The document provides financial information for Profarma's 2Q17 earnings release. Key highlights include: - Consolidated sales grew 6.7% year-over-year led by 55.4% growth in retail sales. - Pharma distribution sales increased 3.9% with 10% growth in independent customer segment. Cash cycle was shortened by 16.8 days. - Specialties sales grew 3.6% in 1H17 year-over-year with vaccine sales up 40.2% and generics category up 6.3%. Operating expenses declined 0.3 percentage points. - Retail EBITDA margin improved compared to prior periods through expense optimization initiatives.

1. 2Q17 Earnings Release

2. 2Q17 | 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. 816 705
89
111
422 679
1.327
1.495
2Q16 2Q17
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)
Operating Indicators
Ebitda
(R$ Million)
Monthly average sale 2Q17 - RosárioDec/16 Jun/17 - RosárioSep/16
Monthly average sale
(R$ thousand)
Service level
(%)
Clients served
(# thousand)
Average Ticket
(R$)
Jun/17 - d1000 varejo farma RJ
165
301
547
56
92
94
573
761
1.700
43
52
38
(18.9)
(14.3)
(6.3)
(1.1)

7. Profarma
Consolidated | Leverage
7
Gross Debt Aging Annual Decrease of Financial Expenses*
2Q17
Cash
(R$ Million)
2018 2019 2020 2021
* Estimate based on Financial Expenses calculated at 11.25% CDI compared
to Financial Expenses calculated at 7.5% CDI. Average level of debt and
spreads kept constant as of 2Q17.
14
2S17 From 2018
36R$642 Million
2017
(R$ Million)
245
278
88
74
49
152

8. Consolidated Performance

9. Profarma
2Q17 | Key Highlights
9
PROFARMA GROUP | CONSOLIDATED
• Total sales grew by 6.7% in the period, highlighting the
Retail Division, with a 55.4% growth.
• Reduction of the cash cycle in 16.1 days.
• Price increase 70% lower, impacting all divisions.
• Adjusted net income improved by R$2.9 million
compared to 1Q17.
• Inauguration of the new RJ DC scheduled for
September, approximately R$ 40 million in the last 12
months.
• Competitive scenario more conservative due to a lower
price increase.
• Evolution of 3.9% in sales, delivering growth for the 6th
consecutive quarter over 2 digits in the segment of
independent customers.
• Price increase 74% lower.
• Reduction of the cash cycle in 16.8 days compared to
the same period of the previous year.
PHARMA DISTRIBUTION

10. Profarma | Histórico Alocação de Capital
Profarma
1Q17 | Key Highlights
10
SPECIALTIES
• Total sales in 1H17 increased 3.6% when compared to
the same period of the previous year.
• Operating expenses reduction in the last years, being a
0.3 p.p. drop this quarter when comparing to 2Q16.
• Sales increased by 12.0% compared to 1Q17 (same
stores) and 84.8% in the comparison of the average
store/month sale from Jun/17 to Sep/16.
• Evolution of 82.0% in average Ebitda/month compared
to the result of Dec/16, with a reduction of 24.6% in
operating expenses.
• Clustering of stores according to their market
positioning - popular, standard and premium.
• Final optimization of the stores with the purpose of
reducing the deficit stores.
REDE ROSÁRIO
d1000 VAREJO FARMA RJ
• Average store/month sales grew 8.5% above
ABRAFARMA average.
• Start of the plan to increase productivity in stores and
in corporate.
• Beginning of the renovation and expansion plan in the
cluster of popular stores.

11. Consolidado | Receita Bruta
Consolidated IFRS (R$ million)
Sales increased by 3.9% year-over-year.
Pharma Distribution
Retail
Profarma
Consolidated | Gross Revenues
11
Sales increased by 55.4% year-over-year.
Pharma Distribution Retail
6.7%
1H16 4Q161H17 1Q173Q162Q16 2Q17
7.4%
1.875 1.818
401 625
945 965 1.022
910 908
205 198
241
307 318
2.276
2.444
1.150 1.163
1.263
1.217 1.226

12. Consolidado | Ebitda e Margem Ebitda Ajustada
Profarma
Consolidated | Adjusted EBITDA and EBITDA Margin (w/o Rosário)
12
* Excluding additional of corporate expense
Pharma Distribution Retail Equity Income -Specialties
Consolidated IFRS (R$ million and % Net Revenues)
63
41
13
-5-2
-1
45
30
16 19 23
10
7
-2 -2 -3
-1 -2 0 -1 0
75
35
54
35
14
15 19
1.7%
5.4%
1.3%
1.9%
3.5%
1H16 4Q161H17 1Q173Q162Q16 2Q17
3.8%
1.5%

13. Consolidado | Ebitda e Margem Ebitda Ajustada
Profarma
Consolidated | Ebitda Bridge per Division 1Q17 vs 1Q16 (w/o Rosário)
13
Pharma
Distribution
2Q16 2Q17Equity Income
Specialties
d1000
RJ
Consolidated IFRS (R$ million and % Net Revenues)

14. Profarma
Consolidated | Capex and Indebteness
14
Capex
(R$ million)
Note: w/o Rosário
2Q17OthersIT
Machinery and
Equipment
Net Debt and Net Debt / EBITDA
(R$ million)
21.11.3
2.9
16.8
397.8
428.4
3.8x
3.1x
326.0
397.1
2.5x
4.0x
353.2
2.7x
287.7
3.3x
2Q16 3Q16 1Q17 2Q174Q161Q16

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
8.5
(9.5)
(3.9)
20.7
4.9
(38.6)
0.8%
2.1%
-0.9%
0.5%
-3.5%
-0.4%
-2.6%
-0.1%
2Q17 1.5
(24.8)
-2.4%
0.1%

16. Consolidado | Ebitda e Margem Ebitda Ajustada
Profarma
Consolidated | Adjusted Net Income Bridge per Division 1Q17 vs 1Q16 (w/o Rosário)*
16
2Q16 2Q17d1000
RJ
Pharma
Distribution
* Excluding Non Recurring Expenses and Financial Expenses on Retail Investment
Equity Income
Specialties
Consolidated IFRS (R$ million and % Net Revenues)
20.7
-16.9
-2.8
0.5 1.5

17. Attachments

18. Consolidado | Receita Bruta
Profarma
Consolidated | Gross Revenues
18
Consolidated IFRS (R$ million)
Pharma Distribution Retail
1,875 1,813
401 630
945 965 1,022
910 903
205 198
241
307 323
6.7%
1H16 4Q161H17 1Q173Q162Q16 2Q17
7.4%
2,276
2,444
1,150 1,163
1,263
1,217 1,226

19. Consolidado | Lucro Bruto
Consolidated IFRS (R$ million and % Net Revenues)
Profarma
Consolidated | Gross Profit
19
Pharma Distribution Retail
15.7%
17.4%
14.6%
17.1%
15.2%
190 176
121
188
114
94 88 82 93
63
60 72
96
93
311
364 178
154 160
178
186
1H16 4Q161H17 1Q173Q162Q16 2Q17
17.8%
17.8%

20. Consolidado | Despesas Operacionais SGA
Profarma
Consolidated | Operating Expenses - SGA
20
Consolidated IFRS (R$ million and % Net Revenues)
Pharma Distribution Retail
126 143
105
196
66 69 79 70 73
53 51
74 99 97
232
338
120 120
153
168 170
11.7%
12.0%
14.0%
16.2%
11.8%
1H16 4Q161H17 1Q173Q162Q16 2Q17
16.1%16.2%

21. Consolidado | Ebitda e Margem Ebitda Ajustada
Profarma
Consolidated | Adjusted EBITDA and EBITDA Margin (w/o Rosário)
21
Pharma Distribution Retail Equity Income -Specialties
Consolidated IFRS (R$ million and % Net Revenues)
63
41
13
-5-2
-1
45
30
16 19 23
10
7
-2 -2 -3
-1 -2 0 -1 0
75
35
54
35
14
15 19
1.7%
5.4%
1.3%
1.9%
3.5%
1H16 4Q161H17 1Q173Q162Q16 2Q17
3.8%
1.5%

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
8.5
(9.5)
(3.9)
20.7
4.9
(38.6)
0.8%
2.1%
-0.9%
0.5%
-3.5%
-0.4%
-2.6%
-0.1%
2Q17 1.5
(24.8)
-2.4%
0.1%

23. Profarma
Consolidated | Capex and Indebteness
23
Capex
(R$ million)
Note: w/o Rosário
2Q17OthersIT
Machinery and
Equipment
Net Debt and Net Debt / EBITDA
(R$ million)
21.11.3
2.9
16.8
2Q16 3Q16
397.8
428.4
3.8x
3.1x
1Q17
326.0
397.1
2Q17
2.5x
4.0x
4Q16
353.2
2.7x
1Q16
287.7
3.3x

24. Gross revenue climbed by
3.9%;
The Independent customers
segment grew by 10.0%;
The cash cycle was shortened
by 16.8 days to 34.3 days.
Pharma Distribution
Financial Performance
24
Financial Data (R$ million and % Net Revenue)
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
4Q16 1Q17
1,041
2Q16 3Q16
1,003
1,056
1,042
2Q17
1,136
4Q16 1Q17
10.5
2Q16 3Q16
13.3
9.1
10.5
2Q17
8.9
4Q16 1Q17
7.7
2Q16 3Q16
7.7 7.7
8.2
2Q17
8.1
4Q16 1Q17
3.3
2Q16 3Q16
5.3
2.1
2.5
2Q17
1.6

25. Especialidades
Crescimento de 6,3% nas vendas da
categoria de genéricos.
Operating expenses slid by 0.3
p.p., from 9.0% to 8.7%.
Vaccine sales boomed by
40.2%.
Specialties
Financial Performance
25
Financial Data (R$ million and % Net Revenue)
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
241.5
246.5
260.5
233.9
249.0 10.6
13.7
9.9 9.910.2
9.09.0
7.5
8.7
8.2
0.9
2.3
0.3
1.1
2.6
4Q16 1Q172Q16 3Q16 2Q17 4Q16 1Q172Q16 3Q16 2Q17 4Q16 1Q172Q16 3Q16 2Q17 4Q16 1Q172Q16 3Q16 2Q17
Total sales in 1H17 increased
3.6% when compared to the
same period of the previous
year.

26. Varejo
d1000 varejo farma RJ
Financial Performance (w/o Rosário)
26
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
Financial Data (R$ million and % Net Revenue)
198.1
204.8
197.5
200.0
202.4
30.3
31.0
30.5
28.529.4
25.826.0
27.9
27.127.0
3.2
4.4
1.0
0.3
2.3
4Q16 1Q172Q16 3Q16 2Q17 4Q16 1Q172Q16 3Q16 2Q17 4Q16 1Q172Q16 3Q16 2Q17 4Q16 1Q172Q16 3Q16 2Q17
Store expenses fell from 21.8% to
20.9%;
d1000 varejo farma RJ
Rede Rosário
Same-store sales increased by 12.0%
against 1Q17 whereas average monthly
sales per store shot up by 82.2% to
R$301.2 thousand in Jun/17 vs.
Sep/2016
Average EBITDA per month shot up by
82.0% vs. Dec/2016;
The average ticket rose by 5.8% to
R$37.89.
The store service level increased from
56% to 92% (sep/16 x jun/17).
Monthly sales per store came to R$569.8
thousand, 8.5% higher than
ABRAFARMA’s (Associação Brasileira
de Redes de Farmácias e Drogarias, or
the Brazilian Association of Pharmacy
and Drugstore Chains) average.

27. d1000 varejo farma RJ
Operating Performance (w/o Rosário)
27
Total Sales Growth (%) Same Store Sales (%) SSS Mature Stores (%)
0.8%
2.2%
3.7%
2Q16 4Q16 1Q173Q16
-12.8 p.p.
10.5%
-2.3%
2Q17
3.2%
1.4%
3.9%
2Q16 4Q16 1Q173Q16
-12.9 p.p.
-1.8%
2Q17
0.9%
0.0%
2.5%
2Q16 4Q16 1Q163Q16
-11,5 p.p.
8.5%
-3.4%
2Q17
11.1%

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$)
5 opening
10 close-down
10 reformulated
102 mature
561.0
580.0
564.0
-3,4%
589.7
569.8
123
129
130
-4,7%
129
123
36.0136.36
35.83
5,8%
35.82
2Q16 4Q16 1Q173Q16 2Q17 2Q16 4Q16 1Q173Q16 2Q17 2Q16 4Q16 1Q163Q16 2Q17
37.89

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