PresentationPresentation

Jul 2010Jul 2010

A l e a d i n g pr o v i d er o f d i a g n o s t i c s er v i c e s a n d s o l u t i o n sD o u b l e- d i g i t gr o w t h w i t h s u p er i o r r e t ur n s– R e v e n u e s C A G R‘ 0 4- 0 9 : 1 7 . 5 %– E B I T D A m a r gi n 2 0 0 9 : 2 3 . 3 %– R O I C2 L T M 1 Q 1 0 : 2 1 . 5 % ,o n e o f t h e hi g h e s t i n t h e i n d u s t r y gl o b al l yS tr o n g a c q u i s i t i o n tr a c k- r e c o r d (’ 0 2- 1 0 : 2 4 a c q u i si ti o n s )

366

488521

587

720

820

195

217000

0

0 ,20 ,30 ,40 ,50 ,60 ,70 ,80 ,9

2004 2005 2006 2007 2008 2009 1Q09 1Q10(1 )O r ga n i c g r o w t h o f 1 0 % i n 2 0 0 9( 2 )C a l c u la t e d b y d i v i d i n g (a ) e a r n i n g b e f o r e i n t e r e s t a n d ta x e s m i n u s ta x e s , b y ( b ) a v e ra g e e q u i t y p l u s a v e ra g e n e t d e b t , i n c l u d i n g o b l i ga t i o n s r e la t e d t o a c q u i s i t i o n s 22

R e t ur n o n c a pi t al²C o n s o l i d a t e d gr o s s r ev e n u e s¹(R $M i l l i o n )

cagr 17.5%11.2%

20.7%21.5%

0 , 00 , 01Q09 1Q10

77 bps

P r e v e n t i v eM e d i c i n e D i a g n o s t i c s T h e r a p e u t i cM e d i c i n e

H e a l t h a s s e s s m e n t : m a r k e tl d ( d d l d N e t w o r k o f 1 3 9 P a t i e n t S e r v i c ed b d C h r o n i c d i s e a s e m a n a g e m e n t :h l kl e a d e r (i n d i v i d u a li z e d p r o g r a m sf o r e x e c u t i v e s )H e a l t h p r o m o t i o n : w e l l n e s sp r o g r a m s f o r c o m p a n i e s C e n t e r s u n d e r 1 6 b r a n d sI n c h a r g e o f D i a g n o s t i c C e n t e r si n 8 t o p t i e r h o s p i t a l sN a t i o n w i d e , p r o v i d e r o fd i a g n o s t i c s o l u t i o n s t o o v e r3 . 0 0 0 l a b o r a t o r i e sp i o n e e r i n t h e B r a z i li a n m a r k e tP a r t n e r s h i p w i t h H e a l t h w a y s

33

C o m p l e t e p o r t f o l i o o f d i a g n o s t i c s t e s t sC li n i c a l A n a l y s i s (R o u t i n e , P a t h o l o g y& E s o t e r i c t e s t s )D i a g n o s t i c C e n t e r ( I m a g i n g ,> 4 0 d i a g n o s t i c s p e c i a l t i e s )

B a h i aP e r n a m b u c o1 1 u n i t s

1 4 u n i t sD F

Presence in the major

economic centers, which

concentrate 46% of health

plan members

24 Acquisitions since 2002

16 brands, 139 PSCsS o u r c e : A N S 1 u n i t 1 u n i t1 0 u n i t s9 u n i t s2 1 u n i t s3 u n i t s5 u n i t s1 0 u n i t s2 u n i t s8 u n i t s2 u n i t s1 8 u n i t s1 3 u n i t s1 3 u n i t sR i o G r a n d e d o S u l

P a r a n á1 4 u n i t s

S ã o P a u l oR i o d e J a n e i r o

44

24 acquisitions since 2002

2002 2004 2005 2007 2008

São Paulo ParanáPernambucoBahiaRio de Janeiro

2009

Rio de Janeiro

2010

São Paulo

55

Paraná

Rio de JaneiroSão Paulo Bahia São Paulo Rio Grande do Sul

66

1.3

2.5

4.1

5.6

6.6

0 , 00 , 00 , 00 , 00 , 0

2005 2006 2007 2008 2009

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

F o r m al e m p l o y m e n t i n cr e a s e(C u m u l a t i v e n e t j o b c r e a t i o n ,M i l l i o n s s i n c e 2 0 0 5 ) G r ow i n g el d er p o p u l a ti o n(M i l l i o n s o f l i v e s a b o v e 6 0 y e a r s o l d a n d % o f t o t a l p o p u l a t i o n )

8%

10%

14%

19%

24%

30%

22.8

47.60 , 00 , 00 , 00 ,1

2003 2008

31.4

41.1

53.9

0 , 00 , 00 , 00 ,10 ,1

2003 2008 2014E

2005 2006 2007 2008 2009

85%

60%

22%0 , 00 , 00 , 0USA Mexico Brazil

64.12050I n cr e a si n g n u m b er of m e m b er s a n d ex p e n d i t ur e(M i l l i o n s o f l i v e s )S o u r c e : e s t i m a t e s b a s e d u p o n I B G E ,A N S a n d M o r g a n S t a n l e yR e s e a r c h d a t a# of H e al th p l an m e m b er s Pr i v a t e h e al th c ar ea s s i s t an c e ex p e n d i t u r e

(R $B i l l i o n s )2 0 0 8 ; S o u r c e : I B G E ,A N S ;U . S . C e n s u s B u r e a u ; I n s t i t u t o N a c i o n a l d e S a l u d P u b l i c a

Pr i v a t eh e al th p l a n p e n e tr a ti o n% H e a l t h p l a n p e n e t r a t i o n ( % o f p o p u l a t i o n c o v e r e d b y p r i v a t e h e a l t h p l a n )77

S o u r c e : C A G E D / M T E S o u r c e : I B G E 30%

18% 22% 27%

cagr16%

1 . P h y s i c i a n r a i s e s a h y p o t h e s i s , r e q u e s t s a s e r i e s o f t e s t sa n d s u g g e s t s w h e r e p a t i e n t s h o u l d b e i n v e s t i g a t e d

2 . P a t i e n t g o e s t o h i s t r u s t e d m e d i c a l s e r v i c e p r o v i d e r

3 . M e d i c a l s e r v i c e (e . g . , d i a g n o s t i c t e s t ) i s p r o v i d e d

4 . P a t i e n t r e c e i v e s r e p o r t s a n d d e l i v e r s t o p h y s i c i a n

88

99

• H e a l t h P l a n P r o v i d e r sO f f e r s s e v e r a l c o v e r a g e o pt i o n s7 2 % o f F l e u r y r e v e n u e s

• E m p l o y e rC h o o s e s h e a lt h p l a na n d s e r v i c e s p r o v i d e r : • D o c t o r sR e c o m m e n d h e a lt h• P a t i e n tC h o o s e s s e r v i c e p r o v i d e r b a s e d o nh e a lt h p l a n c o v e r a g e , p e r s o n a lp r e f e r e n c e a n d p h y s i c i a n’ sO u r b r a n d s p o rt f o l i o c o v e r s t h e e nt i r eh e a lt h p l a n c o v e r a g e s e g m e nt at i o n

O f f e r s p r e v e nt i v e m e d i c i n e s o l ut i o n st o i m p r o v e e m p l o y e e w e l l n e s s

a n d s e r v i c e s p r o v i d e r :f o r h i m F l e u r y i sa m u st - h a v e s e r v i c e p r o v i d e r

B e st a n d m o st t r u st e d c e nt e r f o r d i a g n o st i cm e d i c i n e f o r 8 5 % o f p h y s i c i a n s

i n d i c at i o nC l i e nt s at i s f a ct i o n i n d e xa b o v e 8 5 %

• (1 ) I n 2 0 0 9 • 1 0• 1 0

20102008

•Source: 2008 – IBOPE; 2010 – Ipsos

•Fleury competitor A competitor B

Fleury was rated as one of the most valuable brands in Brazil by BrandAnalytics and Millward Brown*: 25th among 50

most important companies in the country

The 6th most valuable brand among the service companies

The most valuable brazilian brand in the healthcare industry

•* Millward Brown is a leading global researchagency specializing in advertising, marketing communications, media and brand equityresearch, BrandAnalyticsis one of the mostimportant brazilian brandconsulting.

77%

11%

12%

Business Units Administrative areas Physicians

4,936 employees and 530 physicians•Professionals by Area

•2.6%

•3.2%

17%

40%

26%

13%

4%

less than 1 year 1 - 3 years

4 - 10 years 11 - 20 years

above 20 years

Business Units Administrative areas Physicians

1 21 2

•Years working at Fleury Group•Age

•2.6%

•0.2%

•10.3%•66.2%

•4.3%

•13.3%

18%

26%

38%

14%

4%

up to 25 years 26 - 30

31 - 40 41 - 50

above 50 years(1 ) I n 2 0 0 9

33

46

55 580 , 00 , 00 , 00 , 0•34,4 hours•Global average¹

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

•Hours of training per employee•Investments in education (R$ million)

• Qualification

2.37% 2.09% 2.60%

2008 2009 2010*

33

0 , 00 , 00 , 00 , 00 , 02006 2007 2008 2009

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

1 31 3

•Turn Over (12-month average)

•*2010 - average by March

3950

80103• K n ow l e d g e • In n o v a t i o n

K n o w l e d g e g e n e r a t i o n*5 3 0 p h y s i c i a n s1 7 2 p e e r - r e v i e w e d p u b l i s h e d a rt i c l e s3 1 3 a b st r a ct s i n s c i e nt i f i c m e et i n g s9 5 b o o k c h a pt e r sI n t e g r a t e d s o l u t i o n sA rt i f i c i a l i nt e l l i g e n c e t o o l s t oa n a l yz e t e st r e s u lt s N e w p r o d u c t s# o f n e w p r o d u c t s•* 2 0 0 97.4

9.612.2

14.817.9

4th Qtr 2008

1st Qtr 2009

2nd Qtr 2009

3rd Qtr 2009

4th Qtr 2009

2006 2007 2008 2009

20,12622,748

39,085

2007 2008 2009

• K n ow l e d g e • In n o v a t i o nM e d i c a l C o n s u l t a n c yS e r v i c e s 2 4 /7P h y s i c i a n s a n a l yz e c o m p l e x c a s e s a n ds u g g e st s u b s e q u e nt i n v e st i g at i o n

• # o f c o n s l u ta n c i e s r e g i s t e r e d i n e l e c t r o n i c m e d i ca l r e c o r d sR e v e n u e s i n B R L m i l l i o n s2 6 m e d i c a l s p e c i a lt i e s b r a n c h e s ,3 9 t y p e s o f i nt e g r at e d r e p o rt s

1 41 4

3950

80103

K n o w l e d g e g e n e r a t i o n*5 3 4 p h y s i c i a n s1 7 2 p e e r- r e v i e w e d p u b l i s h e da r t i c l e s3 1 3 a b s t r a c t s i n s c i e n t i f i cm e e t i n g s9 5 b o o k c h a p t e r sI n t e g r a t e d s o l u t i o n sE l e c t r o n i c h i s t o r i c a l d a t a/ e v o l u t i o n a r y r e p o r t sA r t i f i c i a l i n t e l l i g e n c et o o l s t o a n a l yz e t e s t N e w p r o d u c t s# o f n e w p r o d u c t s•* 2 0 0 9

• I nt r o d u ct i o no f i nt e g r at e dr e p o rt s

• T e st r e s u lt sw it h h i st o r i c a ld at a• H e a lt ha s s e s s m e ntd i v e r s i f i c at i o n

• I m a g er e s u lt s o nt h e i nt e r n et

• 2 0 0 2 • 2 0 0 5

• 2 0 0 3 • 2 0 0 4

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

2006 2007 2008 2009

20,12622,748

39,085

2007 2008 2009

• K n o w l e d ge • I n n o v a t i o nt o o l s t o a n a l yz e t e s tr e s u l t s M D s a v a i l a b l e 2 4 /7 t od i s c u s s c o m p l e x c a s e sP h y s i c i a n s a n a l yz e c a s e s n o tc o v e r e d b y a r t i f i c i a li n t e l l i g e n c e a n d s u g g e s ts u b s e q u e n t i n v e s t i g a t i o n 7,49,6

12,214,8

17,9

4° Trim

2008

1° Trim

2009

2° Trim

2009

3° Trim

2009

4° Trim

2009

R e v e n u e s i n B R L m i l l i o n sI n t e g r a t e d r e p o r t s • H e a lt hp r o m o t i o np r o g r a m s

• C h r o n i cd i s e a s em a n a g e m e ntp r o g r a m

• It a i m P at i e ntS e r v i c e C e nt e r • 2 0 0 9 • 2 0 0 6

• 2 0 0 8 • 2 0 0 7 • I n n o v at i o n &k n o w l e d g em a n a g e m e nt

A n i n c u b a t or f orCl i e n tE x p er i e n c eI n n ov a t i o n sU s e o f ar t &c ul t ur e i nS er v i c eI n n ov a t i o n 1 51 5

2 5 1 6H i gh c o r p o r a t e g o v e r n a n c es t a n d a r d s b e f o r e g o i n g p u b l i cB o a r d o f D i r e c t o r s s i n c e 1 9 9 8I n d e p e n d e n t m e m b e r s s i n c e c r e a t i o n3 o u t o f 9 m e m b e r s a r e i n d e p e n d e n tA u d i t C o m m i t t e e a n d C o m p e n s a t i o n a n dS u c c e s s i o n C o m m i t t e eE t l d i t i i 1 9 9 2

K e y E x e c u t i v e s Y e a r s o f e x p e r i e n c eH e a l t h c a r e i n d u s t r y F l e u r yM a u r o F i g u e i r e d o 2 3 1 3W i l s o n P e d r e i r aO m a r H a u a c h eC h i e fE x e c u t i v e O f f i c e rE x e c u t i v e D i r e c t o r ,D i a gn o s t i c M e d i c in eE x e c u t i v e D i r e c t o r ,P r e v en t i v e & T h e r a p e u t i c M e d i c in e 1 9 9 E x t e r n a l a u d i t i n g s i n c e 1 9 9 2A n n u a l R e p o r t p u b l i s h e d s i n c e 2 0 0 5A w a r d s2 0 0 8 a n d 2 0 0 9 E x e c u t i v e o f V a l u e– H e a l t h c a r eI n d u s t r y2 0 0 7“ B e s t c o r p o r a t e g o v e r n a n c e a m o n gn o t- li s t e d c o m p a n i e s” b y I B G CF á b i o M a r c h i o r iR e n d r i k F r a n c o

M a r i a L ú c i a F e r r a zP a u l o P e d o t eE x e c u t i v e D i r e c t o r ,C h i e fF in an c i a l O f f i c e r & In v e s t o r R e l a t i on s

P r e v en t i v e & T h e r a p e u t i c M e d i c in eE x e c u t i v e D i r e c t o r ,S t r a t e g y an d M a r k e t in g

E x e c u t i v e D i r e c t o r ,P e o p l e & O r g an i z a t i on a l D e v e l o pm en tE x e c u t i v e D i r e c t o r ,S u p p l y C h a in , In f o rm a t i on T e c hn o l o g y & F a c i l i t i e s- -

2 8 2 33 31 6 8

1 61 6

E i / R l iE x p a n s i o n o f h o s p i t a la n d l a b- t o - l a bo p e r a t i o n s

G r o w t h i n P r e v e n t i v ea n d T h e r a p e u t i cM e d i c i n e

S e l e c t i v ea c q u i s i t i o n sI n c r e a s i n g s e r v i c e so f f e r i n g t o e x i s t i n gc l i e n t sN e w o f f e r i n g s w it h f o c u s o nI m a g i n g t e st sH i g h g r o w t h s p e c i a lt yd i a g n o st i c s t e st s

I n c r e a s e n u m b e ro f h o s p it a l sa n d l a b c l i e nt s

E x p a n s i o n / R e l o c a t i o no f s e r v i c e u n i t s S e a r c h f o r n e wo p p o rt u n it i e s / b u s i n e s s e sT o e x p a n d c h r o n i c d i s e a s em a n a g e m e nt b u s i n e s s l i n eP u r s u e a d d - o na c q u i s it i o n s o nC u r r e nt m a r k et sI m a g i n g d i a g n o st i c sb u s i n e s sN e w m a r k et sG o a l sI n c r e a s i n g s iz e a n d n u m b e rI m p r o v i n g q u a l i f i c at i o nI n c r e a s i n g at t r a ct i o n o fp o t e nt i a l c l i e nt s f o r u n it si n e a c h b r a n d 1 71 7

1 81 8

P a t i e n t S e r v i c e C e n t e r(N u m b e r o f P a t i e n t S e r v i c e C e n t e r ) A v e r a g e G r o s s R e v e n u e p e r P a t i e n t S e r v i c e C e n t e r(R $M i l l i o n )

130

145 147 153139

3,4

4,2

4,5

1,15

1,34 1 ,21 ,31 ,41 ,51 ,6

0 , 00 , 0 cagr 12.6%

16.2%

20 21 20 21 21

110124 127 132

118

2006 2007 2008 2009 1Q10

Other Brands Fleury

(1 ) I n c l u d e s 2 6 u n i t s f r o m t h e a c q u i s i t i o n o f W e i n m a n n i n O c t o b e r , 2 0 0 9 1 91 9

3,2

3,41,15

0 ,60 ,70 ,80 ,91 , 01 , 1,

0 , 00 , 00 , 00 , 02006 2007 2008 2009 1Q09 1Q10

720

820 000 ,80 ,9(R $ M i l l i o n )cagr 17.5% 11.2%

366

488521

587195

217

000000

00

0 ,20 ,30 ,40 ,50 ,60 ,7

2004 2005 2006 2007 2008 2009 1Q09 1Q10S o u r c e : C o m p a n y d a t a 2 02 0

cagr 17.5% 11.2%

71.9% 70.2% 66.5% 66.1% 67.3% 67.4%

28.1% 29.8% 33.5% 33.9% 32.7% 32.6%

M e d i c al d i a g n o s ti c s gr o s s r ev e n u e sB r e ak d ow n b y t y p e of ex a m / t e s t (% )Health Plan Providers

72,0%

Individuals14,0%

Other sources14,0%

2006 2007 2008 2009 1Q09 1Q10

Imaging and others Clinical analyses

Patient Service Centers

85,7%

Operations in Hospitals

8,2%

Lab-to-lab4,4%

Preventive and Therapeutic

Medicine1,7%

G r o s s r ev e n u e s br e ak d ow n b y b u si n e s s l i n e G r o s s r ev e n u e s br e ak d ow n b y s o ur c e1 Q 1 0 ( % ) 1 Q 1 0 ( % )

2 12 1S o u r c e : C o m p a n y d a t a

95 98

155

179

38

45

00000000

0 00 ,10 ,10 ,10 ,10 ,10 ,20 ,2 E B I T D A a n d E B I T D A m ar g i n( R $ M i l l i o n )cagr 23.5% 16.7%

19.5% 17.9% 22.9% 23.3% 21.0% 22.0%

3225

42

84

11

24

-000000000

0

0 , 00 , 00 , 00 , 00 , 00 ,10 ,10 ,10 ,10 ,1

2006 2007 2008 2009 1Q09 1Q10

00 , 02006 2007 2008 2009 1Q09 1Q10( R $ M i l l i o n ) N e t i n c o m e a n d n e t m ar g i n

2 22 2

cagr 37.6%

6.6% 4.6% 6.2% 10.9% 2.2% 9.9%

114.3%

( % ) 2 0 0 9 A E B I T D A m a r g i n1 2 0 0 9 A R e t u r n o n C a p i t a l2( % )

1 )F l e u r yC o m pa n yd a taD A S A C o m pa n y d a taO t h e r p e e r s b yB l o o m b e r g 2 32 32 ) F l e u r yC o m pa n y d a taP e e r s b yB l o o m b e r g

1 0 5 , 0 01 1 0 , 0 01 1 5 , 0 01 2 0 , 0 01 2 5 , 0 0Fleury shares compose the IGC (Special Corporate Governance Stock Index) from BM&FBovespa.

FLRY3 +20.0%

8 0 , 0 08 5 , 0 09 0 , 0 09 5 , 0 01 0 0 , 0 012/16/09 12/23/09 12/30/09 01/06/10 01/13/10 01/20/10 01/27/10 02/03/10 02/10/10 02/17/10 02/24/10 03/03/10 03/10/10 03/17/10 03/24/10 03/31/10 04/07/10 04/14/10 04/21/10 04/28/10 05/05/10 05/12/10 05/19/10 05/26/10 06/02/10 06/09/10 06/16/10 06/23/10F L R Y 3 I B O V I G C 2 42 4Base 100 = prices Dec 16, 2009

Share Price on Jun 25, 2010 = R$ 19.20

IBOV -5.5%

2 52 5

• 2 6• 2 6

S h a r e s o f f e r e dO f f e r i n g s i z e

3 9 , 3 8 9 ,5 7 0 c o m m o n s h a r e s i n B r a z i l ,1 0 0 % p r i m a r y , 1 0 0 % t a g a l o n g r i g h t s ( N o v o M e r c a d o )

R $6 3 0 . 2 m i l li o n a f t e r t h e G r e e n s h o e

N e t p r o c e e d s R $ 5 9 7 . 8 m i l li o n ( a p p r o x i m a t e l yU S $ 3 1 8 . 9 m i l li o n(1 ) ) n e t o f I P O e x p e n s e s .P r i c e E s t a b li s h e d a t R $ 1 6 . 0 p e r s h a r e , p r i c e r a n g e R $ 1 5 . 0 t o R $ 1 7 . 0 p e r s h a r e

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2 72 7(1 )B a s e d o n f o r e i g n e x c ha n g e ra t e o f R $ 1 . 8 7 4 8 /U S $ a s o f Ja n u a r y 2 9 , 2 0 1 0( 2 ) A l l c u r r e n t s ha r e h o l d e r s s u b j e c t t o 1 8 0 d a y s l o c k- u p

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