

Justification for the Merger of the Company’s Shares into Kroton Educacional S.A.

+13.8%

Nov/2016 Dec/2016 2017*

PMT (R$ million) 140.0 140.0 140.0

* To be defined by the Board of Directors, considering the most appropriate moment for the Company.

3

Our challenge

15

2016 Guidelines

High Quality Education

Continuous improvement in the academic model Highly qualified faculty Appropriate infrastructure

Education to ensure employability

New intake and renewal policies

Implementation of new sales force; Reorganization and regionalization of communications; Strengthening of strategic media.

IR Contact

Investor Relations:

E-mail: ri@estacio.br

Telephone: (21) 3311-9700

Fax: (21) 3311-9722

www.estacioparticipacoes.com.br