ESTCIO PARTICIPAES S.A.

Publicly-Held Company

Corporate Taxpayer's ID (CNPJ/MF): 08.807.432/0001-10

Company Registry (NIRE): 33.3.0028205-0

MATERIAL FACT
Estcio Participaes S.A. (Estcio or Company) - (BM&FBOVESPA: ESTC3; OTCQX: ECPCY)
hereby informs its shareholders, investors and the market in general that today its Board of
Directors received letters from Chaim Zaher and Thamila Cefali Zaher stating that they had
resigned from their positions as members of Estcios Board of Directors to which they were
elected on April 27, 2016.
The Company would like to make it clear that the resignation of these Board members was due
to their intense dedication to the projects of Grupo Sistema Educacional Brasileiro (SEB), of
which Chaim Zaher is president and Thamila Zaher an executive officer.
Both have put themselves at the disposal of the Companys senior management and the Board
of Directors should their services be required.
Rio de Janeiro, October 26, 2016.

Pedro Thompson
Investor Relations Officer

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