ESTÁCIO PARTICIPAÇÕES S.A.
CORPORATE TAXPAYER’S ID (CNPJ/MF): 08.807.432/0001-10
COMPANY REGISTRY (NIRE): 33.3.0028205-0
PUBLICLY-HELD COMPANY
MINUTES OF THE EXTRAORDINARY BOARD OF DIRECTOR’S MEETING
HELD ON MARCH 29, 2012
1. DATE, TIME AND VENUE: March 29, 2012, at 11:30 am, at the headquarters of Estácio Participações S.A.
(“Company”), located at Av. Emb. Abelardo Bueno, 199, 6º andar, Barra da Tijuca, in the city and state of
Rio de Janeiro.
2. ATTENDANCE: All members of the Board of Directors, namely: Eduardo Alcalay, Antônio Carlos Augusto
Ribeiro Bonchristiano, João Baptista de Carvalho Athayde, João Cox Neto, Teodora Sol Constantino
Barone and Maurício Luis Luchetti.
3. PRESIDING: Eduardo Alcalay (Chairman) and João Baptista de Carvalho Athayde (Secretary).
4. AGENDA AND RESOLUTIONS:
4.1. Unanimously approve the contracting of a loan from the Inter-American Development Bank (IDB),
under the terms of the presentation made to the Board on this date. The Executive Board is hereby
authorized to take all measures necessary to conduct the operation.
4.2. Unanimously approve the increase of the upper limit of the Agreement entered into with Itaú BBA for
financing monthly tuition fees, approved by the Board of Directors’ Meeting held on March 3, 2011, to
twenty million reais (20,000,000.00), 50% of which to be allocated to IREP – Sociedade de Ensino
Superior, Médio e Fundamental Ltda., and the remaining 50%, to Sociedade de Ensino Superior Estácio
de Sá Ltda. The Executive Board is hereby authorized to take all measures necessary to formalize the
Agreements.
4.3. Unanimously approve the extension from April 3, 2012 to July 13, 2012 of the term for the contracting
for the trading of its shares through call and put options approved by the Board of Directors’ Meeting
nd
held on September 27, 2011, complementing the 2 Share Buyback Program approved by the Board
of Directors’ Meeting of July 14, 2011. The Executive Board is hereby authorized to take all measures
necessary to formalize this act.
4.4. Replace Antonio Carlos Augusto Ribeiro Bonchristiano with Eduardo Alcalay, Brazilian citizen,
married, business administrator, ID card (RG) no. 8.956.230, inscribed in the individual roll of
taxpayers (CPF/MF) under no. 148.080.298-04, resident and domiciled in the city of São Paulo, with
business address at Av. Brigadeiro Faria Lima, 3.900, 7º. Andar, Itaim, in the city and state of São
Paulo, as member of the Compensation Committee and Audit Committee, in both cases to conclude
the current term of office.
5. CLOSURE, DRAWING UP AND APPROVAL OF THE MINUTES: There being no further matters to address,
these minutes were drawn up, read, found to be in compliance and signed by all attending Board
members and the Secretary.
This is a free English translation of the original minutes drawn up in the Company’s records.
Rio de Janeiro, March 29, 2012
João Baptista de Carvalho Athayde
Secretary