•TODOS OS DIREITOS RESERVADOS – 2010

February-March, 2011

FLRY3

IBGC’s 2010 Corporate Governance

award in the category for

listed companies

IBGC - Brazilian Institute of Corporate Governance

“The most valuable brand in the Brazilian healthcare industryThe 6th most valuable brand among the service companies

The 25th most valuable Brazilian brand”

Millward Brown / BrandAnalytics

Company Highlights

A leading provider of diagnostic services and solutions

Double-digit growth with superior returns

– Revenues 7.8% 4Q10 YoY (11.8% organic growth YoY)

– Revenues CAGR ‘04-10: 16.9%

– EBITDA CAGR ‘06-10: 20.6% | 2010 margin: 23.1%

– ROIC¹LTM 4Q10: 20.0%, one of the highest in the industry globally

Strong acquisition track-record (’02-11: 25 acquisitions)

(1) Calculated by dividing (a) earning before interest and taxes minus taxes, by (b) average equity plus average net debt, including obligations related to acquisitions

2

Return on capital ¹Consolidated gross revenues

(R$ Million)

Network of 141 Patient Service Centers under 17 brands

Provider of integrated healthcare solutions

3

Complete portfolio of diagnostics tests

– Clinical Analysis (Routine, Pathology & Esoteric tests)

– Diagnostic Center (Imaging, > 40 diagnostic specialties)

In charge of Diagnostic Centers in 9 top tier hospitals

Nationwide, provider of diagnostic solutions to over 3,000 laboratories

Market leader (individualized programs for executives)

Wellness programs for companies

PATIENT SERVICE CENTERS

OPERATIONS IN HOSPITALS

LAB-TO-LAB

HEALTH ASSESSMENT

HEALTH PROMOTION

CHRONIC DISEASE MANAGEMENT

Pioneer in the Brazilian market Partnership with Healthways

Bahia

Pernambuco

11 units

14 units

1 unit

1 unit

10 units

9 units

21 units

3 units

5 units

10 units

2 units

8 units

2 units

18 units

13 units13 units

Rio Grande do Sul

Paraná

14 units

São Paulo

Rio de Janeiro

DF

Strategic portfolio of brands for different plan segments

4

Presence in the major

economic centers, which

concentrate 46% of health

plan members1

25 Acquisitions since 2002

Portfolio of brands for different

plan segments

1- Source: ANS1 unit

25 acquisitions since 2002

Timeline of Acquisitions

5

2002 2004 2005 2007 2008

Paraná

Rio de JaneiroSão Paulo Bahia

São Paulo ParanáPernambucoBahiaRio de Janeiro

São Paulo

2009

Rio de Janeiro

Rio Grande do Sul

2010

São Paulo

Rio de Janeiro

MoU

2011

Bahia

Healthcare Sector in Brazil

6

13.9

19.3

28.3

40.5

52.1

64.1

0,0 0,0 0,0 0,1 0,1

2000

2010

2020

2030

2040

2050

Growth Potential for the Private Market

Increasing number of members and expenditure(Millions of lives)

Source: estimates based upon IBGE, ANS and Morgan Stanley Research data

# of Health plan members Private health care

assistance expenditure

(R$ Billions)

2008; Source: IBGE, ANS ; U.S. Census Bureau; Instituto Nacional de Salud Publica

Private health plan penetration

% Health plan penetration

(% of population covered by private health plan)

7

Formal employment increase

(Cumulative net job creation and cumulative

net plan addition, Millions since 2005)

Source: CAGED/ANS* 2010: plan addition (ANS) Set10 | net job creation (CAGED): Dez10

Growing elder population

Source: IBGE

(Millions of lives above 60 years old and % of total population)

8%

10%

14%

19%

24%

30%

18% 23% 27%

cagr15%

Selection of medical service provider: patient’s choice, influenced by the physician

1.Physician raises a hypothesis, requests a series of tests and suggests where patient should be investigated

2. Patient goes to his trusted medical service provider

3. Medical service (e.g., diagnostic test) is provided

4. Patient receives reports and delivers to physician

8

Competitive Positioning

9

Competitive Advantages for all Stakeholders

•Health Plan ProvidersOffers several coverage options

72% of Fleury revenues

Offers preventive medicine solutions to improve employee wellness

• EmployersChooses health plan and services provider:

for him Fleury is a must-have

•PhysiciansRecommend health

service provider

Best and most trusted center for diagnostic medicine for 85% of physicians

•PatientsChooses service provider based on

health plan coverage, personal preference and physician’s

indication

Client satisfaction index above 90%

Our brands portfolio covers the entire health plan coverage segmentation

• (1) In 2009

10

20102008

•Source: 2008 – IBOPE; 2010 – Ipsos

Fleury competitor A competitor B

Recent recognition

11

IBGC’s 2010 Corporate Governance award in the category for listed

companies in its first year as a public company.

Some of the highlights noted:

Fleury had already won this award in 2007 as an unlisted company.

IBGC - Brazilian Institute of Corporate Governance

IBGC has been the central forum for the introduction and dissemination of the corporate governance concept in Brazil and it stands today

as the main reference and only organization in Brazil that focuses on the development of best practices in corporate governance.

Rules / rigid restrictions to transactions with related parties

Model minimizes corporate succession problems in the company (no heirs)

Good evaluation system for executives and employees at all levels

Well structured variable remuneration and stock option plan

Board of Directors is very focused on strategy and less on operational issues

Recent recognition

One of the most valuable companies

Top 2 in the sector – 1st among providers – according to the

“Valor 1000”, from Valor Econômico magazine.

1st in Value Generation and margin from operations

One of the most valuable brands

Fleury was rated as one of the most valuable brands in Brazil

by BrandAnalytics and Millward Brown*.

The 6th most valuable brand among the service companies

The most valuable Brazilian brand in the healthcare industry

* Millward Brown is a leading global research agency specializing in advertising, marketing communications, media and brand equity research, BrandAnalytics is one of the most important brazilian brand consulting. 12

August, 2010

Top 2 in the sector – 1st among providers – according to the “500

best Brazilian companies”, from Istoé Dinheiro magazine.

1st in Financial Sustainability and Corporate Governance

August, 2010

Company of the year in Human Resources Management

Brazilian award, in September 2010, from Gestão & RH

(“Management & Human Resouces”) magazine.

17%

40%

26%

13%

4%

less than 1 year 1 - 3 years

4 - 10 years 11 - 20 years

above 20 years

77%

11%

12%

Business Units Administrative areas Physicians

Human Capital Profile

13

•Years working at Fleury Group

4,600 employees and 632 physicians¹Professionals by Area¹

•Age

2.5%

3.0%

0.1%

8.3%71.8%

1.9%

12.4%

18%

26%

38%

14%

4%

up to 25 years 26 - 30

31 - 40 41 - 50

above 50 years¹ Dec 2010

Qualification and Talent Retention

• (1) source: American Society of Training and Development, 2008

14

34.4 hoursGlobal average¹

Physicians - Master degree/PhD 37% - Post Doc 5%

Hours of training per employeeInvestments in education (R$ million)

Qualification

Turn Over (12-month average)

From Knowledge to Competitive Advantage

•Knowledge •Innovation

Knowledge generation

632 physicians¹

172 peer-reviewed published articles

313 abstracts in scientific meetings

95 book chapters

Integrated solutions

Artificial intelligence tools to analyze test results

Medical Consultancy Services 24/7

Physicians analyze complex cases and suggest subsequent investigation

# of consultancies registered in electronic medical records

New products

Revenues in BRL millions ²

# of new products¹ 2010

39 medical specialties branches, 53 types of integrated reports

15

² Last 24 months revenue from products launched in the 24 month period

From Knowledge to Competitive Advantage

2009

2006

2008

2005

2007

2002 2003 2004

Test results with historical data

Introduction of health promotion programs

Introduction of disease management program

Knowledge management

Health assessment diversification

Image results on the internet

Itaim Patient Service Center

(1) Until October 2009

Tempo de Protrombina

0,00

8,00

16,00

24,00

32,00

40,00

16/11/2009 25/10/2009 5/10/2009 19/9/2009 7/9/2009 29/8/2009

Data

Va

lor

(se

gu

nd

os

)

Resultado Referência Máxima Referência Mínima

An incubator for Client Experience Innovations

Use of art & culture in Service Innovation

Introduction of integrated reports

2010

Integrated Medical Centers

16

25 16

Experienced management team and high corporate governance standards

High corporate governance standards before going public

Board of Directors since 1998

– Independent members since creation

– 3 out of 9 members are independent

– Audit Committee and Compensation and

Succession Committee

External auditing since 1992

Annual Report published since 2005

Awards

– IBGC’s 2010 Corporate Governance award in the

category for listed companies

– 2008 and 2009 Executive of Value – Healthcare

Industry

– IBGC’s 2007 Corporate Governance award in the

category for unlisted companies

Key Executives

Years of experience

Healthcare industry Fleury

Mauro Figueiredo24 14

Fábio Marchiori

Wilson Pedreira

Omar Hauache

Rendrik Franco

Maria Lucia Ferraz

Paulo Pedote

Chief Executive Officer

Executive Director,

Chief Financial Officer & Investor Relations

Executive Director,

Patient Service Centers

Executive Director,

Acquisitions, B2B and Preventive Medicine

Executive Director,

Strategy and Marketing

Executive Director,

People & Organizational Development

Executive Director,

Supply Chain, Information Technology & Facilities

1 1

20 10

29 24

4 4

17 9

17

Rogério RabeloExecutive Director,

Operations

20 11

Increasing services offering to existing

clients

New offerings with focus on

– Imaging tests – High growth specialty

diagnostics tests

Increase number

of hospitals

and lab clients

Expansion/Relocation of service units

Expansion of hospital and lab-to-lab

operations

Search for new

opportunities/businesses

To expand chronic disease

management business line

Growth in Preventive and Therapeutic

Medicine

Selective acquisitions

Pursue add-on

acquisitions on

– Current markets– Imaging diagnostics

business– New markets

Goals

– Increasing size and number – Improving qualification – Increasing attraction of

potential clients for units in each brand

Multiple opportunities for growth

18

Operational and Financial Performance

19

Double-digit growth

Source: Company data 20

Consolidated gross revenues

(R$ Million)

Operational highlights

Average revenue per square meter

and total square meters

Average Gross Revenue per

Patient Service Center

(R$ Million)

21

Number of PSCs

Revenues breakdown

Gross revenues breakdown by business line Gross revenues breakdown by source

4Q10 (%) 4Q10 (%)

22Source: Company data

(R$ Million)

EBITDA and EBITDA margin

Net income and net margin

High Margins

23

(R$ Million)

Industry Leadership in Profitability

1) Fleury Company dataDASA Company dataOther peers by Bloomberg

24

(%)

2009A EBITDA margin1 2009A Return on Capital2

(%)

2) Fleury Company dataPeers by Bloomberg

Capital Market

2525

+40.6%

-2.5%

Shares and Market Cap - 12/31/2010

Shares Outstanding 131,298,550

Free Float 37.2%

Market Cap R$ 3.5 billion

Close (02/25/2010) R$ 22.50

Stock performance

4Q10 +26.9%

FY10 +44.9%

Since IPO +40.6%

Average Daily Trading Volume

4Q10 R$ 3.9 mm

FY10 R$ 3.3 mm

Free Float breakdownSource: Fleury data, Dec 2010

Fábio MarchioriCFO and Head of Investor Relations

João PatahInvestor Relations Manager

Phone: +55 11 5014-7413

E-mail: ri@fleury.com.br

26

Back-up

27

Shareholder structure

28

62.8%

IntegritasParticipações

Core Participações

77.7%

131.3 million voting shares post Greenshoe

22.3%

Bradseg

Othershareholders

31.8%5.4%

Partners of CoreParticipações

Free Float

37.2%

Cash Flow and Debt

Cash Flow FY10 R$ MM

Net Income 131

Op. Cash Flow 113

Net Cash Flow 16

Debt Position Total (R$ MM) Next 12m

Loans 90 35

Acquisitions 30 7

Taxes 78 14

TOTAL DEBT 198 56

Cash and Equivalents 543

29

Strategic portfolio of brands targetingdifferent income classes in major markets

Management: Fleury Group

Call Center

Basic patient service centers

Clinical analysis: trustworthy results

Basic diagnostic center

On demand medical consultancy

Patient service centers with intermediate

value-added

Clinical analysis: trustworthy results

Intermediate diagnostic center

Proactive medical consultancy in more

than 40 different medical specialties

Personalized care and Innovation

Clinical analysis: interpretative results

and integrated solutions

Complete diagnostic center

Brand strategy, positioning in different market segments and competitive attributes

Bahia

Rio Grande do Sul

São Paulo

Rio de Janeiro

Pernambuco

DF

Paraná

30