QUALICORP REPORTS 2Q11 GROWTH IN THE NUMBER OF BENEFICIARIES (18.5%), NET REVENUEs (43.9%) AND ADJUSTED EBITDA (36.6%) AS COMPARED TO 2Q10 1

QUALICORP REPORTS 2Q11 GROWTH IN THE NUMBER OF BENEFICIARIES (18.5%), NET REVENUEs (43.9%) AND ADJUSTED EBITDA (36.6%) AS COMPARED TO 2Q10 1 Sao Paulo, August 12th, 2011. Qualicorp SA (Bovespa: QUAL3), one of the leading full-service healthcare benefits administrator and health management services provider in Brazil, today announces its consolidated results for the second quarter 2011 (2Q11). The operating and financial data are presented based on consolidated figures in Reais ( BRL or R$ ), in accordance with Corporate Law and regulations of Comissão de Valores Mobiliários CVM. HIGHLIGHTS (2Q11) Our total portfolio of beneficiaries, including Affinity, Corporate and Other Segments grew 11.5% as compared to 1Q11 (up by 18.5% over 2Q10). The growth was achieved as follows: o Our portfolio of beneficiaries in the Affinity segment grew 28.9% as compared to 1Q11 (up by 65.2% over 2Q10). o Our portfolio of beneficiaries of Corporate and other Segments grew by 3.5% as compared to 1Q11 (up by 1.9% over 2Q10). Our total consolidated net revenue grew 10.9% in 2Q11 as compared to 1Q11 (up by 43.9% over 2Q10, with an organic growth of approximately 29.8% over 2Q10) Our consolidated adjusted EBITDA grew 16.7% in 2Q11 as compared to 1Q11 (up by 36.6% over 2Q10) Our Cash Earnings grew by 119.6% compared to 1Q11 (up by 111.0% over 2Q10). Our Cash Earnings consider adjustments from: (i) one time extraordinary expenses, (ii) amortization of some intangible assets, (iii) business combination transactions, and (iv) amortization of deferred assets related to acquisition of portfolios. 1 Please note that the figures related to 2Q10 have been extracted from unaudited financial information of pro forma Qualicorp S.A. financial statements. For further details refer to section 3.9 of our Final Prospectus and Appendix IV included on this earnings release. 1

Beneficiaries (MM) Net Revenues (MM) + 46,0% 2.720 2.850 2.846 0.607 0.747 0.802 2.975 3.027 0.850 0.957 3.376 1.234 + 43,9 % 208.038 303.796 159.761 2.113 2.103 2.044 2.125 2.070 2.142 111.050 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Corporate & Other Affinity 2Q10 2Q11 1S10 1S11 Adjusted EBITDA (R$ MM) + 47.0% 116.5 Cash Earnings (R$ MM) + 119.6 % 54.0 + 36.6% 79.2 + 62.7 24.6 45.9 2Q10 2Q11 1S10 1S11 1Q11 2Q11 2

MAIN INDICATORS (in R$ MM) Income Statement 2Q11 1Q11 2Q11/1Q11 2Q10 Net Revenues 159,761 144,035 10.9% 111,050 43.9% 511,834 COGS (43,332) (36,998) 17.1% (27,498) 57.6% (133,152) Operationg Expenses (154,367) (99,018) 55.9% (70,965) 117.5% (389,588) On-time Expenses 70,398 16,690 321.8% 8,822 NA 100,216 Recurring Operating Expenses (83,969) (82,328) 2.0% (62,143) 35.1% (289,372) Adjusted EBITDA 62,724 53,738 16.7% 45,931 36.6% 211,145 Adjusted EBITDA Margin 39.3% 37.3% NA 41.4% NA 41.3% Cash Earnings 54,002 24,595 119.6% 25,588 111.0% NA LTM Balance Sheet 2Q11 2010 Equity 1,555,741 1,611,846-3.5% Net Debt 258,840 265,178-2.4% Other 2Q11 2010 Net Debt / Equity 0.17x 0.16x 0.2% Net Debt / Adjusted EBITDA LTM 1.23x 1.52x -29.8% 3

FINANCIAL PERFORMANCE 1 Beneficiaries Beneficiaries ( MM) 3,376 Beneficiaries Breakdown 2,720 2,850 2,846 2,975 3,027 0,607 0,747 0,802 0,850 0,957 1,234 37% 2,113 2,103 2,044 2,125 2,070 2,142 63% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Corporate & Other Affinity Affinity Corporate & Other The total number of beneficiaries in 2Q11 grew by 11.5% as compared to 1Q11, totaling a net increase of 349,000 beneficiaries. Compared to 2Q10, our beneficiaries increased 18.5%, totaling a net increase of 526,000 beneficiaries. The growth of 349,000 beneficiaries in 2Q11 as compared to 1Q11 is mainly due to (i) an increase of 277,000 beneficiaries in the Affinity Segment (79.4% of total); and (ii) an increase of 72,000 beneficiaries in the Corporate and Other segment (20.6 % of total). The growth between 2Q11 compared to 1Q11 is the following: New sales affinity (net of churn) New products (life insurance policies) to affinity New affinity lives migrated from Unimed RJ Total Affinity Growth New Sales Corporate TOTAL GROWTH 47K 196K 34K 277K 72K 349K 4

2 Operating Net Revenues Net Revenues (R$ MM) 2Q11 1Q11 2Q11/1Q11 2Q10 Affinity 144,850 132,085 9.7% 100,333 44.4% % on Total Net Revenues 90.7% 91.7% NA 90.3% NA Corporate and Other 14,911 11,950 24.8% 10,717 39.1% % on Total Net Revenues 9.3% 8.3% NA 9.7% NA TOTAL 159,761 144,035 10.9% 111,050 43.9% Our total operating net revenue accounted for R$ 159.8 million in 2Q11, representing an increase of 10.9% as compared to 1Q11 (up by 43.9% over to 2Q10). The net revenue growth in the Affinity Segment is mainly supported by the entry of new beneficiaries in our portfolio (organic growth) from sales through our distribution channels (own or third party). In addition, the acquisition of 25% of Vectorial s portfolio of beneficiaries (which resulted in R$ 1.6 million of net revenues captured in May and June 2011) contributed to the growth in 2Q11 as compared to 1Q11 and 2Q10. The organic net revenue growth excluding the Vectorial acquisition, was 8.5% as compared to 1Q11 and 42.8% as compared to 2Q10. The purchase of the initial 75% of Vectorial was completed in May 2010. The net revenue growth in the Corporate and Other segment is supported by the organic growth resulting from the increase in the number of beneficiaries within this segment. In addition, we acquired Medlink in April 2011, which resulted in R$ 2.2 million net revenue captured in 2Q11. The organic net revenue growth in 2Q11 excluding the Medlink acquisition, was 6.4% as compared to 1Q11 and 18.6% as compared to 2Q10. 5

3 Operating Expenses 2 Our Operating Expenses grew by 55.9% in 2Q11 as compared to 1Q11. In addition to the organic growth that resulted from the increase in the Company s operating activities, we would like to highlight: (i) the expenses incurred in preparation for the IPO of R$ 7.4 million; (ii) the one-time extraordinary bonus of R$ 46 million for services rendered by our founding director, as stated in the Formulário de Referência, item 3.3 - "Subsequent events to the latest financial statements." 3.1- Cost of Services COGS 2Q11 1Q11 2Q11/1Q11 2Q10 Personnel expenses (11,111) (8,442) 31.6% (7,751) 43.3% Third Party Services (6,610) (5,499) 20.2% (3,726) 77.4% Office supplies (944) (311) 203.5% (422) 123.7% Occupancy expenses (1,823) (1,533) 18.9% (1,154) 58.0% Mailing expenses (2,273) (1,959) 16.0% (1,290) 76.2% Cost of other services (1,112) (898) 23.8% (660) 68.5% Royalties (a) (17,786) (16,470) 8.0% (10,771) 65.1% Reimbursement of membership (b) (1,673) (1,886) -11.3% (1,724) -3.0% TOTAL (43,332) (36,998) 17.1% (27,498) 57.6% a) Refers to expenses of financial pass throughs incurred in connection with the agreements signed with professional associations for the contracting and selling of affinity plans. b) Refers to the expense of annual membership fees paid by Qualicorp Administração e Serviços Ltda. and Qualicorp Administradora de Benefícios SA, to associations, unions and councils on behalf of the beneficiaries / members of the professional associations. 2 Please note that the figures related to 2Q10 have been extracted from unaudited financial information of the pro forma Qualicorp S.A. financial statements. For further details refer to section 3.9 of our Final Prospectus and Appendix IV include in this earnings release. 6

Our cost of services increased by 17.1% as compared to 1Q11 (up by 57.6% over 2Q10). This increase is primarily due to the continued growth of our operations, including the effect of the acquisition of Medlink, in order to attend new corporate demands. 3.2 Administrative Expenses Administrative Expenses 2Q11 1Q11 2Q10 2Q11/1Q11 Personnel expenses (63,222) (16,194) 290.4% (10,896) 480.2% Third Party services (12,630) (4,046) 212.2% (2,892) 336.7% Office supplies (337) (179) 88.3% (394) -14.5% Occupancy expenses (1,032) (736) 40.2% (705) 46.4% Contributions and donations - (509) -100.0% (250) -100.0% Mailing expenses (1,079) (1,007) 7.1% (12) NA Other administrative expenses (2,030) (2,353) -13.7% (1,261) 61.0% Depreciation and amortization (30,264) (29,029) 4.3% (24,527) 23.4% TOTAL (110,594) (54,053) 104.6% (40,937) 170.2% (-) One-time expenses 67,645 14,223 NA 8,141 NA Total Recurring Adm. Expenses (42,949) (39,830) 7.8% (32,796) 31.0% Our recurring administrative expenses increased by 7.8% as compared to 1Q11 (up by 31.0% as compared to 2Q10), mainly due to the adjustment of the administrative structure of the Company in order to attend new company demands. Depreciation and amortization expenses include the amortization of intangible assets related to various acquisitions, including the acquisition of Qualicorp by Carlyle. 7

3.3 Selling Expenses Selling Expenses 2Q11 1Q11 2Q11/1Q11 2Q10 Personnel expenses (10,964) (9,055) 21.1% (9,004) 21.8% Third Party services (1,868) (1,816) 2.9% (1,879) -0.6% Office supplies (527) (549) -4.0% (193) 173.1% Occupancy expenses (923) (793) 16.4% (874) 5.6% Mailing expenses (917) (946) -3.1% (424) 116.3% Other selling expenses (4,000) (1,857) 115.4% (1,157) 245.7% Sales campaign (1,694) (1,569) 8.0% (1,785) -5.1% Sponsorships (1,847) (410) 350.5% (801) 130.6% Discounts granted (137) (135) 1.5% (123) 11.4% Third-party commission (6,453) (5,277) 22.3% (4,953) 30.3% Publicity and advertising (6,809) (10,160) -33.0% (3,673) 85.4% TOTAL (36,139) (32,567) 11.0% (24,866) 45.3% Our selling expenses increased by 11.0% as compared to 1Q11 (up by 45.3% over to 2Q10). The growth in selling expenses results primarily from expenses incurred in connection with marketing campaigns, expenses on direct advertising material or television media, sales campaigns, sponsorships and commissions from third party brokers where we have variable compensation agreements (third party insurance brokers). 3.4 Bad Debts Bad Debt (Uncollectible Receivables) 2Q11 1Q11 2Q10 2Q11/1Q11 Bad Debt (Uncollectible Receivables) (6,677) (10,732) -37.8% (3,779) 76.7% TOTAL (6,677) (10,732) -37.8% (3,779) 76.7% Our bad debt expense was reduced by 37.8% in 2Q11 as compared to 1Q11 (up by 76.7% over 2Q10). The reduction from 1Q11 to 2Q11 is due to specific adjustment of R$ 3.7 million made in 1Q11. 8

3.5 Other Operating Income (Expenses) Other Operating Income (Expenses) 2Q11 1Q11 2Q10 2Q11/1Q11 Expenses related to provision for risks (1,309) (1,783) -26.6% (1,543) -15.2% Other income 352 117 200.9% 160 120.0% TOTAL (957) (1,666) -42.6% (1,383) -30.8% Our other income (expense) was reduced by 42.6% as compared to 1Q11 (down 30.8% over 2Q10). The changes refer mainly to the reversal of provisions made with relation to legal disputes on tax matters. 3.6 Financial Income (Expenses) Financial Income (Expenses) 2Q11 1Q11 2Q11/1Q11 2Q10 Financial income Income from short-term investments 4,881 4,658 5% 1,507 223.9% Interest and fine on late payment of health plans 4,664 4,423 5% 2,725 71.2% Discounts obtained - 15 NA NA NA Other income 558 72 NA 18 NA Total 10,104 9,168 10% 4,250 137.7% Financial expenses 0% Tax on financial transactions (IOF) (223) (2) NA (440) -49.3% Tax on banking transactions (32) (14) 129% (144) -77.8% Debentures Interest (14,034) (13,688) 3% (10,723) 30.9% Banking expenses (340) 104-427% (365) -6.8% Registry office costs (22) (20) 10% (6) NA Discounts granted (313) (29) NA (10) NA Other financial expenses (161) (8) NA (121) 33.1% Total (15,125) (13,657) 11% (11,809) 28.1% TOTAL (5,021) (4,489) 11.9% (7,559) -33.6% Financial income resulted from two main sources: interest on financial investments and interest and penalties on late payment of premiums from beneficiaries. Financial expenses refer to the debentures with Bradesco bank. 9

4 Generation of Operating Cash (EBITDA and Adjusted EBITDA/ EBITDA Margin and Adjusted EBITDA Margin) 3,4 EBITDA and Adjusted EBITDA 2Q11 1Q11 2Q11/1Q11 2Q10 Net Income (48,986) (5,746) 752.5% 991 NA (+) Taxes 6,027 9,276-35.0% 4,038 49.3% (+) Depreciation and Amortization 30,264 29,029 4.3% 24,522 23.4% (+) Financial Expense 15,125 13,657 10.7% 11,809 28.1% (-) Financial Income 10,104 9,168 10.2% 4,250 137.7% EBITDA (7,674) 37,048-120.7% 37,109-120.7% EBITDA Margin -4.8% 25.7% 33.4% One-time extraordinary bonus 46,212 - NA - NA Expenses incurred in preparation for IPO 7,394 563 NA 1,245 NA Non-cash Stock Option Plan Expense 6,439 6,447 NA 2,329 NA Interest and fine on late payment of health plans 4,664 4,423 NA 2,726 NA Other 5,689 5,257 NA 2,522 NA Adjusted EBITDA 62,724 53,738 16.7% 45,931 36.6% Adjusted EBITDA Margin 39.3% 37.3% 41.4% Adjusted EBITDA ( R$ MM ) 173,9 + 47.0% 116,5 + 36.6% 79,2 62,7 45,9 2010 1S10 1S11 2Q10 2Q11 3 EBITDA and Adjusted EBITDA are presented because management believes that they are significant indicators of financial performance. EBITDA and the Adjusted EBITDA are not indicators of financial performance according to IFRS, they do not show cash flow for the period indicated and shall not be considered as an alternative to net profit, operational performance, operating cash flow, or as a liquidity indicator. 4 EBITDA and Adjusted EBITDA consists 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. 10

Adjusted EBITDA increased 16.7% as compared to 1Q11 and 36.6% as compared to 2Q10. Our adjusted EBITDA of R$ 62.7 million in 2Q11 and R$ 45.9 million in 2Q10 represented Adjusted EBITDA margins of 39.3% and 41.4% in 2Q11 and 2Q10, respectively. 5 - Cash Earnings Cash Earnings 2Q11 1Q11 2Q11/1Q11 2Q10 2Q11/2Q1 0 Net Income (48,986) (5,746) NA 991 NA Total one-time expense 65,921 12,046 NA 6,302 NA Amortization Clients Relationship 14,189 14,189 NA 14,189 NA Tax Effect Goodwill Amortization 16,587 966 NA 966 NA Portfolio Acquisition Amortization 6,291 3,141 NA 3,141 NA TOTAL 54,002 24,595 119.6% 25,588 111.0% Our Cash Earnings consider the adjustments resulting from extraordinary expenses, as described above, as well as the adjustment of amortization of certain intangible assets related to the implementation of IFRS on the business combination transaction and the amortization of deferred assets related the acquisition of portfolios. 11

6- Capital Expenditures (CAPEX) CAPEX (R$ MM) 19,618 2,775 2,485 2010 1Q11 2Q11 12

7 Debt Debt 2Q11 2010 2Q11/2010 Current 57,257 56,719 0.9% in R$ 57,257 56,719 0.9% in US$ - - NA Long Term 354,743 354,074 0.2% in R$ 354,743 354,074 0.2% in US$ - - NA TOTAL (C + LP) 412,000 410,793 0.3% Cash and cash equivalents in R$ 153,160 145,615 5.2% in US$ - - NA Other - - NA TOTAL NET 258,840 265,178-2.4% 13

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. 14

Appendix I Income Statement INCOME STATMENT 2Q11 1Q11 2Q11/1Q11 2Q10 NET OPERATING REVENUE 159,761 144,035 10.9% 111,050 43.9% Cost of Services (43,332) (36,998) 17.1% (27,498) 57.6% GROSS PROFIT 116,429 107,037 8.8% 83,552 39.3% Income (expenses) operation (154,367) (99,018) 55.9% (70,965) 117.5% Administrative expenses (110,594) (54,053) 104.6% (40,937) 170.2% Selling expenses (36,139) (32,567) 11.0% (24,866) 45.3% Losses on uncollectible receivables (6,677) (10,732) -37.8% (3,779) 76.7% Other operating income (expenses), net (957) (1,666) -42.6% (1,383) -30.8% INCOME FROM OPERATIONS BEFORE FINANCIAL INCOME (EXPENSES) (37,938) 8,019-573.1% 12,587-401.4% Financial income 10,104 9,168 10.2% 4,250 137.7% Financial expenses (15,125) (13,657) 10.7% (11,809) 28.1% INCOME BEFORE INCOME TAX SOCIAL CONTRIBUTION (42,959) 3,530 NA 5,028-954.3% INCOME TAX AND SOCIAL CONTRIBUTION (6,027) (9,276) -35.0% (4,038) 49.3% Current 502 (18,381) -102.7% (14,457) -103.5% Deferred (6,529) 9,105-171.7% 10,419-162.7% NET (LOSS) INCOME FOR PERIOD (48,986) (5,746) NA 991 NA 15

Appendix II Balance Sheet 5 ASSETS 2Q11 2010 2Q11/2010 CURRENT ASSETS Cash and cash equivalents 142,543 139,094 2.5% Short-term investments 10,617 6,521 62.8% Trade receivables 33,144 16,085 106.1% Other assets 21,307 15,691 35.8% Other financial assets 19,779 12,388 59.7% Other non-financial assets 1,528 3,303-53.7% Total current assets 207,611 177,391 17.0% NONCURRENT ASSETS Long-term assets Trade receivables 595 421 41.3% Deferred income tax and social contribution 301,645 17,200 NA Other assets 3,376 4,315-21.8% Other financial assets 3,376 4,315-21.8% Total long-term assets 305,616 21,936 NA Investments 66 66 0.0% Property, plant and equipment 9,031 9,400-3.9% Intangible assets Goodwill 1,017,553 1,298,601-21.6% Others intangible assets 1,051,847 945,737 11.2% Total noncurrent assets 2,384,113 2,275,740 4.8% TOTAL ASSETS 2,591,724 2,453,131 5.6% 5 The cash balance does not include the IPO proceeds of R$ 339 MM and one-time extraordinary bonus of R$ 46 million for services rendered by our founding director. The related parties in liabilities (page 17) is related to one-time extraordinary bonus for services rendered by our founding director (less charges on bonus) and other payables refers to acquisitions payment. 16

LIABILITIES & SHAREHOLDERS EQUITY 2Q11 2010 2Q11/2010 CURRENT LIABILITIES Debentures 57,257 56,719 0.9% Taxes payable 21,486 9,561 124.7% Premiums to be transferred 28,470 8,764 224.9% Financial transfers payable 5,080 4,384 15.9% Payroll and related taxes 21,483 17,876 20.2% Transferable prepayments 24,257 28,268-14.2% Related parties 36,586 0 0,0% Other payables 153,379 28,130 445.3% Total current liabilities 347,998 153,702 126.4% NONCURRENT LIABILITIES Debentures 354,743 354,074 0.2% Income tax and social contribution 6,322 0 0,0% Deferred income tax and social contribution 276,182 288,446-4.3% Provision for risks 50,241 44,537 12.8% Deferred income 435 526-17.3% Others 62 0 0,0% Total noncurrent liabilities 687,985 687,583 0.1% EQUITY Capital 1,451,753 1,466,630-1.0% Capital reserves 30,696 17,192 78.5% Earnings reserves 145,044 145,044 0.0% Accumulated losses -71,752-17,020 NA Total equity 1,555,741 1,611,846-3.5% TOTAL LIABILITIES AND EQUITY 2,591,724 2,453,131 5.6% 17

Appendix III Cash Flow STATEMENTS OF CASH FLOWS 1S11 CASH FLOW FROM OPERATING ACTIVITIES Profit (losses) before income tax and social contribution (39,429) Adjusts 101,925 Depreciation and Amortization 59,293 Stock Option Program 13,504 Financial Expenses 28,369 Provision for Risks 2,900 Other (2,156) Adjusted profit (loss) 62,496 Origin Cash provided by operating activities 46,067 Cash provided by operating activities 108,563 Interest paid on taxes and trade payables (46) Income tax and social contribution paid (20,619) Net cash provided by operating activities 87,898 CASH FLOW FROM INVESTING ACTIVITIES Increase in short-term investments (4,096) Investments in intangible assets (53,515) Purchase of property, plant and equipment (1,287) Amount paid in acquisition (Medlink), less cash acquired (435) Net cash used in investing activities (59,333) CASH FLOW FROM FINANCING ACTIVITIES Payment of debentures (27,116) Capital increase 2,000 Cash provided by (used in) financing activities (25,116) INCREASE IN CASH AND CASH EQUIVALENTS, NET 3,449 Cash and cash equivalents at beginning of period 139,094 Cash and cash equivalents at end of period 142,543 18

Appendix IV Income Statement 2010 Pro Forma Qualicorp Buyout (4 ) Qualicorp S.A at 31/3/2010 (1) Qualicorp Part. (2) em 31/03/2010 Pro Forma Adjust (3) Total Pro Forma Qualicorp Part. at 31/03/2010 Qualicorp Part. 30/04/2010 Qualicorp Part. 31/05/2010 Qualicorp Part. 30/06/2010 Pro Forma Adjust (5) Total Pro Forma Qualicorp S.A 30/06/2010 NET OPERATING REVENUE - 96,988-96,988 35,356 35,847 39,847-111,050 Cost of Services (25,324) (25,324) (8,447) (9,276) (9,775) - (27,498) Income (expenses) operation Administrative expenses - (16,200) (19,625) (35,825) (7,644) (5,812) (7,856) (19,625) (40,937) Selling expenses - (26,752) (26,752) (8,172) (8,108) (8,586) - (24,866) Losses on uncollectible receivables - (2,742) (2,742) (1,202) (1,313) (1,264) - (3,779) Other operating income (expenses), net - 111 111 (254) (438) (691) - (1,383) INCOME FROM OPERATIONS BEFORE FINANCIAL INCOME (EXPENSES) - 26,081 (19,625) 6,456 9,637 10,900 11,675 (19,625) 12,587 Financial income - 3,818 3,818 1,385 1,470 1,395-4,250 Financial expenses - (825) (10,723) (11,548) (329) (363) (394) (10,723) (11,809) EBT - 29,074 (30,348) (1,274) 10,693 12,007 12,676 (30,348) 5,028 INCOME TAX AND SOCIAL CONTRIBUTION - (12,768) 10,318 (2,450) (5,636) (5,393) (3,327) 10,318 (4,038) Current (11,078) (11,078) (5,720) (5,410) (3,327) - (14,457) Deferred (1,690) 10,318 8,628 84 17-10,318 10,419 NET (LOSS) INCOME FOR PERIOD - 16,306 (20,030) (3,724) 5,057 6,614 9,349 (20,030) 991 1 - The Company's operations for the year ended December 31st, 2010 began in July 2010 2 - It refers to Qualicorp Participações (Predecessor) results from January 1st 2010 to March 31, 2010 3 - It refers to pro forma adjustments. See Note on page 1 of this Release. 4 - It refers to Qualicorp s results from April 1st, 2010 to April, 30th 2010 and from May, 1st 2010 to to June 30th, 2010 5 - It refers to pro forma adjustments for April, May and June 2010 19

KEY EVENTS 2Q11 AND SUBSEQUENTS In April, Grupo Qualicorp acquired 100% of the shares of Medlink Conectividade em Saúde Ltda. The company began offering services of capturing, routing, authorizing and billing of medical, hospital and other services realized by service providers affiliated to health plans operators, providing online and real-time information, and allowing to manage the portfolio risk. The acquisition of Medlink is aligned with the diversification strategy of Grupo Qualicorp as a leading provider of solutions for its customers, now including connectivity services that will supplement business developed in the TPA segment. On April 18 th 2011, the Company through its direct subsidiaries Qualicorp Administradora de Benefícios S.A. and Qualicorp Corretora de Seguros S.A. entered into a "Transfer of rights, obligations, brokerage and Other Covenants" agreement with Divicom Administradora de Beneficios Ltda ( Divicom ), to acquire the rights to manage and sell some contracts of the affinity segment, with total of approximately 60,000 lives at the time of the signing and revenues estimated at approximately R$ 1.2 million per month. On July 26 th 2011 the Company through its direct subsidiary Qualicorp Seguros SA entered into a "Purchase and Sale of Shares and Other Covenants" agreement to acquire 80% stake in share capital of Praxisolutions Consultoria de Negócios for R$ 24 million. Founded in 2003, Praxis Solutions is a brokerage company specialized in the development and distribution of mass insurance products, such as life insurance, annuity, home insurance and financial protection, extended warranties and guaranteed income. Working in retail chains, its customer base has two thousand stores, distributed in 18 Brazilian states, where more than 20 million of certificates of mass insurance are traded per year. Since July 2010 up to June 2011, the company generated premiums equivalent to $ 150 million. The acquisition of Praxis is aligned with the Company's strategy to invest in new business opportunities, enabling new products and services for current and future customers. 20