<SEC-DOCUMENT>0001292814-23-002412.txt : 20230524
<SEC-HEADER>0001292814-23-002412.hdr.sgml : 20230524
<ACCEPTANCE-DATETIME>20230524160620
ACCESSION NUMBER:		0001292814-23-002412
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230524
DATE AS OF CHANGE:		20230524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Afya Ltd
		CENTRAL INDEX KEY:			0001771007
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38992
		FILM NUMBER:		23954151

	BUSINESS ADDRESS:	
		STREET 1:		ALAMEDA OSCAR NIEMEYER, NO 119
		STREET 2:		SALA 504 VILA DA SERRA
		CITY:			NOVA LIMA, MINAS GERAIS
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55 (31) 3515 7500

	MAIL ADDRESS:	
		STREET 1:		ALAMEDA OSCAR NIEMEYER, NO 119
		STREET 2:		SALA 504 VILA DA SERRA
		CITY:			NOVA LIMA, MINAS GERAIS
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>afyapr1q23_6k.htm
<DESCRIPTION>6-K
<TEXT>

<html>
<head>

     <title></title></head>

<body style="font: 10pt Times New Roman, Times, Serif">

<p style="margin: 0"></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b>&nbsp;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM 6-K</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><b>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of May, 2023</p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<font style="font-size: 14pt"><b>Commission
File Number: 001</b></font>-<font style="font-size: 14pt"><b>38992</b></font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Afya Limited</b></p>

<p style="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified
in its charter)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Alameda Oscar Niemeyer, No.&nbsp;119,
Salas 502, 504, 1,501 and 1,503</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Vila da Serra, Nova Lima, Minas Gerais</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Brazil</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>+55 (31) 3515 7550</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address of principal executive office)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellspacing="0" cellpadding="0" align="CENTER" style="font: 10pt Times New Roman, Times, Serif; width: 66%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 31%; font-size: 12pt; text-align: center"><font style="font-size: 10pt">Form 20-F</font></td>
    <td style="width: 13%">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</p>
</td>
    <td style="width: 15%; font-size: 12pt; text-align: center">&nbsp;</td>
    <td style="width: 28%; font-size: 12pt; text-align: center"><font style="font-size: 10pt">Form 40-F</font></td>
    <td style="width: 13%; border-bottom: black 1pt solid">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellspacing="0" cellpadding="0" align="CENTER" style="font: 10pt Times New Roman, Times, Serif; width: 66%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 31%; font-size: 12pt; text-align: center"><font style="font-size: 10pt">Yes</font></td>
    <td style="width: 13%; border-bottom: black 1pt solid">&nbsp;</td>
    <td style="width: 15%; font-size: 12pt; text-align: center">&nbsp;</td>
    <td style="width: 28%; font-size: 12pt; text-align: center"><font style="font-size: 10pt">No</font></td>
    <td style="width: 13%">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</p>
</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellspacing="0" cellpadding="0" align="CENTER" style="font: 10pt Times New Roman, Times, Serif; width: 66%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 31%; font-size: 12pt; text-align: center"><font style="font-size: 10pt">Yes</font></td>
    <td style="width: 13%; border-bottom: black 1pt solid">&nbsp;</td>
    <td style="width: 15%; font-size: 12pt; text-align: center">&nbsp;</td>
    <td style="width: 28%; font-size: 12pt; text-align: center"><font style="font-size: 10pt">No</font></td>
    <td style="width: 13%">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</p>
</td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&nbsp;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 9%; font-size: 12pt; text-align: center"><font style="font-size: 10pt"><b>EXHIBIT</b></font></td>
    <td style="width: 91%; font-size: 12pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 12pt; text-align: center"><font style="font-size: 10pt"><a href="ex99-1.htm">99.1</a></font></td>
    <td style="font-size: 12pt"><font style="font-size: 10pt"><a href="ex99-1.htm">First-Quarter 2023 Financial Results</a></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<br style="clear: both">
</p>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt"><b>Afya Limited</b></font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">By:</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ Virgilio Deloy Capobianco Gibbon</font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 6%">&nbsp;</td>
    <td style="width: 27%">&nbsp;</td>
    <td style="width: 21%">&nbsp;</td>
    <td style="width: 5%">&nbsp;</td>
    <td style="width: 8%"><font style="font-size: 10pt">Name:</font></td>
    <td style="width: 33%"><font style="font-size: 10pt">Virgilio Deloy Capobianco Gibbon</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Title:</font></td>
    <td><font style="font-size: 10pt">Chief Executive Officer</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: May 24, 2022</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>



<p style="margin: 0"></p>

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<p style="margin: 0"></p>



</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Calibri,sans-serif; margin: 0; text-align: left; color: #D20452"><IMG SRC="afyapr1q236k_001.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri,sans-serif; margin: 0; text-align: center; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri,sans-serif; margin: 0; text-align: center; color: #D20452"><B>Afya Limited Announces First-Quarter 2023 Financial
Results</B></P>

<P STYLE="font: 12pt Calibri,sans-serif; margin: 0; text-align: center"><B>High and Predictable Growth<BR>
Full Year 2023 Guidance Reaffirmed</B></P>

<P STYLE="font: 5pt Calibri,sans-serif; margin: 0; text-align: center; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 1pt Calibri,sans-serif; margin: 6pt 0 7.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 6pt 0 7.5pt; text-align: justify"><B>Nova Lima, Brazil, May 24, 2023 &ndash; Afya Limited
(Nasdaq: AFYA)</B> (&ldquo;Afya&rdquo; or the &ldquo;Company&rdquo;), the leading medical education group and digital health services
provider in Brazil, reported today financial and operating results for the three-month period ended March 31, 2023 (first quarter 2023).
Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>First Quarter
2023 Highlights</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">1Q23 Adjusted Net Revenue increased 25.0%
YoY to R$709.4 million. Adjusted Net Revenue excluding acquisitions grew 13.5%, reaching R$644.3 million. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">1Q23 Adjusted EBITDA increased 21.9% YoY
reaching R$330.2 million, with an Adjusted EBITDA Margin of 46.5%. Adjusted EBITDA excluding acquisitions grew 12.3%, reaching R$304.2
million, with an Adjusted EBITDA Margin of 47.2%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Cash conversion of 111.9%, with a solid
cash position of R$ 722.7 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">~295 thousand monthly active physicians
and medical students using Afya&rsquo;s Digital Services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 1: Financial Highlights</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>For the three months period ended March 31,</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><I>(in thousand of R$)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B><I>2023 Ex Acquisitions*</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>% Chg </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B><I>% Chg Ex Acquisitions</I></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: gray 1pt solid; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">(a) Net Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">709,961</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">644,849</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">566,324</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">25.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">13.9%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">(b) Adjusted Net Revenue (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">709,383</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">644,271</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">567,716</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">25.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">13.5%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">(c) Adjusted EBITDA (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">330,211</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">304,231</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">270,801</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">21.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">12.3%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">(d) = (c)/(b)&nbsp;&nbsp;Adjusted EBITDA Margin</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">46.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">47.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">47.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-120 bps</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-50 bps</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6" ROWSPAN="2" STYLE="vertical-align: top; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><I>*For the three months period ended March 31, 2023, &quot;2023 Ex Acquisitions&quot; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes (all from January to March, 2023).</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="vertical-align: top; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><I>(1) Includes mandatory discounts in tuition fees granted by state decrees and individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.&nbsp;&nbsp;</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="vertical-align: top; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><I>(2) See more information on &quot;Non-GAAP Financial Measures&quot; (Item 07).</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; color: #D20452"><B>Message from Management</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A"><I>For us in Afya, these results indicate another great start for
the year ahead. We are proud to present, once again, strong results, reaffirming the success and resilience of Afya, along with high and
predictable growth, and a solid cash generation.&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A"><I>This quarter was marked by significant increases in net revenue
within our three segments and we are delighted to see that the most significant growth came from our Continue Education segment with a
robust intake process, six new campuses, and course maturation.&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A"><I>Our second most significant growth came from our core business,
as we saw higher tickets in Medicine courses, maturation of medical seats, the beginning of 4 Mais M&eacute;dicos campuses, consolidation
of UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes acquisition, and the consolidation of 92 new medical seats, 28 in the UniSL Ji-Paran&aacute;</I></P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A"><I>campus, located in Rond&ocirc;nia, and 64 in Faculdade Santo Agostinho,
in the city of Itabuna, situated in the state of Bahia.&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A"><I>And, once again, Afya reported great results on the Digital Health
Services revenue, which ended the quarter with an increase of 20% when compared to last year. This result reinforces the opportunity ahead
in Digital Services, and it is explained by the ramp-up in B2B engagements, with new contracts with the pharmaceutical industry companies,
and the continuous ramp-up in B2P contracts, as we will discuss further on.&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; color: #0E101A"><I>High and predictable growth, strong guidance for the year, and
segments ramp-up: this proves how we are evolving and empowering our vision to transform health together with those who have medicine
as a vocation. We are proud of our business and also excited for what comes next during this year.&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 7.5pt; color: #D20452"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>Key Events in the Quarter:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Afya announced on January 2<SUP>nd</SUP>,
2023, the closing of its acquisition of 100% of the total share capital of Sociedade Educacional e Cultural Sergipe DelRey Ltda. (&ldquo;DelRey&rdquo;),
that encompasses the operations of Centro Universit&aacute;rio Tiradentes Alagoas (&ldquo;UNIT Alagoas&rdquo;) and Faculdade Tiradentes
Jaboat&atilde;o dos Guararapes (&ldquo;FITS Jaboat&atilde;o dos Guararapes&rdquo;), on the terms previously disclosed. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Afya announced on January 31<SUP>st</SUP>,
2023, that it is one of 484 companies across 45 countries and regions to join the 2023 Bloomberg Gender-Equality Index (GEI), a modified
market capitalization-weighted index that aims to track the performance of public companies committed to transparency in gender-data reporting.
This reference index measures gender equality across five pillars: leadership &amp; talent pipeline, equal pay &amp; gender pay parity,
inclusive culture, anti-sexual harassment policies, and external brand. For the second time in a row, Afya was included on the index for
scoring above a global threshold established by Bloomberg to reflect disclosure and the achievement or adoption of best-in-class statistics
and policies, being 1 of 16 Brazilian companies included in the index this year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Fourth share repurchase program, on March
2023 - the Board of Directors approved a new share repurchase program. Under this share repurchase program, Afya may repurchase up to
2,000,000 of its outstanding Class A common shares which represents approximately 5.8% of its free float in accordance with the conditions
established by the Board of Directors on March 24, 2023. Accordingly, in connection with repurchases under the new program, Afya also
announced that entered into a written trading plan with BofA Securities, Inc., as the independent broker-dealer, which is intended to
comply with the requirements of Rule 10b5-1 and Rule 10b-18 each under the Securities and Exchange Act of 1934, as amended.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 18pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 18pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt; color: #D20452"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>2023 Guidance </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">The Company is reaffirming its previously issued guidance for 2023 which considers
the successfully concluded acceptances of new students, ensuring 100% occupancy in all of its medical schools.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">Considering the above factors, the guidance for 2023 is defined in the following table:</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 8pt"><IMG SRC="afyapr1q236k_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt; color: #D20452"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>1Q23 Overview </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>Operational
Review</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">Afya is the only
Company offering educational and technological solutions to support physicians across every stage of their medical career, from undergraduate
students in their medical school years through medical residency preparatory courses, medical specialization programs, and continuing
medical education. The Company also offers solutions to empower physicians in their daily routine, including supporting clinic decisions
through mobile app subscription, delivering practice management tools through a Software as a Service (SaaS) model, and assisting physicians
in their relationship with their patients.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">The Company reports results for
three distinct business units - the first, Undergrad &ndash; medical schools, other healthcare programs, and ex-health degrees. Revenue
is generated from the monthly tuition fees the Company charges students enrolled in the undergraduate programs - the second, Continuing
Education &ndash; specialization programs and graduate courses for physicians. Revenue is also generated from the monthly tuition fees
the Company charges students enrolled in the specialization and graduate courses. The third is Digital Services &ndash; digital services
offered by the Company at every stage of the medical career. This business unit is divided into Business to Physician (which encompasses
Content &amp; Technology for Medical Education, Clinical Decision Software, Practice Management Tools &amp; Electronic Medical Records,
Physician-Patient Relationship, Telemedicine, and Digital Prescription) and Business to Business (which provides access and demand for
the healthcare players). Revenue is generated from printed books and e-books and is recognized at the point in time when control is transferred
to the customer, and subscription fees, which are recognized as the services, are transferred over time.</P>

<P STYLE="font: 7pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>Key Revenue
Drivers &ndash; Undergraduate Courses</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 2: Key Revenue Drivers</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: gray 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Three months period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Undergrad Programs</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>MEDICAL SCHOOL</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Approved Seats</FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">3,163 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">2,759 </FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>14.6%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Operating Seats </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">3,113 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">2,481 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>25.5%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Total Students (end of period)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;20,822 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;17,523 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>18.8%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Average Total Students</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;20,822 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;17,523 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>18.8%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Average Total Students (ex-Acquisitions)*</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;18,819 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;17,523 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>7.4%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: #595959 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Tuition Fees (Total - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #595959 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;630,960 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #595959 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;501,523 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>25.8%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Tuition Fees (ex- Acquisitions* - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;573,747 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;501,523 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>14.4%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Medical School Gross Avg. Ticket (ex- Acquisitions* - R$/month)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;10,163 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>9,540 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>6.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Medical School Net Avg. Ticket (ex- Acquisitions* - R$/month)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>8,517 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>7,861 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>8.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>UNDERGRADUATE HEALTH SCIENCE</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Total Students (end of period)</FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;21,660 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;20,902 </FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>3.6%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Average Total Students</FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;21,660 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;20,902 </FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>3.6%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Average Total Students (ex-Acquisitions)*</FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;19,788 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;20,902 </FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>-5.3%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Tuition Fees (Total - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; border-bottom: #595959 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;97,968 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; border-bottom: #595959 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;78,310 </B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>25.1%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Tuition Fees (ex- Acquisitions* - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;90,296 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;78,310 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>15.3%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>OTHER UNDERGRADUATE </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Total Students (end of period)</FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;25,043 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;24,209 </FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>3.4%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Average Total Students</FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;25,043 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;24,209 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>3.4%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Average Total Students (ex-Acquisitions)*</FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;21,882 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;24,209 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>-9.6%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Tuition Fees (Total - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;77,174 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;69,182 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>11.6%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Tuition Fees (ex- Acquisitions* - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;66,889 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;69,182 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>-3.3%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>TOTAL TUITION FEES</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: #595959 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Tuition Fees (Total - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: gray 1pt solid; border-bottom: #595959 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;806,101 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; border-bottom: #595959 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;649,015 </B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>24.2%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Tuition Fees (ex- Acquisitions* - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #595959 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;730,932 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #595959 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;649,015 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>12.6%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>*For the three months period ended March 31, 2023, &quot;2023 Ex Acquisitions&quot; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes (all from January to March, 2023).</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>Key Revenue
Drivers &ndash; Continuing Education and Digital Services</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 3: Key Revenue Drivers</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: gray 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Three months period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Continuing Education</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Medical Specialization &amp; Others</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Total Students (end of period)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">4,774 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">3,479 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>37.2%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Average Total Students</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">4,774 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">3,479 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>37.2%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Average Total Students (ex-Acquisitions)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">4,774 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">3,479 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>37.2%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Net Revenue from courses (Total - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;34,960 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;23,851 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>46.6%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Net Revenue from courses (ex- Acquisitions&sup1;)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;34,960 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;23,851 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>46.6%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Digital Services</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Content &amp; Technology for Medical Education</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Medcel Active Payers</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Prep Courses &amp; CME - B2P</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">6,147 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;11,673 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>-47.3%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Prep Courses &amp; CME - B2B</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">5,988 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">4,574 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>30.9%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Al&eacute;m da Medicina Active Payers</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">6,222 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">6,345 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>-1.9%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Cardiopapers Active Payers</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">7,083 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>-</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Medical Harbour Active Payers</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;21,686 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>-</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Clinical Decision Software</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Whitebook Active Payers</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;143,832 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;131,193 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>9.6%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Clinical Management Tools&sup2;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">iClinic Active Payers</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;23,740 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;19,622 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>21.0%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Shosp Active Payers</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">2,881 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">2,278 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>26.5%</I></FONT></TD></TR>
  <TR STYLE="background-color: #E7E6E6">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Digital Services Total Active Payers (end of period)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;217,579 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;175,685 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>23.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Net Revenue from Services (Total - R$ '000)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;56,792 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;47,477 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>19.6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Net Revenue - B2P</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;46,603 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;41,197 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">13.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Net Revenue - B2B</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;10,187 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">6,280 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">62.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Net Revenue From Services (ex-Acquisitions&sup1;)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;49,834 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;47,477 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>5.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>*For the three months period ended March 31, 2023, &quot;2023 Ex Acquisitions&quot; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes (all from January to March, 2023).</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>(2) Clinical management tools includes Telemedicine and Digital Prescription features. </I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>Key Operational
Drivers &ndash; Digital Services</B></P>

<P STYLE="font: 5pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify">Monthly Active Users (MaU) represents the number of unique
individuals that consumed Digital Services content in each one of our products in the last 30 days of a specific period. Total monthly
active users reached almost 295 thousand, 13.6% higher than the same period of last year.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify">Monthly Unique Active Users (MuaU) represents the number
of unique individuals, without overlap of users among products, in the last 30 days of a specific period.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 4: Key Operational Drivers for Digital Services - Monthly Active Users (MaU)</I></B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 72%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg YoY</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>4Q22</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Content &amp; Technology for Medical Education</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">31,549 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">21,464 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">47.0%</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;16,539 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Clinical Decision Software</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">237,003 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">218,313 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">8.6%</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">221,762 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Clinical Management Tools&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">24,568 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">19,762 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">24.3%</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;20,936 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Physician-Patiet Relationship</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;1,773 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">-</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;1,473 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Total Monthly Active Users (MaU) - Digital Services</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>294,893 </B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>259,539 </B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>13.6%</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>260,710 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>1) Clinical management tools includes Telemedicine and Digital Prescription features</I></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>Includes Shosp, Medicinae and Al&eacute;m da Medicina starting in 1Q22 and Cardiopapers and Glic starting in 2Q22</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><B><I>Table 5: Key Operational Drivers for Digital Services - Monthly Unique Active Users (MuaU)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 71%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>% Chg QoQ</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: gray 1pt solid; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Total Monthly Unique Active Users (MuaU) - Digital Services</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>262,137 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>242,374 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>8.2%</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>241,949 </B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5" ROWSPAN="2" STYLE="vertical-align: top; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><I>1) Total Monthly Unique Active Users excludes non-integrated companies: Medical Harbour, Medicinae, Shosp, Al&eacute;m da Medicina, Cardiopapers and Glic</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>Seasonality
</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">Undergrad&rsquo;s tuition revenues
are related to the intake process and monthly tuition fees charged to students over the period; thus does not have significant fluctuations
during the semester. Continuing Education revenues are related to monthly intakes and tuition fees and do not have a considerable concentration
in any period. Digital Services is comprised mainly of Medcel, Pebmed, and iClinic revenues. While Pebmed and iClinic do not have significant
fluctuation regarding seasonality, Medcel&rsquo;s revenue is concentrated in the first and last quarter of the year due to the enrollments
of Medcel&rsquo;s clients period. In addition, the majority of Medcel&rsquo;s revenues are derived from printed books and e-books, which
are recognized at the point in time when control is transferred to the customer. Consequently, the Digital Services segment generally
has higher revenues and results of operations in the first and last quarters of the year than in the second and third quarters.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>Revenue</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Adjusted Net Revenue for the first quarter of 2023 was R$709.4
million, an increase of 25.0% over the same period of the prior year, mainly due to higher tickets in Medicine courses in 8.3%, maturation
of medical seats, the beginning of 4 Mais M&eacute;dicos campuses, consolidation of UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes
acquisition, the Continuing Education high performance and Digital Services execution.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">The Digital Services segment increased
19.6% year over year, a combination of (a) B2B engagements, and (b) expansion of the active payers in the B2P, mainly in Whitebook, iClinic,
and Shosp, partially offset by the lower performance of Medcel, due to a higher competition scenario in the Residency Preparatory market;
and (c) consolidation of Alem da Medicina, Glic, and Cardiopapers.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 6: Revenue &amp; Revenue Mix&nbsp;</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(in thousands of R$)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>For the three months period ended March 31,</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>2023 Ex Acquisitions*</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>% Chg Ex Acquisitions</I></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Net Revenue Mix</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Undergrad</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">620,976</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">562,822</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">495,395</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">25.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">13.6%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Adjusted Undergrad&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">620,398</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">562,244</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">496,787</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">24.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">13.2%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Continuing Education</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">34,960</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">34,960</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">23,851</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">46.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">46.6%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Digital Services</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">56,792</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">49,834</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">47,477</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">19.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">5.0%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Inter-segment transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-2,767 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-2,767 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-&nbsp;399 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">593.5%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Total Reported Net Revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>709,961</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>644,849</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>566,324</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">25.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">13.9%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Total Adjusted Net Revenue &sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>709,383</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>644,271</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>567,716</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">25.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">13.5%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" ROWSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>*For the three months period ended March 31, 2023, &quot;2023 Ex Acquisitions&quot; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes (all from January to March, 2023).</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>(1) Includes mandatory discounts in tuition fees granted by state decrees and individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>(2) See more information on &quot;Non-GAAP Financial Measures&quot; (Item 07).</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; color: #D20452"><B>Adjusted EBITDA </B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 2pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Adjusted EBITDA for the three-month period ended March 31, 2023,
increased 21.9% to R$330.2 million, up from R$270.8 million in the same period of the prior year, and the Adjusted EBITDA Margin decreased
120 basis points to 46.5%. The Adjusted EBITDA Margin reduction is mainly due to the following: (a) Digital segment, primarily due to
Medcel&rsquo;s performance; and (b) consolidation of 4 new Mais M&eacute;dicos campuses (operation started on 3Q22) and UNIT Alagoas and
FITS Jaboat&atilde;o dos Guararapes which are performing better than expected but still present lower margins when compared to the integrated
companies.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 7: Adjusted EBITDA</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(in thousands of R$)</I></FONT></TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>For the three months period ended March 31,</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>2023 Ex Acquisitions*</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B><I>% Chg Ex Acquisitions</I></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">330,211</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">304,231 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">270,801</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">21.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">12.3%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">% Margin</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">46.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">47.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">47.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-120 bps</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-50 bps</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6" ROWSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><I>*For the three months period ended March 31, 2023, &quot;2023 Ex Acquisitions&quot; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes (all from January to March, 2023).</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>Adjusted Net
Income</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Net Income for the first quarter of 2023 was R$117.8 million,
a decrease of 12.7% over the same period of the prior year. Adjusted Net Income for the first quarter of 2023 was R$166.4 million, in
line with the same period from the previous year, mainly due to better operational performance, which was offset by higher financial expenses,
mainly related to the increase in leverage due to UNIT Alagoas and FITS Jaboatao business combination and higher interest rates, when
compared to the same period of the prior year.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 70%; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><B><I>Table 8: Adjusted Net Income</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(in thousands of R$)</I></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>For the three months period ended March 31,</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: gray 1pt solid; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;117,772 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;134,942 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>-12.7%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amortization of customer relationships and trademark (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;24,203 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;18,283 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">32.4%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Share-based compensation </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6,495 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2,929 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">121.7%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Non-recurring expenses:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>17,907 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>11,027 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>62.4%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- Integration of new companies (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">5,900 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4,171 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">41.5%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- M&amp;A advisory and due diligence (3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;11,039 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,212 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">810.8%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- Expansion projects (4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;151 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;602 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">-74.9%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- Restructuring expenses (5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,395 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">3,650 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">-61.8%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- Mandatory Discounts in Tuition Fees(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">-578 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,392 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Adjusted Net Income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>166,377 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>167,181 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>-0.5%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Basic earnings per share - in R$ (7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1.25 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1.42 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>-12.0%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Adjusted earnings per share - in R$ (8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1.77 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1.77 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>0.0%</B></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(1) Consists of amortization of customer relationships and trademark recorded under business combinations.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="font: 11pt Calibri,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(2) Consists of expenses related to the integration of newly acquired companies.</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&amp;A transactions.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(6) Consists of mandatory discounts in tuition fees granted by state decrees, individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="font: 11pt Calibri,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(7) Basic earnings per share: Net Income/Weighted average number of outstanding shares.</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(8) Adjusted earnings per share: Adjusted Net Income attributable to equity holders of the Parent/Weighted average number of outstanding shares.</I></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>Cash and Debt
Position </B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">On March 31, 2023, Cash and Cash Equivalents were R$722.7 million,
a decrease of 33.9% over December 31, 2022, due to UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes business combination.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2023, Afya reported
Adjusted Cash Flow from Operations of R$349.4 million, up from R$293.6 million in the same period of the previous year, an increase of
19.0% YoY, boosted by the solid operational results. Operating Cash Conversion Ratio was 111.9% for the three-month period that ended
on March 31, 2023.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">On
March 31, 2023, Net Debt, excluding the effect of IFRS 16, totaled R$2,029 million. When compared to December 31, 2022 Net Debt added
to R$825 million related to UNIT Alagoas and FITS Jaboat&atilde;o dos Guararapes business combination closed on January 2, 2023, the Net
Debt reduced R$ 177 million due to the strong cash flow generation in the quarter.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">The following table shows more information regarding the cost
of debt of 1Q23, considering loans and financing, capital market, and accounts payable to selling shareholders. Afya&rsquo;s capital structure
remains solid with a conservative leveraging position and a low cost of debt.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 9: Operating Cash Conversion Ratio Reconciliation</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>For the three months period ended March 31,</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(in thousands of R$)</I></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Considering the adoption of IFRS 16 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 10%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 10%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">(a) Cash flow from operations</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">331,554</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">278,715</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">19.0%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">(b) Income taxes paid</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">17,819</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">14,850</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">20.0%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>(c) = (a) + (b) Adjusted cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>349,373</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>293,565</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>19.0%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">(d) Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">330,211</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">270,801</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">21.9%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">(e) Non-recurring expenses:</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">17,907</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">11,027</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">62.4%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;- Integration of new companies (1)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">5,900</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">4,171</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">41.5%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;- M&amp;A advisory and due diligence(2)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">11,039</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">1,212</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">810.8%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;- Expansion projects (3)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">151</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">602</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-74.9%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;- Restructuring Expenses (4)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">1,395</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">3,650</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-61.8%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;- Mandatory Discounts in Tuition Fees(5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-578</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">1,392</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>(f) = (d) - (e) Adjusted EBITDA ex- non-recurring expenses </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>312,304</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>259,774</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>20.2%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>(g) = (c) / (f) Operating cash conversion ratio</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>111.9%</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>113.0%</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-110 bps</B></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(1) Consists of expenses related to the integration of newly acquired companies. </I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(2) Consists of expenses related to professional and consultant fees in connection with due diligence services for M&amp;A transactions.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(3) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(4) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of acquired companies.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(5) Consists of mandatory discounts in tuition fees granted by state decrees, individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.</I></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 10: Gross Debt and Average Cost of Debt</I></B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(in millions of R$)</I></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>For the three months period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Cost of Debt</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 72%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 7%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Gross Debt</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; width: 7%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Duration (Years)</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 7%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>per year</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; width: 7%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>%CDI*</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Loans and financing: Softbank</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">825</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">3.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">6.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">48%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Capital Market</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">519</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">4.4</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">15.7%</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">114%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Loans and financing: Others</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">580</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">1.9</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">15.7%</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">114%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Accounts payable to selling shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">828</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">13.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">97%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Average </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2,751 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2.6</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>12.1%</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>89%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>**Based on the annualized Interbank Certificates of Deposit (&quot;CDI&quot;) rate for the period as a reference:<BR>
1Q23: ~13.65% p.y.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 11: Cash and Debt Position</I></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 9%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(in thousands of R$)</I></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-right: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>FY2022</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>(+) Cash and Cash Equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>722,691 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1,093,082 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-33.9%</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>789,435 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-8.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Cash and Bank Deposits</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;28,375 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;57,509 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-50.7%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">42,648 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-33.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Cash Equivalents</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">694,316 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;1,035,573 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-33.0%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">746,787 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-7.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>(-) Loans and Financing</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1,923,737 </B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1,882,901 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2.2%</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1,388,841 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>38.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Current</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">193,214 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">145,202 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>33.1%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">142,654 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>35.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Non-Current</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;1,730,523 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;1,737,699 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-0.4%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">1,246,187 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>38.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>(-) Accounts Payable to Selling Shareholders</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>769,274 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>528,678 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>45.5%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>698,413 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>10.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Current</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">417,398 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">261,711 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>59.5%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">264,520 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>57.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Non-Current</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">351,876 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">266,967 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>31.8%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">433,893 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-18.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>(-) Other Short and Long Term Obligations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>58,702 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>62,176 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt dotted; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-5.6%</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>70,880 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-17.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>(=) Net Debt (Cash) excluding IFRS 16</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2,029,022 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1,380,673 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>47.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1,368,699 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>48.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">(-) Lease Liabilities</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">864,983 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">769,525 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>12.4%</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">733,420 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>17.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Current</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;38,026 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;32,459 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>17.2%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">27,750 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>37.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Non-Current</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">826,957 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">737,066 </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>12.2%</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">705,670 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>17.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>Net Debt (Cash) with IFRS 16</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2,894,005 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2,150,198 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>34.6%</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2,102,119 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>37.7%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>CAPEX </B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Capital expenditures consist of the purchase of property and
equipment and intangible assets, including expenditures mainly related to the expansion and maintenance of our campuses and headquarters,
leasehold improvements, and the development of new solutions in the digital segment, among others.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">For the three-months period ending March 31, 2023, CAPEX was
R$46.4 million, representing 6.5% of Afya&rsquo;s Net Revenue.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 12: CAPEX</I></B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><I>(in thousands of R$)</I></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>For the three months period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>CAPEX</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>46,429</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>76,759</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>-39.5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Property and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">27,299</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">30,670</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-11.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">Intanglibe assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">19,130</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">46,088</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-58.5%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;- Licenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">24,408</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">&nbsp;- Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">19,130</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">21,680</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt">-11.8%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>ESG Metrics
</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">ESG commitment is essential to Afya&rsquo;s strategy and permeates
the Company&rsquo;s core values. Afya has been advancing year after year on its core pillars, and since 2021, ESG metrics have been disclosed
in the Company&rsquo;s quarterly financial results.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">On January 2023, Afya announced it is one of 484 companies across
45 countries and regions to join the 2023 Bloomberg Gender-Equality Index (GEI), a modified market capitalization-weighted index that
aims to track the performance of public companies committed to transparency in gender-data reporting. This reference index measures gender
equality across five pillars: leadership &amp; talent pipeline, equal pay &amp; gender pay parity, inclusive culture, anti-sexual harassment
policies, and external brand. In addition, for the second time in a row, Afya was included on the index for scoring above a global threshold
established by Bloomberg to reflect disclosure and the achievement or adoption of best-in-class statistics and policies, being 1 of 16
Brazilian companies included in the index this year.</P>


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<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">Furthermore, the 2021 Sustainability Report can be found at:&nbsp;https://ir.afya.com.br/&nbsp;&gt;&gt;
Corporate Governance &gt;&gt; Sustainability.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt"><B><I>Table 13: ESG Metrics</I></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: gray 1pt solid; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: gray 1pt solid; border-left: #D0CECE 1pt dashed; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: gray 1pt solid; border-left: #D0CECE 1pt dashed; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: gray 1pt solid; border-left: #D0CECE 1pt dashed; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: gray 1pt solid; border-left: #D0CECE 1pt dashed; white-space: nowrap; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 8pt"><B>2019</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">#</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt"><B>GRI</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt"><B>Governance and Employee Management</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">405-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Number of employees</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">9,567</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">8,528</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;8,708 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;8,079 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;6,100 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;3,369 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">405-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Percentage of female employees</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">57%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">56%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">57%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">55%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">55%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">57%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">405-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Percentage of female employees in the board of directors</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">40%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">18%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">40%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">18%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">18%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">22%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">102-24</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Percentage of independent member in the board of directors</FONT></TD>
    <TD STYLE="border-bottom: #D0CECE 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">30%</FONT></TD>
    <TD STYLE="border-bottom: #D0CECE 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">36%</FONT></TD>
    <TD STYLE="border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">30%</FONT></TD>
    <TD STYLE="border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">36%</FONT></TD>
    <TD STYLE="border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">36%</FONT></TD>
    <TD STYLE="border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">22%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt"><B>Environmental</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">302-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 20pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Total energy consumption (kWh)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">5,468,733 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">3,678,812 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;17,011,842 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;12,176,966 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;8,035,845 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;5,928,450 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">4.1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">302-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 20pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Consumption per campus</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">118,855.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">96,811</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">412,747 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">385,573 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">321,434 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">395,230 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">302-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 30pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">% supplied by distribution companies</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">79.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">75.0%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">72.4%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">91.3%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">83.4%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">96.2%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">302-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 30pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">% supplied by other sources</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">21.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">25.0%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">27.6%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">8.7%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">16.6%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">3.8%</FONT></TD>

    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt"><B>Social</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">413-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 30pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Number of free clinical consultations offered by Afya</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">116,979 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">80,751 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;494,635 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;341,286 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;427,184 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;270,000 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 30pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Number of physicians graduated in Afya's campuses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">18,126 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">16,824 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">18,104 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">16,772 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">12,691 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">8,306 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">201-4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 30pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Number of students with financing and scholarship programs (FIES and PROUNI)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;9,619 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;8,223 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">10,965 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">7,881 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">4,999 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">2,808 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 40pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">% students with scholarships over total undergraduate students</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">14.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">13.1%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">18.8%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">12.9%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">13.7%</FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">11.7%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">413-1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 30pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">Hospital, clinics and city halls partnerships</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">718 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">447 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">662 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">447 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">432 </FONT></TD>
    <TD STYLE="border-left: #D0CECE 1pt dashed; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 10pt">60 </FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">(1) Some factors can influence in the adequate proportionality analysis of data over the years, such as: climate changes, COVID-19 pandemic effects, seasonalities, number of employees, number of students, number of active units, among others.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="9" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">(2) &quot;Other sources&quot; refers to: (a) Derived from renewable sources, such as solar panels installed in the units; and (b) Derived from the search for alternative energy options in the market.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="9" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">(3) Starting in 2Q22, previously disclosed environmental data were updated to consider: (a) GHG Protocol guidelines improvements, and (b) additional data-collection criteria refinements.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="9" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 9pt">(4) Starting in 2Q22, previously disclosed social data were updated to consider: (a) the number of graduated physicians considering all units after its closing, and (b) partnerships related only to medical schools.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 12pt Times New Roman,serif; color: #D20452">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>4.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt"></FONT></B></TD>
  <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>Conference Call and Webcast Information </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 7.5pt; text-align: justify; background-color: white"><B>When:</B> March 24, 2023
at 5:00 p.m. ET.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Who:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Calibri,sans-serif; margin: 0">Mr. Virgilio Gibbon, Chief Executive Officer</P>
    <P STYLE="font: 10pt Calibri,sans-serif; margin: 0">Mr. Luis Andr&eacute; Blanco, Chief Financial Officer</P>
    <P STYLE="font: 10pt Calibri,sans-serif; margin: 0">Ms. Renata Costa Couto, IR Director</P>
    <P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><B>Webcast:</B> <FONT STYLE="color: Blue"><u>https://afya.zoom.us/j/96259212642</u></FONT></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><B>OR</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><B>Dial-in</B>: <FONT STYLE="color: #0C64C0">&nbsp;<BR>
<BR>
</FONT></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">Brazil: +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237
or +55 11 4680 6788</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">United States: +1 253 205 0468 or +1 253 215 8782 or +1 301 715
8592 or +1 305 224 1968 or +1 309 205 3325 or +1 312 626 6799 or +1 346 248 7799 or +1 360 209 5623 or +1 386 347 5053 or +1 507 473 4847
or +1 564 217 2000 or +1 646 931 3860 or +1 669 444 9171 or +1 669 900 6833 or +1 689 278 1000 or +1 719 359 4580 or +1 929 205 6099</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">Webinar ID: 962 5921 2642</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">Other Numbers: <FONT STYLE="color: Blue"><U>https://afya.zoom.us/u/aXW4bIxA</U></FONT></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>5.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt"></FONT></B></TD>
  <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>About Afya Limited (Nasdaq: AFYA) </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">Afya is a leading medical education
group in Brazil based on the number of medical school seats, delivering an end-to-end physician-centric ecosystem that serves and empowers
students and physicians to transform their ambitions into rewarding lifelong experiences from the moment they join us as medical students
through their medical residency preparation, graduation program, continuing medical education activities and offering digital products
to help doctors enhance their healthcare services through their whole career. For more information, please visit <FONT STYLE="color: Blue"><U>www.afya.com.br</U></FONT>.</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>


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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>6.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt"></FONT></B></TD>
  <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>Forward &ndash; Looking Statements</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All
statements other than statements of historical fact could be deemed forward looking, and include risks and uncertainties related to statements
about our competition; our ability to attract, upsell and retain students; our ability to increase tuition prices and prep course fees;
our ability to anticipate and meet the evolving needs of students and professors; our ability to source and successfully integrate acquisitions;
general market, political, economic, and business conditions; and our financial targets such as revenue, share count and IFRS and non-IFRS
financial measures including gross margin, operating margin, net income (loss) per diluted share, and free cash flow. Forward-looking
statements by their nature address matters that are, to different degrees, uncertain, such as statements about the potential impacts of
the COVID-19 pandemic on our business operations, financial results and financial position and the Brazilian economy.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">The Company undertakes no obligation
to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release
or to reflect new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the
matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks
or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed
or implied by the forward-looking statements we make. Readers should not rely upon forward-looking statements as predictions of future
events. Forward-looking statements represent management&rsquo;s beliefs and assumptions only as of the date such statements are made.
Further information on these and other factors that could affect the Company&rsquo;s financial results are included in the filings made
with the United States Securities and Exchange Commission (SEC) from time to time, including the section titled &ldquo;Risk Factors&rdquo;
in the most recent Rule 434(b) prospectus. These documents are available on the SEC Filings section of the investor relations section
of our website at: <FONT STYLE="color: Blue"><U>https://ir.afya.com.br/</U></FONT>.</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>7.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt"></FONT></B></TD>
  <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>Non-GAAP Financial Measures</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">To supplement the Company's consolidated financial statements,
which are prepared and presented in accordance with International Financial Reporting Standards as issued by the International Accounting
Standards Board&mdash;IASB, Afya uses Adjusted EBITDA and Operating Cash Conversion Ratio information, which are non-GAAP financial measures,
for the convenience of investors. A non-GAAP financial measure is generally defined as one that intends to measure financial performance
but excludes or includes amounts that would not be equally adjusted in the most comparable GAAP measure.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">Afya calculates Adjusted EBITDA as net income plus/minus net
financial result plus income taxes expense plus depreciation and amortization plus interest received on late payments of monthly tuition
fees, plus share-based compensation plus/minus share of income of associate plus/minus non-recurring expenses. The calculation of Adjusted
Net Income is net income plus amortization of customer relationships and trademark, plus share-based compensation. We calculate Operating
Cash Conversion Ratio as the cash flow from operations, adjusted with income taxes paid divided by Adjusted EBITDA plus/minus non-recurring
expenses.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">Management presents Adjusted EBITDA,
because it believes these measures provide investors with a supplemental measure of financial performance of the core operations that
facilitates period-to-period comparisons on a consistent basis. Afya also presents Operating Cash Conversion Ratio because it believes
this measure provides investors with a measure of how efficiently the Company converts EBITDA into cash. The non-GAAP financial measures
described in this prospectus are not a substitute for the IFRS measures of earnings. Additionally, calculations of Adjusted EBITDA and
Operating Cash Conversion Ratio may be different from the calculations used by other companies, including competitors in the education
services industry, and therefore, Afya&rsquo;s measures may not be comparable to those of other companies.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>8.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt"></FONT></B></TD>
  <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>Investor Relations Contact</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">E-mail:&nbsp;<FONT STYLE="color: Blue"><U>ir@afya.com.br</U></FONT></P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>9.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt"></FONT></B></TD>
  <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 11pt"><B>Financial Tables</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Calibri,sans-serif; margin-right: 0; margin-left: 0; background-color: white; color: #D20452"><B><I>Consolidated
statements of financial position<BR>
(In thousands of Brazilian reais)</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 78%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>March 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">722,691</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1,093,082</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 21.3pt; font-family: Times New Roman,serif; text-indent: -7.1pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">475,712</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">452,831</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 21.3pt; font-family: Times New Roman,serif; text-indent: -7.1pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">9,925</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">12,190</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 21.3pt; font-family: Times New Roman,serif; text-indent: -7.1pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Recoverable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">36,858</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">27,809</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 21.3pt; font-family: Times New Roman,serif; text-indent: -7.1pt"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">50,123</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">51,745</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Total current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>1,295,309</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>1,637,657</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">45,966</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">42,568</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">195,936</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">191,756</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Investment in associate</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">54,152</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">53,907</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Property and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">577,692</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">542,087</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Right-of-use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">777,086</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">690,073</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4,852,656</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4,041,491</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 4.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>6,503,488</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: -2.3pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>5,561,882</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>7,798,797</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>7,199,539</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Trade payables </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">72,228</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">71,482</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Loans and financing</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">193,214</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">145,202</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">38,026</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">32,459</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Accounts payable to selling shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">417,398</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">261,711</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Notes payable </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">58,702</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">62,176</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Advances from customers </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">165,694</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">133,050</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Labor and social obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">188,928</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">154,518</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Taxes payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">29,045</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">26,221</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Income taxes payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">26,229</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">16,151</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">4,932</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2,719</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 4.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>1,194,396</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: -2.3pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>905,689</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Loans and financing</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1,730,523</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1,737,699</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Lease liabilities&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">826,957</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">737,066</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Accounts payable to selling shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">351,876</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">266,967</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Taxes payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">91,989</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">92,888</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Provision for legal proceedings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">199,160</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">195,854</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 1.1pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">35,601</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: -2.4pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">13,218</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Total non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 1.1pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>3,236,106</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: -2.3pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>3,043,692</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.65pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>4,430,502</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>3,949,381</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Share capital</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">17</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Additional paid-in capital</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2,375,344</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">2,375,344</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Share-based compensation reserve</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">130,033</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">123,538</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Treasury stock</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">(304,947)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">(304,947)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 14.2pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Retained earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.2pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1,117,010</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">1,004,886</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Equity attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>3,317,457</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding-right: -2.3pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>3,198,838</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">50,838</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: -2.3pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt">51,320</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>3,368,295</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: -2.3pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>3,250,158</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>7,798,797</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 7pt"><B>7,199,539</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt; color: #D20452"><B><I>&nbsp;</I></B></P>



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<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt; color: #D20452"><B><I>Consolidated statements of income and comprehensive income<BR>
(In thousands of Brazilian reais, except for earnings per share information)</I></B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt; color: red"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 80%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>March 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>March 31,, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(unaudited)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(unaudited)&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">709,961</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">566,324</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Cost of services</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(247,607)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(186,730)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>462,354</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>379,594</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(233,220)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(178,514)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other (expenses) income, net</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">405</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(309)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>229,539</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>200,771</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;Finance income</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">27,688</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">24,569</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;Finance expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(124,240)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(81,291)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Finance result</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(96,552)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(56,722)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Share of income of associate</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">3,845</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">4,240</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>136,832</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>148,289</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Income taxes expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(19,060)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">(13,347)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>117,772</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>134,942</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Total comprehensive income</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>117,772</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>134,942</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Income attributable to</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;Equity holders of the parent</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">112,124</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">129,610</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">&nbsp;&nbsp;Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,648</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">5,332</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>117,772</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>134,942</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt"><B>Basic earnings per share</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">Per common share </FONT></TD>
    <TD STYLE="padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1.25</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1.42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0"><B>Diluted earnings per share</B></P>
    <P STYLE="font: 8pt Calibri,sans-serif; margin: 0">Per common share</P></TD>
    <TD STYLE="padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1.24</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 8pt">1.42</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; background-color: white; color: red"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin-right: 0; margin-left: 0; background-color: white; color: #D20452"><B><I>Consolidated
statements of cash flows<BR>
(In thousands of Brazilian reais)</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>March 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>March 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(unaudited)&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Income before income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">136,832</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">148,289</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Adjustments to reconcile income before income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 77%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">65,971</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">48,387</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Write-off of property and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">88</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">319</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Write-off of intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">246</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">2,894</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Allowance for doubtful accounts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">17,694</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">14,983</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Share-based compensation expense</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">6,495</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">2,929</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Net foreign exchange differences</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">161</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">126</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Accrued interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">77,530</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">46,106</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Accrued lease interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">25,524</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">20,641</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Share of income of associate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(3,845)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(4,240)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Provision for legal proceedings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">3,154</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">3,819</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Changes in assets and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(10,232)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(576)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">2,404</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(2,037)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Recoverable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(8,460)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(5,965)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">6,005</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">9,263</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(11,507)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(2,736)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Taxes payables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">8,480</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">1,043</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Advances from customers</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">147</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(9,229)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Labor and social obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">28,158</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">22,388</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">4,528</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(2,839)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>349,373</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>293,565</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Income taxes paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(17,819)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(14,850)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Net cash flows from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>331,554</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>278,715</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Acquisition of property and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(27,299)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(30,670)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Acquisition of intangibles assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(19,130)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(21,680)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">3,600</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">1,554</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Acquisition of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(608,146)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(51,518)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Net cash flows used in investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>(650,975)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>(102,314)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 2.8pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 2.8pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Payments of loans and financing</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(15,745)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(14,494)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Issuance of loans and financing</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">3,663</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Payments of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(32,597)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(27,476)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Treasury shares</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(88,763)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Dividends paid to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(6,130)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(4,669)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Net cash flows from (used in) financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>(50,809)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>(135,402)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Net foreign exchange differences</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(161)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">(126)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>(370,391)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>40,873</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Cash and cash equivalents at the beginning of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-top: black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">1,093,082</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-top: black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">748,562</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Cash and cash equivalents at the end of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">722,691</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">789,435</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 8pt; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B><I>Reconciliation
between Net Income and Adjusted EBITDA</I></B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #D20452"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(in thousands of R$)</I></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>For the three months period ended March 31,</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>% Chg</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: gray 1pt solid; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Net income </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>117,772 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>134,942 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>-12.7%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Net financial result </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">96,552 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">56,722 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">70.2%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Income taxes expense </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">19,060 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">13,347 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">42.8%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Depreciation and amortization </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">65,971 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">48,387 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">36.3%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Interest received (1)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">10,299 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">7,687 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">34.0%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Income share associate</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,845)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(4,240)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">-9.3%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Share-based compensation </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6,495 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2,929 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">121.7%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Non-recurring expenses:</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>17,907 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>11,027 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>62.4%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- Integration of new companies (2)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">5,900 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4,171 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">41.5%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- M&amp;A advisory and due diligence (3)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">11,039 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,212 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">810.8%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- Expansion projects (4)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">151 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">602 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">-74.9%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- Restructuring expenses (5)</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,395 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">3,650 </FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">-61.8%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;- Mandatory Discounts in Tuition Fees&nbsp;&nbsp;(6)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(578)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,392 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri,sans-serif; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>330,211</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri,sans-serif; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>270,801</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri,sans-serif; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>21.9%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Adjusted EBITDA Margin</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B><I>46.5%</I></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B><I>47.7%</I></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B><I>-120 bps</I></B></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(1) Represents the interest received on late payments of monthly tuition fees.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(2) Consists of expenses related to the integration of newly acquired companies.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&amp;A transactions.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.</I></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 11pt Calibri,sans-serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><I>(6) Consists of mandatory discounts in tuition fees granted by state decrees, individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.&nbsp;&nbsp;</I></FONT></TD>
    </TR>
  </TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
