1. Profarma's consolidated sales grew 8.1% in 1Q17, driven by a 56.7% increase in retail sales. The pharma distribution division saw a 9.3% rise in gross profit and a 5% increase in EBITDA. 2. Specialties sales increased 12.8% in 1Q17, with operating expenses declining 1.2 percentage points. The independent customers segment in pharma distribution grew 19.9%. 3. The retail division saw gross margin increase 0.9 percentage points to 30.5% and adjusted EBITDA rise 17.1%. The Rosario stores reported a 75% increase in average monthly sales per store.

1. 1Q17 Earnings Release

2. 1Q17 | Capital Allocation Strategy

3. Profarma
2017 | Focus in profitability
3
Company in
Ramp up
Pharma market
Increasing
FOCUS: ROIC AND NET INCOME
Sharp drop in
Interest Rate
Inflation
Decreasing
Better Return
Segments
Ebitda Margin
Evolution
Capital
Reallocation
Dilution of
Operating Costs
2017
2018

4. 611 641
76 102
396
658
1,083
1,401
1Q16 1Q17
10.8% 10.9% 10.9%
12.2%
13.4% 14.0% 14.3%
Profarma
2016 - 2017 | | Capital Allocation Strategy for Best Return Segments
Invested Capital Evolution – Profarma Group
4
625 631 662 776
578 571
709
41 68
101
53 68
96
156
272
389
571
625 672 730
1,032
903
1,028
1,376
2010 2011 2012 2013 2014 2015 2016
13.9%
14.8%(R$ million)
Pharma Consolidated potential ROICSpecialties Retail
Invested Capital: Equity + Net Debt
ROIC: NOPAT /Invested Capital
Potential
ROIC
Pharma: 10.6% - last 5 years average.
Specialties: 12.6% - last 5 years average for a adjusted EBITDA margin of 3.2%.
Retail: 19.2% - top 3 players average.
Consolidated: Weighted average potential ROIC, considering each division’s potential ROIC.

5. Drugstore Market
✓
Wholesalers with lower dependence on
big chains and market share growth with
higher rates.
Profarma | Histórico Alocação de Capital
Profarma
Verticalization | Profarma’s Model Benefits
5
Lower Working Capital
✓
Optimized working capital and a cash
cycle 30 days shorter than the average of
other retail players.
Supply Agility
✓
Integrated logistic structure enables a
promptly accelerated inventory recovery
in various regions.
Relevance to Suppliers
✓
Combined purchsing power between
retail and wholesale assures more
competitive prices.
Tax Optimization
✓
More competitive prices when buying
inside the state directly from the
wholesale.
G&A Sinergies
✓
Shared Services Center: legal, fiscal,
internal audit and human resources.
Distribution center shared with wholesale
clients – 35 thousand clients supplied
nationally.

6. Profarma
Rosário Performance
Financial Indicator
6
Operating Expenses
(R$ Million)
(18.9)
(14.5)
Operating Indicators
Ebitda
(R$ Million)
(6.3)
(1.5)
Monthly average sale 1Q17 - RosárioDec/16 Mar/17 - RosárioSep/16
Monthly average sale
(R$ thousand)
165
289
536
Service level
(%)
56
90
93
Clients served
(# thousand)
573
781
1.900
Average Ticket
(R$)
43
52
36
Mar/17 - d1000 varejo farma RJ

7. Profarma
Consolidated | Leverage
7
Gross Debt Aging Annual Decrease of Financial Expenses*
1Q17
Cash
294
(R$ Million)
273
2018
89
2019
75
2020
50
2021
* Estimate based on Financial Expenses calculated at 14.25% CDI compared
to Financial Expenses calculated at 9.5% CDI. Average level of debt and
spreads kept constant as of 1Q17.
25
2017 From 2018
38R$690 Million
2017
204
(R$ Million)

8. Consolidated Performance

9. Profarma
1Q17 | Key Highlights
9
PROFARMA GROUP | CONSOLIDATED
• Total sales grew by 8.1% in the period, highlighting the
Retail Division, with a 56.7% growth.
• Reduction of indebtedness (w/o Rosário) from 2.7x to
2.5x.
• Adjusted Net Income R$ 3,9 million higher, excluding
the effects from the Retail Division’s investments and
the Rede Rosário’s results.
• Sales 3.4% higher, including a double-digit increase for
the fifth straight quarter in the Independent customers
segment.
• Gross margin increased, which resulted in an EBITDA
5% higher, totaling R$ 18.8 million.
• 2.5-day shorter cash cycle in comparison to 1Q16.
PHARMA DISTRIBUTION

10. Profarma | Histórico Alocação de Capital
Profarma
1Q17 | Key Highlights
10
SPECIALTIES
• Gross revenue rose for the ninth straight quarter,
12.8% in the 1Q17.
• Operating expenses reduction in the last years, being a
1.2 p.p. drop this quarter when comparing to 1Q16.
• Sales grew by 13.6% against 4Q16, and monthly
average sales per store grew 75% comparing mar/17
with sep/16.
• Average monthly EBITDA shot up by 76.6% from
December 2016, with a 23.3% decrease in the operating
expenses.
• Average monthly Net Loss improved, 67,8% up from
December 2016.
REDE ROSÁRIO
d1000 VAREJO FARMA RJ
• Gross margin rose by 0.9 p.p. to 30.5%.
• Adjusted EBITDA totaled R$ 4.1 million, 17.1% higher.

11. Consolidado | Receita Bruta
8.1%
Consolidated IFRS (R$ million)
Sales increased by 3.4% year-over-year.
Pharma Distribution
Retail
Profarma
Consolidated | Gross Revenues
11
Sales increased by 56.7% year-over-year.
Pharma Distribution Retail
1Q16 3Q16 4Q162Q16 1Q17
930 945 965 1,022
910
196 205 198
241
307
1,126 1,150 1,163
1,263
1,217

12. Consolidado | Ebitda e Margem Ebitda Ajustada
Profarma
Consolidated | Adjusted EBITDA and EBITDA Margin (w/o Rosário)
12
2.1%
5.4%
1.8% 2.1%3.5%
* Excluding additional of corporate expense
18
45
30
16 19
4
10
7
5
4
-1 -1 -2 0 -1
21
54
35
21 22*
Pharma Distribution Retail Equity Income -Specialties
Consolidated IFRS (R$ million and % Net Revenues)
1Q16 3Q16 4Q162Q16 1Q17

13. Consolidado | Ebitda e Margem Ebitda Ajustada
Profarma
Consolidated | Ebitda Bridge per Division 1Q17 vs 1Q16 (w/o Rosário)
13
Pharma
Distribution
1Q16 1Q17Equity Income
Specialties
d1000
RJ
Consolidated IFRS (R$ million and % Net Revenues)
0.9
0.6
-0.4
20.7
21.9

14. Profarma
Consolidated | Capex and Indebteness
14
Capex
(R$ million)
288
* Ex-Rosário
1Q17OthersIT
Machinery and
Equipment
10.82.2
1.5
7.1
428
398 397
3.3x
3.8x
3.1x
3.3x 3.3x
415
353*
326*
2.7x
2.5x
Net Debt and Net Debt / EBITDA
(R$ million)
1Q16 3Q16 4Q162Q16 1Q17

15. Consolidado | Lucro Líquido
Profarma
Consolidated | Adjusted Net Income (w/o Rosário)
15
Consolidated IFRS (R$ million and % Net Revenues)
Net Income Adjusted Net Income
1Q17
(1.4)
(27.1)
4Q163Q16
2Q16
1Q16
8.5
(5.3)
(9.3) (9.5)
(3.9)
20.7
4.9
(38.6)
-0.9%
-0.5%
0.8%
2.1%
-0.9%
0.5%
-3.5%
-0.4%
-2.6%
-0.1%

16. Consolidado | Ebitda e Margem Ebitda Ajustada
Profarma
Consolidated | Adjusted Net Income Bridge per Division 1Q17 vs 1Q16 (w/o Rosário)*
16
1Q16 1Q17d1000
RJ
Others
Pharma
Distribution
* Excluding Non Recurring Expenses and Financial Expenses on Retail Investment
Equity Income
Specialties
Consolidated IFRS (R$ million and % Net Revenues)
0.4
3.7
0.2
-0.4
-5.3
-1.4

17. Attachments

18. Consolidado | Receita Bruta
Profarma
Consolidated | Gross Revenues
18
8.1%
Consolidated IFRS (R$ million)
Pharma Distribution Retail
1Q16 3Q16 4Q162Q16 1Q17
930 945 965 1,022
910
196 205 198
241
307
1,126 1,150 1,163
1,263
1,217

19. Consolidado | Lucro Bruto
Consolidated IFRS (R$ million and % Net Revenues)
Profarma
Consolidated | Gross Profit
19
75
114
94 88 82
58
63
60 72
96
133
178
154 160
178
13.6%
17.8%
14.6%
17.1%
15.2%
Pharma Distribution Retail
1Q16 3Q16 4Q162Q16 1Q17

20. Consolidado | Despesas Operacionais SGA
Profarma
Consolidated | Operating Expenses - SGA
20
Consolidated IFRS (R$ million and % Net Revenues)
60 66 69
79 70
52
53 51
74 99
112
120 120
153
168
1Q16 3Q16 4Q162Q16 1Q17
11.5%
12.0%
14.0%
16.1%
11.8%
Pharma Distribution Retail

21. Consolidado | Ebitda e Margem Ebitda Ajustada
Profarma
Consolidated | Adjusted EBITDA and EBITDA Margin (w/o Rosário)
21
2.1%
5.4%
1.8% 2.1%3.5%
* Excluding additional of corporate expense
18
45
30
16 19
4
10
7
5
4
-1 -1 -2 0 -1
21
54
35
21 22*
Pharma Distribution Retail Equity Income -Specialties
Consolidated IFRS (R$ million and % Net Revenues)
1Q16 3Q16 4Q162Q16 1Q17

22. Consolidado | Lucro Líquido
Profarma
Consolidated | Net Income (w/o Rosário)
22
Consolidated IFRS (R$ million and % Net Revenues)
Net Income Adjusted Net Income
1Q17
(1.4)
(27.1)
4Q163Q16
2Q16
1Q16
8.5
(5.3)
(9.3) (9.5)
(3.9)
20.7
4.9
(38.6)
-0.9%
-0.5%
0.8%
2.1%
-0.9%
0.5%
-3.5%
-0.4%
-2.6%
-0.1%

23. Profarma
Consolidated | Capex and Indebteness
23
Capex
(R$ million)
288
* Ex-Rosário
1Q17OthersIT
Machinery and
Equipment
10.82.2
1.5
7.1
428
398 397
3.3x
3.8x
3.1x
3.3x 3.3x
415
353*
326*
2.7x
2.5x
Net Debt and Net Debt / EBITDA
(R$ million)
1Q16 3Q16 4Q162Q16 1Q17

24. Gross profit shot up by 9.3% to
R$82.4 MM, with 9.1% gross
margin;
EBITDA climbed by 5.0% to
R$18.8 MM, with 2.1% EBITDA
margin;
The Independent customers
segment grew by 19.9%.
Pharma Distribution
Financial Performance
24
1,003
1,021
1,136
1,056
1,041
13.3
8.6 8.9 9.1
10.5
7.7
6.8
8.1
7.77.7
5.3
2.0
1.6
2.1
3.3
3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17
Financial Data (R$ million and % Net Revenue)
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)

25. Especialidades
Crescimento de 6,3% nas vendas da
categoria de genéricos.
Sales rose by 12.8%;
Operating expenses slid by 1.2
p.p., from 8.7% to 7.5%;
Sales to the private sector rose
by 23.9%;
Specialties
Financial Performance
25
Vaccine sales boomed by
89.1%.
3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17
Financial Data (R$ million and % Net Revenue)
246.5
230.9
249.0
260.5
241.5
13.7
11.4
10.2 9.9
10.6
9.0
8.7
8.2
7.5
9.0
2.3
2.1
2.6
0.3
0.9
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)

26. Varejo
Gross margin rose by 0.9 p.p.
to 30.5%;
Adjusted EBITDA totaled R$4.1
million, 17.1% higher.
d1000 varejo farma RJ
Financial Performance (w/o Rosário)
26
d1000 varejo farma RJ
Rede Rosário
Sales grew by 13.6% against
4Q16, and monthly average
sales per store grew 75%
comparing mar/17 with sep/16;
Average EBITDA monthly shot
up by 76.6% from December
2016.
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17 3Q16 4Q161Q16 2Q16 1Q17
204.8
195.9
202.4
197.5198.1
31.0
29.6 29.4
30.5
30.3 26.026.6 27.0
27.9
25.8
4.4
1.8
2.3
1.0
3.2
Financial Data (R$ million and % Net Revenue)

27. d1000 varejo farma RJ
Operating Performance (w/o Rosário)
27
Total Sales Growth (%) Same Store Sales (%) SSS Mature Stores (%)
3.2%
2.2%
3.7%
10.5%
1Q16 3Q16 4Q162Q16
-11.2 p.p.
12.4%
0.8%
1Q17
1.4%
3.9%
11.1%
1Q16 3Q16 4Q162Q16
-8.1 p.p.
11.3%
1Q17
0.0%
2.5%
8.5%
1Q16 3Q16 4Q162Q16
-8.7 p.p.
9.6%
0.9%
1Q17

28. d1000 varejo farma RJ
Operating Performance (w/o Rosário)
28
Monthly Average Store's Sales (mature)
(R$ thousand) # of Stores (units) Average Ticket (R$)
580.1
564.0
589.7
1Q16 3Q16 4Q162Q16
2.2%
549.2
561.0
1Q17
129
130
129
1Q16 3Q16 4Q162Q16
-3.9%
128
123
1Q17
36.36
35.8335.82
1Q16 3Q16 4Q162Q16
4.4%
34.49
36.01
1Q17
4 opening
9 close-down
8 reformulated
102 mature

30. Max Fischer - CFO & IRO | Beatriz Diez - IR Manager
Tel.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br
www.profarma.com.br/ir