Afya Limited · NASDAQ:AFYA

Afya — Merger or Acquisition (August 2019)

5 slides from Afya's merger presentation, Aug 15, 2019

1. Slide 1: Afya Announces the Acquisition of IPEC Instituto Paraense de Educação e Cultura Ltda

   Afya Announces the Acquisition of IPEC Instituto Paraense de Educação e Cultura Ltda August 2019

2. Slide 2: Transaction Summary

   2 Transaction Summary FORMAT Afya Limited through its wholly - owned subsidiary Afya Participações S.A . acquired 100% of the total share capital of IPEC — Instituto Paraense de Educação e Cultura Ltda. , or IPEC . CONDITIONS The aggregate purchase price was R$108 million, of which: (i) R$54 million

3. Slide 3: IPEC | Overview

   3 ▪ Campus located in Marabá, in the State of Pará ▪ Governmental authorization to offer on - campus, post - secondary undergraduate courses in medicine with 120 seats ▪ Operation expected to start in the second semester of 2019 ▪ Expected capex of R$3 - 5 million to initiate operations IPEC | Overv

4. Slide 4: Transaction Rationale

   4 Transaction Rationale Expand the number of authorized medical school seats to 1,472 Evolving distribution network Enter into a new state

5. Slide 5: Thank You! Contact: IR@AFYA.COM.BR

   5 Thank You ! Contact : IR@AFYA.COM.BR

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