ANNUALREPORT

2010-2011

20 years

2 8

4 10

6 12PositioningFocus in the dissemination of relevant

contents, in the support to projects that

identify and reward talented students and in

expanding partnerships with universities. pg. 16 — 17

Mastheadpg. 52

1 7

3 95 11

Message from the BoardOur big dream is that one of the scholars of Fundação

Estudar can become a future President of the Republic

or to have their important contribution to society

recognized by a Nobel Prize.pg. 4 — 5

EventsWorkshops, courses and lectures that allow

to enhance the professional and personal

development of young people with potential

to become future leaders. pg. 18 — 21

Brazilian Scenario#e higher education is undergoing

signi$cant changes, which cast a

fresh look at education as the driving

force behind the development not

only of individuals, but also of an

entire nation.pg. 8 — 11

Impact#e majority of scholars of Fundação

Estudar has already given its share of

contribution to the Brazilian society.

Meet four examples. pg. 34 — 43

Operating Model#e aim is increasingly o%er opportunities

for personal and professional development

for young, intelligent and determined

Brazilians who believe in their transforming

capacity to change the country. pg. 14 — 15

DonationsSome scholars, besides paying o% their

scholarship, also make donations to

Fundação Estudar, contributing, thus,

to the sustainability of its activities.pg. 46 — 50

Timeline Some of the major

events in Fundação

Estudar over its 20

years of history.pg. 12 — 13

PartnersCompanies, universities and

people committed to encouraging

high quality education as a way

to ensure the training of young

people with potential to generate

positive impact on the country. pg. 44 — 45

Summary

Mission, Vision and ValuesWe want to be the best community

of Brazilian transformers united

by knowledge, merit and ethics, and

recognized for the excellence in

inspiring and contributing to the

development of Brazil. pg. 6 — 7

Scholars 2011#ere are 31 young scholars of Fundação

Estudar in undergraduate, graduate

courses and academic exchange. pg. 22 — 33

young potential Brazilian transformers, whether they are future scholars of Estudar or not. To achieve this, besides the investment in the dissemination of contents relevant to this entire extended community, the institution begins from this year on, to support major awards of development and excellence.

As a result of these actions, we expect that an increasing number of young people can have access not only to the teaching of the best universities in the country and the world, but also to programs and events that aim to share knowledge and innovation and to strengthen the relationship with references of work in their $elds. #us, they will expand the opportunities for personal and professional growth of the whole community and they will be able to multiply these experiences.

Brazil is big and has a very young population. #ousands are the promising students and the ones with transformative potential, who by means ofmentoring, monitoring and access to opportunities for excellence can go much further than they would go alone. Our big dream is to help in the formation of a future President of the Republic or a future Brazilian Nobel Prize. We know that the next 20 years will be of dreams, challenges and a lot of work. For this, we hope to have the support, the pluck and the talent of people, universities and companies that, like us, bet in good people to make a better Brazil.

Board of Trustees of Fundação Estudar

History shows us that countries which, years ago, chose to invest decisively in the production and dissemination of knowledge raised not only their intellectual and productive capacity, but also their relevance in the international scenario. By prioritizing education, the nations now considered the most developed have also managed to reduce the socioeconomic di%erences and, thereby, improve the quality of life for all. O%ering young talents a quality education is, therefore, generate more suitable conditions so that they can make more di%erence in their nations.

It was with this thought that, 20 years ago, Fundação Estudar began its activities in Brazil. At that time few young Brazilians had access to the best universities in the world. Also rare were the initiatives of support or funding that could guarantee a high level education to those who demonstrated high capacity for achievement and strong commitment to the country’s growth.

Over the years, to better contribute to the formation and direction of the community of scholars, Fundação Estudar has been retro$tting its guidelines and fronts of acting. It has gained new sponsors and supporters, has $rmed several strategic educational partnerships and has created an Endowment Fund to foster the perpetuation of the institution.

Recently it has also enhanced its position, adopting as a focus to identify, integrate, develop and encourage

MESSAGE FROM THE BOARDGrow to transform

- 4 - - 5 -

Mission, Vision and Values

Since the beginning of its activities, Fundação Estudar has always been governed by solid guidelines, which could steer its actions in a structured way, in order to achieve the goals established.

At the end of 2010, the Council of Fundação Estudar, together with a team, re-evaluated its challenges and goals and, after conducting a survey focused on the profile and aspirations of young Brazilians, decided to improve its positioning, also reshaping the mission, vision and values of the institution.

STRENGTHENED GUIDELINES

MISSIONTo create opportunities for good people do bigger and improve Brazil.

VALUES Meritocracy Excellence Ethics Belief in the knowledge as a

transforming element Sense of community Determination and Overcoming Capacity to contribute

VISION To be the best community of Brazilian transformers united by knowledge, merit and ethics, and recognized for the excellence in inspiring and contributing to the development of Brazil.

- 6 - - 7 -

- indicate that only 11% of Brazilians in this age group have a university degree. Among the OECD countries, the average (28%) is more than the double of Brazil.

“#e Education has advanced greatly in recent years but still needs to evolve a lot,” said Marcelo Knobel, pro dean of undergraduate courses at Unicamp. According to him, today only 13% of college-age young Brazilians (18 to 24 years) are in higher education. “In Korea, this $gure is 80% and the global average is 35% to 40%. So to get there, there is still a lot to do. “

PUBLIC AND PRIVATE - #e number of vacancies in prestigious public universities and that develop cutting-edge researches is still insu/cient, forcing more than 75% of the Brazilian youth to enroll in private institutions of higher education. “What is worrying is that many of these colleges are focused on pro$tability, and the quality of teaching is more than doubtful,” says Marcelo.

#is opinion is shared by João Grandino Rodas, dean of the University of São Paulo (USP), who also attended the Great Universities Cycle about Harvard. “On the one hand we have a small number of the oldest and most traditional universities, which are in the majority considered the best, on the other hand we have a large number of private institutions, but few of them of utmost importance,” he says. For him, the biggest challenge of the public universities is want to be excellent and at the same time, try to serve everyone. “We know this is somewhat di/cult, if not impossible.”

Another problem of Brazilian higher education is that there is an excess of courses being o%ered by private universities in areas such as Business and Law, theoretically cheaper and accessible to young people who do not manage to join public universities. “It is necessary to review the distribution and standardize the quality level of higher education,” Marcelo argues. For him, the Brazilian education also needs to diversify the opportunities for youth access to universities, redesigning the entrance exam, for example, and create greater capillarity between the educational institutions so that students can change course more easily. “It is also necessary to rethink the curricula, which are much more tied up than in European or American universities.”

INTERNATIONALIZATION - #e education experts also agree that the internationalization of education is the watchword for universities around the world. #is is, for example, one of the pillars of Insper (Institute of Education and Research), established in 2007. “Unfortunately the Brazilian environment for research and development does not create yet su/cient incentives for continuous improvement and pursuit of excellence,” said Claudio Haddad, president of Insper. #ence, the importance of the Brazilian educational institutions to establish partnerships and exchanges with universities abroad.

Studying higher education abroad is a practice that, in fact, is once again gaining more fans in Brazil. To get an idea, 8,786 Brazilians are enrolled in higher education in the United States, attending undergraduate, graduate or studying English, according to the latest edition of the annual report Open Doors report, prepared in 2010 by the Institute of International Education (IIE). #e numbers are still well below those of China, which has 128 thousand students in the United States, and India, with 105 thousand students. And yet, they guarantee Brazil the $rst place among the Latin American countries. “#e internationalization of higher education is now a reality and I believe strongly in the role of NGOs and institutions that like Fundação Estudar support education at various levels, helping to develop leaders that in the medium or long term, may transform the reality of our country”, adds Marcelo Knobel, Unicamp.

Globally, higher education is undergoing signi$cant changes, which cast a fresh look at education as the driving force behind the development not only of individuals, but also of an entire nation. “#is is a particular and exciting time for higher education in the United States, Brazil and worldwide. It is a time of extraordinary challenges and changes - and great opportunities as well - for the universities, “said Drew Gilpin Faust, president of Harvard University, on his $rst visit to Brazil at the invitation of the Fundação Estudar.

In Brazil, the challenges are really great. Despite being one of the largest economies in the world with positive future prospects for their economic, political and social development, the country needs to expand, and much, its o%er of education, but without sacri$cing quality. Within this context, higher education institutions play an important role as actors of the more prominent changes. “It is our responsibility [of the universities] to educate students who can understand the world in all its complexity and that, especially in the face of challenges and diversity, they are crucial to make a positive di%erence in the lives of others,” says Drew.

According to the latest Census of Higher Education, Brazil has about 6 million students. In absolute terms or in relation to a not too distant past, it can even be considered a signi$cant quantitative. On the other hand, it is still small. A survey conducted by the expert in analysis of educational data Ernesto Faria, based on a report from the Organization for Economic Co-operation and Development (OECD), places Brazil in the last place in a group of 36 countries when it is assessed the percentage of graduates in the population of 25 to 64 years old. #e $gures - which refer to 2008

BRAZILIAN OUTLOOKPotential to Grow

“Harvard is proud to be associated not only with Estudar and its founders but also with the many outstanding students whose education has been made

possible by Estudar’s support.”

Drew Gilpin Faust, president of Harvard University

- 8 - - 9 -

2008/09

2009/10

2007/08

2006/07

2005/06

2004/05

2003/04

2002/03

2001/02

2000/01

1999/00

1998/99

1997/98

1996/97

1995/96

2.777n/a

2.702

2.524

2.328

1.994

1.554

1.345

1.064

760717

594

555424

386

* Source: Latest Higher Education Census, released in early 2011.

Only considers courses that the students presently attend .

THE LARGEST UNDERGRADUATE COURSES IN BRAZIL Administration is the course with the highest number of enrollments in the country

BRAZILIANS IN THE UNITED STATES Number of Brazilian students enrolled in American universities

* Source: Open Doors: Report on International Educational Exchange, 2010.

8.7866

8.7678.767

7.578

7.126

7.009

7.244

7.799

8.388

8.972

8.846

8.860

8.052

6.982

6.168

5.497

2008/09

2009/10

2007/08

2006/07

2005/06

2004/05

2003/04

2002/03

2001/02

2000/01

1999/00

1998/99

1997/98

1996/97

1995/96

* Source: Open Doors: Report on International

Educational Exchange, 2010.

others

biological sciences

languages

physical education

accounting

social communication

nursing

engineering

pedagogy

law

business administration 17.1%

12.7%

8.2%5.6%4.6%

4.0%4.0%

3.2%

2.8%

2.6%

35.1%

FROM ABROAD TO HERENumber of students from other countries en-rolled in Brazilian universities

Brazilian Outlook

- 10 - - 11 -

New positioning of the brand Fundação Estudar, seeking to provide contents more relevant to the young talents in a comprehensive way and to expand the relationships with universities around the world

Structuring of activities in three work fronts: Selection Process, Careers and Networking

Changes in the selection process and concession of scholarships also for courses of Public Policies

Creation of the Endowment Fund and the new structure for Institutional Development (fund raising)

Creation of the Board of scholars as a tool to perpetuate Fundação Estudar

National coverage of the selection process, with the completion of local phases

Increase of the number of Board members

Grant of scholarships for Engineering and increase of number of partners

Grant of scholarships to law courses, creation of the Executive Committee and the participation of the $rst scholar as a member in the Council Board

Modernization of the strategic guidelines of the institution

Beginning of the activities of Fundação Estudar

1991

1999

2006

2007

2003

2005

2004

2002

2010

2011

2008-2009

Timeline

- 12 - - 13 -

Operating Model

IN CONSTANT EVOLUTION

Fundação Estudar has been continuously improving its operating model to increasingly offer opportunities for personal and professional development for

intelligent and determined young Brazilians who believe in their transformative capacity to change the country.

At the beginning of its activities, Fundação Estudar focused on the undergraduate and graduate courses in Business and Economics, but was gradually incorporating into its scholarship program courses in other areas such as Laws, Public Policies, Education and Engineering. In order to have an even closer relationship with the scholars and to provide them a continuous growth, it has also begun to act more strongly in the areas of professional development and networking events.

Aware of the developments of higher education in Brazil, Fundação Estudar has also adopted a new positioning in early 2011 to support and share knowledge with the whole community of young transformers, regardless whether they are scholars of the institution or not. To achieve this, it has focused its activities in the dissemination of relevant contents, in the support to projects that identify and reward talented students and in expanding partnerships with universities.

GOVERNANCE - In December 2010, to ensure a more structured monitoring of its activities, Fundação Estudar decided to reshape its governance structure and create the Executive Committee. Gathering members of the Board, scholars who were already members of the former Alumni Board and the executive team of the institution, the Executive Committee has a meeting every month to monitor the progress of various projects of Fundação Estudar and discuss new opportunities and proposals.

Another initiative recently adopted is the policy of volunteering. #rough it, the prominent scholars involved with Fundação Estudar lead strategic projects, especially those that need the mobilization of the entire community of scholars.

PERPETUATION - To guarantee the permanence of its actions, Fundação Estudar counts on the valuable contribution of various companies and people that believe in the transformation of Brazil by encouraging the formation of their future leaders.

#e path to achieve the self-sustainability of the institution also involves engaging the community of scholars. Besides participating in various activities and share their experiences with the new ones, 58% of the degree scholars have already returned to Fundação Estudar the full value of the scholarship granted.

Many scholars have also helped in fund raising for the Endowment Fund. Launched in 2008, this Fund follows the model of the Endowment Funds of the great American universities and aims to allow Fundação Estudar to continue growing and impacting an increasing number of people.

SOURCES OF FUNDING IN 2011

DISTRIBUTION OF THE ANNUAL BUDGET BY SOURCE OF FUNDS (2006-2010) - IN%

scholars: 30.2%

scholars: 36%

scholars: 31.2%

scholars: 26.4%

scholars: 42.8%

companies: 48.5%

companies: 34.1%

companies: 27.7%

individuals: 0.8%

founders: 23.9%

founders: 33.2%

founders: 7.9%

2006

2007

2008

2009

2010

individuals: 2.5%

individuals: 12.7%

companies: 34.4%

companies: 37.45%

founders: 25%individuals: 9.4%

founders: 18.43%individuals: 17,07%

2008

2007

2009

2010

2006

- 14 - - 15 -

14.9 %

53.4 %

15 %

companies

individuals

scholars16.7 %

founders

FEAwards

Example ofcases

Partnership of Excellence

FE Community

Relationship with qualifiersWide and open content

“I thought it was a simple talk about possibilities of exchange, and not that it would gather people with the importance of those who were present. It was really a very rewarding experience”, he says.

#is was also the impression of Kawoana Trautman Vianna, 18 years old. Registered in the 5th year (curricular internship) of Fundação Escola Técnica Liberato Salzano Vieira da Cunha, Kawoana - who in 2011 was in the 4th place in the area of Medicine and Health Science of the International Science and Engineering Fair (Intel ISEF) - told that the testimonies of the Brazilian students who have experienced studying at Harvard was what most caught her attention. “#ey were people who had the same experience I’m going through, that grew within the same culture, sharing the same language and the same reality. See that their entrance at Harvard was possible made me believe I can achieve the same, “she says.

SUPPORT TO AWARDS - It is as part of this strategy of recognizing and inspiring new young talents as Kawoana and Pedro that Fundação Estudar is also launching an award in 2011. #e goal is to recognize newly college undergraduates of any courses and universities that have interest and potential to change Brazil for better, either working in the government, or creating innovations or working for education.

Partnerships are also being $rmed to reward high school students with better performance in competitions of Exact and Sciences through the insertion in the community Estudar, professional mentoring and scholarships to study English. Among the contests that will be supported from 2011 on, there are the Brazilian Math Olympiad of Public Schools (OBMEP), which has 19 million participants, and the Brazilian Math Olympiad (OBM), with 100 000 students, besides others in areas of Chemistry, Physics, Astronomy and Sience and Technology fairs.

According to Professor Suely Druck, from the Institute of Mathematics, of Fluminense Federal University (UFF) and academic director of OBMEP, the Brazilian people has a lot of talent and intelligence, but it is necessary the support from private enterprises and non-governmental organizations to develop these skills. “With this initiative, Fundação Estudar puts itself in a position of collaboration extremely important to solve a problem that the country is facing, which is revealing talents in various areas,” she says.

MORE CONTENT - #e Marketing Area of Fundação Estudar gather four areas: Events, Digital, Institutional and Public Relations. Within the Events area the idea is to promote regular meetings with experts in their $elds, who can share their experiences with the younger ones. #e Digital area has as mission the dissemination of the relevant content - such as studies, blogs and videos - to the community of potential leaders in the future. “#e goal is that this material can impact an increasing number of people, regardless whether they are scholars of Fundação Estudar or not,” said Rodrigo Carraresi, Marketing coordinator.

SCHOLARSHIPS AND PROGRAMS - It is within the new area of Products that are gathered all the initiatives that Fundação Estudar develops to support and in<uence young people who have leadership pro$le identi$ed. “#is young man can be either a potential scholar or any other who, for various reasons, will not participate in the selection process of the institution,” explains Tiago Mitraud responsible for the Products area.

To do so, Fundação Estudar aims to replicate its already traditional mentoring programs to other institutions through partnerships with networks that can bene$t other people. #e Career Orientation Program (POC) will also be spread to the entire extended community. #e same should happen with networking events.

With the positioning adopted in 2011, Fundação Estudar began to focus its activities aiming at dissemination of contents and initiatives relevant to the development of young Brazilians. For this, in addition to expanding its partnerships, the institution has also decided to invest in the growth of its reputation by making its operations more known around the country.

As part of the Educational Partnerships are the actions related to partnerships with schools and universities in Brazil and abroad to promote the work of Fundação Estudar and attract new talents. “#is mission, which has always existed, has been expanded with the goal of developing a deeper relationship with the educational institutions, forming long term partnerships,” explain Renata Moraes, coordinator of the project within the institution. One of the initiatives is the Great Universities Cycle, a program aiming to introduce to students, young professionals, executives and academic Brazilians the opportunities for personal and professional development o%ered by the most prestigious institutions of higher education in Brazil and abroad. Besides bringing to the discussion the role of the higher education, the lectures transmit to the participants the spirit of the universities and provide discussion and exchange of knowledge among current students and distinguished alumni.

Held in March 2011, the $rst event of this cycle had as a theme one of the world’s most prestigious universities: Harvard. Among the audience, composed of scholars of Fundação Estudar, executives and entrepreneurs from various $elds, was present Pedro Ferrazoli Ciambra, only 17 years old. Attending the 4th year of the Technical Education Integrated with High School in Mechanics, at IFSP - Federal Institute of Education, Science and Technology of São Paulo (formerly CEFET), Pedro was invited to attend the event by winning two silver medals at the Brazilian Math Olympiad of Public Schools, and a gold medal at the Olympiad of robotics at school.

POSITIONING More contents and partnerships, with excellence

GROWTH STRATEGY

- 16 - - 17 -

#at is what happened recently in April 2011, in the premiere of the series Brazilian Transformers, whose aim is to invite people that are references in their $elds and fully committed to the transformation of the country to share their experiences and views with young people seeking to follow the same path. In the $rst event of this series, the guest was Vicente Falconi, a consultant to large companies and technical advisor of INDG (Management Development Institute - MDI). “Management is the method. And method is not common sense, is humility. It means you set a goal and recognize that you do not know how to get there. #is is a good goal, because to achieve it you need to seek knowledge”, said the consultant in his opening speech.

Every year, after the selection of the new scholars, Fundação Estudar also conducts a meeting for the entire community of scholars, partners and sponsors. In each edition new speakers are invited and they announce two awards: Scholar of the Year, an award that honors a member of the community for his/her successful career, social impact and commitment to Fundação Estudar, and the Volunteer of the Year, to the scholar who most collaborated with the institution’s activities during that period.

Guilherme Leal, managing partner of Natura, founder of Arapyaú and sponsor of Fundação Estudar, was the guest of honor at the 2010 Annual Meeting. In that occasion, Colin Butter$eld, MBA scholar in 2002 at Tuck School of Business, and Carlos Henrique Lobão Pegurier, scholar at MIT in 1996, won #e Scholar of the Year and the Volunteer of #e Year, respectively.

To form leaders increasingly complete, Fundação Estudar organizes throughout the year various workshops, courses and lectures in order to make them re<ect about their personal and professional choices and outline their goals in a planned way.

#e Careers Programs, for example, are concerned to meet the scholars´needs at their di%erent professional moments. For those who are still at university, for example, the Career Orientation Program (POC) o%ers information about the job market in an individualized way. #e Mentor Training Workshop, on the other hand, o%ers to the undergraduate scholars the opportunity to evaluate their trajectory and the organizational processes they are included in order to become better coaches and mentors.

One of the activities of greater impact for the scholars is certainly the Mentor Program. In this program, pairs are formed in a way that the most experienced guide, through monthly meetings, the new ones about the career. Last year, about 25% of the scholars of Fundação Estudar expressed interest in the program. Now, with the new positioning of the institution, the idea is that more people can bene$t from the initiative.

KNOWLEDGE EXCHANGE - #roughout the year, Fundação Estudar promotes the interaction among the community of scholars, professionals and partners from various organizations. In informal meetings, outstanding professionals in their areas of expertise are invited to share their experiences. #ese meetings are also a great opportunity for the participants to increase their knowledge and networking.

Between July 2010 and July 2011 were conducted several meetings of this kind, covering varied subjects as business opportunities in the mobile marketing, re<ections on biodiversity and the climate in business and the transition from government to private enterprise.

Scholar of Economics at Ibmec-MG in 2006, Daniel Rodrigues Ribeiro is one of the assiduous participants in the events sponsored by Fundação Estudar. “In these meetings, I always make good contacts and friendships with people who, like me, want to make a di%erence in the world or in what they propose to run,” says the 24 year-old young man who now works in AmBev. “I try to go to all, especially those related to topics such as entrepreneurship and business management, which are the areas that interest me most,” he says.

Events

INSPIRINGENCOUNTERS

Fundação Estudar believes that to excel in the job market, in the public life or in their own business, people need to have not only an excellent academic education but also access to knowledge

and experiences that enhance their performance and work for their success.

- 18 - - 19 -

Events

Brazilian Transformes with Vicente Falconi

"e scholars Carlos Henrique Pegurier and Henrique Freitas

Vicente Falconi, founder of INDG

Harvard in Brazil: : Drew Faust (Harvard), Susan Lyons (Harvard),

Claudio Haddad (Insper) and Jorge Dominguez (Harvard)

Audience during the event Great Universities: Fundação Estudar presents Harvard in Brazil

Harvard´s President Drew Faust

Guilherme Leal, from Instituto Arapyaú, talks during the 2010 Annual Meeting

"e scholar Renato Mazzola in speech during the 2010 Annual Meeting

Scholars during event of the series Leadership in Practice

Interaction and exchange of experiences at the 2010 Annual Meeting

"e scholar Lycia Hossaka

- 20 - - 21 -

Breakfast with Paulo Basílio, president of ALL Logística

Selective and based on meritocracy, the selection process of Fundação Estudar for granting scholarships for undergraduate and graduate students is held every year, always in the first semester. The scholarships range between 5% and 95% of the amount claimed by the candidate. In the case of scholars enrolled in public universities, the scholarship helps defray expenses with textbooks, language courses and housing.

new generation

In 2011, the Selection Process set as its �agship the scholarships for undergraduate courses. “We decided to expand our activities in this area, seeking to identify pro�les of students with excellence that can make better use of the opportunities for personal and professional growth that Fundação Estudar o�ers,” said �ais Junqueira Franco Xavier, executive director of Fundação Estudar. “�erefore, when we closely monitor

Scholars, 2011

On this page, from left to right, Emanuel de Abreu Pessoa, Cássio Kendi Takamori and Guilherme Malik Parente. On the previous page, Maria Luísa Cantadori, Marco Aurélio de Barcelos Silva and Dorival Bordignon Júnior

- 22 - - 23 -

the evolution of these young people since the beginning of their universitary education, our contribution becomes more e�ective,” she explains.

�e applications for the 2011 Selection Process opened on January 12, ending on March 28. During this period were conducted 28 lectures and information sessions in schools and universities around the country,

as well as promotional actions in undergraduate degrees in several Brazilian states. As a result, we received 5,891 applications for undergraduate, graduate and exchange scholarships.

After undergoing tests, group dynamics and interviews, 31 new scholars were approved, being 23 undergraduate students (15 in Brazil, 5 abroad and 3 academic

Scholars, 2011

From left to right, Renan de Paula Pereira Henrique, Gabriel de Souza Gariglio and Rafael De Simone Matioli

From left to right, Pedro Montebello Milani, Ronaldo Rozenbaum Paiva, Gabriela Schneider Gugelmin, Tales de Mileto Sousa and Pablo Marcello Baquero

- 24 - - 25 -

exchanges) and 8 graduate students. Economics, Civil Engineering and Computer Engineering courses are among the most pleaded by the undergraduate scholars, who are between 16 and 23 years old. Most of them are male (78%) and come from the Southeast (83%). �e same pro�le is observed among scholars of graduation, with 88% men and 62.5% of them

from some state in the Southeast. �e age varies from 25 to 30 years old, and 62% of the scholars approved in 2011 pleaded graduate courses in Law (LL.M.) and 38%, Business Administration. Independent of the course pleaded, all the approved scholars have in common the fact of gathering characteristics such as academic and professional excellence, high intellectual

From left to right, Edgar Lessa Venâncio, Felipe Navarro Balbino Alves, Marina Palma Copola, Alexandre Souza Ferraz and Rafael Rebouças Peixoto

From left to right, Felipe Diogo Camêlo, Tatiana Miranda Gaspar de Souza, Bernardo Dantas Bandeira, Tiago Tavares Flórido and Renan R. Diniz

- 26 - - 27 -

Scholars, 2011

potential and high ethical standards. In all stages of the Selection Process they have also demonstrated skills as leadership, entrepreneurship, proactivity, creativity and taste for challenges, besides commitment to Brazil and ability to dream big.

GEOGRAPHICAL DISTRIBUTION OF THE CANDIDATES(Selection Process numbers in 2011)

GEOGRAPHICAL DISTRIBUTION OF THE CANDIDATES(Selection Process numbers in 2011)

From left to right, Thiago José de Melo Cardoso, Fábio Faria de Oliveira Filho, Deborah Barbosa Alves, Rafael Rabelo de Carvalho and Ricardo Cavalcanti de C. Sansolo

- 28 - - 29 -

Scholars, 2011

60 entries

Brazil

2.370entries

153entries

361entries

Undergraduate

north

southeast

south

centerwest

northeast

411entries

12entries

Abroad

59 entries

Brazil

1.655entries

150entries

247entries

Graduate

north

southeast

south

centerwest

northeast

20entries

Abroad

393entries

Undergraduate abroad and academic exchange

Bernardo Dantas Bandeira, 20 years oldMechanical Engineering - UFRJ / École Centrale de Nantes

Deborah Barbosa Alves, 18 years oldComputer Science - Harvard University

Gabriela Schneider Gugelmin, 17 years oldEconomics - Columbia University

Lucas Daniel Gonzaga de Freitas, 18 years oldComputer Science – Harvard University

Maria Luísa Cantadori, 21 years oldBiomedical Engineering - Poli-USP/Politecnico di Torino

Pedro Montebello Milani, 17 years oldMechanical Engineering – Stanford University

Tatiana Miranda Gaspar de Souza, 18 years oldInternational Affairs – Brown University

Tiago Tavares Flórido, 20 years oldEconomics – PUC – Rio /University of California – Berkeley

Graduate

Dorival Bordignon Júnior, 30 years oldMBA – Chicago

Emanuel de Abreu Pessoa, 27 years oldLL.M. – Harvard

Fábio Faria de Oliveira Filho, 30 years oldMMM-MBA + Master of Engineering(dual degree) – Kellogg

Guilherme Malik Parente, 26 years oldLL.M. – Stanford

Marco Aurélio de Barcelos Silva, 30 years oldLL.M.– UCL

Marina Palma Copola, 26 years oldLL.M. – Columbia

Pablo Marcello Baquero, 25 years oldLL.M. – Harvard

Thiago José de Melo Cardoso, 28 years oldMBA – Wharton

Under Graduate in Brazil

Alexandre Souza Ferraz, 23 years oldElectrical Engineering – Unicamp

Cássio Kendi Takamori, 21 years oldComputer Engineering – ITA

Edgar Lessa Venâncio, 22 years oldWater Engineering – Unifei-MG

Felipe Diogo Camêlo, 18 years oldEconomics – FGV RJ

Felipe Navarro Balbino Alves, 19 years oldElectrical Engineering – ITA

Gabriel de Souza Gariglio, 22 years oldCivil Engineering – IME

Rafael De Simone Matioli, 21 years oldBusiness Administration – EAESP/FGV

Rafael Rabelo de Carvalho, 19 years oldElectrical Engineering – ITA

Rafael Rebouças Peixoto, 21 years oldComputer Engineering – ITA

Renan de Paula Pereira Henrique, 21 years oldCivil Engineering – IME

Renan R. Diniz, 23 years oldAeronautical Civil Engineering – ITA

Ricardo Cavalcanti de C. Sansolo, 21 years oldMechanical Engineering Aeronautics – ITA

Ronaldo Rozenbaum Paiva, 21 years oldChemical Engineering – UFRJ

Tales de Mileto Sousa e Sampaio, 16 years oldBusiness Administration – UFC

Vivian Fowler, 18 years oldBusiness Administration – FEA/USP

Courses Choice Criteria of institutions

Undergraduate in Brazil

Graduate abroad

Undergraduate abroad

Business Administration, Laws, Economics, Engineering and International Relations

Master in Laws (LL.M.)

Master in Business Administration (MBA)

Master in Arts (MA) - Focused on Business, Master in Public Administration (MPA), Master in Public Policy (MPP), Master in Science (M. Sc), MIA (Master of International A�airs), Master in Engineering (MEng) and Master in Education (EdM)

Administration, Computer Science, Political Science, Economics, Engineering, Mathematics and International Relations

Students Performance National Exam (Exame Nacional de Desempenho de Estudantes) (Enade) and evaluation of undergraduate courses conducted by Guia do Estudante

Rankings of the best colleges and foreign universities conducted by U.S. NEWS and institutions considered by the LLM Guide

Rankings of the best colleges and foreign universities conducted by US NEWSand the Global MBA ranking conducted by the Financial Times

Rankings of the best colleges and foreign universities conducted by US NEWS

Rankings das melhores faculdades e universidades estrangeiras realizados pela US

NEWS

SCHOLARSHIPS OF FUNDAÇÃO ESTUDARStudy programs, by category of scholarship

EVOLUTION OF THE SELECTION PROCESS(Number of entries per year)

20042004 20112011201020102009200920082008200720072006200620052005

280 5.8915.0644.2346.1601.517838444

LIST OF THE APPROVED STUDENTS

- 30 - - 31 -

Scholars, 2011

3.367

23 candidates approved

5511.760

368

88

162

27

entries

called for document analysis

called for individual interview

called for an interview

with an ex-scholar

called for group dynamics

called for an interview with

an ex-scholar

tests sent

2.524

08 candidates approved

238805

158

37

60

13

entries

called for document analysis

called for individual interview

called for an interview

with an ex-scholar

called for group dynamics

called for an interview with

an ex-scholar

tests sent

INSIDE EACH STAGE (Selection Process numbers in 2011)

* Source: Cia de Talentos

Scholarship for undergraduate Scholarship for graduate

* Source: Cia de Talentos

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Scholars, 2011

SCHOLARSHIPSDivision by category, from 1991 to 2011 *

Type of Scholarship Until 2010 2011

* Cancelled and short term scholarships are not included

Undergraduate in Brazil 146 15

159 3

26 5

6

116

0

3

35 5Undergraduate abroad

LL.M.

Ph D

MBA in Brazil

Strong, inspiring and e�ective leaders are the common denominator of companies, institutions and government agencies that, in their di�erent areas, promote innovations that favor social and economic development of a whole nation.

Fortunately, the majority of scholars of Fundação Estudar have already given its share of contribution to the Brazilian society, creating even new jobs. At every 10 scholars, at least one decides to undertake their own business and another becomes member of a company.

Many also hold hierarchical senior positions in companies featured on the national scenario, whether in �nance, or in industry or in the service sector. In addition, more than 9% of the undergraduates now work in education, government and third sector institutions, helping to develop programs and create public policies that, in fact, can make a di�erence in the country.

Inside their baggage, they all have in common a good academic background. Since 1991, Fundação Estudar has awarded 519 scholarships for undergraduate and graduate courses at the best universities in Brazil and in the world in countries like the United States, England and France. Of this total, 164 were for MBA students at institutions abroad and 171 for undergraduate scholarships, being the remaining scholarships distributed among academic exchanges, masters and other graduate categories in several areas.

IMPACTLeadership by example

SEVERAL AREASDistribution of scholars already undergraduated by segment of operation

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Others (exchange and other

categories of graduate course)

30%

30% 22%

9%

5%

2%2%

services

industry

commerce

education

governmentthird sector

financial institutions/ investments

�e advices given by Fundação Estudar decisively re�ected in his career. “I remember Jorge Paulo Lemann saying: ‘Go abroad, study, grow your network of contacts, have fun and then return to Brazil, the opportunities are here’.” Upon �nishing his MA in 2002, Ronaldo returned to Brazil to be a co-founder of the School of Law, FGV-Rio. While working with education, he has received numerous career opportunities and from there the projects have multiplied.

In 2002 he created the Center for Technology and Society (CTS) of the School of Law, FGV-Rio, in order to consider the question of innovation and development of the country toward technology. �rough the researches conducted in the CTS arose the law project “Marco Civil” of Internet, the result of a partnership with the Ministry of Justice, which encourages entrepreneurship and protects innovation in the net. He also launched in Brazil the Creative Commons, a project which aims to expand the amount of creative works available to the public, allowing the creation of other works on them through licensing law. Another project done by Ronaldo was “Overmundo”, a collaborative portal focused on the Brazilian culture, which is the only Brazilian site that received the world top prize of digital culture, the Prix Ars Electronica.

BET ON BRAZIL - Today, at 35, Ronaldo Lemos is at Princeton University, working at the Center for Information Technology Policy, spending a year as a visiting fellow. But in 2012 he must return to Brazil. “If there is something that can serve as an example in my career is that I have bet in Brazil, where there are many opportunities for those willing to work with the challenges related to the development of the country,” he says.

“Brazil offers many opportunities for those willing to work with the challenges related to the development of the country.”

Ronaldo’s plan is to return to CTS, where several partnerships have already been made, including one with the Inter-American Development Bank on a project about music and technology and another with IDRC (International Development Research Centre), which will start a pilot involving games and education as ways of rethinking the school.

Ronaldo also has interest in the musical area, which ended up in an invitation for him to be curator of the Tim Festival, for many years considered the largest music festival in the country. Today, besides writing every week for the newspaper Folha de S. Paulo and monthly for the magazine Trip, Ronaldo has a program at MTV called Mod MTV, which talks about technology, life and its impact on the economy and society.

What does allow him to do all this? In his opinion is curiosity. “In a world with so much information, it was important for me to be curious and have an emotional relationship with the things I do,” he concludes.

CONNECTED WITH THE COUNTRYWho would leave behind the possibility of a career as a lawyer on Wall Street to hold an educational project in Rio de Janeiro, in a particularly di�cult time for the city, which faced serious problems of public safety? Ronaldo Lemos, from Araguari - Minas Gerais, made this daring choice and now he enjoys excellent results.

Undergraduated in Law at the University of São Paulo (USP), Ronaldo began his career in two parallel lines: as a lawyer, working in the telecommunications sector, and as an academic, teaching Sociology of Law at the University of São Paulo (USP). �is “short circuit” between Telecommunications and Sociology led him to work with the Internet, his main motivation to decide for a master’s degree in Law at Harvard, which has one of the leading research centers on the subject. As a scholar of Fundação Estudar, Ronaldo had the opportunity to meet several people with the same spirit of taking on challenges and contribute to the development of the country.

ph

oto

: Da

ni D

aco

rso

RONALDO LEMOS, 35 YEARS OLDScholar in 2001, LL.M., Harvard University, Harvard Law School (USA)

Current Occupation: Visiting fellow at the Center for Information Technology Policy, Princeton University

Profile

- 37 -- 36 -

WILIAN CORTOPASSI, 21 YEARS OLDScholar in 2010, Chemical Engineering, PUC-Rio (Brazil)

Current occupation: Partner of Fornix Drug and innovation analyst at DMBranco

Parallel to the project of Fornix, Wilian has developed several researches at PUC-Rio and IME, and only in the �rst half of 2011, he had three articles accepted for publication in scienti�c journals of international prominence. At 21 years old, his goal is to actively participate in projects related to health worldwide, always integrating Engineering with Medicine and, thus, contribute to improving the quality of life of people worldwide. “We are going through a time when technology begins to take care of our health. I want to be ahead of this process, leading this scienti�c revolution.’’

IN SEARCH OF BETTER TREATMENTS

After embracing the project, Wilian met the Fiocruz Laboratory of Malaria and was delighted with the infrastructure of the line of research. “I realized how powerful the medicine was and wanted to understand the process of developing new medicines as deeply as possible.” He decided then, to join the Military Engineering Institute (IME) in Rio de Janeiro, which carried out research in this area. To do so, he left the third year of high school in Minas Gerais and went to Colégio Roquette, in Rio

By failing to pass the IME entrance exam, he decided to change the course. But shortly after, his father passed away, but before he asked his mother to stimulate Wilian not to give up his dreams. “It was quite di#cult, because until that moment I really wanted to do something for my father, but there was no way anymore,” he recalls. However, the strength and support of his mother and sisters have made Wilian come out of the mourning and try again to enter IME. Approved, Wilian started learning how Engineering, together with Chemistry and Biology, could make possible his desire of developing new drugs.

As a child, Wilian dreamed of being a doctor. Dedicated student, he could have followed the profession, but at 15 years old, another area caught his attention. When entering the Military School of Belo Horizonte, his birthplace, Wilian had a chance to do a junior research mentorship at the Federal University of Minas Gerais and develop the project “Foundations for developing new antimalarial drugs.” “"is research relating chemistry to medicine fascinated me a lot, because, at that time, my father had lung cancer and I wanted to understand what I could do to help in the treatment of this disease”, he recalls.

Still during the �rst semester, Wilian attended two conferences presenting his �rst works related to the research. It was in the second year, in a lecture at IME, that he met Fundação Estudar and decided to participate in the selection process. At that time, Wilian was military, but he was looking for something beyond the quarters that allowed him to become a reference in the �eld of chemistry applied to health. “I needed to meet people who had a gleam in their eyes to their respective areas and that could help me on my search for new treatments,” he says.

�at was what he did when he was approved by Fundação Estudar. �e military activities, however, increasingly made him busy, preventing him from participating in scienti�c conferences and conduct researches. In an attempt to open the doors of his future, Wilian decided to do the test Challenges of Chemistry in 2010 from PUC-Rio. �e bronze medal granted him a full scholarship to study a BA in Chemistry together with Chemical Engineering. He asked, then, his transfer.

HEALTH IS WHAT MATTERS - Already at PUC-Rio, he began developing a project with Daniel Branco, a former scholar of Fundação Estudar and founder of DMBranco, a company dedicated to health business. Together they devised the Fornix Drug Design, the �rst Brazilian company to provide computing solutions for the complete development of new treatments. “�e idea is to market remedies increasingly a�ordable and e�ective, with less toxic issues, for all diseases, from cancer to other neglected diseases, like malaria, dengue and Chagas”, he explains.

“I intend to market remedies increasingly more affordable and effective, with less toxic issues, for all diseases.”

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Profile

we had to think a new way to organize ourselves,” says Claudia Elisa that, during this period, also participated actively in the succession process of the president of the company.

But the challenges did not stop there. In March 2010, a new president assumed the command of the Group and requested the review of the management model and its organizational structures. After the conclusion of this work in June, Claudia Elisa was invited to assume the Market Strategy vice presidency, the area responsible for thinking the future and growth of the company as a group. “My role is to in�uence and support my peers, either the corporative or the business ones, to constantly look at the future and build projects and initiatives that ensure the achievement of the Group’s vision.”

ACCUMULATED EXPERIENCE - In functional terms, the current project is like a return to origins, as Claudia Elisa has a degree in Business Administration from PUC-Rio. “�e Market Strategy is much grounded in numbers and analysis, which was where I sailed in throughout my career,” she says. During college, she interned in marketing at Souza Cruz and Banco Bozano, Simonsen. After completing higher education, Claudia Elisa interned in England and Germany and as soon as she returned to Brazil she participated in 1991, in a selection process in AmBev (at that time Brahma), becoming a trainee.

In 1997, after covering di�erent functional areas at Brahma (Finance, Logistics, Sales and Distribution), Claudia Elisa decided it was time to do an MBA abroad. She applied for a scholarship at Fundação Estudar and studied at INSEAD in France. Back to Brazil, she received several job o�ers, but she was looking for a di�erent experience. She signalized, then, to the sta� of Brahma that she would like to work in the manufacturing area and eventually became manager of Fratelli Vita, a water and isotonic plant located in Bahia. A little later, already married and with her �rst child, she took a management position in Venezuela. Two years later, in 2001, returned to Brazil to assume the �nancial and logistics management of the Direct Distribution Center, in Rio de Janeiro.

“My role is to influence and support my peers to constantly look at the future and build projects and initiatives that ensure the achievement of the Group’s vision.”

After this work, Claudia Elisa returned to São Paulo as corporate manager of the Controller department of the Finance Board and, in September 2005, assumed the management of Career and Development in the People & Management area at AmBev. When she realized the amount of new technical concepts to learn, she then made her second MBA, this time in Human Resources at FIA-USP. In February 2007, she became People & Management Sales Director. In a group of 54 professionals who then occupied directing positions in the North Latin America zone, she was the only woman. She remained in AmBev until April 2008, when she accepted the proposal of Leitbom.

Now as the head of the Market Strategy of Grupo Pão de Açúcar, Claudia Elisa continues to have a very busy schedule, including at least one international business trip per month. Her free time is to enjoy with her husband, married for 14 years, and the three children, 12, 9 and 7 years. She also practices running and weight training and enjoys singing, dancing and playing piano. And in everything she does, she leaves her trademark: “�e enthusiasm and perseverance to transform the environment around me, according to the functions I get as challenges.”

ALWAYS LOOKING OUT FOR THE FUTUREWhen she joined Grupo Pão de Açúcar in August 2008, the carioca Claudia Elisa knew she would have many new challenges ahead. �is, by the way, was the major motivation that made her leave Goiás, where she was responsible for the �nancial and personnel management of the dairy company Leitbom, and return to São Paulo to assume the Human Resources vice presidency of Grupo Pão de Açúcar, at that time with 65 thousand employees.

�is scenario, however, has changed throughout 2009, starting with the 100% acquisition of the wholesaler Assai Atacadista, completed in the !rst semester. In July it was announced the purchase of Ponto Frio, and in December 2009 it was established the association with Casas Bahia, which caused the sta" number reach 155,000 people. “We stopped being a food retailer and became a multi-businesses group. For this reason

CLAUDIA ELISA DE

PINHO SOARES, 43 YEARS OLDScholar in 1997, MBA, INSEAD (France)

Occupation: Market Strategy Vice President of the Grupo Pão de Açúcar

- 40 - - 41 -

Profile

exchanges, which was an enviable !gure, considering the previous average of 30 exchanges per year that they had achieved in the whole São Paulo.”

It was also during the undergraduate period that Marcelo had the greatest experience of leadership and coordination of projects until now. As president of the Cultural Department of ITA, he was the leader of a team of about 20 people responsible for promoting various cultural events in the city of São José dos Campos, some of them large ones. “Among the names we managed to take to ITA through the Cultural Department are Geraldo Azevedo, Arnaldo Antunes and Yamandú Costa, besides several !lm directors and renowned writers.”

�e professional experiences were various as well. In 2006, Marcelo worked with supply chain in the pharmaceutical company Altana Pharma (now Nycomed). Shortly after he moved to Switzerland, where he worked for eight months in the logistics giant UPS, and back to Brazil he stayed a semester at Credit Suisse. But it was in 2009, while working with research on “Brain and Cognitive Sciences” at MIT, that Marcelo decided to give a new direction to his life. “I was pleasantly surprised to discover an area of science that was just starting out with great

“My goal is to undertake in the neuroscience area and contribute to its advancement in Brazil.”

discoveries constantly happening and a large quantity of unanswered questions,” he says.

EDUCATION - Determined to try the academic career, Marcelo began a master’s degree in Neuroscience at ITA. “I thought the academic career would give me something else, an advanced knowledge in a new subject, which has everything to burst in the future.” �e master, however, was eventually stopped when Marcelo won a scholarship of Fundação Estudar to do his doctorate at the University of Pennsylvania.

During the master period, the subjects of his researches were neuroprosthesis and neuronal connectivity. Now in his doctoral course his focuses have been brain $uctuations, memory and computational neuroscience. “I was never satis!ed in studying the brain as a single organ of the human body, as Medicine or Biology do. I wanted to understand the brain as a data processing device, which works similarly to a computer. Hence the relationship between neuroscience and Engineering”, he explains.

After completing his PhD in the United States, Marcelo plans to return to Brazil and invest in research in neuroscience, either opening research institutes in the area, or opening courses at universities, aiming to train capable professionals. “My goal is to undertake in the neuroscience area and contribute to its advancement in Brazil.”

SEEKING MORE KNOWLEDGEWeighing just over a pound, the brain directs the functions that ensure the reproduction and survival of the human species. Not coincidentally, this fascinating machine has been studied by scientists around the world for centuries, but there is still much to be unveiled. It was precisely this possibility, combined with great future prospects for the neuroscience in Brazil, which led Marcelo to do a doctorate in the United States.

But this attraction to the possibility of exploring the unknown that Marcelo feels did not start today. With only 7 years old, the young scientists built a small home lab for dismantling electronic equipment and then reassemble them. “I also bought several magazines of projects and loved to construct small electronic transmitters, radios and even little robots,” said Marcelo, who has never had di*culties in learning all subjects at school.

At 17, the young man moved from Divinópolis-MG to São José dos Campos, Sao Paulo to study Electronic Engineering at the Aeronautical Institute of Technology (ITA). During the course, he extensively traveled abroad and worked for two years in AIESEC, a student organization that seeks to promote intercultural understanding through the promotion of professional exchanges. �is experience led Marcelo to his !rst experience as an entrepreneur by opening, with a group of friends, a subsidiary of the exchange company World Study in São José dos Campos. “For two years we sold almost 100

MARCELO GOMES MATTAR, 25 YEARS OLD

Scholar in 2010, PhD in Psychology, University of Pennsylvania (USA)

Current Occupation: researcher focusing on brain oscillations, memory and computational neuroscience

- 42 - - 43-

Profile

- 44 -

SPONSORS (JULY/2010 TO JUNE/2011)

MAINTAINERS(Over R$ 500.001,00)

Fundação BravaFundação LemannMarcel Herrmann Telles

EGREGIA CUM LAUDE SPONSORS(Donations between R$200.001,00 - R$500.000,00)

Guilherme Peirão Leal - Instituto ArapyaúInstituto Semeia Itaú-Unibanco Luiz Seabra - Instituto Vivavida

SUMMA CUM LAUDE SPONSORS(Donations between R$100.001,00 - R$200.000,00)

AmbevCyrela Brazil Realty Florian Bartunek Itaú BBAGP Investimentos Moise Yacoub Safra

MAGNA CUM LAUDE SPONSORS(Donations between R$50.001,00 - R$100.000,00)

Cargill / Cargill FoundationFundação Filantrópica ArymaxInstituto Votorantim

CUM LAUDE SPONSORS(Donations between R$25.001,00 - R$50.000,00)

Morgan StanleySantander BrasilBernardo Vieira HeesMarcelo Faria Parodi

SPONSORS(Donations between R$10.001,00 - R$25.000,00)

ALL - América Latina LogisticaCarlos BritoFrancisco Antunes Maciel MüssnichIsabel Lustosa Veirano e Ricardo Camargo Veirano Lars Reibel Luis StuhlbergerTecnisaVerônica Allende Serra

CONTRIBUTORS(Donations between R$2.500,00 - R$10.000,00)

Alexandre Ferraz de Marinis Ana Paula MartinezAndré ReginatoCarlos Henrique MiyakiElsen Christian Carvalho CarmoHans LinRicardo Alário ArantesRodrigo Ferraz Pimenta da CunhaRosiane Pécora

SUPPORTING SERVICESAssociação Escola Graduada de São Paulo – Graded SchoolAmericanas.comA.T. Kearney

CriacittáDMagrellaDMRH Everton BallardinFlávia FaugèresFSB ComunicaçõesHarvard Business School Executive EducationICTS GlobalVicente Falconi Campos – Instituto de Desenvolvimento Gerencial (INDG) InsperIsabela Abram Coaching PracticeMBA EmpresarialMoiPObra VídeosPrimeira EscolhaSubway LinkTatiana Gaz VellaTrend-iVieira, Rezende, Barbosa e Guerreiro AdvogadosVirid

EDUCATIONAL PARTNERSHIPS – �roughout its 20 years of operation, Fundação Estudar has partnered with some of the best higher education institutions in Brazil and abroad, like MIT, Princeton, London Business School, INSEAD, ITA and UFRJ. �e good relationship with the universities not only opens doors for the dissemination of the activities of Fundação Estudar, as well as approaches the institution to the young talents, encouraging the identi!cation of potential scholars.

�e criterion for selection of Brazilian universities whose students are eligible for scholarships has been the good performance in the National Student Performance Exam (Enade) and in the evaluation of the Guia do Estudante (Student Guide), a specialized publication that is a national reference in the quality of higher education. For international schools is considered the assessment of major rankings of undergraduate and graduate level.

�e renowned Harvard University is one of the oldest partners of Fundação Estudar. “�e commitment to educational opportunities and the excellence to inspire innovation and entrepreneurship has been the ‘core’ of the e"orts of Fundação Estudar since the beginning of its operations 20 years ago,” said Drew Gilpin Faust, president of Harvard University, in her !rst visit to Brazil, when he honored the opening of the Great Universities Cycle.

Another major educational partner of Fundação Estudar is Yale University, where many of the young people apply to the selection process. “By investing in some of Brazil’s brightest minds in the future, Fundação Estudar is changing the country’s intellectual scenario and inspiring a new generation of leaders with a broad global perspective”, said Michael Cappello, director of the Yale World Fellows Program.

Strategic alliances like these have been, for 20 years, allowing Fundação Estudar to invest in the selection and training of young Brazilians with potential to become leaders one day. �e institution hopes to continue with the support and motivation from their current partners and other universities, companies or individuals that identify with our mission and could, in some way, contribute to the personal and professional development of the whole community of young talents.

In order to develop its work with increasing excellence and range, Fundação Estudar counts on a wide network of partners. About 53% of the annual budget of Fundação Estudar comes from contributions from corporations, universities, colleges, institutions and professionals committed to encouraging high quality education as a way to ensure the training of young people with potential to generate positive impact on the country. Currently, there are more than 30 corporate sponsors, which contribute with !nancial resources for the maintenance of the operation and for the di"erent projects of Fundação Estudar, on several levels.

�e group of operational partners consists of companies of various segments that donate products and services enabling the administrative activities and the programs of the institution. �is is the case of A.T. Kearney, which performs pro-bono projects for Fundação Estudar since 2008, helping the institution in its strategic and management needs. But the support to Fundação Estudar also brings bene!ts to A.T. Kearney. “Our consultants feel ful!lled being able to develop projects that help Fundação Estudar continue its mission and expand its operations,” said Silvana Machado, vice president of the consulting. “In addition, the contact with Fundação Estudar allows the interaction with talented young people who may be future consultants at A.T. Kearney.”

Fundação Estudar also counts on the important support of volunteers like Flávia Faugères, that in 2010 helped the institution to rede!ne its mission and vision. “To do so, we studied the education in Brazil, the DNA of Fundação Estudar and its scholars and the educational institutions of excellence inside and outside the country,” she says. “We also designed together the plan of partnerships and communication of Fundação, in order to speak to a larger number of potential Brazilian transformers.”

PARTNERSSupports needed

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�e commitment of the entire community of scholars is the path to able a greater number of transforming young people the access to the opportunities for personal and professional development o"ered by Fundação Estudar. Aware of this, many scholars have also already returned to the institution the full amount of the scholarship received.

Some scholars, besides paying o" their scholarship, also made donations to the institution, thus contributing to the sustainability of its activities. Currently, the donations of the Fundação Estudar’s community already account for about 30% of the budget.

Donations

PERPETUATE IS THE NEED

The model of self-sustainability adopted by Fundação Estudar involves the active participation of the group of scholars in the maintenance of its activities. Some scholars help with fund raising, others

participate in the selection process of new scholars, and many also give their contribution as mentors. In 2010, scholars remained active in the programs of career guidance and networking.

2006

2007

2008

2009

2010

670.000

436.309

455.454

635.874

467.067

FINANCIAL CONTRIBUTIONS OF SCHOLARSDonations received during the last five years, in Reais (R$)

- 46 - - 47 -

Eduardo Andre Bottino Roma 2002Eduardo Fontana Hoffmann 1996Eduardo Medeiros Rodrigues 2005Eleonora Pizarro Motta 1993Elsen Christian Carvalho Carmo 1996Everton Lopes Bonifácio 1999Fabiana Sandra Eggers 1996Fábio Marcel Fossen* 1998Fábio Santiago da Silva 1999Fábio Vidal Armaganijan 2001Felipe Bomfim Ferreira 2005Felipe Faissol Janot de Matos 2001Fernanda Haydée Pasquarelli 1998Fernando Octávio Mazza Baumeier 1993Fernando Quintana Merino 1993Filipe Bonetti Alves 1996Flávia Marques Barros 1995Flávio Campello Costa 1998Flávio Eduardo Sznajder 1996Floriano Paulino da Costa Neto 1994Francisco José Bastos Santos 1994Gabriel Felzenszwalb 2005Gilberto Ribeiro 1992Gisele Simões Everett 1994Gregor Masini Monteiro de Andrade 1995Guilherme Bokel Catta-Preta 1992Guilherme Cavalcanti Piereck 1998Guilherme Medeiros Bastos 1998Hadriano Domingues 1996Hans Lin 1996Heny Gabay 1994Hugo Botelho Barra 1998Isabel Lustosa Veirano 1995Ivo Luis de Sá Freitas Vieitas Jr. 1994Jacob Gabriel Nicocelli da Silva 1998Jaime Pfaltzgraf Ribeiro 1992Jaime Schlittler Silva Filho 1998Janaina Martins Soares 1999Janete das Neves Inverno Macedo 2000Jayme Chataque de Moraes 2004João Henrique Guerra 1999João Mauricio Giffoni de Castro Neves 1991Joaquim Pedro Andrés Ribeiro 1997Jorge Guimarães Laranjeira 1996Júlio André Kogut 2004Júlio Cesar Attílio 1997Leonardo Bourbon Cabral 2003Leonardo Goldfeld 1995Lissa Collins 1992Luis Felipe Berthi Abboud Dau 1999Luis Fernando Gustavo de Castro 1995Luis Heitor de Queirós Gonçalves 1994Luiz Claudio Valmont 2003Luiz Felipe Echenique Wielandt 1994Luiz Fernando Barreto Silva 1996Luiz Gustavo Lamego Alves 1993Luiz Raul Delgado de Andrade 1993

SCHOLARS WHO PAID OFF THEIR SCHOLARSHIPS SINCE 1991 By name and year of the granted scholarship

Adelmo Hideyoshi Inamura 2003Adriana Pozzani 1995Affonso Parga Nina 1996Alberto Winkler Blanco 1994Alexandre de Barros Cruz e Guião 1996Alexandre Ferraz de Marinis 1998Alexandre Houara Lordello 1995Alexandre Valério De Wilde 1996Ana Beatriz Santos Gama 1995Ana Fernandes Kertesz 2000Ana Gabriela Machado Pessoa 2006Ana Paula Cavalcanti de Oliveira Fontes 2004Ana Paula Martinez 2005Ana Silvia Antunes 1995Andre Caldas Oliveira 2000André Ferrari 2000André Luis Abram 1999André Luiz Miranda e Silva 1995André Reginato 1995André Sapoznik 1996Andrea Narholz Diaz 1994Antônio Henrique Prado 1995Antônio Vicente La Camera 1996Arkhan Helu 1994Augusto Alves Tannure 1995Bernardo Barroso Gattass 1998Bernardo Vieira Hees 1992Breno Toledo Pires de Oliveira 2001Bruno Pessôa Serapião 2001Carlos Fernando Vieira Gambôa 1997Carlos Henrique Lobão Pegurier 1996Carlos Henrique Miyaki 1997Carlos Watanabe 1999Cauê Costa Moreira Amaral 2002César Munehiro Arata 1996Claudia Elisa de Pinho Soares 1997Claudio Galeno de Araujo Filho 2000Cláudio José Carvalho de Andrade 1993Cláudio Maurício Freddo 1999Colin Butterfield 2002Cristiane Rembowski Fernandes 1994Cristina Artimonte Farjallat 2000Cristina Haruko Kawamoto 1995Dalbi Sebastião Arruda Jr. 1993Daniele Valadão Levy 1995Daniela Barone Soares 1995Daniela Fusco Alcaro 2004Danilo Gamboa 2002Dercio Santiago Silva Júnior 1993Diego Luis Milred 1995Edison Yu 1996

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SCHOLARS WHO PAID OFF THEIR SCHOLARSHIPS IN 2010 - 2011 Between July 2010 and June 2011

Breno Machado MBA - London Business School, 1997

Carolina Peloso Vieira de AndradeAdministração - FGV-SP,2001

Daniel Abbud Sarquis AiexEconomia, PUC - Rio,2005

Daniel Barcelos VargasLL.M. - Harvard University - Harvard Law School,2005

Éder José MartinsMBA - Dartmouth College - Tuck School of Business, 2002

Fábio Alexandre Jung MBA - University of Pennsylvania - The Wharton School, 2003

Fábio Cefaly de Campos Machado Intercâmbio - FGV - EAESP, 1998

Felipe Holzhacker Alves Engenharia de Minas e Energia - Colorado School of Mines,2001

Fernanda Ferreira BastosLL.M. - Columbia University - Columbia Law School,2006

Flávio Raposo de AlmeidaEngenharia de Produção - UFRJ - Intercâmbio para École Centrale de Nantes,2008

Francisco Loffredi RodolfoAdministração com concentração em Marketing - Boston University,1992

Luciana Veloso Rocha Portolese BarukiAdministração - FGV-SP,1999

Luis Fernando Yamaniski CassianoMBA em Tuck School of Business,2008

Luiz Ricardo Barbosa Galdi Delgado Economia - Insper,2005

Mariane Akemi HottaMBA - Harvard University - Harvard Business School 2007

Mateus Affonso BandeiraMBA - University of Pennsylvania - The Wharton School,2002

Matheus Meirelles Damasceno Ferreira Economia - IBMEC - RJ,2001

Pedro Rodrigues JaimeMBA - Northwestern University - Kellogg Graduate School of Business, 1999

Raquel Fleury CorrêaMBA - Duke University - Fuqua School of Business, 2000

Renato Antonio Secondo MazzolaMPP Tufts University,2003

Wesley Lucio Cavalcante MeloAdministração - FEA -USP,1999

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Ricardo Camargo Veirano 1994Ricardo de Oliveira Barreto 1991Ricardo Marques Garcias 1999Ricardo Mollica Jourdan 1998Ricardo Tadeu Almeida Cabral de Soares 1994Rodolfo Aranha Alves Barreto 1997Rodolfo de Souza Senra 2005Rodolfo Magno de Carvalho Coelho 1993Rodrigo Augusto Pereira Zago 1999Rodrigo de Almeida Pizzinatto 2006Rodrigo Leonardo Anunciato 1997Rodrigo Peixoto Galvão 1993Rodrigo Perazzi Musiello 2002Rodrigo Vilardo Vella 2003Rogério de Deus Oliveira 1994Rogério Frota Melzi 1999Rogério Rocha Mascarenhas 2000Rosineide Wanderley Tinoco 1997Rubens Mario Marques de Freitas 2004Sérgio Luis Guedes D’Ávila 2001Sergio Messias Pedreiro 1994Sérgio Vailati Filho 2006Silvia Molinar de Almeida 2002Simone Lahterman 2000Stephanie de Souza Mayorkis 1998Tamy Ymei Lin 1998Valéria Marinho Freundt 1993Veronica Allende Serra 1995William I Wei Tsui 1996

Lycia Akiko Hossaka 1998Manoela Olbrich de Souza Andrade 1996Marcela Dutra Drigo 2000Marcello Marreco Sardenberg de Mattos 2000Marcelo Amaral Moraes 1993Marcelo de Carvalho Navarro 1994Marcelo Faria Parodi 1996Marcelo Leite Moura e Silva 1996Marcelo Lyra Machado de Carvalho 2006Marcelo Luiz Mendes Soares da Silva 1996Marcelo Moreira Russo 1999Marcelo Santos Barbosa 1996Marcelo Santos Ribeiro 1996Márcia Andrea de Almeida Wolff 1992Márcia Ghitnick 1994Marco Simonovitch 1995Marcos André Gonçalves de Macedo 1993Marcos Fernandes Vianna 1992Maria Fernanda Lima da Rocha Barros 2006Maria Isabel Mussnich Pedroso 2004Mariana de Oliveira Casella Aversa 2007Marie Louise Conilh de Beyssac 1994Marília Artimonte Rocca 1994 and 1998Mario José das Neves 1991Mark Mercante Amorim 1995Marta Mendes Miguel 2001Martin Jochmann* 1993Matheus Meirelles Damasceno Ferreira 2003Monica Rossi Duarte Neves 1994Maurício França Junior 1997Murilo Mattos Chaim 1996Nelson Lopes Puccini 1995Nilo Martins de Andrade Filho 2002Olavo Hartveld Cunha 1996Patrícia Andrade Paviani 1996Patricia Regina Verderesi 1996Paula Volpatto Fagundes 2004Paulo André Piereck da Cunha 1996Paulo Haroldo Mannheimer 1998Paulo José Marques Soares 1997Paulo Thiago Passoni 2003Pedro de Freitas Almeida Bueno Vieira 1997Pedro Loffredi Rodolfo 1992Pedro Marcus Lira Palma 2001Pedro Paulo Alves de Brito 1997Pedro Salgueiro Teles Ribeiro 2004Peter Lerner Mintzberg 1996Piero Rodrigues D Avila 2002Renato Oliveira Furtado 1997Renato Proença Prudente de Toledo 2004Ricardo Alário Arantes 2001

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FOUNDERS Carlos Alberto da Veiga SicupiraJorge Paulo LemannMarcel Herrmann Telles

BOARD MEMBERS

Anna Victoria LemannAntonio Carlos Augusto Ribeiro Bonchristiano Cecília de Paula Machado SicupiraMarcelo Santos BarbosaPaulo Cezar Castello Branco Chaves de Aragão

EXECUTIVE COMMITTEE Jorge Paulo LemannMarcelo Santos Barbosa Rodrigo Leonardo Anunciato�ais Junqueira Franco Xavier

FE TEAM Ivan Sarmento de Oliveira Mariana Caraponale Renata Moraes Rodrigo Carraresi�ais Junqueira Franco XavierTiago MitraudVictor Paolillo Neto

FUNDAÇÃO ESTUDAR Av. Nove de Julho, 5.109 – Mezanino Jardim Paulista – São Paulo/SP01407-200 – Brasil

MANAGING EDITORS

Ivan Sarmento de OliveiraRodrigo Carraresi

ART DIRECTOR

Tatiana Gaz Vella

ILLUSTRATIONS

Alice Abramo

EDITORIAL ICI Comunicação

PHOTOGRAPHY

Everton Ballardin

PRINTED BY Grá!ca Águia

Masthead

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