<SEC-DOCUMENT>0000950103-25-014633.txt : 20251112
<SEC-HEADER>0000950103-25-014633.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112172620
ACCESSION NUMBER:		0000950103-25-014633
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112
EFFECTIVENESS DATE:		20251112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Afya Ltd
		CENTRAL INDEX KEY:			0001771007
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-291480
		FILM NUMBER:		251474410

	BUSINESS ADDRESS:	
		STREET 1:		ALAMEDA OSCAR NIEMEYER, NO. 119
		STREET 2:		15TH FLOOR, VILA DA SERRA
		CITY:			NOVA LIMA, MINAS GERAIS
		STATE:			D5
		ZIP:			34006-056
		BUSINESS PHONE:		55 (31) 3515 7500

	MAIL ADDRESS:	
		STREET 1:		ALAMEDA OSCAR NIEMEYER, NO. 119
		STREET 2:		15TH FLOOR, VILA DA SERRA
		CITY:			NOVA LIMA, MINAS GERAIS
		STATE:			D5
		ZIP:			34006-056
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp237260_s8.htm
<DESCRIPTION>FORM S-8
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on November 12, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>


<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
</FONT><FONT STYLE="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B><BR></FONT></P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</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>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AFYA LIMITED<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><B>The Cayman Islands<BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)</B></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="background-color: white"><B>N/A</B></FONT><B><BR>
(I.R.S. Employer<BR>
Identification No.)</B></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"><B>Rua Para&iacute;ba, No.&nbsp;330, 17&ordm; Andar,
CEP 30130-917<BR>
Bairro Funcion&aacute;rios, Belo Horizonte, Minas Gerais<BR>
+55 (31) 3515 7550<BR>
(<FONT STYLE="font-size: 10pt">Address, including zip code, and telephone number, including area code, of Registrant&rsquo;s principal
executive offices</FONT>)</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amended and Restated Stock Option Plan of
Afya Limited<BR>
Restricted Stock Plan of Afya Ltd.<BR>
<FONT STYLE="font-weight: normal">(Full Title of the Plan)</FONT></P>

<P STYLE="font: bold 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"><B>Cogency Global Inc.<BR>
122 East 42<SUP>nd</SUP> Street, 18<SUP>th</SUP> Floor<BR>
New York, NY 10168<BR>
+1 (212) 947-7200&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: yellow"><BR>
</FONT><FONT STYLE="font-weight: normal">(Name, address and telephone number,<BR>
including area code, of agent for service)</FONT></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"><B>Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 68%; font-size: 10pt"><B>Large accelerated filer </B>&#9746;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 32%; font-size: 10pt"><B>Accelerated filer</B> &#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>Non-accelerated filer </B>&#9744;<B>&nbsp;(Do not check if a smaller reporting company)</B></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>Smaller reporting company </B>&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>Emerging Growth Company </B>&#9744;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. &#9744;</P>

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


<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</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: justify; text-indent: 0.25in">Pursuant to General Instruction
E to Form S-8, this Registration Statement on Form S-8 (the &ldquo;Registration Statement&rdquo;) is being filed for the purpose of registering
an additional 3,393,220 Class A common shares, par value $0.00005 per share (&ldquo;Shares&rdquo;), of Afya Limited (the &ldquo;Registrant&rdquo;)
authorized for issuance pursuant to the Registrant&rsquo;s Amended and Restated Stock Option Plan (the &ldquo;Plan&rdquo;) and an additional
987,016 Shares authorized for issuance pursuant to the Registrant&rsquo;s Restricted Stock Plan. This Registration Statement hereby incorporates
by reference the contents of the registration statements on Form S-8 (File Nos. 333-268884 and 333-268886) previously filed by the Registrant
on December 19, 2022.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3.&nbsp;&nbsp;Incorporation of Documents by Reference</P>

<P STYLE="font: bold 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: justify; text-indent: 0.25in">The following documents previously
filed with the Securities and Exchange Commission (&ldquo;Commission&rdquo;) are incorporated herein by reference:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;The
Annual Report on Form 20-F for the Registrant for the year ended December 31, 2024, filed with the Commission on April 29, 2025 (Registration
No. 001-38992) (the &ldquo;2024 Form 20-F&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;All other reports filed by the
Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) since
December 31, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;The description of the Registrant&rsquo;s
Class A common shares contained in the Registrant&rsquo;s 2024 Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, all documents
subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (with respect to any Form 6-K,
only to the extent designated therein), prior to the filing of a post-effective amendment to this Registration Statement which indicates
that all securities offered have been sold or which deregisters all securities then remaining unsold, including any Reports of Foreign
Private Issuers on Form 6-K submitted during such period (or portion thereof), shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date of the filing of such documents. The Registrant is not incorporating by reference
any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed &ldquo;filed&rdquo; with
the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any statement contained in
a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein (or in any other subsequently filed document which also is
incorporated or deemed to be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8.&nbsp;&nbsp;Exhibits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; width: 9%; padding-bottom: 1pt"><B>Exhibit<BR>
Number</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; width: 90%; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt">4.1*</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; text-align: justify; padding-bottom: 1pt">Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 1.4 of the Registrant&rsquo;s Annual Report on Form 20-F (File No. 001-38992) filed with the Commission on April 28, 2023)</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_ex0501.htm" STYLE="color: Blue; text-decoration: underline">5.1</A></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_ex0501.htm" STYLE="color: Blue; text-decoration: underline">Opinion of Maples and Calder (Cayman) LLP</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_ex2301.htm" STYLE="color: Blue; text-decoration: underline">23.1</A></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_ex2301.htm" STYLE="color: Blue; text-decoration: underline">Consent of Ernst &amp; Young Auditores Independentes S.S. Ltda,</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_ex0501.htm" STYLE="color: Blue; text-decoration: underline">23.2</A></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_ex0501.htm" STYLE="color: Blue; text-decoration: underline">Consent of Maples and Calder (Cayman) LLP (included in Exhibit 5.1)</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="#POA" STYLE="color: Blue; text-decoration: underline">24.1</A></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="#POA" STYLE="color: Blue; text-decoration: underline">Power of Attorney (included on the signature pages of this Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_ex9901.htm" STYLE="color: Blue; text-decoration: underline">99.1</A></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_ex9901.htm" STYLE="color: Blue; text-decoration: underline">Amended and Restated Stock Option Plan of Afya Limited (filed herewith)</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1771007/000095010322021172/dp185660_ex9901.htm" STYLE="color: Blue; text-decoration: underline">99.2</A></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1771007/000095010322021172/dp185660_ex9901.htm" STYLE="color: Blue; text-decoration: underline">Restricted Stock Plan of Afya Ltd.</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_exfilingfees.htm" STYLE="color: Blue; text-decoration: underline">107</A></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><A HREF="dp237260_exfilingfees.htm" STYLE="color: Blue; text-decoration: underline">Calculation of filing fee table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">*Incorporated herein by reference</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</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: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the city of Belo Horizonte, Brazil, on November 12, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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>&nbsp;</TD>
    <TD COLSPAN="2"><B>AFYA LIMITED</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">By:</TD>
    <TD STYLE="vertical-align: top; width: 45%; border-bottom: Black 1pt solid">/s/ Virgilio Deloy Capobianco Gibbon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Virgilio Deloy Capobianco Gibbon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD><I>Chief Executive Officer </I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>(Principal Executive Officer)</I></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><A NAME="POA" TITLE="poa"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The undersigned directors and
officers of Afya Limited&nbsp;&nbsp;hereby constitute and appoint Virgilio Deloy Capobianco Gibbon and Luis Andr&eacute; Blanco, and each
of them, individually, as attorneys-in-fact and agents for the undersigned, with full power of substitution for, and in the name, place
and stead of the undersigned, to sign and file with the Securities and Exchange Commission under the Securities Act of 1933, any and all
amendments (including post-effective amendments) and exhibits to this registration statement on Form S-8 (or any other registration statement
for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933) and any and all applications
and other documents to be filed with the Securities and Exchange Commission pertaining to the registration of the securities covered hereby,
each with full power and authority to do and perform any and all acts and things whatsoever requisite and necessary or desirable, hereby
ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Signature&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Title&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Date&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -9.35pt; border-bottom: Black 0.5pt solid"><I>/s/
</I>Virgilio Deloy Capobianco Gibbon</P></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center">Chief Executive Officer<BR>
(Principal Executive Officer)</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center">November 12, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">Virgilio Deloy Capobianco Gibbon</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><I>/s/ </I>Luis Andr&eacute; Blanco</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chief Financial Officer<BR>
(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">Luis Andr&eacute; Blanco</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><I>/s/ </I>Nicolau Carvalho Esteves</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Co-Chairman of the Board</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Nicolau Carvalho Esteves</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -9.35pt; border-bottom: Black 0.5pt solid"><I>/s/
</I>Kay Krafft</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Co-Chairman of the Board</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Kay Krafft</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><I>/s/ </I>Benedikt Dalkmann</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Benedikt Dalkmann</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Christina Krebs</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Christina Krebs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><I>/s/ Renato Tavares Esteves</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 9.35pt; text-indent: -9.35pt">Renato Tavares Esteves</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -9.35pt; border-bottom: Black 0.5pt solid"><I>/s/
</I>Maria Tereza Azevedo</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Maria Tereza Azevedo</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Joao Paulo Seibel de Faria</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Independent Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Joao Paulo Seibel de Faria</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -9.35pt; border-bottom: Black 0.5pt solid"><I>/s/
</I>Vanessa Claro Lopes</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Independent Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Vanessa Claro Lopes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -9.35pt; border-bottom: Black 0.5pt solid"><I>/s/
</I>Marcelo Ken Suhara</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Independent Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Marcelo Ken Suhara</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -9.35pt; border-bottom: Black 0.5pt solid"><I>/s/
</I>Miguel Filisbino Pereira de Paula</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Independent Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Miguel Filisbino Pereira de Paula</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>SIGNATURE OF AUTHORIZED
U.S. REPRESENTATIVE OF THE REGISTRANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Securities Act, the undersigned,
the duly authorized representative in the United States of the registrant has signed this registration statement on the 12<SUP>th</SUP>
day of November, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Cogency Global Inc.<BR>
Authorized U.S. Representative</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 45%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Colleen A. De Vries </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Colleen A. De Vries</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Sr. Vice President on behalf of Cogency Global Inc.</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp237260_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 68.25pt; width: 1in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Our ref:&nbsp;&nbsp;ADN/756600-000001/84489522v5&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Afya Limited</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">PO Box 309, Ugland House</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Grand Cayman KY1-1104</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cayman Islands</P></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">12 November 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Afya Limited</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have acted as counsel as to Cayman Islands law
to Afya Limited (the &quot;<B>Company</B>&quot;) in connection with the Company's registration statement on Form S-8, including all amendments
or supplements thereto (the &quot;<B>Registration Statement</B>&quot;), filed with the United States Securities and Exchange Commission
(the &quot;<B>Commission</B>&quot;) under the United States Securities Act of 1933, as amended (the &quot;<B>Act</B>&quot;) relating to
the registration of 3,393,220 Class A common shares of a par value of US$ 0.00005 each in the capital of the Company (&quot;<B>Shares</B>&quot;)
authorised for issuance pursuant to the Amended and Restated Stock Option Plan of the Company (the &quot;<B>SOP</B>&quot;) and 987,016
Shares authorised for issuance pursuant the RSU Stock Plan of the Company (the &quot;<B>RSU Plan</B>&quot; and together with the SOP Plan,
the &quot;<B>Plans</B>&quot;).&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD><TD STYLE="text-align: justify">Documents Reviewed</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have reviewed originals, copies, drafts or conformed
copies of the following documents, and such other documents as we deem necessary:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">The certificate of incorporation dated 22 March 2019 and the amended and restated memorandum and articles
of association of the Company adopted by special resolution passed on 29 April 2022 (the &quot;<B>Memorandum and Articles</B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">The minutes (the &quot;<B>Constituting Minutes</B>&quot;) of the meeting of the board of directors of
the Company held on 30 August 2019 (the &quot;<B>Constituting Meeting</B>&quot;), the minutes (the &quot;<B>Amendment Minutes</B>&quot;)
of the board of directors of the Company held on 5 May 2022 (the &quot;<B>Amendment Meeting</B>&quot;), the minutes (the &quot;<B>Plan
Minutes</B>&quot;) of the meeting of the People, Environmental, Social and Governance Committee of the board of directors of the Company
(the &quot;<B>ESG Committee</B>&quot;) held on 8 July 2022</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify">(the &quot;<B>Plan Meeting</B>&quot;), the minutes (the &quot;<B>Second Plan Minutes</B>&quot;) of the
meeting of the ESG Committee held on 31 October 2025 (the &quot;<B>Second Plan Meeting</B>&quot;), the minutes (the &quot;<B>Plan Board
Minutes</B>&quot; and together with the Constituting Minutes, the Amendment Minutes, the Plan Minutes and the Second Plan Minutes, the
&quot;<B>Minutes</B>&quot;) of the meeting of the board of directors of the Company held on 12 November 2025 (the &quot;<B>Plan Board
Meeting</B>&quot; and together with the Constituting Meeting, the Amendment Meeting, Plan Meeting and the Second Plan Meeting, the &quot;<B>Meetings</B>&quot;)&nbsp;&nbsp;and
the corporate records of the Company maintained at its registered office in the Cayman Islands.&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">A certificate of good standing with respect to the Company issued by the Registrar of Companies dated
12 November 2025 (the &quot;<B>Certificate of Good Standing</B>&quot;).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">A certificate from a director of the Company a copy of which is attached to this opinion letter (the &quot;<B>Director's
Certificate</B>&quot;).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">The Registration Statement.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD STYLE="text-align: justify">The SOP.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.7</TD><TD STYLE="text-align: justify">The RSU Plan.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.8</TD><TD STYLE="text-align: justify">The form of award agreement in connection with each Plan to be executed by the Company and the officer
referenced therein (the &quot;<B>Officer Award Agreement</B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.9</TD><TD STYLE="text-align: justify">The form of award agreement in connection with each Plan to be executed by the Company and the employee
referenced therein (the &quot;<B>Employee Award Agreement</B>&quot;, and together with the Officer Award Agreement, the &quot;<B>Award
Agreements</B>&quot;).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD><TD STYLE="text-align: justify">Assumptions</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following opinions are given only as to, and
based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to
the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied
(without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director's Certificate
and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">The Registration Statement, the Plans and the Award Agreements have been or will be authorised and duly
executed and unconditionally delivered by or on behalf of all relevant parties in accordance with all relevant laws (other than, with
respect to the Company, the laws of the Cayman Islands).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">The Registration Statement, the Plans and the Award Agreements are, or will be, legal, valid, binding
and enforceable against all relevant parties in accordance with its terms under the laws of the Cayman Islands and all relevant laws (other
than, with respect to the Company, the laws of the Cayman Islands).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">The Company will at all times have sufficient authorised but unissued share capital to facilitate the
issuance of the Class A common shares under the Plans.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies
of, or in the final forms of, the originals, and translations of documents provided to us are complete and accurate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">All signatures, initials and seals are genuine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">The capacity, power, authority and legal right of all parties under all relevant laws and regulations
(other than, with respect to the Company, the laws and regulations of the Cayman Islands) to enter into, execute, unconditionally deliver
and perform their respective obligations under the Registration Statement, the Plans and the Award Agreements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify">No monies paid to or for the account of any party under the Registration Statement, the Plans or any Award
Agreement or any property received or disposed of by any party to the Registration Statement, the Plans or any Award Agreement in each
case in connection with the Registration Statement, the Plans or any Award Agreement or the consummation of the transactions contemplated
thereby represent or will represent proceeds of criminal conduct or criminal property or terrorist property (as defined in the Proceeds
of Crime Law (As Revised) and the Terrorism Law (As Revised), respectively).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.8</TD><TD STYLE="text-align: justify">There is nothing under any law (other than the laws of the Cayman Islands) which would or might affect
the opinions set out below.&nbsp;&nbsp;Specifically, we have made no independent investigation of the laws of the State of New York or
the laws of Brazil.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.9</TD><TD STYLE="text-align: justify">The Company has received or will receive money or money's worth in consideration for the issue of the
Shares, and none of the Shares were or will be issued for less than their par value.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.10</TD><TD STYLE="text-align: justify">The Shares issued or to be issued pursuant to the Registration Statement, the Plans and the Award Agreements
have or will be duly registered, and will continue to be registered, in the Company&rsquo;s register of members (shareholders).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.11</TD><TD STYLE="text-align: justify">No invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands
to subscribe for any of the Shares.</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Save as aforesaid we have not been instructed to
undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3</FONT></TD><TD STYLE="text-align: justify">Opinions</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Based upon, and subject to, the foregoing assumptions
and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar of Companies under the laws of the Cayman Islands.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">The Shares to be offered and issued by the Company as contemplated by the Registration Statement, the
Plans and the Award Agreements have been duly authorised for issue and when such Shares are issued by the Company in accordance with the
Memorandum and Articles, the Registration Statement, the Plans and the Award Agreements and upon payment in full being made therefor as
contemplated in the Registration Statement, the Plans and the relevant Award Agreement and such Shares being entered as fully-paid on
the register of members of the</TD></TR></TABLE>

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<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">Company,
such Shares will be validly issued, fully-paid and non-assessable. As a matter of Cayman Islands law, a share is only issued when it
has been entered in the register of members (shareholders).</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD><TD STYLE="text-align: justify">Qualifications</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The opinions expressed above are subject to the
following qualifications:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">The obligations assumed by the Company under the Plans and the Award Agreements will not necessarily be
enforceable in all circumstances in accordance with their terms.&nbsp;&nbsp;In particular:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts
or moratorium or other laws of general application relating to protecting or affecting the rights of creditors and/or contributories;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">enforcement may be limited by general principles of equity. For example, equitable remedies such as specific
performance may not be available, <I>inter alia</I>, where damages are considered to be an adequate remedy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable
in the Cayman Islands to the extent that performance would be illegal under the laws of that jurisdiction; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">some claims may become barred under relevant statutes of limitation or may be or become subject to defences
of set off, counterclaim, estoppel and similar defences.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">To maintain the Company in good standing with the Registrar of Companies under the laws of the Cayman
Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame prescribed by law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">Under Cayman Islands law, the register of members (shareholders) is <I>prima facie</I> evidence of title
to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where
an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal
position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified
where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications
are rarely made in the Cayman Islands and there are no circumstances or matters of fact known to us on the date of this opinion letter
which would properly form the basis for an application for an order for rectification of the register of members of the Company, but if
such an application were made in respect of the Shares, then the validity of such shares may be subject to re-examination by a Cayman
Islands court.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">In this opinion letter the phrase &quot;non-assessable&quot; means, with respect to the issuance of shares,
that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant
to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets
(except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose
or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
letter as an exhibit to the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons
whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We express no view as to the commercial terms of
the Registration Statement, the Plans and the Award Agreements or whether such terms represent the intentions of the parties and make
no comment with regard to warranties or representations that may be made by the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The opinions in this opinion letter are strictly
limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review
and we therefore have not reviewed any of the ancillary documents relating to the Shares and express no opinion or observation upon the
terms of any such document.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This opinion letter is addressed to you and may
be relied upon by you, your counsel and purchasers of the Shares pursuant to the Registration Statement, the Plans and the Award Agreements.
This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yours faithfully</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">/s/ Maples and Calder (Cayman) LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Maples and Calder (Cayman) LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Afya Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">PO Box 309, Ugland House</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Grand Cayman KY1-1104</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Cayman Islands</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">12 November 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD>Maples and Calder (Cayman) LLP</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PO Box 309, Ugland House</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Grand Cayman</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KY1-1104</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cayman Islands</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Afya Limited </B>(the &quot;<B>Company</B>&quot;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">I, the undersigned, being a director of the Company,
am aware that you are being asked to provide an opinion letter (the &quot;<B>Opinion</B>&quot;) in relation to certain aspects of Cayman
Islands law.&nbsp;&nbsp;Unless otherwise defined herein, capitalised terms used in this certificate have the respective meanings given
to them in the Opinion.&nbsp;&nbsp;I hereby certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify">The Memorandum and Articles remain in full force and effect and are unamended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">The Company has not entered into any mortgages or charges over its property or assets other than those
entered in the register of mortgages and charges of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify">The Minutes are a true and correct record of the proceedings of the Meetings, which were duly convened
and held, and at which a quorum was present throughout, in each case, in the manner prescribed in the Memorandum and Articles. The resolutions
set out in the Minutes were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect
to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">The authorised share capital of the Company is US$50,000 divided into 1,000,000,000 shares of a nominal
or par value of US$0.00005 each which, at the date the Memorandum and Articles became effective, comprised (i) 500,000,000 Class A Common
Shares; (ii) 250,000,000 Class B Common Shares (which Class B Common Shares may be converted into Class A Common Shares in the manner
contemplated in the Articles of Association of the Company); and (iii) 250,000,000 shares of such class or classes (howsoever designated)
and having the rights as the board of directors of the Company may determine from time to time in accordance with Article 4 of the Articles
of Association of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify">The shareholders of the Company (the &quot;<B>Shareholders</B>&quot;) have not restricted the powers of
the directors of the Company in any way.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify">There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands
law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Registration Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify">The directors of the Company at the date of the Constituting Meeting were as follows: Nicolau Carvalho
Esteves, Felipe Samuel Argalji, Daniel Arthur Borghi, Laura Guaran&aacute; Carvalho, Renato</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Tavares Esteves, S&eacute;rgio
Mendes Botrel Coutinho, Vanessa Claro Lopes, Daulins Reni Emilio and Rafael Munerato de Almeida.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify">The directors of the Company at the date of the Amendments Meeting were as follows: Kay Krafft, Nicolau
Carvalho Esteves, Renato Tavares Esteves, Daulins R&ecirc;ni Em&iacute;lio, Shobhna Mohn, Benedikt Dalkmann, Maria Tereza Azevedo, Fl&aacute;vio
Dias Fonseca da Silva, Jo&atilde;o Paulo Seibel de Faria, Miguel Filisbino Pereira de Paula and Vanessa Claro Lopes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9</TD><TD STYLE="text-align: justify">The members of the ESG Committee at the date of the Plan Meeting, the Second Plan Meeting and at the date
of this certificate were and are as follows: Miguel Filisbino Pereira de Paula, Rafael Munerato, Renato Tavares Esteves and Kay Krafft.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10</TD><TD STYLE="text-align: justify">The directors of the Company at the date of the Plan Board Meeting and at the date of this certificate
were and are as follows: Nicolau Carvalho Esteves, Renato Tavares Esteves, Vanessa Claro Lopes, Jo&atilde;o Paulo Seibel de Faria, Miguel
Filisbino Pereira de Paula, Kay Krafft, Maria Tereza Azevedo, Benedikt Dalkmann, Christina Krebs and Marcelo Ken Suhara.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11</TD><TD STYLE="text-align: justify">The ESG Committee was constituted at the Constituting Meeting as set out in the Constituting Minutes as
the &quot;Compensation Committee&quot; of the board of directors of the Company and the name of the ESG Committee was changed from the
&quot;Compensation Committee&quot; of the board of directors of the Company to the &quot;People, Environmental, Social and Governance
Committee&quot; of the board of directors of the Company by the board of directors of the Company at a meeting of the board of directors
of the Company held on 29 January 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12</TD><TD STYLE="text-align: justify">The minute book and corporate records of the Company as maintained at its registered office in the Cayman
Islands and made available to you are complete and accurate in all material respects, and all minutes and resolutions filed therein represent
a complete and accurate record of all meetings of the Shareholders and directors (or any committee thereof) of the Company (duly convened
in accordance with the Memorandum and Articles) and all resolutions passed at the meetings or passed by written resolution or consent,
as the case may be.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13</TD><TD STYLE="text-align: justify">Prior to, at the time of, and immediately following the approval of the transactions contemplated by the
Registration Statement, the Plans and the Award Agreements, the Company was, or will be, able to pay its debts as they fell, or fall,
due and has entered, or will enter, into the transactions contemplated by the Registration Statement, the Plans and the Award Agreements
for proper value and not with an intention to defraud or wilfully defeat an obligation owed to any creditor or with a view to giving a
creditor a preference.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14</TD><TD STYLE="text-align: justify">Each member of the ESG Committee considers the transactions contemplated by the Registration Statement,
the Plans and the Award Agreements to be of commercial benefit to the Company and has acted in good faith in the best interests of the
Company, and for a proper purpose of the Company, in relation to the transactions which are the subject of the Opinion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15</TD><TD STYLE="text-align: justify">To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal,
arbitral, administrative or other proceedings in any jurisdiction and neither the directors nor Shareholders have taken any steps to have
the Company struck off or placed in liquidation. Further, no steps have been taken to wind up the Company or to appoint restructuring
officers or interim restructuring officers, and no step has been taken to appoint a receiver in relation to any of the Company's property
or assets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16</TD><TD STYLE="text-align: justify">To the best of my knowledge and belief, having made due inquiry, there are no circumstances or matters
of fact existing which may properly form the basis for an application for an order for rectification of the register of members of the
Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17</TD><TD STYLE="text-align: justify">The Company is not a central bank, monetary authority or other sovereign entity of any state and is not
a subsidiary, direct or indirect, of any sovereign entity or state.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18</TD><TD STYLE="text-align: justify">There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands
law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Registration Statement,
the Plans and Award Agreements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">I confirm that you may continue to rely on this
certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you personally to
the contrary.</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%">Signature:</TD>
  <TD STYLE="width: 35%">Nicolau Carvalho Esteves</TD>
  <TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Nicolau Carvalho Esteves</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>Director</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dp237260_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 23.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #333333"><FONT STYLE="font-size: 10pt"><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">We consent to the incorporation
by reference in the Registration Statement (Form S-8) pertaining to the Amended and Restated Stock Option Plan and the Restricted Stock
Plan of Afya Limited of our reports dated March 13, 2025, with respect to the consolidated financial statements of Afya Limited and the
effectiveness of internal control over financial reporting of Afya Limited included in its Annual Report (Form 20-F) for the year ended
December 31, 2024, filed with the Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">/s/ ERNST &amp; YOUNG</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">Auditores Independentes
S/S Ltda</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">Belo Horizonte, Brazil</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">November 12, 2025</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>dp237260_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED STOCK OPTION PLAN OF AFYA
LIMITED.</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>AFYA LIMITED, </B>an exempted company incorporated
with limited liability under the laws of the Cayman Islands, with its headquarters located at Ugland House, Maples Corporate Services,&nbsp;&nbsp;P.O.
Box 309, George Town, Cayman Islands, KY1-1104 (the &ldquo;<U>Company</U>&rdquo;);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Considering that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">On August 30<SUP>th, </SUP>2019, the stock option plan (the &ldquo;<B>Plan</B>&rdquo;) of the Company
was approved to grant participants the right to exercise options of Class A common shares of the Company and, that, conditional upon the
terms of the Plan and the relevant option agreement and the due exercise of options by participants under the Plan, shares shall be allotted
and issued to eligible participants as fully paid and non-assessable upon such terms, in such numbers and at such times as contained or
set out in the Plan and the relevant option agreement and entries be made in the Register of Members of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">the People and ESG Committee of the Company had discussed, on July 16<SUP>th</SUP>, 2020 the amendment
of the Plan, in order to maintain its attractiveness&rsquo;s to its employees, directors and consultants, due to the exchange variation
from USD to BRL, which was approved by the Board of Directors on July 29, 2020;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">the People and ESG Committee acquired full authority on May 5<SUP>th</SUP>, 2022 of the Board of Directors,
by amending its internal bylaws to approve or amend any incentive plans of the Company, including the aforementioned Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">the People and ESG Committee of the Company had approved, on July 8<SUP>th</SUP>, 2022&nbsp;&nbsp;the
amendments to the Plan, in order to insert new provisions related to change of control and delisting, to insert new conditions related
to the authority of the People and ESG Committee to approve, amend and manage the Plan, and also to reflect any other minor changes to
the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">On July 31<SUP>st</SUP>, 2023, the People and ESG Committee of the Company approved new amendments to
the Plan, specifically, (i) to include a new provision that the People and ESG Committee shall have the authority, subject to certain
conditions defined by the People &amp; ESG Committee, to approve the exchange of Options into RSU Rights, under the Restricted Stock Plan,
as approved by the People &amp; ESG Committee on July 8th, 2022 (&ldquo;RSU Rights Plan&rdquo;); (ii) to update and change the conditions
related to Termination/Resignation/Death described in Section 6 of the Plan; and (iii) to update Section 5.2 to include that the Strike
Price shall be adjusted considering the index approved by the People &amp; ESG Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">f)</TD><TD STYLE="text-align: justify">On October 31<SUP>st</SUP>, 2025, the People and ESG Committee of the Company approved new amendments
to the Plan, with retroactive effects as of March 13, 2024, specifically to include certain operational definitions regarding the exchange
rate applicable to the Strike Price,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">the Exercise Price index rate and the
payment date of the Strike Price by the Beneficiaries (together with the amendments described above, the <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ldquo;<B>Amendments&rdquo;</B>).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">g)</TD><TD STYLE="text-align: justify">The People and ESG Committee have approved the amendment and restatement of the Plan to incorporate the
Amendments in the form of the attached Amended and Restated Stock Option Plan of Afya Limited with effect from October 31<SUP>st</SUP>,
2025.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Cayman Islands, October 31<SUP>st</SUP>, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED STOCK OPTION PLAN OF AFYA
LIMITED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOP&rsquo;s
Goals</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
granting of options for purchasing shares issued by AFYA Limited (the &ldquo;<B>Company</B>&rdquo;) has as an objective to contribute
to the achievement of the Company&rsquo;s financial and strategic goals, by aligning the interests of the shareholders, officers, managers
and strategic talents of the Company or any other of its controlled companies, thus enabling maximization of the value of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>To
achieve said objectives, the Company shall grant to the Beneficiaries (as defined in Section 2.2(b) below) an option to purchase Class
A common shares of the Company, under the terms and conditions of both this general plan for the granting of options for purchasing the
Company's Class A common shares (the &ldquo;<B>SOP</B>&rdquo;) and the agreement for the granting of an option for purchasing Class A
common&nbsp;&nbsp;shares of the Company to be entered into with each one of the Beneficiaries (the &ldquo;<B>Option Agreement</B>&rdquo;
and the &ldquo;<B>Option</B>&rdquo;, respectively).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
form of the Option Agreement forms as integral part of this SOP as <U>Exhibit 1</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
management of this SOP shall be incumbent upon the People and ESG Committee of the Company, pursuant to the terms and conditions of the
People and ESG Committee Internal Bylaws approved by the Board of Directors on May 5<SUP>th</SUP>, 2022 (the &ldquo;<B>Committee Bylaws</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
accordance with the terms and conditions of this SOP and Article 24.6 and 24.7 of Company&rsquo;s Amended and Restated Articles of Association,
as amended, from time to time (the &ldquo;<B>Articles of Association</B>&rdquo;) and the Committee Bylaws,&nbsp;&nbsp;the People and ESG
Committee shall have full power to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take
all the necessary and appropriate measures for managing this SOP, including in terms of the construal, detailing and application of the
general rules set forth herein;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;select,
at its sole discretion, who should be granted the Options, under the terms of Section 3 below (the &ldquo;<B>Beneficiaries</B>&rdquo;);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;set
forth the appropriate rules for the granting of the Option to each one of the Beneficiaries, approving the respective Option Agreement,
which may differ for each one of the Beneficiaries, in particular with respect to the criteria for the setting of the number of Shares
(as defined in item 4.2 below) subject to the Option and Strike Price (as defined in item 5.2 below);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
the terms and conditions of the Options granted with the purpose of adapting them to any new legal requirements, including for the proper
classification of this SOP under the law; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorize
the Company's officers to execute Option Agreements with several Beneficiaries, as well as any necessary amendments upon decision of the
People and ESG Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;approve
the exchange of Options granted in the Options Agreement into RSU Rights, under the Restricted Stock Plan, as approved by the People &amp;
ESG Committee on July 8th, 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
People and ESG Committee, exercising its powers, is subject only to the limits set in law, in the Articles of Association, the Committee
Bylaws in any shareholders' agreements filed at the Company&rsquo;s head office, and in this SOP in connection with the transactions contemplated
by this SOP.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiaries</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Eligibility</U>.
In accordance with the conditions of this SOP, only employees, managers and/or strategic consultants of the Company and its controlled
companies who have been selected by the People and ESG Committee of the Company shall be eligible to participate as Beneficiaries in the
Option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Execution</U>.
The Option shall be granted by the execution of the Option Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
subject to the SOP</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Number
of Shares per Beneficiary</U>. Upon granting of the Option, the People and ESG Committee shall define the number of shares to be issued
by the Company for the Option of each Beneficiary, under the conditions provided for in this SOP.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Total
number of Shares</U>. The total number of outstanding Options subject to this SOP will not exceed, on any date, four percent (4%) of the
total shares issued by the Company (the &ldquo;<B>Limit</B>&rdquo;). Notwithstanding, the Limit may be exceeded in case the People and
ESG Committee decides to approve the use of existing treasury shares of the Company for the future transfer of Shares under this SOP (the
&ldquo;<B>Indicated Treasury Shares</B>&rdquo;). Any Indicated Treasury Shares shall not be used by the Company for any other purpose.
The Shares issued by the Company to the Beneficiary related to the exercise of an Option into Shares will be deducted from the Limit and
therefore cannot be used for future grants. Any treasury shares transferred by the Company to the Beneficiary to allow the exercise of
an Option into Shares (the &ldquo;<B>Treasury Shares</B>&rdquo;) will not be deducted from the Limit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>4.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
Shares subject to the Option shall be class A common shares of a nominal or par value of US$ 0.00005 (each), which shall confer to its
holder all the rights set forth in the Articles of Association.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>4.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>In
accordance with Article 4.1(a) and Article 23.4(a) of the Articles of Association, the Board of Directors (or it&rsquo;s duly appointed
and authorized delegates) shall approve the issue of Shares and/or the transfer of Treasury Shares arising from the exercise of each Option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Shareholder
rights</U>. No shareholder rights (including, but not limited to voting and dividend rights) will be granted to the Beneficiary, unless
and until the Option is exercised, subject to the provisions set forth in Sections 4.4 and 5.2 below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Dividend
rights</U>. Notwithstanding the provisions of Section 4.3 above, the Beneficiary shall be entitled to one hundred per cent (100%) of the
dividends or of any other earnings attributed to the Shares acquired by it (the &ldquo;<B>Earnings</B>&rdquo;), related to the fiscal
year in which the Option is exercised and so long as the Beneficiary holds the Shares, without prejudice to</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">all the rights inherent
to such Beneficiary&rsquo;s status as shareholder so long as such Beneficiary remains the holder of the Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting
Period and Exercise Windows</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Vesting
Period</U>. The Beneficiary will acquire the right to purchase a particular number of Shares issued by the Company, up to the total amount
of Shares of its respective Option. Each year, beginning preferably on May 1 of the year following the date of execution of the Option
Agreement, up to 5 (five) annual lot of Options granted to each Beneficiary will vest and the Beneficiary will have the right to exercise
such vested Options to acquire the corresponding Shares (each one-year period referred to as a &ldquo;<B>Vesting Period</B>&rdquo;), as
defined in the Option Agreement to be executed with the Beneficiary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
Beneficiary shall have a term of three (3) years counted from the end of each Vesting Period to exercise its Option vested at the end
of the relevant Vesting Period, on 5 (five) annual occasions, which are: (i) from the 1<SUP>st</SUP> to the 15<SUP>th</SUP> of February
of each year; or (ii) from the 1<SUP>st</SUP> to the 15<SUP>th</SUP> of the month immediately following each disclosing date of the annual
and/or quarterly financial statements (the &ldquo;<B>Exercise Windows</B>&rdquo;). The exercise notice shall be sent to the Chief Executive
Officer, with a copy to the Company's Chief Legal Officer (the &ldquo;<B><U>Exercise Notice</U></B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Any
portion of the Option not exercised under the terms and conditions set forth in this SOP and/or the Option Agreement shall expire and
lapse, without notice to that effect, and the Beneficiary shall not be entitled to any compensation, indemnity or right to exercise, in
the future, any accumulated non-exercised amounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5.1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>For
the purpose of exercising the Option, the Beneficiary shall, at the Company's discretion: (i) sign the subscription letter with the Company,
in the event of issuance of new Shares by the Company; or (ii) countersign a share transfer form signed by the Company in the event of
use by the Company of Treasury Shares, and the Company shall, upon receipt of payment of the Strike Price from the Beneficiary, update
its register of members to reflect the Beneficiary as the holder of the Shares the subject of the portion of the Option exercised.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5.1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
obligation set forth under Section 5.1.3 above may, at the sole discretion of the Beneficiary, be fulfilled either by the Beneficiary
or by any company, entity, investment fund, Brazilian or not, whose shares, quotas or any other titles representing their ownership are
fully held by the Beneficiary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Premium
and Strike Price</U>. The Premium will be USD 0.002 for each Option granted in the Option Agreement (the &ldquo;<B>Premium</B>&rdquo;)
and, except as set forth in Section 5.3, the Beneficiary shall pay the premium in 60 (sixty) days after the signature of the Option Agreement
in accordance with clause 5.3 of the Plan. The strike price of the Option (the &ldquo;<B>Strike Price</B>&rdquo;) will be set forth in
the Option Agreement, as defined by the People and ESG Committee, upon the granting of the Option to the Beneficiary. The Strike Price
shall be adjusted (i) on a <I>pro rata temporis </I>basis,&nbsp;&nbsp;according to the last Brazilian IPCA index rate published and available
by IBGE on the first business day of the Exercise Window; and (ii) in relation to the payment of dividends or any other Earnings, considering
the reference date immediately after the date that the Beneficiary acquired the right to exercise the Option and before its effectively
exercise, not being considered for the calculation of the Strike Price any Earnings related to the fiscal year that the Option was exercised
and that the Earnings were distributed to the Beneficiary under the Clause 4.4.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Payment</U>.
The Strike Price and the Premium shall be paid: (i) immediately by Beneficiaries who are C-Level executives of the Company and/or of its
subsidiaries, or (ii) for Beneficiaries who are not appointed as a C-Level executive, within a maximum of 30 (thirty) business days from
the date of the Exercise Notice for the Strike Price and within 30 (thirty) business days from the date the Option Agreement was executed
for the Premium, in Brazilian reais, by wire transfer of funds to the bank account held by the Company, in accordance with the provisions
set forth in the Option Agreement. Alternatively, the Beneficiary may, in case he/she has a foreign bank account,&nbsp;&nbsp;pay the Strike
Price and the Premium by wire transfer of funds in US dollars, for the equivalent conversion of the Strike Price or Premium in Brazilian
reais, calculated based on the average selling exchange rate of the US dollars (PTAX) published by the Central Bank of Brazil over: (i)
the five (5) business days preceding the first business day of the Exercise Window, for the Strike Price, and (ii) the five (5) business
days preceding the first business day of date on which the Option Agreement was executed for the Premium.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>5.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Lock-up</U>.
In certain cases, the People and ESG Committee, or whomever it delegates, may provide lock-up rules by which the Beneficiary, shall not
sell, transfer or, in any way, disposes of Shares acquired in virtue of the exercise of the Option vested in specific periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination/Resignation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>If
any of the Beneficiaries is no longer a manager and/or employee and/or strategic consultant, as applicable, of the Company and/or controlled
companies, the following procedures and consequences shall be noted with respect to the granted Options and/or Shares purchased by the
Beneficiaries and by reason of the event, as provided for in both this SOP and the Option Agreement with respect to the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 50%; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Event</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Rights</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Voluntary resignation and/or request of resignation</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Beneficiary may exercise the non-exercised vested portion and loses the right to exercise the nonvested portion and will have no rights to receive <I>Pro Rata Portion Rights</I>, as established in Section 6.2.1 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
without cause and Removal without cause;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Death
or permanent disability</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Beneficiary will lose the right to exercise the non-vested portion and will have rights to exercise the <I>Pro Rata Portion Right as established in</I> Section 6.2 and 6.2.1;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Termination for cause </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Beneficiary loses the right to exercise the vested and the nonvested portions</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Pro
Rata Vesting</U>. In the event of Beneficiary&rsquo;s death or permanent disability, or of termination of the Beneficiary&rsquo;s employment
agreement, management agreement or services agreement by the Company and/or controlled companies <U>without cause</U> (including in the
event of removal of his/her position as officer or non-renewal of his/her term as officer) (each such event referred to as an &ldquo;<B>Event</B>&rdquo;),
the Beneficiary (or his/her successor) will vest a pro rata portion of the lot of Options that would vest in the then current Vesting
Period, proportionately to the number of complete months elapsed between the beginning of such Vesting Period until the Event, subject
to Section 6.2.1 below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>6.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>If
the Event occurs during the last three (3) months prior to the end of the then current Vesting Period, the Beneficiary will vest all his/her
Options that would initially vest at the end of such Vesting Period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Exercise
Period</U>. In the event of (i) voluntary resignation and/or request of resignation by the Beneficiary, or (ii) termination without cause
and removal without cause by the Company (&ldquo;<U>Termination</U>&rdquo;), the Beneficiary shall have a maximum period of 5 (five) days
after the date of the Termination to send a notice to the Chief Executive Officer with copy to the Legal and Compliance Vice-President
to exercise the vested portion of the outstanding Options, subject to the Strike Price payment and conditions established in the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>6.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>In
the event of death or permanent disability, the responsible successor individual shall have a maximum period of, whatever occur before:
(i) 6 months after the event of death or permanent disability; or (ii) 5 (five) days after the conclusion of the legal proceedings to
establish the formal successor, if the legal proceedings are concluded before 6 months, to send a notice to the Chief Executive Officer
with copy to the Legal and Compliance Vice-President to exercise the vested portion of the outstanding Options, subject to the Strike
Price payment and conditions established in the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
Events</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Change
of Control</U>. For the purpose of this SOP, the expression &ldquo;<B>Change of Control</B>&rdquo; means (a) any direct or indirect change
in the Company&rsquo;s capital stock that results in Bertelsmann SE&amp; Co. KGaA or any of its affiliates (&ldquo;<B>Bertelsmann</B>&rdquo;)
ceasing to be the&nbsp;&nbsp;controlling shareholder of the Company in a result of a transaction or a series of transactions that results
in Bertelsmann selling at least 75% of its ownership at the Company for cash to any other third parties at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>7.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>For
purposes of this SOP, it shall not be a Change of Control (i) any direct or indirect change of control of Bertelsmann or any change to
its equity ownership; or (ii) in the event of permitted transfers, as provided for in any shareholders&rsquo; agreement filed at the Company&rsquo;s
headquarters or in the Articles of Association.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>7.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><U>Non-Vested
Portion</U>. In case of a Change of Control, the Beneficiaries&rsquo; Options related to any non-completed Vesting Period(s) will be accelerated.
The Beneficiary will have the right to exercise the accelerated Options within no more than ten (10) calendar days from the Change of
Control.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>7.1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>In
the event of a Change of Control, each Beneficiary shall have the right, in his/her sole discretion, to dispose his/her Shares exercised
under this SOP, to an offering party at the same price and under the same conditions offered to Bertelsmann (the &ldquo;<B>Beneficiary
Change of Control Rights</B>&rdquo; and the &ldquo;<B>Bertelsmann Divestment</B>&rdquo;, respectively). The number of Shares exercised
under this SOP subject to the Beneficiary Change of Control Rights shall represent the same proportion of the Company&rsquo;s shares sold
by Bertelsmann in the context of the Bertelsmann Divestment. Subject to the same proportion indicated in this clause, the Beneficiaries
shall have the right to include Shares exercised under this SOP arising out of the accelerated conversion of non-vested Options in the
Beneficiary Change of Control Rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>7.1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
Company shall notify the Beneficiary informing (i) that a Bertelsmann Divestment event has occurred; and (ii)&nbsp;the price and payment
terms and conditions. Within five (5) days from the receipt by the Beneficiary of the notice, the Beneficiary may, but shall not be obliged
to, send a counter-notification to the CEO of the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">Company, copying
the Legal Director informing his/her decision to exercise the Beneficiary Change of Control Rights. The Beneficiary&rsquo;s failure to
submit the counter-notification within the period set forth herein shall be deemed as a waiver of his/her Beneficiary Change of Control
Rights in relation to the relevant sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Delisting
Event</U>. For the purpose of this SOP, the expression &ldquo;<B>Delisting Event</B>&rdquo; means a delisting of the Company from NASDAQ,
i.e., the shares issued by the Company ceasing to be traded at NASDAQ (a &ldquo;<B>Delisting</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>7.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>In
the event a Delisting Event results in a public tender offer indistinctively directed to the Company&rsquo;s shareholders for the acquisition
of the shares issued by the Company, then the acceleration provided for in Section 7.1.2 and all the terms and deadlines established in
this Section 7.1.3 shall be adapted, if necessary and to the maximum possible extent, as to allow the Beneficiaries to transfer his/her
Shares (including those Shares arising out of the acceleration of non-vested Options and of the exercise of vested Options) under the
terms and conditions of such public tender offer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>7.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>In
case of a Delisting, (i) each of the Beneficiaries will sell to the Company all his/her Shares exercised under the SOP (including those
Shares arising out of the acceleration of non-vested Options and of the exercise of vested Options) and, once these Options are fully
exercised, the Company will have the obligation to purchase the Shares exercised under the SOP held by the respective Beneficiary, and;
(ii) the Company will have the obligation to acquire all of each Beneficiary&rsquo;s Shares (including those Shares arising out of the
acceleration of non-vested Options and of the exercise of vested Options) and, once this Options are exercised, the Beneficiaries will
have the obligation to sell their Shares in case of Delisting, under the price, terms and conditions of the Delisting public offer, if
any, applicable to each share issued by the Company (the &ldquo;<B>Delisting Price</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>7.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
Change of Control and Delisting Sections shall apply in the event the Beneficiary has ceased to be a manager and/or employee of the Company
and/or controlled companies exclusively as a result of a termination without cause by the Company and/or controlled companies less than
ninety (90) days counted before the Change of Control or Delisting events.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term
and Termination of this SOP</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This
SOP will be in force indefinitely, as of this date, and may be terminated at any time by decision of the People and ESG Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>8.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
termination of this SOP shall not affect the validity of the outstanding Options issued pursuant to this SOP.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>8.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Option shall be legally terminated without any right to compensation or indemnity to the Beneficiary: (i) due to its full exercise as
authorized in this SOP; or (ii) due to the end of the term for its exercise, or (iii) due to resignation of the Company&rsquo;s Beneficiary,
under the conditions provided for in Section 6 above; or (iv) in the event of dissolution and liquidation of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>No
provisions of this SOP shall neither confer to the Beneficiary any guarantee to remain in the Company as an employee or until the end
of its term of office as a manager, nor shall it ensure its re-election for the referred position, nor shall it interfere in any manner
with the right reserved by the Company to dismiss the manager.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>9.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Nothing
in this SOP may, in any way, limit or restrict the ability of the Board of Directors, the People and ESG Committee or the Company's shareholders
to resolve on: (i) any increase, reduction, adjustment, reorganization or other change in the Company's capital structure or business
or in the Company's capital structure or business of any of its controlled companies; (ii)&nbsp;any corporate transaction, including but
not limited to the merger, incorporation, incorporation of shares, spin-off (partial or total); (iii) any issuance of securities of the
Company and/or its controlled companies; (iv) the dissolution and/or liquidation of the Company and/or of its controlled companies; (v)
any sale or total or partial transfer of the assets or business of the Company and/or of its controlled companies; (vi) any other corporate
act of the Company and/or of its controlled companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>9.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Should
any split-ups or reverse splits of the shares issued by the Company occur, the amount of Options granted in the context of this SOP shall
be adjusted, proportionally, aiming to preserve the stake granted to each Beneficiary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>9.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Each
Beneficiary must expressly adhere, by executing the Option Agreement, to the terms and conditions of this SOP, without exceptions whatsoever.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>9.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
People and ESG Committee may, in the interests of the Company and its shareholders, review the terms and conditions of this SOP, provided
that any revisions will not affect the Option Agreements already in force without the relevant Beneficiary consent. The People and ESG
Committee shall not be obliged to give equal or the same treatment to the employees/managers eligible to the SOP or to the Beneficiaries,
even if they are in a similar function, position, time of employment, hierarchy, or seniority, and there is no obligation to apply any
principle of equality or analogy. The People and ESG Committee may also establish special treatment for special cases and situations.
Such special treatment shall not constitute a precedent invocable by other Beneficiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>9.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Cases
not referred to herein shall be decided on by the People and ESG Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>9.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
People and ESG Committee may, at its own discretion, on a case-by-case basis, approve the execution of Option Agreements reflecting different
procedures or consequences, as well as waive any of the rights established in this SOP.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><B>9.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This
SOP&nbsp;&nbsp;is governed by the laws of the Cayman Islands. ANY AND ALL DISPUTE OR CONTROVERSIES RELATING TO, OR ARISING FROM THE SOP
PLAN, ANY PROGRAM, ANY OPTION AGREEMENT OR ANY OTHER INSTRUMENT OR DOCUMENTED RELATED THERETO, IN PARTICULAR INVOLVING THEIR APPLICATION,
VALIDITY, EFFECTIVENESS, INTERPRETATION, VIOLATION OR EFFECTS SHALL BE SOLVED THROUGH AN <B><U>ARBITRATION</U></B> CONDUCTED BY THE CENTER
FOR ARBITRATION AND MEDIATION OF THE CHAMBER OF COMMERCE BRAZIL-CANADA (CAM-CCBC), IN ACCORDANCE WITH ITS ARBITRATION REGULATION.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<p style="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: right">Ex-Filing Fees</p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: center">CALCULATION OF FILING FEE TABLES</p>

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<p style="font: bold 11pt Times New Roman, Times, Serif; border-top: Gray 3pt double; padding-top: 6pt; text-align: center; margin-top: 0pt; margin-bottom: 4pt">Table 1: Newly Registered Securities</p>

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  <td style="border-bottom: Black 1pt solid">Fee Calculation<br/> Rule</td>
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  <td style="border-bottom: Black 1pt solid">Amount Registered</td>
  <td>&#160;</td>
  <td colspan="2" style="border-bottom: Black 1pt solid">Proposed Maximum Offering<br/> Price Per Unit</td>
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  <td colspan="2" style="border-bottom: Black 1pt solid">Maximum Aggregate Offering Price</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td></tr>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td style="width: 25%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
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  <td style="border-bottom: Black 1pt solid; width: 1%">&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td colspan="12" style="text-align: right">Total Fee Offsets:</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="c_report" id="fee_028" decimals="INF" format="ixt:numdotdecimal" unitRef="USD">0.00</ix:nonFraction></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td colspan="12" style="text-align: right">Net Fee Due:</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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<p style="font: bold 8pt Arial, Helvetica, Sans-Serif; color: rgb(50,101,255); margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt">__________________________________________<br/>
Offering Note(s)</p>

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end
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Nov. 11, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001771007<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Afya Ltd<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</div>
</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<title></title>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Nov. 11, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Class A Common Shares, nominal value US $0.00005 per common share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">3,393,220<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">14.08<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 47,776,538.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 6,597.94<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Amount registered represents 3,393,220 Class A Common Shares, nominal value US $0.00005 per common share (&#8220;Common Shares&#8221;), of Afya Limited (the &#8220;Registrant&#8221;) that are reserved for issuance under the Amended and Restated Stock Option Plan of Afya Limited (the &#8220;Stock Option Plan&#8221;) and any additional Common Shares that become issuable under the Stock Option Plan by reason of any share dividend, share split, or other similar transaction pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Class A Common Shares, nominal value US $0.00005 per common share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">987,016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">14.08<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 13,897,185.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 1,919.20<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Amount registered represents 987,016 Common Shares that are reserved for issuance under the Restricted Stock Plan of Afya Ltd. (the &#8220;Restricted Stock Plan&#8221;) and any additional Common Shares that become issuable under the Restricted Stock Plan by reason of any share dividend, share split, or other similar transaction pursuant to Rule 416(a) under the Securities Act.<br/><br/>The proposed maximum offering price per unit is estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the purpose of computing the registration fee, based on the average of the high and low prices reported for a Common Share on NASDAQ on November 7, 2025.<br/><br/>Amount of Registration Fee is rounded up to the nearest penny.<br/><br/>The Registrant does not have any fee offsets.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesOthrRuleFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesOthrRuleFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Nov. 11, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 61,673,723.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">8,517.14<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 8,517.14<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>xbrli:stringItemType</td>
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<tr>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <link:schemaRef
      xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
      xlink:type="simple"/>
    <context id="c_offering_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001771007</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-11-11</startDate>
            <endDate>2025-11-11</endDate>
        </period>
    </context>
    <context id="c_offering_2">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001771007</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>2</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-11-11</startDate>
            <endDate>2025-11-11</endDate>
        </period>
    </context>
    <context id="c_report">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001771007</identifier>
        </entity>
        <period>
            <startDate>2025-11-11</startDate>
            <endDate>2025-11-11</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="shares">
        <measure>shares</measure>
    </unit>
    <ffd:SubmissnTp contextRef="c_report" id="fee_001">S-8</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="c_report" id="fee_002">EX-FILING FEES</ffd:FeeExhibitTp>
    <dei:EntityCentralIndexKey contextRef="c_report" id="fee_003">0001771007</dei:EntityCentralIndexKey>
    <ffd:PrevslyPdFlg contextRef="c_offering_1" id="fee_004">false</ffd:PrevslyPdFlg>
    <ffd:PrevslyPdFlg contextRef="c_offering_2" id="fee_005">false</ffd:PrevslyPdFlg>
    <ffd:OfferingTableNa contextRef="c_report" id="fee_006" xsi:nil="true"/>
    <ffd:OffsetTableNa contextRef="c_report" id="fee_007">N/A</ffd:OffsetTableNa>
    <ffd:FormTp contextRef="c_report" id="fee_008">S-8</ffd:FormTp>
    <dei:EntityRegistrantName contextRef="c_report" id="fee_009">Afya Ltd</dei:EntityRegistrantName>
    <ffd:OfferingSctyTp contextRef="c_offering_1" id="fee_010">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="c_offering_1" id="fee_011">Class A Common Shares, nominal value US $0.00005 per common share</ffd:OfferingSctyTitl>
    <ffd:FeesOthrRuleFlg contextRef="c_offering_1" id="fee_012">true</ffd:FeesOthrRuleFlg>
    <ffd:AmtSctiesRegd
      contextRef="c_offering_1"
      decimals="0"
      id="fee_013"
      unitRef="shares">3393220</ffd:AmtSctiesRegd>
    <ffd:MaxOfferingPricPerScty
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_014"
      unitRef="USD">14.08</ffd:MaxOfferingPricPerScty>
    <ffd:MaxAggtOfferingPric
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_015"
      unitRef="USD">47776538.00</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_016"
      unitRef="pure">0.0001381</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_017"
      unitRef="USD">6597.94</ffd:FeeAmt>
    <ffd:OfferingSctyTp contextRef="c_offering_2" id="fee_018">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="c_offering_2" id="fee_019">Class A Common Shares, nominal value US $0.00005 per common share</ffd:OfferingSctyTitl>
    <ffd:FeesOthrRuleFlg contextRef="c_offering_2" id="fee_020">true</ffd:FeesOthrRuleFlg>
    <ffd:AmtSctiesRegd
      contextRef="c_offering_2"
      decimals="0"
      id="fee_021"
      unitRef="shares">987016</ffd:AmtSctiesRegd>
    <ffd:MaxOfferingPricPerScty
      contextRef="c_offering_2"
      decimals="INF"
      id="fee_022"
      unitRef="USD">14.08</ffd:MaxOfferingPricPerScty>
    <ffd:MaxAggtOfferingPric
      contextRef="c_offering_2"
      decimals="INF"
      id="fee_023"
      unitRef="USD">13897185.00</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="c_offering_2"
      decimals="INF"
      id="fee_024"
      unitRef="pure">0.0001381</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="c_offering_2"
      decimals="INF"
      id="fee_025"
      unitRef="USD">1919.20</ffd:FeeAmt>
    <ffd:TtlOfferingAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_026"
      unitRef="USD">61673723.00</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_027"
      unitRef="USD">8517.14</ffd:TtlFeeAmt>
    <ffd:TtlOffsetAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_028"
      unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_029"
      unitRef="USD">8517.14</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="c_offering_1" id="fee_030">Amount registered represents 3,393,220 Class A Common Shares, nominal value US $0.00005 per common share (&#x201c;Common Shares&#x201d;), of Afya Limited (the &#x201c;Registrant&#x201d;) that are reserved for issuance under the Amended and Restated Stock Option Plan of Afya Limited (the &#x201c;Stock Option Plan&#x201d;) and any additional Common Shares that become issuable under the Stock Option Plan by reason of any share dividend, share split, or other similar transaction pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;).</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_2" id="fee_031">Amount registered represents 987,016 Common Shares that are reserved for issuance under the Restricted Stock Plan of Afya Ltd. (the &#x201c;Restricted Stock Plan&#x201d;) and any additional Common Shares that become issuable under the Restricted Stock Plan by reason of any share dividend, share split, or other similar transaction pursuant to Rule 416(a) under the Securities Act.&lt;br/&gt;&lt;br/&gt;The proposed maximum offering price per unit is estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the purpose of computing the registration fee, based on the average of the high and low prices reported for a Common Share on NASDAQ on November 7, 2025.&lt;br/&gt;&lt;br/&gt;Amount of Registration Fee is rounded up to the nearest penny.&lt;br/&gt;&lt;br/&gt;The Registrant does not have any fee offsets.</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
