2017 EARNINGS RELEASE

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1 2017 EARNINGS RELEASE +6.1% +39.5% +6.7p.p % Net Revenue Adjusted EBITDA EBITDA Margin Adjusted OCF R$3,379.0 mn R$943.9mn 27.9% R$913.8 mn Rio de Janeiro, March 16,

E F F I C I E N C Y GAINS 2017 action plan ( quick wins ) New intake structure Optimization in the faculty costs management processes Restructuring the distance

2 E F F I C I E N C Y GAINS 2017 action plan ( quick wins ) New intake structure Optimization in the faculty costs management processes Restructuring the distance learning business Rationalization of marketing expenses plan for continued efficiency gains Review of the academic model Corporate restructuring Footprint review 2

3 O R G A N I Z A T I O N A L C L I M A T E SURVEY 62% 65% 65% 68% 73% 75% 74% 74% 56% 56%

O P E R A T I N G PERFORMANCE +1.5% 508.0 515.4 Total base Increase of 3.

undergraduate and graduate students. +17.0% 145.9 170.7 Distance learning Reduction of 20.

4 O P E R A T I N G PERFORMANCE +1.5% Total base Increase of 3.9% in non- FIES student base STUDENT BASE in thousands Note: total student base including undergraduate and graduate students % Distance learning Reduction of 20.4% in the FIES base Improvement of 1.6 p.p. in the student retention rate Note: Retention rate calculated based on total dropout and non-renewal figures -4.8% On-Campus +185 new centers in the distancelearning segment Totaling 394 distance-learning centers at the end of Q16 4Q17

AVERAGE TICKET PER PRODUCT R$ On-campus 2016

4% Graduate 277.8 300.1 8.0% 5 Total 670.9 742.

Undergraduate 223.7 229.1 2.4% Graduate 128.

9% Result from the change in the pricing

5 AVERAGE TICKET PER PRODUCT R$ On-campus Chg. Undergraduate % Graduate % 5 Total % Distance learning Chg. Undergraduate % Graduate % Total % Result from the change in the pricing strategy and offering Sustainable base, increasing revenue and lower dropout rate

HIGHLIGHTS R$ million 4Q16 4Q17 Chg. 2016 2017 Chg. Net revenue 796.9 838.5 +5.2% 3,184.5 3,379.0 +6.1% Cost Cash of services (454.9) (470.2) +3.4% (1,715.9) (1,680.3) -2.

6 HIGHLIGHTS R$ million 4Q16 4Q17 Chg Chg. Net revenue % 3, , % Cost Cash of services (454.9) (470.2) +3.4% (1,715.9) (1,680.3) -2.1% Selling, G&A expenses Cash (127.0) (297.0) % (876.5) (944.4) +7.7% Other operating revenue 2.4 (25.8) -1,175.0% (1.7) (16.5) % EBITDA % % EBITDA margin (%) 27.2% 5.4% p.p 20.5% 21.8% +1.3p.p. Corporate restructuring N.A N.A. Footprint review N.A N.A. New FIES fee - 2% - - N.A N.A. One-off entries (89.7) 57.6 N.A % Adjusted EBITDA 127.5* % 676.8* % Adjusted EBITDA margin (%) 16.0% 28.4% p.p. 21,3% 27.9% +6.7p.p. 6 * Adjusted EBITDA for 2016 differs from that reported in 4Q16, since the FIES administrative fee (2%) began to be recorded in 3Q16; therefore, 3Q16 and 4Q16 EBITDA are already comparable to 3Q17 and 4Q17.

NET REVENUE R$ million 631.1 (1) 11.6 (2) 12.9 (3) 374.0 (4) 18.9 (5) 7.4 (6) 11.4 (7) 0.3 + 6.1% 3,184.

strategy (5) Follows revenue growth (6) New FIES fee (2%) (7) Adjustment to present value receivables from PAR 3,379.

7 NET REVENUE R$ million (1) 11.6 (2) 12.9 (3) (4) 18.9 (5) 7.4 (6) 11.4 (7) % 3,184.5 (1) Increase in average ticket and more sustainable student base (2) Graduation of the last Pronatec students (3) Rio 2016 Project (4) Effect of the new pricing strategy (5) Follows revenue growth (6) New FIES fee (2%) (7) Adjustment to present value receivables from PAR 3, Net Operating Revenue Revenue from Monthly Tuitions Revenue from Pronatec Other Revenue Discounts and Scholarships Taxes FGEDUC Adjustment to Present Value - PAR Net Operating Revenue Positive Variation Negative Variation Other Deductions 2017 Net Operating Revenue

COSTS Adjusted % of Net operating revenue Vertical analysis 4Q16 4Q17

3% -46.2% 7.2 p.p Personnel -44.9% -31.5% 13.4 p.p. -41.3% -35.3% 6.0 p.

3 p.p. Textbook materials -0.9% -0.3% 0.6 p.p. -1.0% -0.4% 0.6 p.p. Third-party services and others -3.

8 COSTS Adjusted % of Net operating revenue Vertical analysis 4Q16 4Q17 Chg Chg. Cash cost of services -57.1% -42.3% 14.8 p.p % -46.2% 7.2 p.p Personnel -44.9% -31.5% 13.4 p.p % -35.3% 6.0 p.p. Rent. condominium and municipal property tax -7.7% -7.3% 0.4 p.p. -7.7% -7.4% 0.3 p.p. Textbook materials -0.9% -0.3% 0.6 p.p. -1.0% -0.4% 0.6 p.p. Third-party services and others -3.6% -3.2% 0.4 p.p. -3.3% -3.1% 0.2 p.p. 8

Adjusted E XPENSES % of Net Operating Revenue 4Q16 4Q17 Chg.

3% -12.0% 1.3 p.p. PDA -9.4% -7.9% 1.6 p.p. -6.5% -5.8% 0.

1% 0.0% 0.1 p.p. -0.1% 0.0% 0.1 p.p. Marketing -5.2% -4.

4% -16.5% -4.1 p.p. -12.6% -13.5% -1.1 p.p. Personnel -5.

7% -1.8 p.p. -7.4% -8.3% -0.9 p.p. Other operating revenue/expenses 0.

9 Adjusted E XPENSES % of Net Operating Revenue 4Q16 4Q17 Chg Chg. Selling expenses -14.8% -11.9% 2.8 p.p % -12.0% 1.3 p.p. PDA -9.4% -7.9% 1.6 p.p. -6.5% -5.8% 0.6 p.p. PDA PAR 0.0% 0.0% 0.0 p.p. 0.0% 0.0% 0.0 p.p. PDA FIES -0.1% 0.0% 0.1 p.p. -0.1% 0.0% 0.1 p.p. Marketing -5.2% -4.0% 1.2 p.p. -6.7% -6.1% 0.6 p.p. General and Administrative Expenses Cash -12.4% -16.5% -4.1 p.p % -13.5% -1.1 p.p. Personnel -5.5% -7.8% -2.3 p.p. -5.1% -5.2% -0.1 p.p. Other -6.9% -8.7% -1.8 p.p. -7.4% -8.3% -0.9 p.p. Other operating revenue/expenses 0.3% 0.7% 0.4 p.p. 0.4% 0.4% 0.0 p.p. 9

NET INCOME R$ million Main reason: R$85.

5) (4.4) 76.0% Income tax (2.2) (3.0) 36.

10 NET INCOME R$ million Main reason: R$85.4 million increase in EBITDA Chg. EBITIDA % Financial result (87.7) (111.5) 27.1% Depreciation and amortization (191.9) (194.3) 1.3% Social contribution (2.5) (4.4) 76.0% Income tax (2.2) (3.0) 36.4% Campaigns to recover debts Net Income % 10

Avg. Non-FIES Receivables Days R$ million 4Q16 4Q17 Accounts receivable net of non-apv 1,178.1 1,024.1 Non-FIES accounts receivable + APV 349.4 423.4 Non-FIES net revenue 1,891.6 2.219.9 Avg.

11 Avg. Non-FIES Receivables Days R$ million 4Q16 4Q17 Accounts receivable net of non-apv 1, ,024.1 Non-FIES accounts receivable + APV Non-FIES net revenue 1, Avg. Non-FIES Receivables Days Average Receivables Days 11 Avg. FIES Receivables Days R$ million 4Q16 4Q17 FIES accounts receivable FIES revenue (last 12 months) 1, ,308.4 FGEDUC deductions (last 12 months) (87.4) (94.8) Taxes (last 12 months) (55.9) (54.4) FIES net revenue (last 12 months) 1, ,159.1 Average FIES Receivables Days Focusing on the collection process

12 C A P I TA L I Z AT I O N AND CASH R$ million 12/31/ /31/2017 Shareholders equity 2, ,777.3 T O T A L C A P E X R$ million Cash and cash equivalents Gross debt (1,164.4) (669.0) Loans (1,022.5) (567.3) Commitments payable (acquisitions) (125.9) (87.1) Taxes paid in installments (15.9) (14.6) % Cash / Net Debt (760.4) (144.6) CAPEX R$ million Chg. Maintenance % Discretionary and expansion % Total CAPEX % 12

CASH FLOW R$ MILLION 4Q16 4Q17 Profit before taxes and after results from discontinued operations

0 COMPARABLE PROFIT BEFORE TAXES AND AFTER RESULTS FROM DISCONTINUED OPERATIONS 47.6 184.

0 Changes in assets and liabilities (164.0) (112.

2 Acquisition of property and equipment items (123.5) (37.5) Acquisition of intangible assets (20.

7 (193.0) OPERATING CACH FLOW (OCF) 31.4 113.0 Cash flow from investing activities (0.

2 642.7 708.9 (478.8) (276.2) 561.5 1.070.9 (197.4) (99.1) (72.2) (58.0) 292.0 913.8 (24.5) (206.

13 CASH FLOW R$ MILLION 4Q16 4Q17 Profit before taxes and after results from discontinued operations (8.9) Restructuring and one-off entries (89.7) COMPARABLE PROFIT BEFORE TAXES AND AFTER RESULTS FROM DISCONTINUED OPERATIONS Adjustments to reconcile profit to net cash generated Changes in assets and liabilities (164.0) (112.9) Net cash provided by (used in) operating activities Acquisition of property and equipment items (123.5) (37.5) Acquisition of intangible assets (20.3) (17.7) ADJUSTED OPERATING CASH FLOW (OCF) (58.3) Restructuring and one-off entries 89.7 (193.0) OPERATING CACH FLOW (OCF) Cash flow from investing activities (0.9) - Cash flow from financing activities (201.9) (298.1) (478.8) (276.2) (197.4) (99.1) (72.2) (58.0) (24.5) (206.1) (8.1) - (549.2) (587.3) Net cash provided by (used in) financing activities (171.4) (185.0) (289.8) Adjusted EBITDA Net cash provided by (used in) operating activities / Adjusted EBITDA 67.0% 151.5% 83.0% 113.5% 13 OCF / Adjusted EBITDA -45.7% 128.3% 43.1% 96.8%

14 EFFICIENCY EXECUTION 14

15 DISCL AIMER The content of this presentation may include expectations regarding future events and results estimated by Management. However, such forward-looking statements are not guarantee of future delivery and/or performance, given the risks and uncertainties inherent to the business environment, including the country s economic performance, the global economy, the capital market, regulatory aspects of the industry, and governmental and competitive issues, among other factors, as well as the risks presented in the disclosure documents filed by Estácio, which are subject to change without prior notice. 15

Investor Relations E-mail: ri@estacioparticipacoes.

16 Investor Relations Phone: (21)

3Q17 EARNINGS RELEASE

3Q17 EARNINGS RELEASE Average Ticket On-campus: + 10.2% +5.9% +15.0% +2.2p.p. +101.3% Distance Learning: + 12.1% Net Revenue R$808.1 mn EBITDA R$223.6 mn EBITDA Margin 27.7% OCF R$360.4 mn Rio de Janeiro,