Estacio

NOTICE TO SHAREHOLDERS
Exercise of Withdrawal Rights

Estácio Participações S.A., a publicly held corporation located in the city and state of Rio de Janeiro at Av. Embaixador Abelardo Bueno, 199, 6° andar, sala 601, Barra da Tijuca, Rio de Janeiro, RJ, CEP: 22.640-102, inscribed in the roll of corporate taxpayers (CNPJ/MF) under number 08.807.432/0001-10 and registered at the Rio de Janeiro State Commercial Registry under Company Registry (NIRE) number 33.3.0028205-0. (“Company”), announces to shareholders that the period for the exercise of withdrawal rights due to the acquisition of Sociedade Atual da Amazônia Ltda. through its subsidiary IREP - Irep Sociedade de Ensino Superior Médio e Fundamental Ltda., ended on this date (May 20, 2011), that is, 30 days after the publication, on April 20, 2011, of the Minutes of the Annual and Extraordinary Shareholders’ Meetings held on April 19, 2011, without any of our shareholders requesting to exercise their withdrawal rights.

Rio de Janeiro, May 20, 2011

Rogerio Frota Melzi
Investor Relations Officer

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