Institutional Presentation December 2020

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Institutional Presentation

December 2020

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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and

uncertainties. All statements other than statements of historical fact, could be deemed forward looking, including risks and uncertainties related to statements about the impact of the COVID-19 outbreak on general economic and business conditions in Brazil and globally and any restrictive measures imposed by governmental authorities in response to the outbreak; our ability to implement, in a timely and efficient manner, any measure necessary to respond to, or reduce the impacts of the COVID-19 outbreak on our business, operations, cash flow, prospects, liquidity and financial condition; our ability to efficiently predict, and react to, temporary or long-lasting changes in consumer behavior resulting from the COVID-19 outbreak, including after the outbreak has been sufficiently controlled; our competition; our ability to implement our business strategy; our ability to adapt to technological changes in the educational sector; the availability of government authorizations on terms and conditions and within periods acceptable to us; our ability to continue attracting and retaining new students; our ability to maintain the academic quality of our programs; our ability to maintain the relationships with our hub partners; our ability to collect tuition fees; the availability of qualified personnel and the ability to retain such personnel; changes in government regulations applicable to the education industry in Brazil; government interventions in education industry programs, that affect the economic or tax regime, the collection of tuition fees or the regulatory framework applicable to educational institutions; a decline in the number of students enrolled in our programs or the amount of tuition we can charge; our ability to compete and conduct our business in the future; the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors; changes in consumer demands and preferences and technological advances, and our ability to innovate to respond to such changes; changes in labor, distribution and other operating costs; our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us; general market, political, economic, and business conditions; and our financial targets. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the potential impacts of the COVID-19 pandemic on our business operations, financial results and financial position and on the Brazilian economy.

The forward-looking statements can be identified, in certain cases, through the use of words such as “believe,” “may,” “might,” “can,” “could,” “is designed to,” “will,” “aim,” “estimate,”

“continue,” “anticipate,” “intend,” “expect,” “forecast”, “plan”, “predict”, “potential”, “aspiration,” “should,” “purpose,” “belief,” and similar, or variations of, or the negative of such words and expressions. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

Readers should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent management’s beliefs and assumptions only as of the date such statements are made. Further information on these and other factors that could affect the Company’s financial results is included in filings made with the United States Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” in the most recent Rule 424(b)(1) prospectus of the Company. These documents are available on the SEC Filings section of the investor relations section of our website at: investors.vitru.com.br.

References in this presentation to “R$” refer to the Brazilian real, the official currency of Brazil.

Forward Looking Statements

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14-year Growth History in Digital Education

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60 67 71 ⁸² 92 93

2010 2011 2012 2013 2014 2015

99

142

204

282

2016 2017 2018 2019

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IDD 27% above market’s average

Vitru's outstanding academic model confirmed by MEC

Growth rate more than twice the private DE Undergraduate market’s rate (purely organically)

CI 5

Vitru's IDD

Percentage above market average

Vitru’s market share increases in all Brazilian regions

13.2%

12.3%

1.4%

6.9%

26.0%

15.4%

14.9%

2.3%

9.6%

26.7%

Source: (i) Data announced in October by the Ministry of Education (MEC); (ii) Vitru’s IDD is calculated by the average of all DE courses evaluated in this cycle. 6

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Continuous expansion throughout Brazil, boosting students’

base particularly in the SE region

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Why Students Choose Us?

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Our Disruptive, Student-Centric Model

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• • ^´

•

• Our Platform Engages Students and Delivers the Best Experience

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Dedicated Tutors with Regular Meetings

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Data-oriented Methodology

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Hub Strategy: Proximity at Scale

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Fully-Integrated Management Platform

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Stickiness and Compelling Cohorts with Substantial Growth from Current Hubs

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Growth in student base led by DE undergraduate

DE Undergraduate Students

243.0 k

+24.9% YoY

DE Students

289.0k

+21.9% YoY

Total Students

297.5 k

+20.6% YoY

97%

Digital Education Undergraduate Students

('000)

Significant intake growth in

Digital Education undergraduate

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Successful DE Undergraduate growth despite 2020 challenges

Expansion of average ticket in DE Undergraduate (aligned with our market positioning) despite the substantial increase in the intake Tuitions and Net Revenue reflecting ticket and student base growth Despite the higher level of newcomers in our student base,

retention rates were stable even with the Covid-19 effects

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We Have Multiple Avenues for Growth

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In 2020, we achieved our highest Employees’ satisfaction rate

The survey and the score are measured by Great Place to Work

Some of our ESG Initiatives

13,220 hits in almost 6 hours of event in November

With themes on the importance of including autistic people in

the education process

1 ^st National Autism Symposium

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Key takeaways

The leading pure-player in Digital Education in Brazil ⁽¹⁾ providing higher quality education solutions that are uniquely recognized by its stakeholders

Continued

expansion of Digital Education student

base Delivery of the

expected growth prospects

(1) Considering only Brazilian education players with at least 95% of students engaged in digital education.

Outstanding positioning to capture future growth

Improvements in margins sustained by

operational levers

Hubs maturity and expansion, notably

in the SE region

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Appendix

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Our Unique Approach to Higher Digital Education

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P

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Market Fundamentals

23 DE tuition is ~70% cheaper than

On-Campus tuition Only 21% of Brazilians

between 25 and 34 years finish post-secondary

education

(vs. OCDE avg. of 44%)

~23 million people graduate from High School, but do not

attend a post-secondary institution

In Brazil, most students pay their tuitions out-of-pocket DE is the solution of choice

for the low-to-middle classes in Brazil

Few to no financing alternatives for post-secondary students

~80% of DE post-secondary students work while studying

DE is a popular choice among undergraduate students in Brazil, while in the U.S. online offering is usually for graduate

degrees such as MBAs, PhDs and master’s program

COVID-19 accelerating digital transformation

Increase in employability level (p.p.) and monthly salary (%) from high school conclusion to graduate degree

91%

Employability

R$4,634

Salary

47%

^+44p.p.

R$1,846

^+151%

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Seasonality

Revenues and intakes are not distributed equally among quarters

Intake Seasonality:

New enrollments in Undergrad Digital Education courses

concentrated in the 1

^st

and 3

^rd

quarters (beginning of academic semesters in Brazil)

Higher number of enrollments in the 1

^st

semester of each year

Net Revenue Seasonality:

Higher revenues in 2

^nd

and 4

^th

quarters, due to the dynamics of the intaking process

Seasonality in 2020 was impacted by COVID-19 outbreak, especially in 2Q20, but extended throughout the year

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Management Team and World-Class Investors

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Executive officers and others

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26 Some examples of our hubs

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27 Intake Breakdown by Course in Digital Education Undergrad

% of total DE intake

4%

7%

9%

13%

24%

35%

Engineering Other Bachelor Healthcare Physical Education Business Administration Pedagogy & Others Technologist Vocational Courses

4%

7%

9%

13%

24%

35%

Engineering Other Bachelor Healthcare Physical Education Business Administration Pedagogy & Others Technologist

4%

7%

9%

13%

24%

35%

Engineering Other Bachelor Healthcare Physical Education Business Administration Pedagogy & Others Technologist 4%

7%

9%

13%

24%

35%

Engineering Other Bachelor Healthcare Physical Education Business Administration Pedagogy & Others Technologist

4%

7%

9%

13%

24%

35%

Engineering Other Bachelor Healthcare Physical Education Business Administration Pedagogy & Others Technologist 4%

7%

9%

13%

24%

35%

Engineering Other Bachelor Healthcare Physical Education Business Administration Pedagogy & Others Technologist

4%

7%

9%

13%

24%

35%

Engineering Other Bachelor Healthcare Physical Education Pedagogy and Related CoursesBusiness Administration Pedagogy & Others Technologist 4%

7%

9%

13%

24%

35%

Engineering Other Bachelor Healthcare Physical Education Business Administration Pedagogy & Others Technologist

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Net revenue boosted by DE Undergraduate

Digital Education Undergraduate

Continuing Education

On-campus Undergraduate Net Revenue

3Q19

Net Revenue 3Q20

 15%



YoY

31.8%



18.7%



36.6%

Digital Education Undergraduate

Continuing Education

On-campus Undergraduate Net Revenue

9M19

Net Revenue 9M20



23.3%



11.0%



26.8%

 11%

YoY

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Growth in graduate courses, but reduction in other businesses

Growth in graduate courses in 3Q20 and

9M20 despite the pandemic, although revenues in the Continuing Education segment benefited from certain timely businesses in 2019

On-Campus segment declining over time, in line with our strategic vision for the sector

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Rod. José Carlos Daux, 5500 Torre Jurerê

CEP 88032-005

Florianópolis - SC - Brazil vitru.com.br

Institutional Presentation December 2020

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