Estacio

NOTICE TO SHAREHOLDERS
Exercise of Withdrawal Rights

Estácio Participações S.A., a publicly-held company, located at Av. Embaixador Abelardo Bueno, 199, 6° andar, sala 601, Barra da Tijuca, CEP: 22.640-102, in the city and state of Rio de Janeiro, inscribed in the roll of corporate taxpayers (CNPJ) under number 08.807.432/0001-10 and registered in the Company Registry (NIRE) under number 33.3.0028205-0 (“Company”), hereby informs its shareholders that the period for exercising their rights to withdraw in face of the acquisition of 100% of the capital stock of Associação Educacional da Amazônia - ASSEAMA, which maintains Faculdade SEAMA, institution with head offices and campus in the city of Macapá, Amapá state, through its indirect subsidiary Sociedade Educacional Atual da Amazônia Ltda., will be of thirty (30) days starting on April 4, 2012, date of the publication of the Company’s Annual and Extraordinary Shareholders’ Meeting which approved the acquisition. The term for dissenting shareholders to exercise their rights to withdraw will end on May 4, 2012. The amount reimbursed for Company common stock held by shareholders of record on February 7, 2012, date of the publication of the Material Fact announcing the acquisition, including transactions held on that date, will correspond to R$7.7090 per share, equivalent to the book value per share, which shall be the lower value between the Company’s shareholders equity and its economic value, pursuant to sole paragraph of Article 12 of the Bylaws. Shareholders who wish to exercise their rights to withdraw will be reimbursed on May 18, 2012, corresponding to the 10th business day after the end of the term for exercising their rights to withdraw, in accordance with the prevailing legislation.

Rio de Janeiro, April 03, 2012

Rogério Frota Melzi
Investor Relations Officer

To see the full version of the Notice to Shareholders, click here.