Income Statement (Ex -CRC/Gam a) - Balance Sheet Equity¹ 1.993, ,8-15,4% Net Debt² 497,3 227,3 118,8% Other

Qualicorp S.A. BOVESPA:QUAL3 Last Price March, 29 th 2016 R$ 13,97/share São Paulo, March 29, 2016. QUALICORP S.A (BM&FBOVESPA: QUAL3), one of the leading full-service healthcare benefits administrator and health management services provider in Brazil, announces its consolidated 4Q15 results. The operating and financial data are presented on a consolidated basis in Reais ( BRL or R$ ), in accordance with Corporate Law and regulations of Comissão de Valores Mobiliários CVM (the Brazilian SEC). Shares Outstanding (12/31/2015) 274.325.288 shares Free Float (12/31/2015) 218.358.401 shares (79.6%) Cash and Cash Equivalents (12/31/2015) R$ 585.8 million FINANCIAL AND OPERATING HIGHLIGHTS We closed 4Q15 with a R$147.4 million operating cash flow. After Capex, the cash flow generation reached R$110.8 million which shows good cash management and focus on return invested capital for the shareholders. In 2015, our cash flow after Capex has reached R$375.6 million. Our Adjusted EBITDA (Ex-CRC/Gama) grew 6.2% y/y reaching R$162.5 million, which represents a 35.9% margin, reflected by (i) one-time layoff expenses related to restructuring process; (ii) record sales in 4Q15 increasing our revenue and sales expenses; and (iii) extraordinary expenses related to Unimed Paulistana process. EBITDA in 2015 closed at R$676.2 million, which represents a 21% y/y increase and margin expansion of 120 bps. Our Consolidated Net Revenue reached R$465.3 million, 13.9% higher than the previous year, which reflects the resilience of our business model considering the current economic environment. Net income (Ex- CRC/Gama) grew 15.0% y/y in 4T15, reaching R$452.9 million. In 2015 consolidated Net Revenues grew 15.9% reaching R$1,730 million. Investor Relations Grace Tourinho IRO Natalia Lacava IR Phone: +55 (11) 3191-3829 ri@qualicorp.com.br www.qualicorp.com.br Conference Calls March, 30th 2016 (Friday) Portuguese Time: 7am EST / 10am Brasilia Phone: +55 11 2188 0155 Code: Qualicorp English Time: 9am EST / 12pm Brasilia Phone: +1 412 317 6776 Code: Qualicorp Our total portfolio of beneficiaries reached 5.1 million lives, out of which 1.8 million in Affinity, 3.3 million in Corporate and Others, decreased only 0.9% y/y in 4Q15, even with the events throughout the year. Income Statement (Ex -CRC/Gam a) - (R$ MM) MAIN INDICATORS (R$ MM) 4Q15 4Q14 Net Revenues 452,9 393,9 15,0% 444,3 1,9% 1.683,6 1.470,9 14,5% Total Expenses (Ex-Depreciation and amortization (301,6) (266,3) 13,3% (271,7) 11,0% (1.027,0) (968,3) 6,1% Adjustments to EBITDA 11,2 25,4-56,0% 18,0-37,9% 32,4 65,6-50,7% Adjusted EBITDA 162,5 153,0 6,2% 190,6-14,7% 689,0 568,2 21,3% Adjusted EBITDA Margin 35,9% 38,8% -296bps 42,9% -702bps 40,9% 38,6% 229bps Consolidated Income Statement - (R$ MM) Net Revenues 465,3 408,3 13,9% 456,8 1,8% 1730,2 1493,0 15,9% EBITDA 157,3 152,0 3,5% 186,1-15% 676,2 565,5 19,6% Adjusted EBITDA Margin 33,8% 37,2% -342bps 40,7% -693bps 39,1% 37,9% 120bps Net Income (Loss) 61,4 19,0 224,0% 63,9-3,9% 240,9 138,8 73,5% Balance Sheet Equity¹ 1.993,9 2.356,8-15,4% Net Debt² 497,3 227,3 118,8% Other Net Debt / Equity 0,25x 0,10x 158,6% Net Debt / Adjusted EBITDA LTM 0,72x 0,30x 136,9% * The results presented in this table, in the 2014 column, do not consider the benefit of retroactive PIS-COFINS in the amount of R$116.0 MM recognized in 3Q14. (¹) The reduction in equity is related to the capital reduction. (²) Includes acquisition payables recognized as other payables. It does not include the investment retained as a guaranteed asset in the direct subsidiary Qualicorp Administradora de Benefícios S.A., and in the indirect subsidiaries Aliança Administradora de Benefícios de Saúde S.A and CRC/Gama, according to the 33rd normative instruction by the ANS, from October 5, 2009. 1

4Q15 Results by business unit (R$MM) 4Q15 Consolidated CRC - Gama Qualicorp (Ex- CRC/Gama) Net Operating Revenue 465.3 12.3 452.9 COGS (122.8) (13.4) (109.5) Gross Profit 342.4 (1.0) 343.4 Gross margin 73.6% -8.5% 75.8% Operating Income (expenses) (253.5) (5.6) (248.0) Administrative expenses (122.8) (8.9) (114.0) Selling expenses (107.4) (0.3) (107.1) Losses on uncollectible receivables (31.1) (0.0) (31.1) Other operating income (expenses), net 7.8 3.6 4.2 Adjusted EBITDA 157.3 (5.2) 162.5 Adjusted EBITDA Margin 33.8% -42.4% 35.9% 2015 Results by business unit (R$MM) 2015 Consolidated CRC - Qualicorp (Ex- Gama CRC/Gama) Net Operating Revenue 1,730.2 46.6 1,683.6 COGS (455.8) (43.7) (412.1) Gross Profit 1,274.4 2.8 1,271.5 Gross margin 73.7% 6.1% 75.5% Operating Income (expenses) (852.4) (20.4) (832.0) Administrative expenses (472.2) (29.5) (442.7) Selling expenses (332.3) (0.5) (331.8) Losses on uncollectible receivables (99.4) 3.1 (102.4) Other operating income (expenses), net 51.5 6.6 44.9 Adjusted EBITDA 676.2 (12.8) 689.0 Adjusted EBITDA Margin 39.1% -27.6% 40.9% 2

BENEFICIARIES (MM) NET REVENUES (Ex-CRC/Gama) (R$ MM) ADJUSTED EBITDA (Ex-CRC/Gama) (R$ MM) CONSOLIDATED NET (LOSS) INCOME (R$ MM) 3

1 Beneficiaries BENEFICIARIES (MM) BENEFICIARIES PORTFOLIO BREAKDOWN IN 4Q15 Total Portfolio The total number of beneficiaries reached 5.1 million lives in the end of the year, which represents a 0.9% y/y drop. Despite this minimum loss the Company consider this result as positive taking into account the challenges faced during the year. We were able to retain 72.4% lives of Unimed Paulistana s portfolio and around 75% of its revenues, record levels of recovery in cancellation matters. In addition, our portfolio was narrowed by Potencial exit (Performance Commitment Agreement with CADE), however through segmentation strategies and NPV maximization, we were able to minimize the impact of these losses in our revenue, accordingly to our internal target. Thereby, out of the 5.1 million beneficiaries, 1.8 million are in the Affinity segment and 3.3 million in the Corporate and Others segment. Affinity Portfolio Medical Care Our Affinity Medical Care portfolio, wich closed 2015 with 1.4 million lives, decreased 6.9% y/y, totaling a loss of 101.7k lives y/y loss (-2.9% or -40.8K q/q). Mainly due to (i) the exit of 53.3k Potencial lives in 2Q15, in order to attend the Performance Commitment Agreement signed between the Company and CADE and (ii) the losses regarding contracts cancellations along 2015, of which (a) Unimed Paulistana contributed with -44K lives in 4Q15; (b) Unimed Seguros with -16.4k lives in. If we were to exclude those factors, our Medical Care Affinity portfolio would have shown a slight growth. Still regarding the Unimed Paulistana s transfer process, its important to mention that 72.4% of the portfolio was retained due to an excellent team work in record time to offer alternative solutions to our customers with high adherence rate, both in price as in coverage and network. From the total lives retained in the process, around 92% moved to Unimed FESP, with special conditions for membership and the rest was transferred to other partners. Regarding revenues, our recovery was even higher, reaching around 75%, which reflects our maximization return strategies. 4

Other products The Other products portfolio, in the Affinity segment, closed the year with 425.3k lives, a result 0.4% higher than reported in 2014. Regarding, the performance remained flattish (up 0.1%). Besides that 122.1k lives from Potencial left the portifolio in 2Q15, in compliance with the Performance Commitment Agreement signed between the Company and CADE. Corporate and Others Total Portfolio Our total portfolio of beneficiaries in the Corporate and Others segment increased 1.6% y/y in 2015 (-1.8% vs. ), achieving 3.3 million lives, mainly due to new corporate contracts signed in 2Q15. This positive balance was partially offset by a decrease in TPA and Health Management. Corporate The Corporate segment was able to show a 11.2% growth in 2015 consolidated, reaching 1.1 million lives, mainly due to the addition of new contracts during 2Q15. In the sequential comparison the drop was 3.1% (4Q15 vs., -35.6k lives) due to non-renewal of some contracts. It is worth mentioning that about half of these lives not renewed in 4Q15, were related to dental or life insurance, which have lower contribution marging for the Company. SME The SME segment shows a decrease of 17.7% (-7.5k lives) when compared to, mainly due to some contracts that were not renewed. In 2015, the small and medium enterprises corporate segment decreased 4.2% (34.7k lives). TPA The self-management portfolio, which consolidates the lives of Qualicorp TPA and CRC/Gama has reached 2.1 million lives by the end of 2015, 2.0% less than the total of 2014 and 0.8% lower than in. As well as 2Q15, the sequential decrease is explained by the lower volume of lives in network rental product. Health Management In Health Management portfolio, which closed the year with 6.6k lives, we had a reduction of 71.6% y/y (-6.5% vs. ) mainly due to migration of a contract to the corporate segment in 2Q15, which consolidated all providing customer service and the output of a client in, which decided to internalize the health management processes. The slight sequential drop in 4Q15 (-461 lives) is the result of the decrease to a specific customer care. 5

1.1 Portfolio of lives evolution Portfolio 4Q15 4Q14 * The total number of lives at the end of 2015 period includes the output of Potencial lives (53.3k on Medical Care and 122.1k on others), to attend the Performance Commitment Agreement ("TCD") signed with the Administrative Council for Economic Defense ( CADE - anti-trust organism), the subsidiareis Qualicorp Administradora de Benefícios S.A. and Qualicorp Corretora. Affinity Health Lives Total Portfolio (BOP) 1,406,275 1,445,409-2.7% 1,432,123-1.8% 1,467,190 1,369,468 7.1% (+) Gross Adds 114,418 107,736 6.2% 103,984 10.0% 414,384 420,147-1.4% (-) Churn (155,233) (85,955) 80.6% (129,832) 19.6% (462,784) (322,425) 43.5% New Lives Added (net) (40,815) 21,781 N.A. (25,848) 57.9% (48,400) 97,722-149.5% Total Portfolio (EOP) 1,365,460 1,467,190-6.9% 1,406,275-2.9% 1.365.460* 1,467,190-6.9% Affinity Other Products Lives Total Portfolio (BOP) 425,059 444,821-4.4% 426,155-0.3% 423,476 510,695-17.1% New Lives Added (net) 253 (21,345) N.A. (1,096) N.A. 1,836 (87,219) N.A. Total Portfolio (EOP) 425,312 423,476 0.6% 425,059 0.1% 425.312* 423,476 0.4% Affinity Portfolio 1,790,772 1,890,666-5.3% 1,831,334-2.2% 1,790,772 1,890,666-5.3% Corporate 1,130,277 1,016,468 11.2% 1,165,940-3.1% 1,130,277 1,016,468 11.2% TPA 2,122,279 2,166,237-2.0% 2,138,505-0.8% 2,122,279 2,166,237-2.0% Small/Medium Enterprises 34,713 36,238-4.2% 42,187-17.7% 34,713 36,238-4.2% Health Management 6,616 23,283-71.6% 7,077-6.5% 6,616 23,283-71.6% Corporate and Others Portfolio 3,293,885 3,242,226 1.6% 3,353,709-1.8% 3,293,885 3,242,226 1.6% Total Portfolio 5,084,657 5,132,892-0.9% 5,185,043-1.9% 5,084,657 5,132,892-0.9% In the Medical Care Affinity segment, which represented 93.9% of our revenues (Ex-CRC/Gama) in 4Q15, we reached 114.4k gross additions lives, which represents a growth of 6.2% vs 4Q14 and 10% vs. This sequential increase was achieved due to sales Unimed Paulistana s individual plans customers, which were uncovered due to the compulsory transfer process determined by ANS and thus sought other alternatives in the market with competitive prices. In the period of 2015 we produced 414.4k lives in gross additions, result slightly below the 420.1k lives added in 2014, however that Company considers it important taking into account the current economic scenario. Regarding churn level, we had 155.2k of cancellations in 4Q15, which represents an 80% y/y increase (+19.6% vs. ). This growth is explained mainly by the transfer process involving Unimed Paulistana s customers, which impacted this line with the cancellation of around 44k lives (27.6% of Operator s portfolio). Excluding this one-off effect, churn would have reached 111.2k lives, or 14.4% less on a sequential comparison and reflecting the continued retention work performed by our teams. In 2015 we were impacted by 462.8k cancellations, result 43.5% higher than in 2014 and reflected by an unfavorable macroeconomic environment and extraordinary portfolios cancellations throughout the year, which both contributed negatively with around 75.3k lives. If we excluded the factors mentioned above, our cancellation accumulated in 2015 would have reached 389.5k lives. 6

2 Operating Net Revenues Net Revenues (R$ MM) 4Q15 4Q14 Affinity 425.1 368.3 15.4% 417.0 1.9% 1,576.9 1,365.7 15.5% % on Total Net Revenues 93.9% 93.5% 38bps 93.9% 0bps 93.7% 92.8% 81bps Corporate and Other 27.8 25.7 8.3% 27.3 2.0% 106.7 105.2 1.5% % on Total Net Revenues 6.1% 6.5% -38bps 6.1% 0bps 6.3% 7.2% -81bps Total Qualicorp (Ex -CRC/Gama) 452. 9 393. 9 15. 0% 444. 3 1. 9% 1, 683. 6 1, 470. 9 14. 5% CRC/Gama 12.3 14.4-14.4% 12.5-1.5% 46.6 22.1 110.4% Total Qualicorp 465. 3 408. 3 13. 9% 456. 8 1. 8% 1, 730. 2 1, 493. 0 15. 9% Our total Net Revenues (Ex-CRC/Gama) grew 14.5% in 2015, reaching R$1.683.6 million. In 4Q15 reached R$452.9 million, representing an increase of 15% y/y and 1.9% q/q. The sequential growth, even in a challenging environment with churn coming from the Unimed Paulistana s transfer process, was possible due to an increase in new sales fee, accomplished by a higher sales volume in the quarter. Reminding that the Unimed Paulistana s lives which were migrated to other operators (except Unimed Fesp), were treated as new sales. In 2015, the affinity segment contributed with R $ 1,576.9 million, representing 93.7% of our total net revenue (Ex- CRC/Gama), an increase of 15.5% vs. 2014. The Affinity revenue in 4Q15, on the other hand, grew 15.4% compared to 4Q14 (+1.9% vs. ). The positive variation is explained mainly by the 17.8% average readjustment on prices applied to the portfolio and by the new product Mix, which is affected by the addition of products through Clube de Saúde. Furthermore, its worth mentioning our continuing effort regarding segmentation and return maximization, which offsetted our portfolio losses (and Potencial s sale) in the analysis of 2015 revenues. The Net Revenues from the Corporate and Others Segment (Ex-CRC/Gama) reached R$27.8 million in 4Q15 (+8.3% y/y and +3.0% q/q). In 2015, this line remained almost flat, with a small increase of 1.5% y/y, reaching R$ 106.8 million. Finally, regarding the CRC/Gama performance, Net Revenue reached R$12.3 million in 4Q15, which represents a 14.4% y/y drop and flat vs., as a result of the volume decrease in some contracts. In the year, CRC/Gama contributed with R$ 46.6 million, driving the consolidated Company s result to R$ 1,730.02 million in 2015. 7

3 Operating Expenses Cost summary (R$ MM) 4Q15 4Q14 Cost of Services (109.5) (96.9) 12.9% (109.2) 0.3% (412.1) (369.9) 11.4% Total Costs of Services (Ex -CRC/Gam a) (109.5) (96.9) 12.9% (109.2) 0.3% (412.1) (369.9) 11.4% Total Adm. Expenses (114.0) (153.7) -25.9% (106.0) 7.5% (442.7) (471.0) -6.0% Total Selling Expenses (107.1) (85.9) 24.7% (83.8) 27.8% (331.8) (294.4) 12.7% Bad Debt (Uncollectible Receivables) (31.1) (21.6) 43.8% (28.7) 8.7% (102.4) (77.4) 32.4% Other Operating Income (Expenses) 4.2 35.9-88.2% 1.9 119.8% 44.9 37.4 20.0% Total Operating Expenses (Ex -CRC/Gam a) (248.0) (225.3) 10.0% (216.5) 14.5% (832.0) (805.3) 3.3% Total (Ex-CRC/Gama) (357.4) (322.3) 10.9% (325.7) 9.7% (1,244.1) (1,175.3) 5.9% (-) One-time Revenues (a) (0.5) - N.A. - N.A. (45.7) - N.A. (+) One Time Expenses (b) 1.0 11.5-90.9% 6.6-84.2% 33.1 38.2-13.4% Total Recurring (Ex -CRC/Gam a) (356.9) (310.8) 14.8% (319.1) 11.9% (1,256.6) (1,137.0) 10.5% Total Operating Expenses CRC/Gama (18.9) (16.2) 17.0% (18.3) 3.7% (64.1) (26.0) 146.5% (+) CRC/Gama One Time Expenses (c) 2.3 - N.A. - N.A. 2.3 - N.A. Total Consolidated (373.5) (327.0) 14.2% (337.4) 10.7% (1,318.4) (1,163.0) 13.4% a) Regarding 4Q15 refers only to stock option plan expenses reversal in the amount of -R$0.5 million and for 2015 refers to the amount of R$45.7 MM related to the Potencial sale, recognized in the Other Operating Income line. b) For the 4Q15 refers only to impairment loss of recoverable value of taxes not approved in the amount of R $ 1 million; (ii) for 4Q14 and refers to expenses with stock option plan in the amount of R$11.5 million and R$6.6 million, respectively; (Iii) for 2015 refers to expenses with stock option plan in the amount of R$27.7 million and impairment loss of recoverable value of R$5.4 million regarding Newport and Taxes not approved; (iv) for 2014 refers to R$36.6 million expenses with stock option plan and impairment loss of recoverable value of developing software in the amount of R$1.7 million. a) Extraordinary CRC/Gama expenses are related to impairment loss of recoverable value of taxes not approved in the amount of R$2.3 million. Our recurring Operating Expenses (Ex-CRC/Gama) presented an increase of 10.9% y/y in 4Q15, showing once again the Company s habilitty to leverage its cost when compared to the revenue growth. In the sequential comparison the increase was 9.7%, reflecting some seasonality of the business. In the consolidated year, the leverage was even higher and we closed 2015 with R$1,244.1 million in recurring operating expenses (Ex-CRC/Gama), a result 5.9% higher than in 2014, vs. a 14% revenue growth (Ex-CRC/Gama). As highlight of the annual comparison we have (i) the decrease of administrative expenses, which in 4Q15/2015 was not affected by non-recurring items as the previous year, improving the final result; and (ii) the bad debt increase, reflecting the turbulent macroeconomic environment and the addition of some extraordinary portfolio cancellations, which naturally led to greater pressure on our bad debt. Finally the CRC/Gama total costs were R$18.9 million in 4Q15, representing a 17.0% y/y increase and 3.7% vs. The comparison between 2015 and 2014 consolidated is not applicable, once we integrated CRC/Gama operations only in August 2014. 8

3.1. Cost of Services Cost of Services (R$ MM) 4Q15 4Q14 Personnel expenses (28.9) (24.5) 17.8% (27.4) 5.6% (108.8) (95.1) 14.3% Third Party Services (23.1) (19.5) 18.3% (22.7) 1.8% (84.1) (79.9) 5.3% Occupancy expenses (4.2) (3.5) 19.0% (5.1) -17.2% (17.0) (13.2) 28.6% Royalties (a) (42.3) (38.0) 11.5% (41.5) 2.0% (158.7) (141.5) 12.2% Others (b) (10.9) (11.4) -4.0% (12.5) -12.3% (43.5) (40.3) 8.0% Total Qualicorp (Ex-CRC/Gama) (109.5) (96.9) 12.9% (109.2) 0.3% (412.1) (369.9) 11.4% CRC/Gama (13.4) (6.3) 1.1 (11.2) 19.6% (43.7) (10.1) 333.5% Total Consolidated (122.8) (103.2) 19.0% (120.3) 2.1% (455.8) (380.0) 19.9% Gross Margin (Ex-CRC/Gama) 75.8% 75.4% 44bps 75.4% 40bps 75.5% 74.9% 67bps a) Refers to expenses related to financial pass through incurred in agreements signed with professional associations for the contracting and selling of affinity plans (called royalties). b) Refers mainly to lawsuits, mailing expenses and annual membership fees paid by the Company to associations, unions and councils on behalf of the beneficiaries / members of the professional associations, paid by the Company for associations, unions and councils to which the beneficiaries are affiliated. The Cost of Services (Ex-CRC/Gama) reached R$109.5 million in 4Q15 (+12.9% y/y and +0.3% q/q). The sequential increase in the personal line reflects (i) layoff expenses (R$1.3 million) due to a Company s staff restructuring held in December; (ii) labor agreement (mandatory annual wage increase); and (iii) expansion of our retantion teams to improve churn indicator. In third-party services, the increase of 18.3% y/y due to implementation of new softwares that required a more robust infrastructure support, as well as adjustments in back office contracts. The drop in other s line is the result of a lower post office spending volume, once was impacted by readjustments letters and also lower legal agreements led by courts recess in December. Therefore, we achieved 75.8% gross margin (Ex-CRC / Range) leveraging our margin +44bps y/y and + 40bps vs.. In the consolidated result, the cost of services (Ex-CRC/Gama), reached R$412.1 million in 2015, 11.4% higher than reported in 2014. Finally, R$13.4 million regarding CRC/Gama in 4Q15 (R$43.7 mm in 2015) refers to the additional costs necessary to meet the demand from new contracts. 9

3.2. Administrative Expenses Administrative expenses (R$ MM) 4Q15 4Q14 Personnel expenses (27.2) (44.1) -38.3% (23.8) 14.7% (121.6) (132.6) -8.3% Third Party services (16.3) (31.4) -48.2% (13.2) 23.2% (54.8) (85.3) -35.8% Occupancy expenses (2.7) (2.8) -5.6% (3.0) -12.7% (11.1) (12.7) -12.5% Depreciation and amortization (55.9) (56.0) -0.3% (54.0) 3.5% (217.1) (206.9) 4.9% Others (11.9) (19.4) -38.5% (12.0) -0.4% (38.1) (33.5) 13.9% Total Qualicorp (Ex-CRC/Gama) (114.0) (153.7) -25.9% (106.0) 7.5% (442.7) (471.0) -6.0% (+) Stock Options Expenses (0.5) 11.3-104.8% 6.6-108.1% 27.7 36.6-24.2% Total Recurring Adm. Expenses (114.5) (142.4) -19.6% (99.4) 15.2% (415.0) (434.4) -4.5% CRC/Gama (8.9) (9.3) -4.9% (7.0) 27.2% (29.5) (13.5) 118.5% Total Consolidated (122.8) (163.1) -24.7% (113.0) 8.7% (472.2) (484.5) -2.5% Total Consolidated - Recurring (123.4) (151.8) -18.7% (106.3) 16.0% (444.5) (447.9) -0.8% Our recurring Administrative expenses (Ex-CRC/Gama) decreased 19.6% y/y, reaching R$114.5 million in 4Q15. The variation observed is due to exemption of non-recurring expenses, that impacted 4Q14 and it did not happen again in 4Q15. However the sequential comparison shows an increase of 7.5% vs.. It is worth mentioning the 23.2% increase in third-party services in the quarter mainly due to (i) R$2.8 million additional call center and logistics expenses due to the Unimed Paulistana s lives transfer process and (ii) R$1.6 million expenses related to legal and tax consultants hired in the quarter in order to ensure the best tax structure for the Company; Another important highligh during 4Q15 was in personnel expenses. The 14.7% q/q variation is due to the R$7.0 million Profit Sharing Program reversal in the last quarter. Yet in 4Q15, the profit sharing returned to normal levels. In addition, 2015 was the first year we paid dividends, therefore we reviewed the calculation of our stock option plan, considering from now onwards the assumption of a dividend payout, which led to a reversal of R$4.1 million related to 2015. Finally, but also in the personal line, we recognized R$ 400k in layoff expenses related to the restructuring process held in December. In others line, despite showing a reduction compared with 4Q14 and flat when compared to, we also had approximately R$1.9 million of non-recurring expenses related to the Unimed Paulistana s project. Therefore, in 2015 our recurring administrative expenses (Ex-CRC/Gama) reached R$415 million, 4.5% drop vs. 2014, mainly due to improvement control in third-party services line, even including R$5.7 million from Unimed Paulistana s process, of which R$4.7 million only in 4Q15. The R$29.2 million CRC/Gama expenses are split between third-party services (R$15.5 million), depreciation and amortization (R$ 4.7 million), occupation (R $ 3.7 million) and others (R$ 5.3 million). 10

3.3. Selling Expenses Selling Expenses (R$ MM) 4Q15 4Q14 Personnel expenses (22.9) (16.8) 36.0% (16.9) 35.4% (72.7) (61.8) 17.7% Third Party services (4.0) (3.1) 29.5% (2.9) 39.7% (12.7) (10.7) 18.3% Occupancy expenses (1.8) (1.7) 4.4% (2.0) -11.6% (7.3) (6.1) 20.1% Other selling expenses (3.8) (8.0) -53.0% (2.6) 46.6% (12.3) (30.9) -60.3% Sales campaign (23.8) (8.8) 171.5% (13.0) 83.0% (53.2) (38.8) 37.1% Sponsorships (3.4) (4.2) -17.2% (3.2) 7.0% (10.7) (10.4) 2.4% Third-party commission (35.9) (25.2) 42.8% (31.6) 13.7% (118.1) (85.8) 37.7% Publicity and advertising (7.1) (15.7) -54.7% (8.9) -20.2% (33.3) (39.6) -16.0% Others (a) (4.3) (2.4) 80.4% (2.7) 61.3% (11.4) (10.2) 11.9% Total Qualicorp (Ex-CRC/Gama) (107.1) (85.9) 24.7% (83.8) 27.8% (331.8) (294.4) 12.7% CRC/Gama (0.3) 0.1 N.A. (0.1) 100.0% (0.5) - N.A. Total Consolidated (107.4) (85.8) 25.1% (84.0) 27.9% (332.3) (294.4) 12.9% a) Includes office supplies, mailing expenses and discounts granted. Our Selling Expenses increased 12.9% y/y in 2015, showing consistency with the revenue growth and reaching R$ 332.2 million. However, variations between the quarters display some important trends. Consequently 4Q15 highlights are (i) the increase in personnel expenses, mainly driven by R$1.3 million of layoff costs, result of a restructuring made in December and the higher commissioning volume for staff due to Unimed Paulistana s customers who preferred other portfolio products and followed standard sales process (approximately 10k lives) (ii) the enhancement in the amount spent on Sales Campaign, due to sales incentives which awarded the best brokers and also an initiative to encourage sales by providing greater incentives for the third-party channel, and (iii) the increase in third-party commissions, mainly due to higher commissionable sales volume early in the quarter, which partly comes from the Unimed Paulistana s lives transfer process and higher ticket. 3.4. Bad Debt (Uncollectible Receivables) Bad Debt (R$ MM) 4Q15 4Q14 Bad Debt/Uncollectible Receivables (Ex-CRC/Gama) (31.1) (21.6) 43.8% (28.7) 8.7% (102.4) (77.4) 32.4% CRC/Gama (0.01) 1.7-100.6% (0.3) -96.8% 3.1 0.3 1092.8% Total Consolidated (31.1) (19.9) 56.2% (29.0) 7.5% (99.4) (77.1) 28.9% % Net Revenue (Ex-CRC/Gama) 6.9% 5.5% 138bps 6.4% 43bps 6.1% 5.3% 82bps % Net Revenue Consolidated 6.7% 4.9% 181bps 6.3% 35bps 5.7% 5.2% 58bps Our Bad Debt expenses, excluding the CRC/Gama effect, reached R$31.1 million in 4Q15, representing 6.9% of our net revenue (Ex-CRC/Gama), which compares to 5.5% in 4Q14 and 6.4% in. In the year, the PCI (Ex-CRC/Gama) reached R$102.4 million, or 6.1% of net revenue, 77 bps higher than reported in 2014. This increase reflects higher pressure on cancellations observed in 2015 that besides the 17.8% price increase, was directly impacted by the extraordinary cancellation of Unimeds, in and 4Q15. In 2015 CRC/Gama presented a R$3.1 million reversion of Allowance for doubtful accounts receivable (PCLD), in compliance with ANS (RN 322). This provision is done according to ANS criteria, which demands the provision the total receivables of bad debits after 90 days late. This criteria causes significant variations when the provision or reversion is for relevant clients. 11

3.4. Bad Debt - Uncollectible Receivables (cont.) Bad Debt Breakdown 4Q14 1Q15 2Q15 4Q15 Bad Debt - Qualicorp (26.7) (25.3) (26.8) (32.9) (36.4) 10.9% Recovering 5.0 4.8 4.7 4.2 5.3 25.9% Total (Ex-CRC/Gama) (21.6) (20.5) (22.1) (28.7) (31.1) 8.7% Bad Debt - CRC/Gama 1.7 (0.6) 4.0 (0.3) (0.0) N.A. Total Consolidated (19.9) (21.2) (18.1) (29.0) (31.1) 7.5% The past due credit recovery contributed positively with R$5.3 million during 4Q15, which compares to R$5.0 million during 4Q14. This increase is a result of around R$1 million recovery regarding customers that were cancelled in the beginning of the Unimed Paulistana s lives transfer process. It is important to mention that the positive result in recoveries has remained high due to more aggressive strategies to recover credits. This recurring performance is lower than in 2014, since the bad debt reserve at the end. It is worth noticing that this benefit had a counterpart in the administrative expenses, due to the fees for the collection agencies and Serasa expenses. 3.5. Other Operating Income / (Expense) Other Operating Income/Expenses (R$ MM) 4Q15 4Q14 Expenses related to contingencies (2.0) 4.9-140.4% (2.2) -8.4% (6.8) 12.7-153.2% Impairment (1.0) - 0.0% - 0.0% (5.4) (1.7) 222.0% Operational Losses 7.0 33.0-78.9% 2.2 211.1% 7.6 31.1-75.4% Potencial Sale - - N.A. - N.A. 45.7 - N.A. PIS COFINS on other revenues (0.5) - N.A. - N.A. (0.5) - N.A. Other income (expenses) 0.8 (2.0) N.A. 1.9-58.0% 4.2 (4.8) -188.5% Total Qualicorp (Ex-CRC/Gama) 4.2 35.9 N.A. 1.9 119.8% 44.9 37.4 20.0% (-) One-time revenues - - N.A. - N.A. (45.7) - N.A. (+) One-time expenses 1.0 - N.A. - N.A. 5.4 1.7 222.0% Total Qualicorp Recurring (Ex-CRC/Gama) 5.3 35.9-85.3% 1.9 174.1% - - - Constituition of Tax Credit - PIS / COFINS - 4.2 N.A. - N.A. - 120.2 N.A. CRC/Gama 3.6 (2.4) N.A. 0.3 N.A. 6.6 (2.7) N.A. Total Consolidated 7.8 37.8-79.2% 2.3 245.2% 51.5 154.9-66.8% In 4Q15, our Other Operating revenues reached R$7.8 million, compared to R$37.8 million in 4Q14 and R$2.3 million in. It is worth mentioning that 4Q14 result was impacted by operational gains through improvement of reconciliation bills. As nonrecurring highlights we have: (i) R$ 1 million impairment loss of recoverable value in Qualicorp in 4Q15, due to income tax balance to offset with non approved by Federal Revenue, and impairment loss of recoverable value in companies CRC/Gama also by some taxes balances to offset not approved by the Federal Revenue in the amount of R$2.3 million. It is important to mention that the positive balance of R$3.6 million in 4Q15 is composed by this R$2.3 million impairment combined with an R$5.9 million operating revenue, which relates mainly to the tax contingencies reversal prescribed in the period in the amount of R$2.4 million. 12

4 Financial Income (expenses) Financial Income (Expenses) (R$MM) 4Q15 4Q14 Financial income Income from short-term investments 17.5 14.0 24.5% 26.1-32.9% 81.5 34.9 133.7% Interest and fine on late payment of health plans 13.4 10.2 31.7% 11.4 17.6% 47.6 38.4 24.2% Monetary update from tax rate change - PIS/CONFINS 0.0 2.6 N.A. - N.A. 0.9 4.6 N.A. Other income 0.2 4.6-95.3% 3.0-92.9% 8.1 9.4-14.0% Total 31.1 31.3-0.8% 40.5-23.2% 138.2 87.3 58.4% Financial expenses Debentures Interest (21.6) (17.3) 24.8% (20.4) 5.9% (76.3) (37.2) 105.2% Monetary adjustment from acquisition payables (7.4) (7.6) -2.7% (7.6) -3.1% (29.7) (139.4) -78.7% Other financial expenses (22.7) (11.3) 101.2% (9.6) 136.8% (53.4) (44.3) 20.7% Total (51.7) (36.2) 42.9% (37.6) 37.5% (159.4) (220.8) -27.8% Total Consolidated (20.6) (4.8) 326.3% 2.9 N.A. (21.2) (133.6) -84.2% CRC/Gama Financial income 0.5 1.3-58.8% 1.8-70.6% 5.4 4.1 32.7% Financial expenses (0.2) (0.4) -54.6% (0.8) -77.3% (2.2) (0.7) 214.5% Financial Result 0.3 0.8-60.8% 0.9-64.9% 3.2 3.4-5.7% The Company s financial income results comes from two main sources: interest on financial investments and interest and penalties on late payment of premiums from beneficiaries. This line was flat vs. 4Q14, however shows 23.2% drop vs. mainly due to the capital reduction in October which decreased our cash flow in the quarter. Financial expenses refers primarily to interests over debentures, fee collections and other bank charges, in addition to the monetary adjustment of payables acquisitions. In financial expenses this quarter, the largest contribution once again became the cost of our debentures, which grew due to the increase in interest rates combined with an debt raise. The monetary adjustment from payable acquisitions of R$7.4 million in 4Q15 reflects the adjustment over 25% which we still have as a call option for Aliança. 13

5 Generation of Operating Cash (EBITDA and Adjusted EBITDA) 1,2 EBITDA and Adjusted EBITDA (R$ MM) 4Q15 4Q14 Net Income 61.4 20.2 204.3% 63.9-3.9% 240.9 138.8 73.5% (+) Taxes 6.8 43.5-84.3% 51.8-86.8% 159.9 134.0 19.4% (+) Depreciation and Amortization 57.2 62.3-8.1% 55.2 3.6% 221.9 213.7 3.8% (+) Financial Expense 51.7 36.2 42.9% 37.6 37.5% 159.4 220.8-27.8% (-) Financial Income (31.1) (31.3) -0.8% (40.5) -23.2% (138.2) (87.3) 58.4% EBITDA 146.1 130.8 11.7% 168.1-13.1% 643.8 620.0 3.8% EBITDA Margin 31.4% 33.2% N.A. 36.8% -540bps 37.2% 41.5% -432bps Non-cash Stock Option Plan Expense (0.5) 11.3-104.8% 6.6-108.1% 27.7 36.6-24.2% Interest and fine on late payment of health plans 11.7 14.0-16.6% 11.4 3.0% 46.0 42.2 8.9% PIS / COFINS taxes - Retroactive (a) - (4.2) N.A. - N.A. - (135.0) N.A. Potencial Sale (b) - - N.A. - N.A. (45.7) - N.A. Impairment (c) - - N.A. - N.A. 4.3 1.7 159.2% Adjusted EBITDA 157.3 152.0 3.5% 186.1-15.5% 676.2 565.5 19.6% Adjusted EBITDA Margin 33.8% 37.2% -342bps 40.7% -693bps 39.1% 37.9% 120bps (-) EBITDA CRC/Gama 5.2 1.0 424.0% 4.5 16.5% 12.8 269.9% 375.9% Adjusted EBITDA (Ex-CRC/Gama) 162.5 153.0 6.2% 190.6-14.7% 689.0 568.2 21.3% Adjusted EBITDA Margin (Ex-CRC/Gama) 35.9% 38.8% -296bps 42.9% -702bps 40.9% 38.1% 287bps a) Refers to the impairment loss of Newport portfolio in 2015 and developing software in 2014. b) Refers to Potencial sale. c) Refers to the to retroactive the tax credit of PIS/COFINS, which R$116.0 MM refers to the period between 2010 and 2013 and R$14.8mm for the period January to May 2014. Our Adjusted EBITDA (Ex-CRC/Gama) grew 6.2% y/y reaching R$162.5 million in 4Q15 (-14.7% q/q). This slightly annual growth and sequential reduction are the result of Unimed Paulistana s lives transfer process, which affected several lines of our income in 4Q15 and the natural seasonality of the business. In 2015 we reported R$689.0 million EBITDA (EX-CRC/Gama), 21.3% higher than 2014 and achieved an adjusted EBITDA margin (Ex-CRC/Gama) of 40.9% which represents an improvement of 287 bps when compared to 2014. In the consolidated result, considering R$12.8 million negative EBITDA and CRC/Gama, we reached a total of R$676.2 million, with consolidated EBITDA margin adjusted of 39.1%. Adjusted EBITDA (Ex-CRC/Gama) (R$ MM) 1,2 (1) EBITDA and Adjusted EBITDA are presented because management believes that they are significant indicators of financial performance. According to the IFRS, EBITDA and Adjusted EBITDA are not indicators of financial performance and shall not be considered as an alternative to net profit, operational performance, operating cash flow, or as a liquidity indicator. (2) EBITDA and Adjusted EBITDA consist of net income before income tax and social contribution, financial income, financial expense, and depreciation and amortization. Other adjustments include items such as spending on acquisitions and associations; costs of corporate restructuring and operational provisions for stock option plan; interest and penalties on late fees; and other non-cash adjustments. 14

6 Adjusted Earnings Net Income (Loss) (R$ MM) 4Q15 4Q14 Our consolidated net income reached R$61.4 million in 4Q15, reflecting a 222.4% y/y increase (-3.9% q/q). In 2015, we reached a consolidated net income of R$240.9 million, 73.5% higher than reported in 2014. The 2015 profit was positively affected by: (i) non-recurring gain on the Potential s sale, which contributed R$45.7 million in 2Q15 (R$30.1 million after taxes); (ii) R$23.8 million saving in income tax / social contribution during the 4Q15 due to the work focused on improving Company s tax efficiency, out of which R$9.6 million comes from the Stock Option expenses Deduction and R$13.8 million interest on Capital (IOC). Consolidated Net Income (Loss) 61.4 19.0 224.0% 63.9-3.9% 240.9 138.8 73.5% CONSOLIDATED NET (LOSS) INCOME (R$ MM) 7 Amortization Amortization 4Q15 4Q14 Amortization Clients Relationship 26.2 33.7-22.2% 25.5 2.5% 105.2 104.9 0.3% Goodwill Amortization 52.5 55.4-5.2% 52.5 0.0% 210.1 221.7-5.2% Portfolio Amortization 17.5 21.7-19.5% 18.6-6.0% 76.1 81.9-7.2% Amortization Summary Income Fiscal Adjustments to Amount 4Q15 Tax Statement benefit net income Amortization Clients Relationship Yes No 26.2 8.9 17.3 Goodwill amortization No Yes 52.5 17.9 17.9 Portfolio Amortization Yes Yes 17.5 5.9 11.5 Amortization Schedule 2015 2016 2017 2018 2019 2020 2021 2022 2023 Clients Relationship 100.5 106.2 104.3 95.8 90.6 53.1 0.8 0.8 0.8 Goodwill 210.1 83.4 41.2 24.7 4.2 - - - - Portfolio Acquisition 76.3 57.9 40.6 33.2 15.7 11.6 5.3 2.4 0.9 15

8 Capital Expenditures Capex (R$ MM) 4Q15 4Q14 Capex in IT 28.7 15.3 87.7% 28.9-0.6% 97.0 46.2 110.1% Other Capex 4.9 18.4-73.3% 3.2 54.4% 14.5 49.8-70.9% Right Assignment Agreeement / Exclusivity - 16.8 N.A. 4.5 N.A. 20.5 61.3-66.5% TOTAL 33.7 50.5-33.3% 36.6-8.0% 132.0 157.2-16.0% Our total Capex in IT reached R$28.7 million in 4Q15, mainly due to investments in the new IT platform. The fixed assets Capex is R$ 4.9 million and reflects the purchase of new equipments and construction renovations on new subsidiaries. 9 Capital Structure Capital Structure (R$ MM) Var. Current Debt 50.9 56.5-9.9% Long Term Debt (1) 732.2 709.4 3.2% TOTAL 783.1 765.8 2.3% Cash and cash equivalents (2) 285.8 538.5-46.9% TOTAL NET DEBT 497.3 227.3 118.8% (1) Includes acquisition payables (2) It does not include the investment retained as a guaranteed asset in the direct subsidiary Qualicorp Administradora de Benefícios S.A., and in the indirect subsidiaries Aliança Administradora de Benefícios de Saúde S.A and CRC/Gama, according to the 33rd normative instruction by the ANS, from October 5, 2009 Our Net Debt grew 118.8% when compared to the end of 2014 due to the capital reduction in October 2015. 16

10 Return on Investments We closed 4Q15 with 37.2% ROIC, showing a 36.7% q/q increase. However it is important to mention that the 3Q14 results were directly impacted by the positive effect of retroactive PIS/COFINS recognition. ROIC is based on the last twelve months, so the exclusion of 3Q14 from the base was the cause of this annual reduction. Return on Investment 4Q15 2Q15 1Q15 4Q14 Invested Capital Fixed Asset 2,523,079 2,546,741 2,567,948 2,596,529 2,615,211 Working Capital (143,986) (106,787) (74,960) (100,355) (85,037) TOTAL 2,379,093 2,439,954 2,492,988 2,496,174 2,530,174 (-) Intangible - Goodwill (LBO) 924,767 924,766 924,766 924,766 924,767 (-) Intangible - Client Relationship (LBO) 379,125 385,960 405,584 425,210 444,835 Adjusted Invested Capital 1,075,201 1,129,228 1,162,638 1,146,198 1,160,572 NOPAT Adjusted EBITDA 157,266 186,104 166,433 166,364 156,172 EBIT 100,044 130,860 109,308 114,101 92,019 (+) Ammortization (43,881) (44,152) (47,595) (45,954) (55,346) EBIT adjusted 143,924 175,012 156,903 160,055 147,365 (-) taxes (34%) (48,934) (59,504) (53,347) (54,419) (50,104) NOPAT 94,990 115,508 103,556 105,636 97,261 ROIC (12m) 37.2% 36.7% 41.9% 41.2% 43.3% We closed 4Q15 with a R$147.4 million operating cash flow, once again influenced by a strong operational result combined with working capital increase. After Capex, the cash generation remained strong at R$110.8 million. The financial cash flow was affected by the capital reduction of R$400.0 million paid in October 2015. The Company remain confident in a operating cash flow expansion supported by its organic growth combined with operating improvements. Cash Flow 2015 4Q15 2Q15 1Q15 2014 Income adjusted by non-cash effects 775,968 160,644 216,813 182,335 216,176 581,316 Working Capital (11,584) 28,775 9,651 2,210 (52,220) (25,206) Interest paid (70,409) - (33,189) (4,117) (33,103) (25,434) Dividends received/paid (12,026) (3,234) (6,343) (2,449) - (24,551) Income tax and social contribution paid (111,770) (38,749) (34,490) (23,821) (14,710) (61,707) Cash Flow from Operating Activities 570,179 147,436 152,442 154,158 116,143 444,418 Capex (TI) (103,654) (31,795) (29,660) (21,299) (20,900) (39,793) PP&E (14,720) (4,444) (2,768) (1,260) (6,248) (51,670) Intangible (M&A + Portfolio + Deals) (76,200) (376) (60,029) (15,608) (187) (483,856) Cash Flow from Investment Activities (194,574) (36,615) (92,457) (38,167) (27,335) (575,319) Cash Flow from Financing Activities (548,362) (403,850) 30 (138,540) (6,002) 342,080 Other Investments (80,000) - - (80,000) - - Total Cash Flow (252,757) (293,029) 60,015 (102,549) 82,806 211,179 17

Forward-looking statements This release may contain forward-looking statements concerning the business outlook. These statements are based exclusively on the expectations of the management of Qualicorp S.A. regarding the prospects of the business and its continued ability to access capital markets to finance its business plan. These forward-looking statements are highly sensitive to changes in the capital markets, government regulations, competitive pressures, the performance of the industry and the Brazilian economy and other factors, as well as to the risk factors highlighted in documents previously filed by Qualicorp S.A., and therefore are subject to change without prior notice 18

Appendix I Income Statement INCOME STATEMENT (R$ MM) 4Q15 4Q14 Net Operating Revenue 465.3 408.3 13.9% 456.8 1.8% 1,730.2 1,493.0 15.9% Cost of Services (122.8) (103.2) 19.0% (120.3) 2.1% (455.8) (380.0) 19.9% Gross Profit 342.4 305.1 12.2% 336.5 1.8% 1,274.4 1,113.0 14.5% Operating Income (expenses) (253.5) (231.1) 9.7% (223.6) 13.4% (852.4) (701.1) 21.6% Administrative expenses (122.8) (163.1) -24.7% (113.0) 8.7% (472.2) (484.5) -2.5% Selling expenses (107.4) (85.8) 25.1% (84.0) 27.9% (332.3) (294.4) 12.9% Losses on uncollectible receivables (31.1) (19.9) 56.2% (29.0) 7.5% (99.4) (77.1) 28.9% Other operating income (expenses), net 7.8 37.8-79.2% 2.3 245.2% 51.5 154.9-66.8% Income From Operations Before Financial Income (Expenses) 88.9 74.1 20.0% 112.9-21.3% 421.9 411.9 2.4% Financial income 31.1 31.3-0.8% 40.5-23.2% 138.2 87.3 58.4% Financial expenses (51.7) (36.2) 42.9% (37.6) 37.5% (159.4) (220.8) -27.8% Income Before Income Tax Social Contribution 68.3 69.2-1.3% 115.8-41.0% 400.8 278.3 44.0% INCOME TAX AND SOCIAL CONTRIBUTION (6.9) (45.4) -84.9% (51.8) -86.8% (159.9) (135.9) 17.7% Current (7.5) (38.2) -80.4% (50.7) -85.2% (126.1) (135.9) -7.2% Deferred 0.6 (7.2) N.A. (1.1) N.A. (33.8) 0.0 N.A. NET (LOSS) INCOME FOR PERIOD 61.4 23.8 157.9% 63.9-3.9% 240.9 142.4 69.1% Attributable to Controlling interest 57.7 21.7 165.4% 60.7-4.9% 227.1 126.1 80.1% Noncontrolling interest 3.7 2.1 78.8% 3.2 15.3% 13.7 16.4-16.1% Controlling interest 61.4 23.8 157.8% 63.9-3.9% 240.9 142.4 69.1% 19

Appendix II Balance Sheet ASSETS (R$ MM) CURRENT ASSETS Cash and cash equivalents 285.8 538.5-46.9% Short-term investments 121.0 35.3 242.4% Trade receivables 148.3 147.9 0.2% Other assets 155.9 213.7-27.1% Other financial assets 139.9 202.7-31.0% Other non-financial assets 16.0 10.9 46.1% Related Parties - 6.5-100.0% Total current assets 710.9 942.0-24.5% NONCURRENT ASSETS Long-term assets Income tax and social contribution 136.8 185.7-26.4% Related Parties 3.8 5.2-26.7% Other assets 59.8 39.6 50.9% Other financial assets 44.7 15.8 183.1% Other non financial assets 15.1 23.8-36.5% Total long-term assets 200.4 230.6-13.1% Investments 0.3 0.2 18.6% Property, plant and equipment 70.3 68.9 1.9% Intangible assets Goodwill 1,624.2 1,621.3 0.2% Others intangible assets 828.3 924.8-10.4% Total noncurrent assets 2,723.5 2,845.8-4.3% TOTAL ASSETS 3,434.4 3,787.8-9.3% LIABILITIES & SHAREHOLDERS EQUITY (R$ MM) CURRENT LIABILITIES Debentures 22.9 20.0 14.4% Loans and Financing 5.8 13.1-55.7% Taxes payable 34.1 45.2-24.7% Technical Reserves 24.9 25.0-0.5% Premiums to be transferred 110.0 120.6-8.8% Financial transfers payable 13.4 12.2 9.7% Payroll and related taxes 62.6 67.0-6.5% Transferable prepayments 72.9 78.4-7.1% Related parties 54.0 29.1 85.5% Other payables 76.3 75.5 1.0% Total current liabilities 476.8 486.2-1.9% NONCURRENT LIABILITIES Debentures 519.0 518.0 0.2% Income tax and social contribution 7.0 8.0-12.0% Deferred income tax and social contribution 162.6 177.7-8.5% Provision for risks 61.9 49.7 24.7% Granted options on no controlling interest 203.4 177.4-30.1% Other payables 9.8 14.0 2.0% Total noncurrent liabilities 963.7 944.7 2.0% EQUITY Capital 1,537.2 1,968.1-21.9% Capital reserves 124.6 144.4-13.7% Earnings reserves 182.9 97.0 88.6% Asset valuation adjustment 145.0 145.0 0.0% Total equity majority shareholder 1,989.9 2,354.5-15.5% Noncontrolling interest in subsidiaries 4.0 2.3 72.6% Total equity 1,993.9 2,356.8-15.4% TOTAL LIABILITIES AND EQUITY 3,434.4 3,787.8-9.3% 20

Appendix III Cash Flow Statement STATEMENTS OF CASH FLOWS (R$ MM) CASH FLO W FRO M O PERATING ACTIVITIES Profit (losses) before income tax and social contribution 400.8 272.8 46.9% Adjustments 375.2 308.5 21.6% Depreciation and Amortization 221.9 213.7 3.8% Impairment 7.7 1.7 361.1% Result from fixed Assets and Intangibles 0.9 0.3 198.7% Stock Option Program 27.7 36.6-24.2% Financial Expenses 110.3 109.0 1.2% Taxes to compensate - PIS/COFINS 45.6 (45.6) N.A. Potencial Sale (45.7) - N.A. Provision for Risks 6.8 (7.1) N.A. Adjusted profit (loss) 776.0 581.3 33.5% O rigin Cash provided by operating activities (11.6) (25.2) -54.0% Cash provided by operating activities 764.4 556.1 37.5% Interest paid on debentures (70.4) (25.4) 176.8% Dividends paid to non controlling shareholders (12.0) (24.6) -51.0% Income tax and social contribution paid (111.8) (61.7) 81.1% Net cash provided by operating activities 570.2 444.4 28.3% CASH FLO W FRO M INVESTING ACTIVITIES Initial Cash from Gama Saúde e Connectmed-CRC - 17.5 N.A. Investments in intangible assets (118.3) (98.1) 20.6% Purchase of property, plant and equipment (14.7) (51.7) -71.5% Financial Investments (80.0) - N.A. Amount paid in acquisition (Aliança) - (368.6) N.A. Amount paid in acquisition (GA Corretora) - (65.0) N.A. Amount paid in acquisition (Praxis) - (2.9) N.A. Non-compete agreement (6.5) (6.5) N.A. Amount paid in acquisition (CRC-Gama) (7.5) - N.A. Subscription Bonus payment - CRC/Gama (47.5) - N.A. Net cash used in investing activities (274.6) (575.3) -52.3% CASH FLO W FRO M FINANCING ACTIVITIES Amount paid in loans and financing (7.3) - N.A. Buyback - Treasury (47.2) - N.A. Dividends paid to Qualicorp S.A. shareholders (116.3) - N.A. Capital Reduction (400.0) - N.A. Amounts received upon issuance of debentures - 300.0 N.A. Capital Increase 22.5 42.1-46.6% Cash provided by (used in) financing activities (548.4) 342.1 N.A. INCREASE IN CASH AND CASH EQUIVALENTS, NET (252.8) 211.2 N.A. Cash and cash equivalents at beginning of period 538.5 327.4 64.5% Cash and cash equivalents at end of period 285.8 538.5-46.9% 21