3Q12 Earnings Release

3Q12 Earnings Release Qualicorp S.A. BOVESPA:QUAL3 Last Price November, 12 th 2015 R$ 16.48/share São Paulo, November 12, 2015. 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 3Q15 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 (09/30/2015) 274.325.288 shares Free Float (09/30/2015) 218.358.401 shares (79.6%) 3Q15 GENERAL HIGHLIGHTS We closed 3Q15 with a R$152.4 million operating cash flow, mainly influenced by a strong operational result. After Capex, the cash flow generation reached R$60.0 million. If we were to exclude the R$47.5 million payment to CRC/Gama, our cash flow would have achieved R$107.5 million. Our consolidated Net Income reached R$63.9 million in the quarter. Our Adjusted EBITDA (Ex-CRC/Gama) grew 21.3% y/y reaching R$190.6 million, which represents a 42.9% margin, 419bps higher than presented last year. Cash and Cash Equivalents (09/30/2015) R$ 578.8 million Investor Relations Grace Tourinho IRO Natalia Lacava IR Phone: +55 (11) 3191-3829 ri@qualicorp.com.br www.qualicorp.com.br Conference Calls November, 13th 2015 (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 Net Revenues reached R$456.8 million, an increase of 10.5% y/y. Ex-CRC/Gama, Revenues grew 13.6% y/y in 3Q15 reaching R$444.3 million. Our total portfolio of beneficiaries of approximately 5.1 million lives decreased 0.5% y/y in 3Q15. This result was obtain as follows: Our portfolio of beneficiaries in the Affinity segment with 1.83 million lives decreased 3.1% y/y. If we were to exclude the Potencial Sale effect in 2Q15 the total Affinity growth would have reached 6.2% y/y growth, and 1.0% for Health Products. Our portfolio of beneficiaries in the Corporate and Others Segment grew 1.0% y/y which brings to a total of 3.4 million lives. MAIN INDICATORS Income Statement (Ex -CRC/Gam a) - (R$ MM) 3Q15 3Q14 (R$MM) % change 3Q15/3Q14 Other 3Q15 2014 % change 3Q15/2014 Net Debt / Equity* 0.09x 0.10x -8.0% Net Debt / Adjusted EBITDA LTM 0.26x 0.40x -35.0% 2Q15 % change 3Q15/2Q15 Net Revenues 444.3 391.0 13.6% 392.8 13.1% Total Expenses (Ex-Depreciation and amortization) (271.7) (141.5) 92.0% (211.5) 28.5% Adjustments to EBITDA 18.0 (92.4) -119.5% (18.9) -195.1% Adjusted EBITDA 190.6 157.1 21.3% 162.4 17.4% Adjusted EBITDA Margin 42.9% 40.2% 272bps 41.3% 156bps Income Statement - (R$ MM) Net Revenues 456.8 398.8 14.6% 405.7 12.6% EBITDA 186.1 155.4 19.8% 166.4 12% Adjusted EBITDA Margin 40.7% 39.0% 176bps 41.0% -29bps Net Income (Loss) 63.9 67.8-5.7% 70.8-9.7% Balance Sheet 3Q15 2014 % change 3Q15/2014 Equity* 1,994.2 2,356.8-15.4% Net Debt¹ 176.8 227.3-22.2% The reduction in equity is related to the capital reduction. (1) 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

3Q12 Earnings Release 3Q15 3Q15 Results by business unit (R$MM) CRC - Gama Qualicorp (Ex- CRC/Gama) Net Operating Revenue 456.8 12.5 444.3 COGS (120.3) (11.2) (109.2) Gross Profit 336.5 1.3 335.2 Gross margin 73.7% 10.7% 75.4% Operating Income (expenses) (223.6) (7.1) (216.5) Administrative expenses (113.0) (7.0) (106.0) Selling expenses (84.0) (0.1) (83.8) Losses on uncollectible receivables (29.0) (0.3) (28.7) Other operating income (expenses), net 2.3 0.3 1.9 Adjusted EBITDA 186.1 (4.5) 190.6 Adjusted EBITDA Margin 40.7% -35.9% 42.9% 2

3Q12 Earnings Release BENEFICIARIES (MM) NET REVENUES (Ex-CRC/Gama) (R$ MM) ADJUSTED EBITDA (Ex-CRC/Gama) (R$ MM) CONSOLIDATED NET (LOSS) INCOME (R$ MM) 3

3Q12 Earnings Release 1 Beneficiaries BENEFICIARIES (MM) BENEFICIARIES PORTFOLIO BREAKDOWN IN 3Q15 The total number of beneficiaries decreased 0.5% y/y in 3Q15, totaling a net loss of 26.6k beneficiaries, mainly due to the sale of Potencial Portfolio with 175.4k of beneficiaries among health and dental in 2Q15. When compared to 2Q15, there was a decrease of 47.9k beneficiaries, in a combination of -26.9k lives from the Affinity segment and -20.9k from Corporate and Others Segment. Our portfolio of beneficiaries in the Affinity segment decreased 2.7% y/y in 3Q15 (-1.8% vs 2Q15) totaling -39.1k lives y/y (-25.8k q/q). The annual drop is mainly explained by the decrease of 53.3k Potencial lives in 2Q15, in order to serve the Performance Commitment Agreement signed between the Company and CADE. Regarding the sequential decrease, the main reasons were (i) the loss of 12k lives due to the cancellation of Unimed Seguros operation in the Affinity market, and; (ii) the decrease of 13.8k lives in the 3Q15 organic base, mainly due to higher churn in the quarter, due to the combination of an average price adjustment of 17.8% applied to a part of the portfolio in July and the challenging macroeconomic scenario. If we were to exclude theses one-time factors from Potencial Sale and Unimed Seguros cancelation, we would have presented an increase of 1.8% y/y (-0.9% q/q) Our portfolio of beneficiaries in the Corporate and Other segments grew 1.0% y/y in 3Q15 (less 0.6% vs 2Q15). The Corporate segment grew 13.8% y/y mainly due to the addition of a new corporate contract during 2Q15. On the other hand in the sequential comparison, the drop of 4.9% reflects the challenging economic environment. The SME segment decreased 3.3% y/y due to the portfolio cleanup strategy accomplished in 2Q15 and a sequential increment of 3.4% regarding the addition of new contracts. Our Health Management portfolio reduced 70.4% y/y (less 45.6% q/q) due to a transfer of a contract for the corporate segment in 2Q15, which consolidated all providing customer service, and the output of a client in 3Q15, which decided to internalize the health management process. Finally, we see a sequential increase of 2.1% in the TPA portfolio, as a result of adding new lives to existing portfolios. 4

3Q12 Earnings Release 1.1 Portfolio of lives evolution Portfolio 3Q15 3Q14 % change 3Q15/3Q14 2Q15 % change 3Q15/2Q15 Affinity Health Lives Total Portfolio (BOP) 1,432,123 1,431,156 0.1% 1,467,799-2.4% (+) Gross Adds 103,984 110,828-6.2% 103,785 0.2% (-) Churn (129,832) (96,575) 34.4% (86,131) 50.7% New Lives Added (net) (25,848) 14,253-281.4% 17,654 N.A. Total Portfolio (EOP) 1,406,275 1,445,409-2.7% 1,432,123* -1.8% Affinity Other Products Lives Total Portfolio (BOP) 426,155 435,901-2.2% 536,872-20.6% New Lives Added (net) (1,096) 8,920 N.A. 11,385 N.A. Total Portfolio (EOP) 425,059 444,821-4.2% 426,155* -0.3% Affinity Portfolio 1,831,334 1,890,230-3.1% 1,858,278-1.4% Corporate 1,165,940 1,024,654 13.8% 1,226,487-4.9% TPA 2,138,505 2,229,191-4.1% 2,094,318 2.1% Small/Medium Enterprises 42,187 43,624-3.3% 40,815 3.4% Health Management 7,077 23,922-70.4% 13,008-45.6% Corporate and Others Portfolio 3,353,709 3,321,391 1.0% 3,374,628-0.6% Total Portfolio 5,185,043 5,211,621-0.5% 5,232,906-0.9% * The total number of lives at the end of period includes the output of Potencial lives (53.3k on Health 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 subsidiaries Qualicorp Administradora de Benefícios S.A. and Qualicorp Corretora. In the Health Affinity segment, which represented 93.9% of our revenues (ex CRC/Gama) in 3Q15, we reached 104.0k gross additions, which represents a decrease of 6.2% vs 3Q14 and flat vs 2Q15. Despite the deterioration in the macroeconomic scenario we were able to maintain stable sales through assertive strategies of products diversification. Regarding churn level, we observed an increase of 34.4% y/y (+50.7% vs 2Q15). These increments are related to two main points, one of them is seasonal and the other is one-time. As a seasonal factor, we had the average price adjustment of 17.8% applied to a part of the portfolio in, which normally causes a higher churn, and on this quarter was worsened by unfavorable macroeconomic conditions. Regarding the extraordinary factor, we point out the loss of 12.0k lives related to the cancellation of Unimed Seguros operation in the Affinity market. Considering the facts mentioned above, our portfolio in Affinity Health segment decreased 25.8k lives. If we were to exclude the effect of the extraordinary cancellation of Unimed Seguros clients, we would have 117.8K cancellations in 3Q15, totaling a net loss of 13.8K lives. 5

3Q12 Earnings Release 2 Operating Net Revenues Net Revenues (R$ MM) 3Q15 3Q14 % change 3Q15/3Q14 2Q15 % change 3Q15/2Q15 Affinity 417.0 364.6 14.4% 366.9 13.7% % on Total Net Revenues 93.9% 93.2% 61bps 93.4% 45bps Corporate and Other 27.3 26.4 3.3% 25.9 5.4% % on Total Net Revenues 6.1% 6.8% -61bps 6.6% -45bps Total Qualicorp (Ex -CRC/Gam a) 444.3 391.0 13.6% 392.8 13.1% Retroactive PIS/COFINS - 14.8 - - - Total Qualicorp 444.3 405.9 9.5% 392.8 13.1% CRC/Gama 12.5 7.7 62.2% 12.9-3.0% Total Qualicorp 456.8 413.6 10.5% 405.7 12.6% Our Operating Net Revenues (Ex-CRC/Gama) reached R$444.3 million in 3Q15, representing an increase of 13.6% y/y and 13.1% q/q. The Affinity Segment contributed with R$417.0 million in revenues in 3Q15 (+14.4% y/y and 13.7% vs 2Q15). These variations are explained by: (i) average price adjustment of 17.8% applied for a part of the portfolio during the quarter; (ii) mix change as a function of our retention strategy through downgrades and alternative products. The Net Revenues from the Corporate and Others Segment (Ex-CRC/Gama) reached R$27.3 million in 3Q15 (+3.3% y/y and +5.4% vs 2Q15 mainly due to a higher volume on health management in 3Q15, despite the reduction in the number of lives on this portfolio. Finally, regarding the CRC/Gama performance, Net Revenue reached R$12.5 million, which represents an increase of 62.2% y/y and a decrease of 3.0% vs 2Q15, as a result of the volume decrease in some contracts. 6

3Q12 Earnings Release 3 Operating Expenses Cost summary (R$ MM) 3Q15 3Q14 % change 3Q15/3Q14 2Q15 % change 3Q15/2Q15 Cost of Services (109.2) (99.3) 10.0% (98.3) 11.0% Total Costs of Services (Ex -CRC/Gama) (109. 2) (99. 3) 10. 0% (98. 3) 11. 0% Total Adm. Expenses (106.0) (117.5) -9.8% (116.4) -8.9% Total Selling Expenses (83.8) (71.4) 17.5% (72.4) 15.8% Bad Debt (Uncollectible Receivables) (28.7) (21.0) 36.3% (22.1) 29.6% Other Operating Income (Expenses) 1.9 114.3-98.3% 41.8-95.4% Total Operating Expenses (Ex -CRC/Gama) (216. 5) (95. 6) 126. 5% (169. 1) 28. 0% Total (Ex- CRC/Gama) (325. 7) (194. 9) 67. 1% (267. 4) 21. 8% (-) One-time Revenues (a) - (116.0) N.A. (45.7) N.A. (+) One Time Expenses 6.6 13.1-49.6% 15.2-56.6% Total Recurring (Ex -CRC/Gama) (319. 1) (297. 7) 7. 2% (297. 9) 7. 1% Total Operating Expenses CRC/Gama (18. 3) (9. 8) 86. 0% (10. 0) 81. 9% Total (337. 4) (307. 5) 9. 7% (307. 9) 9. 6% a) For 3Q14 refers to R$ 116.0 million related to the retroactive tax credit of PIS/COFINS and to the 2Q15 refers to R$45.7 million related to the Potential Sale, both recognized in the line of Other Operating Income. b) For 3Q15 refers only to the expenses with the stock option plan of R$6.6 million; (ii) for 3Q14 refers to expenses with the stock option plan of R$11.5 million and the impairment loss of softwares under development of R$1.7 million; (iii) for 2Q15 refers to expenses with stock option plan of R$ 10.9 million and the impairment loss of Newport portfolio of R$ 4.3 million. Our recurring Operating Expenses (Ex-CRC/Gama) presented an increase of 7.2% y/y in 3Q15 and 7.1% q/q, showing once again our capacity to leverage the Company s cost when compared to the revenue growth. The highlight of this quarter is the reduction of administrative expenses (Ex-CRC/Gama) which decreased 9.8% y/y, reaching R$106.0 million (-8.9% vs 2Q15). The total CRC/Gama costs were R$18.3 million, representing an increase of 86.0% y/y and 81.9% vs Q215, mainly due to reversals of allowance for doubtful accounts receivable (PCLD) and reversals on Others expenses on the prior quarter and which did not occur again in 3Q15. 7

3Q12 Earnings Release 3.1. Cost of Services Cost of Services (R$ MM) 3Q15 3Q14 % change % change 2Q15 3Q15/3Q14 3Q15/2Q15 Personnel expenses (27.4) (24.8) 10.4% (26.9) 1.8% Third Party Services (22.7) (19.9) 14.1% (20.3) 12.1% Occupancy expenses (5.1) (5.1) -0.9% (4.4) 16.1% Royalties (a) (41.5) (37.5) 10.7% (37.4) 11.2% Others (b) (12.5) (11.9) 4.6% (9.5) 31.8% Total Qualicorp (Ex-CRC/Gama) (109.2) (99.3) 10.0% (98.3) 11.0% CRC/Gama (11.2) (3.8) 2.0 (10.3) 8.4% Total (120.3) (103.0) 16.8% (108.6) 10.8% Gross Margin (Ex-CRC/Gama) 75.4% 74.6% 82bps 75.0% 46bps a) Refers to expenses from financial pass through incurred in connection with the 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. Our Cost of Services (Ex-CRC/Gama) reached R$109.2 million in 3Q15 (+10.0% y/y and +11.0% q/q). We reached a gross margin (Ex-CRC/Gama) of 75.4% leveraging our margin in +182bps y/y and +46bps q/q. The sequential increase in third party services reflects the higher volume of calls on the call center due to the period of price adjustment for 75% of the portfolio in July, the cancellation of Unimed Seguros operation and also the annual contract adjustment with the supplier. In occupancy, the increase was due to the release of retroactive property tax, which until 2Q15 had been calculated only considering the land area and not on the total built-up area (R$1.0 mm). The increase observed in the others line is mainly related to (i) higher volume of payments on legal and lawsuit agreements and (ii) the increase of expenses with mailing regarding the price adjustment letters sent to our clients. Finally, R$11.2 million from CRC/Gama in 3Q15 refers to the additional costs necessary to meet the demand from new contracts. 8

3Q12 Earnings Release 3.2. Administrative Expenses Administrative expenses (R$ MM) 3Q15 3Q14 % change % change 2Q15 3Q15/3Q14 3Q15/2Q15 Personnel expenses (23.8) (35.3) -32.8% (37.8) -37.1% Third Party services (13.2) (22.0) -39.9% (12.4) 6.3% Occupancy expenses (3.0) (2.1) 44.6% (2.7) 12.2% Depreciation and amortization (54.0) (53.3) 1.3% (55.9) -3.5% Others (12.0) (4.8) 150.7% (7.5) 59.1% Total Qualicorp (Ex-CRC/Gama) (106.0) (117.5) -9.8% (116.4) -8.9% (+) Stock Options Expenses 6.6 11.5-42.2% 10.9-39.3% Total Recurring Adm. Expenses (99.4) (106.1) -6.3% (105.5) -5.8% CRC/Gama (7.0) (4.2) 67.1% (6.7) 4.3% Total (113.0) (121.7) -7.2% (123.1) -8.2% Total - Recurring (106.3) (110.3) -3.5% (112.2) -5.2% Our recurring Administrative expenses (Ex-CRC/Gama) decreased 9.8% y/y in 3Q15 (-8.9% q/q). This important sequencial reduction was possible through (i) a decrease of 37.1% q/q in the personnel line mainly due to a reversal of the Profit Sharing Program around R$7.0 million considering a preliminary investigation of individual and collective goals so far. Its worth noticing that the outcome of 2Q15 was affected by R$1.6 million due to one-time layoff costs; and (ii) slight sequential increase in expenses with third-party services due to expenses with handling and delivering of the new kits to meet the process regarding Unimed Paulistana in September. But even so, this line had a decrease of 40% y/y due to the absence of extraordinary expenses, as occured in the previous years. Excluding the effect of the Profit Sharing Program reversal of 3Q15 of R$ 7.0 million, our recurring administrative expenses excluding depreciation and amortization would have decreased 0.7% y/y. Its is also worth mentioning the annual and sequential increases in occupancy lines, due to the retroactive property tax impact, as mentioned before and on the Others line, mainly due to (i) increase in expenses as a result of the disclosure of informations on the process of Unimed Paulistana in September; (ii) an increase in the volume of payments on legal and lawsuit agreements; and (iii) Sponsorship via Rouanet Law. The R$7.0 million of expenses from CRC/Gama are divided between Third Party Services and (R$3.7 million), depreciation and amortization (R$1.3 million), occupancy (R$0.8 million) and others (R$1.2 million). During the quarter we recognized R$1.0 million from administrative expenses regarding the Unimed Paulistana project. We expect a higher impact for 4Q15. 9

3Q12 Earnings Release 3.3. Selling Expenses Selling Expenses (R$ MM) 3Q15 3Q14 a) Includes office supplies, mailing expenses and discounts granted. % change 3Q15/3Q14 2Q15 % change 3Q15/2Q15 Personnel expenses (16.9) (16.0) 5.5% (17.3) -2.5% Third Party services (2.9) (2.6) 9.9% (2.9) -1.3% Occupancy expenses (2.0) (2.1) -2.5% (1.9) 10.0% Other selling expenses (2.6) (4.8) -46.2% (2.7) -3.1% Sales campaign (13.0) (11.8) 10.4% (8.2) 58.6% Sponsorships (3.2) (2.4) 35.6% (2.4) 32.4% Third-party commission (31.6) (21.0) 50.7% (25.4) 24.6% Publicity and advertising (8.9) (7.8) 14.4% (9.4) -5.0% Others (a) (2.7) (2.9) -8.0% (2.2) 19.6% Total Qualicorp (Ex-CRC/Gama) (83.8) (71.4) 17.5% (72.4) 15.8% CRC/Gama (0.1) (0.1) 69.7% (0.1) 0.0% Total (84.0) (71.5) 17.5% (72.5) 15.8% Our Selling Expenses increased 17.5% in 3Q15 vs 3Q14 (+15.8% q/q). In general, the annual increase is in line with the increase in revenues by price adjustment. It is worth noticing: (i) the sequential increase in sales campaign, respecting the seasonality in the third quarters and increased efforts due to macroeconomic challenges; (ii) the increase in third party commissions due to the displacement of prior periods. Sales from March, which had its commission paid in April were below average. In contrast, sales in June which had commission paid in July were above average, thus causing a greater distortion when comparing this quarter sales volume with quarterly sales commission, and; (iii) the sequential reduction in publicity and advertising line, even with the production and disclosure of Institutional campaign due to a strategic decision of the Company to focus on campaigns directly related to sales. 3.4. Bad Debt (Uncollectible Receivables) % change % change Bad Debt (R$ MM) 3Q15 3Q14 2Q15 3Q15/3Q14 3Q15/2Q15 Bad Debt/Uncollectible Receivables (Ex-CRC/Gama) (28.7) (21.0) 36.3% (22.1) 29.6% CRC/Gama (0.3) (1.5) -78.7% 4.0 N.A. Total (29.0) (22.5) 28.9% (18.1) 60.1% % Net Revenue (Ex-CRC/Gama) 6.4% 5.4% 107bps 5.6% 82bps Our Bad Debt expenses, excluding the CRC/Gama effect, reached R$28.7 million in 3Q15, representing 6.4% of our net revenue (Ex-CRC/Gama), which compares to 5.4% in 3Q14 and 5.6% in 2Q15. The increase noticed reflects a higher pressure on churn in 2015, related to the price adjustment of 17.8% applied for part of the portfolio in July. CRC-Gama reported a reversion of R$0.3 million 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. 10

3Q12 Earnings Release 3.4. Bad Debt - Uncollectible Receivables (cont.) The past due debts recovery contributed positively with R$4.2 million during 3Q15, which compares to R$4.7 million during 2Q15. This is a result of an austere policy on collection and continuous work with credit collection agencies. It is important to mention that the positive result in recoveries has remained high due to more aggressive strategies to recover credits. This recovering performance is lower than it was in 2014, since we were benefited by a stock of bad debt recovering which is almost finished. It is worth noticing that this benefit had a counterpart in the administrative expenses, due to the fees for the collection agencies and Serasa expenses. Bad Debt Breakdown 3Q14 4Q14 1Q15 2Q15 3Q15 % change 3Q15/2Q15 Bad Debt - Qualicorp (27.2) (26.7) (25.3) (26.8) (32.9) 22.5% Recovering 6.2 5.0 4.8 4.7 4.2-11.0% Total (Ex-CRC/Gama) (21.0) (21.6) (20.5) (22.1) (28.7) 29.6% Bad Debt - CRC/Gama (1.5) 1.7 (0.6) 4.0 (0.3) N.A. Total (22.5) (19.9) (21.2) (18.1) (29.0) 60.1% 3.5. Other Operating Income / (Expense) Other Operating Income/Expenses (R$ MM) 3Q15 3Q14 % change % change 2Q15 3Q15/3Q14 3Q15/2Q15 Expenses related to contingencies (2.2) 2.0 N.A. (0.5) 311.9% Impairment - (1.7) N.A. (4.3) N.A. Operational Losses 2.2 (0.4) N.A. (0.3) N.A. Potencial Sale - - N.A. 45.7 N.A. Other income (expenses) 1.9 (1.7) N.A. 1.2 55.7% Total Qualicorp (Ex-CRC/Gama) 1.9 (1.7) N.A. 41.8-95.4% (-) One-time revenues - - N.A. (45.7) N.A. (+) One-time expenses - 1.7 N.A. 4.3 N.A. Total Qualicorp Recurring (Ex-CRC/Gama) 1.9 0.0 N.A. 0.4 366.5% Constituition of Tax Credit - PIS / COFINS - 116.0 N.A. - N.A. CRC/Gama 0.3 (0.3) N.A. 3.1-88.9% Total 2.3 114.0-98.0% 44.8-94.9% Total Consolidado Recurring 2.3 (0.3) N.A. 3.5-35.0% In 3Q15, our Other Operating expenses reached R$2.3 million, compared to R$114.0 million in 3Q14 and R$44.8 million in 2Q15. The result of this quarter was impacted as it follows: (i) Capital gain from Potencial sale of R$45.7 million in 2Q15; (ii) Impairment from Newport portfolio of R$4.3 million in 2Q15 and developing software in 3Q14 of R$1.7 million. (iii) Retroactive PIS/COFINS Tax Credit of R$116.0 million in 3Q14. 11

3Q12 Earnings Release 4 Financial Income (expenses) Financial Income (Expenses) (R$MM) 3Q15 3Q14 % change 3Q15/3Q14 2Q15 % change 3Q15/2Q15 Financial income Income from short-term investments 26.1 6.7 290.5% 20.8 25.6% Interest and fine on late payment of health plans 11.4 10.4 9.2% 11.5-1.5% Monetary update from tax rate change - PIS/CONFINS - 2.0 N.A. 0.1 N.A. Other income 3.0 2.0 47.0% 1.9 56.1% Total 40.5 21.1 91.4% 34.3 17.8% Financial expenses Debentures Interest (20.4) (7.1) 187.8% (17.6) 15.4% Monetary adjustment from acquisition payables (7.6) (98.7) -92.3% (8.5) -10.5% Other financial expenses (9.6) (12.8) -25.0% (11.0) -12.5% Total (37.6) (118.6) -68.3% (37.1) 1.2% Total 2.9 (97.4) N.A. (2.8) N.A. CRC/Gama Financial income 1.7 1.3 33.3% 1.8-5.0% Financial expenses (0.5) (0.4) 9.7% (0.8) -45.0% Financial Result 1.2 0.8 44.6% 0.9 29.5% The Company s financial income results come from two main sources: interest on financial investments and interest and penalties on late payment of premiums from beneficiaries. This line increased by 9.2% versus 3Q14, mainly due to the increase in revenues on financial investments that were positively affected by our high cash generation combined with an increase on the invested funds volume due to the entry of debentures in Sep / 14. 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 increased due to the increase in interest rates combined with an increase of our debt. The monetary adjustment from payable acquisitions of R$7.6 million in 3Q15 reflects the adjustment over 25% which we still have as a call option for Aliança and the payable related to acquisition of CRC-Gama. 12

3Q12 Earnings Release 5 Generation of Operating Cash (EBITDA and Adjusted EBITDA) 1,2 EBITDA and Adjusted EBITDA (R$ MM) 3Q15 3Q14 % change % change 2Q15 3Q15/3Q14 3Q15/2Q15 Net Income 63.9 67.8-5.7% 70.8-9.7% (+) Taxes 51.8 43.7 18.5% 54.7-5.2% (+) Depreciation and Amortization 55.2 53.8 2.7% 57.1-3.3% (+) Financial Expense 37.6 118.6-68.3% 37.1 1.2% (-) Financial Income (40.5) (21.1) 91.4% (34.3) 17.9% EBITDA 168.1 262.7-36.0% 185.3-9.3% EBITDA Margin 36.8% 67.2% N.A. N.A. 45.7% -888bps Non-cash Stock Option Plan Expense 6.6 11.5-42.2% 10.9-39.3% Interest and fine on late payment of health plans 11.4 10.4 9.2% 11.5-1.5% Potencial Sale (a) - - N.A. (45.7) N.A. Impairment (b) - 1.7 N.A. 4.3 N.A. Adjusted EBITDA 186.1 286.2-35.0% 166.4 11.8% Adjusted EBITDA Margin 40.7% 69.2% N.A. 41.0% -29bps PIS / COFINS taxes - Retroactive (c) - (130.8) N.A. - N.A. (-) EBITDA CRC/Gama 4.5 1.7 164.3% (4.1) N.A. Adjusted EBITDA (Ex-CRC/Gama) 190.6 157.1 21.3% 162.4 17.4% Adjusted EBITDA Margin (Ex-CRC/Gama) 42.9% 40.2% 272bps 41.3% 156bps a) Refers to Potencial sale. b) Refers to the impairment of Newport in 2Q15 and developing software in 3Q14. c) Refers to the to retroactive the tax credit of PIS/COFINS. Our Adjusted EBITDA (Ex-CRC/Gama) grew 21.3% y/y to R$190.6 million in 3Q15 (+17.4% q/q). This performance is a result of our continuous revenue growth and an important operating improvement, mainly related to the reduction of Administrative expenses and higher Gross Margin. Our adjusted EBITDA margin (Ex-CRC/Gama) reached 42.9% in 3Q15, which represents an improvement of 272bps y/y (+156bps q/q). The negative result of R$4.5 in CRC/Gama is mainly due to costs from new contracts and variations on allowance for doubtful accounts (PCLD). Adjusted EBITDA (R$ 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. 13

3Q12 Earnings Release 6 Adjusted Earnings Net Income (Loss) (R$ MM) 3Q15 3Q14 Our consolidated net income reached R$63.9 million in 3Q15, reflecting a drop of 5.7%y/y (-9.7% q/q). It is worth noticing that on the previous quarters the results were positively affected by extraordinary factors, as the retroactive recognition of PIS/COFINS taxes in 3Q14 and the capital gain from Potencial sale in 2Q15, besides the negative effects caused by the extraordinary monetary adjustment on the call option from Aliança acquisition on 3Q14. If we were to adjust for these factors, our consolidated net income would have risen 22.3% y/y and 49.1% q/q. % change 3Q15/3Q14 2Q15 % change 3Q15/2Q15 Net Income (Loss) 63.9 67.8-5.7% 70.8-9.7% 7 Amortization Amortization 3Q15 3Q14 % change % change 2Q15 3Q15/3Q14 3Q15/2Q15 Amortization Clients Relationship 25.5 23.8 7.5% 28.1-9.1% Goodwill Amortization 52.5 55.4-5.2% 52.5 0.0% Portfolio Amortization 18.6 20.6-9.7% 19.5-4.7% Amortization Summary Income Fiscal Amount Adjustments to Tax Statement benefit 2Q15 net income Amortization Clients Relationship Yes No 25.5 8.7 16.9 Goodwill amortization No Yes 52.5 17.9 17.9 Portfolio Amortization Yes Yes 18.6 6.3 12.3 Amortization Schedule 2015 2016 2017 2018 2019 2020 2021 2022 2023 Clients Relationship 109.7 105.4 103.4 95.0 90.2 52.9 0.6 0.6 0.6 Goodwill 210.1 83.4 41.2 24.7 4.2 - - - - Portfolio Acquisition 68.7 57.9 40.6 33.2 16.7 12.3 5.3 2.4 0.9 14

3Q12 Earnings Release 8 Capital Expenditures Capex (R$ MM) 3Q15 3Q14 % change 3Q15/3Q14 2Q15 % change 3Q15/2Q15 Capex in IT 28.9 14.6 98.5% 22.7 27.4% Other Capex 3.2 4.0-20.2% 1.2 163.4% Right Assignment Agreeement / Exclusivity 4.5 - N.A. - N.A. TOTAL 36.6 18.6 97.2% 23.9 53.2% Our total Capex in IT reached R$28.9 million in 3Q15, mainly due to investments in the new IT platform. The fixed assets Capex is R$ 3.2 million and reflects the purchase of new equipments and construction on new branches. In the line of Right assignment agreement/exclusivity, we signed a contract of assignment agreement of rights and obligations between controlled Qualicorp Corretora and Vectorial which Qualicorp Corretora takes responsibility for the brokerage and benefits consulting services with the health insurance companies Unimed Norte Nordeste - Confederação das Sociedades Cooperativas de Trabalho Médico ( Unimed Norte Nordeste ) and Central Operadora de Planos de Saúde Norte-Nordeste ( Central Norte Nordeste ) for a period of five years. 9 Capital Structure Capital Structure (R$ MM) 2Q15 2014 Var. 3Q15/2014 Current Debt 30.8 56.5-45.5% Long Term Debt (1) 724.9 709.4 2.2% TOTAL 755.7 765.8-1.3% Cash and cash equivalents (2) 578.8 538.5 7.5% TOTAL NET DEBT 176.8 227.3-22.2% (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 is 22.2% lower when compared to the end of 2014. 15

3Q12 Earnings Release 10 Return on Investments We closed 3Q15 with 36.7% ROIC, showing a drop on the yearly comparison. However it is important to mention that the 3Q14 results were directly impacted by the positive effect of the recognition of retroactive PIS/COFINS. ROIC is based on the last twelve months, so excluding 3Q14 from the base was the cause of this reduction. If we could annualize the 3Q15 performance ROIC would be 41%. Return on Investment 3Q15 2Q15 1Q15 4Q14 3Q14 Invested Capital Fixed Asset 2,546,741 2,567,948 2,596,529 2,615,211 2,620,817 Working Capital (106,787) (74,960) (100,355) (85,037) (15,374) TOTAL 2,439,954 2,492,988 2,496,174 2,530,174 2,605,443 (-) Intangible - Goodwill (LBO) 924,766 924,766 924,766 924,767 924,767 (-) Intangible - Client Relationship (LBO) 385,960 405,584 425,210 444,835 464,520 Adjusted Invested Capital 1,129,228 1,162,638 1,146,198 1,160,572 1,216,156 NOPAT Adjusted EBITDA 186,104 166,433 166,364 156,172 286,225 EBIT 130,860 109,308 114,101 92,019 234,313 (+) Ammortization (44,152) (47,595) (45,954) (55,346) (44,332) EBIT adjusted 175,012 156,903 160,055 147,365 278,645 (-) taxes (34%) (59,504) (53,347) (54,419) (50,104) (94,739) NOPAT 115,508 103,556 105,636 97,261 183,905 ROIC (12m) 36.7% 41.9% 41.2% 43.3% 44.9% We closed 3Q15 with a R$152.4 million operating cash flow, mainly influenced by a strong operational result combined with a increase of working capital. After Capex, the cash generation remained strong at R$60.0 million. Disregarding the R$47.5 million from CRC-Gama acquisition, the cash flow would be over R$100 million. Pointing out that the payment decision through cash instead of shares occurred to avoid dilution of shareholders and to avoid consume the net income available for dividends. The Company continuous to be confident in a operating cash flow expansion supported by its organic growth combined with operating improvements. Cash Flow 3Q15 2Q15 1Q15 2014 4Q14 3Q14 Income adjusted by non-cash effects 216,813 182,335 216,176 580,769 225,218 105,462 Working Capital 9,651 2,210 (52,220) (25,206) (25,699) 71,442 Interest paid (33,189) (4,117) (33,103) (25,434) 600 (13,724) Dividends received/paid (6,343) (2,449) - (24,551) (5,312) (3,200) Income tax and social contribution paid (34,490) (23,821) (14,710) (61,707) (27,550) (7,693) Cash Flow from Operating Activities 152,442 154,158 116,143 443,871 167,257 152,287 Capex (TI) (29,660) (21,299) (20,900) (39,793) (19,376) (3,730) PP&E (2,768) (1,260) (6,248) (51,670) (18,533) (3,697) Intangible (M&A + Portfolio + Deals) (60,029) (15,608) (187) (501,352) (59,915) (117,918) Cash Flow from Investment Activities (92,457) (38,167) (27,335) (592,815) (97,824) (125,345) Cash Flow from Financing Activities 30 (138,540) (6,002) 342,627 27,472 305,648 Other Investments - (80,000) - - - - Total Cash Flow 60,015 (102,549) 82,806 193,683 96,905 332,590 16

3Q12 Earnings Release Forward-looking statements This release may contain forward-looking statements concerning the business outlook, estimates of operating and financial results and growth prospects of Qualicorp S.A. 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. 17

3Q12 Earnings Release Appendix I Income Statement INCOME STATEMENT (R$ MM) 3Q15 3Q14 % change 3Q15/3Q14 2Q15 % change 3Q15/2Q15 Net Operating Revenue 456.8 413.6 10.5% 405.7 12.6% Cost of Services (120.3) (103.0) 16.8% (108.6) 10.8% Gross Profit 336.5 310.6 8.4% 297.1 13.3% Operating Income (expenses) (223.6) (101.6) 120.0% (168.9) 32.4% Administrative expenses (113.0) (121.7) -7.2% (123.1) -8.2% Selling expenses (84.0) (71.5) 17.5% (72.5) 15.8% Losses on uncollectible receivables (29.0) (22.5) 28.9% (18.1) 60.1% Other operating income (expenses), net 2.3 114.0-98.0% 44.8-94.9% Income From Operations Before Financial Income (Expenses) 112.9 208.9-46.0% 128.2-12.0% Financial income 40.5 21.1 91.4% 34.3 17.8% Financial expenses (37.6) (118.6) -68.3% (37.1) 1.2% Income Before Income Tax Social Contribution 115.8 111.5 3.8% 125.4-7.7% INCOME TAX AND SOCIAL CONTRIBUTION (51.8) (43.7) 18.5% (54.7) -5.2% Current (50.7) (90.5) -44.0% (39.3) 29.0% Deferred (1.1) 46.8-102.5% (15.4) -92.5% NET (LOSS) INCOME FOR PERIOD 63.9 67.8-5.7% 70.8-9.7% Attributable to Controlling interest 60.7 63.2-4.0% 67.2-9.7% Noncontrolling interest 3.2 4.6-29.3% 3.5-8.8% Controlling interest 63.9 67.8-5.7% 70.8-9.7% 18

3Q12 Earnings Release Appendix II Balance Sheet ASSETS (R$ MM) 3Q15 2014 % change 3Q15/2014 CURRENT ASSETS Cash and cash equivalents 578.8 538.5 7.5% Short-term investments 128.6 35.3 263.9% Trade receivables 167.6 147.9 13.3% Other assets 140.8 213.7-34.1% Other financial assets 122.7 202.7-39.5% Other non-financial assets 18.0 10.9 65.0% Related Parties - 6.5-100.0% Total current assets 1,015.8 942.0 7.8% NONCURRENT ASSETS Long-term assets Income tax and social contribution 143.7 185.7-22.6% Related Parties 4.9 5.2-6.1% Other assets 67.9 39.6 71.5% Other financial assets 49.1 15.8 211.3% Other non financial assets 18.8 23.8-21.1% Total long-term assets 216.5 230.6-6.1% Investments 0.2 0.2 6.3% Property, plant and equipment 70.5 68.9 2.3% Intangible assets Goodwill 1,624.2 1,621.3 0.2% Others intangible assets 851.7 924.8-7.9% Total noncurrent assets 2,763.3 2,845.8-2.9% TOTAL ASSETS 3,779.1 3,787.8-0.2% LIABILITIES & SHAREHOLDERS EQUITY (R$ MM) 3Q15 2014 % change 3Q15/2014 CURRENT LIABILITIES Debentures 3.5 20.0-82.8% Loans and Financing 5.6 13.1-57.3% Taxes payable 39.0 45.2-13.7% Technical Reserves 27.0 25.0 8.0% Premiums to be transferred 119.0 120.6-1.3% Financial transfers payable 13.2 12.2 8.0% Payroll and related taxes 63.9 67.0-4.6% Transferable prepayments 62.2 78.4-20.7% Related parties 400.0 29.1 1275.6% Other payables 90.8 75.5 20.2% Total current liabilities 824.2 486.2 69.5% NONCURRENT LIABILITIES Debentures 518.8 518.0 0.2% Income tax and social contribution 7.1 8.0-11.0% Deferred income tax and social contribution 170.2 177.7-4.3% Provision for risks 58.5 49.7 17.9% Granted options on no controlling interest 196.6 177.4-32.0% Other payables 9.5 14.0 1.7% Total noncurrent liabilities 960.7 944.7 1.7% EQUITY Capital 1,541.3 1,968.1-21.7% Capital reserves 125.1 144.4-13.3% Earnings reserves 9.8 97.0-89.9% Asset valuation adjustment 145.0 145.0 0.0% Accumulated losses 169.4 - N.A. Total equity majority shareholder 1,990.7 2,354.5-15.5% Noncontrolling interest in subsidiaries 3.5 2.3 51.9% Total equity 1,994.2 2,356.8-15.4% TOTAL LIABILITIES AND EQUITY 3,779.1 3,787.8-0.2% 19

3Q12 Earnings Release Appendix III Cash Flow Statement STATEMENTS OF CASH FLOWS (R$ MM) 9M15 9M14 CASH FLO W FRO M O PERATING ACTIVITIES Profit (losses) before income tax and social contribution % change 9M15/9M14 332.5 209.1 59.0% Adjustments 282.8 146.4 93.1% Depreciation and Amortization 164.6 151.4 8.8% Impairment 4.3 1.7 159.2% Result from selling Imobilized Assets and others 0.1 0.3-80.5% Stock Option Program 28.3 25.2 12.0% Financial Expenses 76.2 84.1 0,0% Taxes to compensate 45.6 (108.4) N.A. Potencial Sale (45.7) - N.A. Provision for Risks 9.4 (7.8) N.A. Adjusted profit (loss) 615.3 355.6 73.1% O rigin Cash provided by operating activities (40.4) 0.5 N.A. Cash provided by operating activities 575.0 356.0 61.5% Interest paid on debentures (70.4) (26.0) 170.5% Dividends paid to non controlling shareholders (8.8) (19.2) -54.3% Income tax and social contribution paid (73.0) (34.2) 113.8% Net cash provided by operating activities 422.7 276.6 52.8% CASH FLO W FRO M INVESTING ACTIVITIES Initial Cash from Gama Saúde e Connectmed-CRC - 17 N.A. Investments in intangible assets (86.2) (70.2) 22.7% Purchase of property, plant and equipment (10.3) (33.1) -69.0% Financial Investments (80.0) - N.A. Amount paid in acquisition (Praxis), less cash acquired - - N.A. Amount paid in acquisition (Aliança) - (326.5) N.A. Amount paid in acquisition (GA Corretora) - (65.1) N.A. Non-compete agreement (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 (238.0) (477.5) -50.2% CASH FLO W FRO M FINANCING ACTIVITIES Amount paid in loans and financing (7.5) 0.1 N.A. Buyback - Treasury (43.2) - N.A. Dividends paid to Qualicorp S.A. shareholders (116.3) - N.A. Amounts received upon issuance of debentures - 300.0 N.A. Capital Increase 22.5 15.0 49.6% Cash provided by (used in) financing activities (144.5) 315.2 N.A. INCREASE IN CASH AND CASH EQUIVALENTS, NET 40.3 114.3-64.8% Cash and cash equivalents at beginning of period 538.5 327.4 64.5% Cash and cash equivalents at end of period 578.8 441.6 31.1% 20

(Convenience Translation into English from the Original Previously Issued in Portuguese) Qualicorp S.A. and Subsidiaries Individual and Interim Financial Information for the Quarter Ended September 30, 2015 and Report on Review of Interim Financial Information Deloitte Touche Tohmatsu Auditores Independentes

Deloitte Touche Tohmatsu Rua Henri Dunant, 1383 4º ao 12º Andares - 04709-110 São Paulo - Brasil Tel.: +55 (11) 5186-1000 Fax: +55 (11) 5181-2911 www.deloitte.com.br (Convenience Translation into English from the Original Previously Issued in Portuguese) REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION To the Shareholders, Directors and Management of Qualicorp S.A. São Paulo - SP Introduction We have reviewed the accompanying individual and consolidated interim financial information of Qualicorp S.A. ( Company ), identified as Parent and consolidated, respectively, included in the Interim Financial Information Form (ITR) for the quarter ended September 30, 2015, which comprises the balance sheet as at September 30, 2015 and the related income statement and statement of comprehensive income for the three- and nine-month periods then ended, and statement of changes in equity and statement of cash flows for the nine-month period then ended, including the explanatory notes. Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with CPC 21 (R1) and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the individual and consolidated interim financial information Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34 applicable to the preparation of the Interim Financial Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission. Deloitte refere-se à sociedade limitada estabelecida no Reino Unido Deloitte Touche Tohmatsu Limited e sua rede de firmas-membro, cada qual constituindo uma pessoa jurídica independente. Acesse www.deloitte.com/about para uma descrição detalhada da estrutura jurídica da Deloitte Touche Tohmatsu Limited e de suas firmas-membro. Deloitte Touche Tohmatsu. Todos os direitos reservados.

(Convenience translation into English of the original previously issued in Portuguese) QUALICORP S.A. AND SUBSIDIARIES BALANCE SHEETS AS AT SEPTEMBER 30, 2015 AND DECEMBER 31, 2014 (In thousands of Brazilian reais R$) 09/30/2015 12/31/2014 09/30/2015 12/31/2014 ASSETS Note Parent Parent LIABILITIES AND EQUITY Note Parent Parent (Restated) (Restated) (Restated) (Restated) CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 9.1 794 578,819 42,813 538,547 Debentures 18 844 3,452 10,207 20,017 Short term investments 9.2 128,622 35,342 Borrowings and financing 5,588 13,076 Trade receivables 11 167,602 147,943 Taxes payable 19 423 39,045 455 45,238 Other assets 25,219 140,784 12,167 213,677 Technical reserves for healthcare operations 27,046 25,038 Other financial assets 12.1 16,623 122,735 4,368 202,741 Premiums to be transferred 20 118,979 120,565 Other nonfinancial assets 12.2 8,596 18,049 7,799 10,936 Financial transfers payable 13,204 12,228 Due from related parties 14.1 400,000 7,648 6,473 Payroll and related taxes 21 4,407 63,883 3,708 66,995 Total current assets 426,013 1,015,827 62,628 941,982 Transferable prepayments 22 62,200 78,444 Payables to related parties 14.1 400,000 400,000 29,079 29,079 Other payables 23 9,403 90,816 11,716 75,543 NONCURRENT ASSETS Total current liabilities 415,077 824,213 55,165 486,223 Long term assets: Deferred income tax and social contribution 13 143,695 185,717 Due from related parties 14.1 2,635 4,907 5,228 NONCURRENT LIABILITIES Other assets 54,137 67,940 20,505 39,618 Debentures 18 299,906 518,810 299,763 517,996 Other financial assets 12.1 39,203 49,127 15,780 Taxes payable 19 7,074 7,952 Other nonfinancial assets 12.2 14,934 18,813 20,505 23,838 Deferred income tax and social contribution 13 15,627 170,167 316 177,741 Total long term assets 56,772 216,542 20,505 230,563 Provision for labor, civil and tax risks 24 202 58,530 191 49,651 Call options on noncontrolling interests 8 196,588 177,372 Investments 15 2,248,154 235 2,640,681 221 Other payables 23 9,453 9,506 13,881 13,987 Property, plant and equipment 16 70,545 68,935 Total noncurrent liabilities 325,188 960,675 314,151 944,699 Intangible assets: Goodwill 17 1,624,222 1,621,303 EQUITY Other intangible assets 17 851,739 924,752 Issued capital 1,541,306 1,541,306 1,968,076 1,968,076 Total noncurrent assets 2,304,926 2,763,283 2,661,186 2,845,774 Capital reserves 125,148 125,148 144,379 144,379 Earnings reserves 9,762 9,762 96,999 96,999 Carrying value adjustments 145,044 145,044 145,044 145,044 Retained earnings 169,414 169,414 Total equity attributable to the owners of the Company 1,990,674 1,990,674 2,354,498 2,354,498 Noncontrolling interests in subsidiaries equity 3,548 2,336 Total equity 1,990,674 1,994,222 2,354,498 2,356,834 TOTAL ASSETS 2,730,939 3,779,110 2,723,814 3,787,756 TOTAL LIABILITIES AND EQUITY 2,730,939 3,779,110 2,723,814 3,787,756 The accompanying notes are an integral part of this interim financial information. 3

(Convenience translation into English of the original previously issued in Portuguese) QUALICORP S.A. AND SUBSIDIARIES INCOME STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014 (In thousands of Brazilian reais R$, except earnigns per share) 07/01/2015 to 09/30/2015 07/01/2014 to 09/30/2014 01/01/2015 to 09/30/2015 01/01/2014 to 09/30/2014 Note Parent Parent Parent Parent (Restated) (Restated) (Restated) (Restated) NET OPERATING REVENUE 35.d 456,841 413,597 1,264,906 1,084,661 COST OF SERVICES 27 and 35 (120,339) (103,045) (332,954) (276,763) OPERATING INCOME (EXPENSES) Administrative expenses 28 e 35 (9,104) (112,960) (12,834) (121,706) (24,107) (349,362) (18,756) (321,416) Selling expenses 29 e 35 (83,977) (71,457) (224,956) (208,600) Losses on uncollectible receivables 11 (28,963) (22,473) (68,222) (57,164) Share of profit of subsidiaries 15 81,974 75,985 195,600 121,939 Other operating income (expenses), net 31 (6) 2,272 (10) 114,002 45,658 43,656 (23) 117,135 OPERATING PROFIT/LOSS BEFORE FINANCE INCOME (COSTS) 72,864 112,874 63,141 208,918 217,151 333,068 103,160 337,853 Finance income 30 119 40,454 109 21,141 2,103 107,125 1,268 55,925 Finance costs 30 (12,362) (37,574) (36) (118,566) (34,529) (107,702) (94) (184,670) INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 60,621 115,754 63,214 111,493 184,725 332,491 104,334 209,108 INCOME TAX AND SOCIAL CONTRIBUTION 32 87 (51,811) (43,706) (15,311) (153,073) (90,495) Current (50,663) (90,509) (118,625) (97,764) Deferred 87 (1,148) 46,803 (15,311) (34,448) 7,269 PROFIT FOR THE PERIOD 60,708 63,943 63,214 67,787 169,414 179,418 104,334 118,613 ATTRIBUTABLE TO Owners of the Company 60,708 60,708 63,214 63,214 169,414 169,414 104,334 104,334 Noncontrolling interests 3,235 4,573 10,004 14,279 60,708 63,943 63,214 67,787 169,414 179,418 104,334 118,613 EARNINGS PER SHARE Basic (Brazilian reais per share) 37 0.22131 0.22131 0.23376 0.23376 0.61826 0.61826 0.38906 0.38906 Diluted (Brazilian reais per share) 37 0.20851 0.20851 0.22026 0.22026 0.58247 0.58247 0.36641 0.36641 The accompanying notes are an integral part of this interim financial information. 4

(Convenience translation into English of the original previously issued in Portuguese) QUALICORP S.A. AND SUBSIDIARIES STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014 (In thousands of Brazilian reais R$) 07/01/2015 to 09/30/2015 07/01/2014 to 09/30/2014 01/01/2015 to 09/30/2015 01/01/2014 to 09/30/2014 Parent Parent Parent Parent PROFIT FOR THE PERIOD 60,708 63,943 63,214 67,787 169,414 179,418 104,334 118,613 Other comprehensive income TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 60,708 63,943 63,214 67,787 169,414 179,418 104,334 118,613 ATTRIBUTABLE TO Owners of the Company 60,708 60,708 63,214 63,214 169,414 169,414 104,334 104,334 Noncontrolling interests 3,235 4,573 10,004 14,279 The accompanying notes are an integral part of this interim financial information. 5

(Convenience translation into English of the original previously issued in Portuguese) QUALICORP S.A. AND SUBSIDIARIES STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014 (In thousands of Brazilian reais R$) Share capital Share Valuation adjustments to equity Fiar value Retained earnings Noncontrolling interests Attributable to Call option on Total Paid in Unpaid Treasury issuance Capital Earnings reserves of interests in (accumulated the owners of Noncontrolling noncontrolling consolidated Note capital capital shares costs reserve Legal Other merged shares losses) he Company interests interests (IFRS and BR GAAP) BALANCE AT DECEMBER 31, 2013 1,869,787 6,085 (20,983) 69,901 145,044 (60,359) 2,009,475 151,677 (140,814) 2,020,338 Exercise of stock options, subscribed and partially paid in 8,923 32,715 41,638 41,638 Prior periods stock options paid in 6,085 (6,085) Capital increase through business acquisitions 71,130 98,270 169,400 169,400 Recognized stock options granted 15 e 26 25,236 25,236 25,236 Decrease in noncontrolling interests (54,604) 52,808 (1,796) Offset of accumulated losses (60,359) 60,359 Profit for the period 104,334 104,334 14,279 118,613 Distribution of dividends to noncontrolling interests 25 (19,239) (19,239) BALANCE AT SEPTEMBER 30, 2014 1,955,925 32,715 (20,983) 133,048 145,044 104,334 2,350,083 92,113 (88,006) 2,354,190 BALANCE AT DECEMBER 31, 2014 (Restated) 1,982,997 6,062 (20,983) 144,379 6,122 90,877 145,044 2,354,498 90,342 (88,006) 2,356,834 Exercise of stock options, subscribed and partially paid in 25 16,394 16,394 16,394 Prior periods stock options paid in 25 22,456 (22,456) Recognized stock options granted 15 e 26 28,269 28,269 28,269 Cancelation of share warrants for CRC Gama acquisition 8.2 (47,500) (47,500) (47,500) Payment of proposed additional dividends 25 (87,237) (87,237) (87,237) Capital reduction 25 (400,000) (400,000) (400,000) Treasury shares 25 (43,164) (43,164) (43,164) Profit for the period 169,414 169,414 10,004 179,418 Distribution of dividends to noncontrolling interests (8,792) (8,792) BALANCE AT SEPTEMBER 30, 2015 1,605,453 (43,164) (20,983) 125,148 6,122 3,640 145,044 169,414 1,990,674 91,554 (88,006) 1,994,222 The accompanying notes are an integral part of this interim financial information. 6