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2Q07 Earnings Release

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This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Estácio Participações. These are merely projections and, as such, are based exclusively on the expectations of Estácio Participações’ management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in Estácio Participações’s filed disclosure documents and are, therefore, subject to change without prior notice. Since the Company was constituted only on March 31, 2007, we present, for the sole purpose of comparison, the non-audited pro-forma information for the first half of 2006 and the first quarter of 2007, as if the company's constitution had occurred on January 1, 2006. In addition, certain information was presented adjusted to reflect the payment of taxes at SESES, our largest subsidiary, which, starting in February 2007 and as a result of its transformation into a for-profit company, being subject to the tax laws applicable to other legal entities, notwithstanding the exemptions arising under the University for All Program (PROUNI). The information presented for comparison purposes should not be used as a base for the purpose of calculating dividends, taxes or any other corporate purpose.

Disclaimer

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The largest private post-secondary education institution in Brazil in terms of number of enrolled students

175 thousands students enrolled in 90 undergraduate programs

54 campuses: 38 in Rio de Janeiro and 16 campuses in another 10 estates

Company

Certified by MEC Near its students: work or home

Suitable to all student profiles (region, programs & shift)

Success Formula

Quality Location Price

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Financial Highlights

Main Indicators(R$ million) 2Q07 2Q06 Chg. % 1H07 1H06 Chg. %

210.9 209.7 0.6% 430.3 420.3 2.4%

32.9% 31.8% 1.1 p.p. 38.3% 37.4% 0.9 p.p.

9.9 9.7 2.1% 51.1 44.2 15.6%

Net Revenue

Gross Margin

EBITDA

Adjusted EBITDA

Net Income

Adj. Net Income*

(Debt) Net Cash

9.9 -7.3 n/a 45.2 7.9 472.2%

1.4 0.9 48.5% 27.3 23.7 15.2%

2.5 0.9 165.9% 28.4 23.7 19.8%

41.2 (18.1) n/a 41.2 (18.1) n/a

*excluding IPO expenses

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209.7 210.9

420.3 430.4

2Q06 2Q07 1H06 1H07

Revenue

Net Revenue (R$ million)

0.6%

Gross Revenue (R$ million)

4.1%

Deductions (R$ million)

94.0105.3

2Q06 2Q07

12.1%

Students Enrolled

173,518

174,217

2Q06 2Q07

0.4%

88.2%

9.8%1.5%0.5%

82.3%

8.0%

0.6%9.0%

2.4%Adjusted for taxes

4.1%

194.0208.9

1H06 1H07

7.7%

88.0%

9.5%

1.5%1.0%

83.0%

8.0%

0.8%

8.2%

303.7 316.2

614.3 639.3

2Q06 2Q07 1H06 1H07

Scholarships Taxes

Charges ReturnedDiscounts

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Costs and Gross Profit

- 1.1%

4.3%

- 5.0%

31.2%

Adjusted for taxes

143.2 141.5

263.0 265.4

2Q06 2Q07 1H06 1H07

66,6 69,4

157.3164,9

2T06 2T07 1S06 1S07

0.9% 4.9%

52.969.4

128.5

154.2

2Q06 2Q07 1H06 1H07

20.0%

149.0 141.5

276.3 265.4

2Q06 2Q07 1H06 1H07

- 3.9%

Costs of Services (R$ millions) Gross Profit (R$ millions)

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Expenses

3.5%

66.4 65.1

2Q06 2Q07

1.9%

Adjusted for taxes

Restructuring on going

-0.2%

62.9 65.1

127.0 126.7

2Q06 2Q07 1H06 1H07

General and Administrative Expenses (R$ millions)

General and Administrative Expenses (R$ millions)

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EBITDA and Net Income

9.79.9

2Q06 2Q07

2.1%

4.6%4.7%

0.9

2.5*

2T06 2T07

0.5%

1.5%

(7.3)

9.9

2T06

2T07(3.6%)

4.7%4.3*

2T07

0.6%

Adjusted for PROUNI

166.0%

* excluding IPO expenses

(16.1)

2T06

7.7%

EBITDA (R$ millions) Net Income (R$ millions)

Adjusted for taxes

44.2

51.1

1H06 1H07

15.6%

11.9%10.5%

7.9

45.2

1H06 1H07

2.0%

10.6%

23.7

28.4

1H06 1H07

5.6%6.5%

20.1

1H07

4.7%

19.8%

(12.6)

1H06

377.8%

( 3.1%)

472,2%

Adjusted for taxes Adjusted for

PROUNI

* excluding IPO expenses

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Debt and Capex

Total Debt (R$ million)

31.2

2.0

2Q06 2Q07

-93.7%

Short term Long Term

96.3%

3.7%

93.1%6.9%

Net Cash (R$ million)

(18.1)

41..2

2Q06

2Q07

Capex (R$ million)

11.014.5

1H06 1H07

31.8%

20052004 2006

22.2 22.525.1

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Final Remarks

Following our strategy, we continued commited with

Organic Growth and acquisitions

Capture scale gains and synergies between

operations

Focus

GrowingSynergies Excellence

Continuous improvement

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Questions and Answers