Corporate Taxpayers ID (CNPJ/MF):

ESTCIO PARTICIPAES S.A. 08.807.432/0001-10

Publicly-held Company Company Registry (NIRE):
33.3.0028205-0

NOTICE TO SHAREHOLDERS

PAYMENT OF DIVIDENDS

Estcio Participaes S.A. (Company) hereby informs its shareholders that the Companys
Annual and Extraordinary Shareholders Meetings of April 19, 2017 approved the distribution
and payment of dividends related to fiscal year 2016, totaling eighty-seven million, four
hundred twenty-four thousand, one hundred and eighty-six reais and two centavos
(R$87,424,186.02), corresponding to R$0.28347811584 per share. The payment will be made
on May 5, 2017, without withholding income tax and monetary restatement. In accordance
with the applicable legislation, the shareholders entitled to the dividends will be those of
record on April 19, 2017, when the dividends were declared by the Meetings. As a result, as of
April 20, 2017 (inclusive), the Company's shares will be traded Ex-Dividends.

For more information, the shareholders may visit any branch of Banco Ita or call 3003-9285
(capital cities and metropolitan regions) or 0800 720 9285 (other locations), from 9:00 a.m. to
6:00 p.m., on business days.

Rio de Janeiro, April 19, 2017.

Pedro Thompson Landeira de Oliveira

Chief Executive and Investor Relations Officer