TODOS OS DIREITOS RESERVADOS – 2010

1Q11 Results

May, 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

Disclaimer

This presentation may contain forward-looking statements. Such statements are not statements ofhistorical facts and reflect the beliefs and expectations of the Company s management. The words“anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “plans”, “predicts”, “project”, “targets”and similar words are intended to identify these statements, which necessarily involve known andunknown risks and uncertainties. Known risks and uncertainties include but are not limited to theimpact of competitive services and pricing market acceptance of services, service transactions by theCompany and its competitors, regulatory approval, currency fluctuations, changes in service mixoffered, and other risks described in the Company s registration statement. Forward-lookingstatements speak only as of the date they are made and the Fleury Group does not undertake anyobligation to update them in light of new information or future developments.

All figures are compared to 1Q2010

except when stated otherwise

Agenda

3

1Q11 Results

Branding Project:

New national brand

Highlights

4

Gross Revenue increases by 13.6% to R$ 247 million. Organic growth achieves 13.3%

PSC: + 10.8% ; growth of 4.2% per m2 and 2.2K m2 added on 1Q11

Operations in Hospitals: + 51.7% ; Hospital A.C. Camargo as of March 5th

Preventive Medicine: + 38.2%

Gross Margin improves by 223 bps

EBITDA grows by 12.7% to R$ 50.6 million. Margin on Net Revenue of 21.9%

Net income grows by 17.1% to R$ 27.4 million, 11.9% margin on net revenue

New Integrated Medical Centers

Performance(R$ million)

5

Gross Revenue EBITDA Net Income

6

Gross Revenue 1Q11

¹ Clinical Trials and Fleury Day Hospital.

Gross revenue grew by 13.6% adding up to R$ 247 million

Organic growth achieved 13.3%

Number of patients grew by 5.2%

Strategy of differentiation, satisfying demands from new and existing clients forIntegrated Solutions

Innovation in tests, procedures and services

New Integrated Medical Centers

7

Gross Revenue 1Q11 Breakdown

Gross Revenue: R$ 247 million Growth 1Q11 vs 1Q10: R$ 29.6 MM | 13.6%

R$ 20.0 MM | 10.8%

R$ 9.2 MM | 51.7%

R$ -0.0 MM | -0.4%

R$ 1.3 MM | 38.2%

R$ -0.8 MM | -52.4%

By type of test (%)

¹ Clinical Trials and Fleury Day Hospital.

Patient Service CenterBusiness lines performance

10.8% increase in gross revenue, amounting R$ 206 million

“Same store sales” grew by 11%

Average revenue per PSC grew by 12%

Gross Revenue and Number of tests

8

Average revenue per PSC (R$ million)

Number of PSCs

Patient Service CenterBusiness lines performance

Average revenue per square metergrew by 4.2%

Total area achieved 56.7k m², after theaddition of 2.2k m²

Addition of services in different PSCs

Schedule of new net square metersaddition in 2011:

1Q11: 2.2 k

2Q11: 1.9 k

3Q11: 2.5 k

4Q11: 7.9 k

Average revenue per square meter and

total square meters

9

New PSC in Recife -

Pernambuco

Diagnostic Operations in HospitalsBusiness lines performance

51.7% increase, achieving R$ 26.9 million

10.9% share in Fleury Group’s Revenue

Number of tests performed expanded by morethan 40%

Started to operate in March inside Hospital A.CCamargo (Hospital do Câncer)

The acquisition of “DI” increased the scope ofalliance with Hospital Alemão Oswaldo Cruz

10

Gross Revenue and Number of tests

Lab-to-Lab and Clinical TrialsBusiness lines performance

11

Lab-to-lab reached R$ 8.2 million, similar to 1Q10

Expansion of high complex tests – better returns

Progressive discontinuation of the Clinical Trials business

R$ 1.4 million on 1Q10 to R$ 0.7 million in the 1Q11

Gross Revenue and Number of tests

Preventive MedicineBusiness lines performance

1212

38.2% increase, amounting to R$ 4.8million and representing 1.9% of theGroup’s revenues

Chronic Disease Management (GDC)service reached 33k lives under contract;Revenues amounted to R$ 1.0 million

Health Assessment revenue increased by24%, with a 17% growth in the number ofassessments. Health Promotion increasedmore than 30%

1212

Gross Revenue (R$ million)

GDC Lives under contract (thousand)

Cost of Services

1313

1Q11 1Q10 (%NR) 4Q10

R$ mm % NRAdjusted

criterion¹Reported

Adjusted

criterion¹

Personnel and medical services 69.3 30.1% 30.9% 28.4% 33.9%

Materials and Outsourcing 26.1 11.3% 12.6% 12.3% 11.6%

General services, Rent and Utilities 30.6 13.3% 12.6% 11.9% 12.5%

General Expenses 15.3 6.6% 7.5% 5.2% 8.2%

Total 141.2 61.3% 63.5% 57.8% 66.2%

¹ Change in allocation criterion implemented in 1Q11, operational back-office costs were formerly allocated in SGA

42,2%

36,5%

38,7%

-569 bps

+97 bps+71 bps +55 bps

1Q10 Gross Profit Mg.

Allocation Criterion

1Q10 Adjusted Gross Mg.

Fixed cost dilution

Mix improvement

Cost < Price 1Q11 Gross Profit Mg.

Gross Margin

1414

Gross profit has reached R$ 89.3 million, a 19.9% increase over adjusted 1Q10

38.7% of Net Revenue (223 bps increase)

Benefit in the margin by event, normalizing allocation criteria (%)

Operating Expenses

1515

Increase of 230 basis points, mainly caused by:

Pre-operational expenses related to the expansion plan, write-off of tax assets and

expenses related to the acquisition of Diagnoson and Labs D’Or

225 bps are non-recurring

Depreciation - R$ 9.3 million, compared to R$ 8.2 million in 1Q10

¹ Change in allocation criterion implemented in 1Q11, operational back-office costs were formerly allocated in SGA

1Q11 1Q10 (%NR) 4Q10

R$ mm % NRAdjusted

criterion¹Reported

Adjusted

criterion¹

General and administrative 34.1 14.8% 11.7% 17.4% 13.8%

Other operating expenses (revenue), net 2.9 1.3% 2.9% 2.9% (1.6%)

Contingency provision 1.7 0.7% (0.1%) (0.1%) 1.7%

Operating Expenses (ex-depreciation) 38.7 16.8% 14.5% 20.2% 13.9%

Income Tax and Social Contribution

1616

1- Other: Non Recurring Provisions, Assets Write-offs, Equity in Subsidiaries

1Q11 Income Tax and Social Contribution Reconciliation

Net Income

1717

17.1% growth, adding up to R$ 27.4 million

Profit margin represented 11.9% of net revenue

EPS (earnings per share) of R$ 0.21 (R$ 0.18 in 1Q10)

Net Income and Profit Margin

(R$ million)

4.6% 6.2% 10.9% 11.5%15.0% 11.9%

EBITDA

EBITDA margin of 21.9%, similar to 1Q10, an 12.7% increase, achieving R$ 50.6 million

EBITDA and EBITDA margin on net revenue

17.9% 22.9% 23.3%

18

23.1% 21.9%22.0%

1Q11 1Q10Var.

R$ mm % NR R$ mm % NR

Net Income 27.4 11.9% 23.4 11.5% 41 bps

Financial Expenses (Income) (7.2) (3.1%) (3.7) (1.8%) -130 bps

Depreciation and amortization 9.3 4.0% 8.2 4.0% 0 bps

Income Tax and Social Contribution 21.1 9.2% 17.0 8.3% 83 bps

EBITDA 50.6 21.9% 44.8 22.0% -6 bps

(R$ million)

Business Segment Analysis

19

1Q11 1Q10

Diagnostic

Medicine ¹

Integrated

Medicine ²

Diagnostic

Medicine ¹

Integrated

Medicine ²

Gross Revenue (R$ million) 206.2 40.6 186.2 31.0

Net Revenue (R$ million) 192.5 38.0 175.2 28.7

EBITDA (R$ million) 46.2 4.4 42.1 2.7

EBITDA margin 24.0% 11.5% 24.0% 9.6%

1- Diagnostic Medicine (MD): PSCs business line

2- Integrated Medicine (MI): Diagnostic Operation in Hospitals, Lab-to-Lab and Preventive Medicine

Cash Flow, Investments and Return

2020

Capital Expenditure added up to

R$ 22.6 million

R$ 22.6

million

CAPEX Breakdown 1Q11

Cash Flow 1Q10 R$ MM

Op. Cash Flow 30.9

Investing Activities (23.5)

Financing Activities (8.4)

Net Cash Flow (1.1)

Return %

ROIC 1 (LTM) 19.9%

(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

Debt and Account Receivable

Debt Position Total (R$

MM)

Next

12m

Loans 78 24

Acquisitions 30 7

Taxes 74 13

Total Debt 182 44

Cash and Equivalents 542

Loans / Equity 10.9%

Loans / EBITDA 37.8%

21

Account Receivable 03/31/2011 12/31/2010

Trade receivables 251 234

Other receivables 4 2

Bad debt (31) (33)

Total 224 203

Aging Acc. Receivable 03/31/2011 12/31/2010

Current 141 108

Up to 60 days past due 21 36

60 to 120 days past due 12 12

Over 120 days past due 77 78

Capital Market

2222

+51.6%

-0.1%

Shares and Market Cap - 03/31/2011

Shares Outstanding 131,298,550

Free Float 37.2%

Market Cap R$ 3.2 billion

Close R$ 24.25

Stock performance

1Q11 -9.0%

4Q10 +26.9%

FY10 +44.9%

Since IPO +51.6%

Average Daily Trading Volume

1Q11 R$ 5.0 mm

4Q10 R$ 3.9 mm

FY10 R$ 3.3 mm

Free Float breakdown

Source: Fleury data, Mar 2011

IR Schedule – Upcoming events

2011 Events

Jun 6-7 Non-Deal Roadshow Singapure and Hong Kong

Jun 8-9 Goldman Sachs - Annual Global Healthcare Conference – California

Jun 20-22 Citibank - 4th Annual Brazil Equity conference – Sao Paulo

Aug 04 Release of 2Q11 Results

Aug 05 2Q11 Results Conference Call

23

TODOS OS DIREITOS RESERVADOS – 2010

São Paulo, maio de 2011

Branding Project: Planning

Branding Project: New BrandA pioneer movement: integration of 13 Brands into 1, reinforcing Fleury Group’s presence.

Investigation

Brand

Platform &

Framework

Naming

Language &

visual

identity

Brand Book Implementation

STRATEGY IDENTITY IMPLEMENTATION

Marketing surveys:

5.000 people

14 cities

Essence

Attributes

Positioning

Client flow

experience

Aesthetic

guidelines

Jan 2010 Dec 2010 / Jan 2011

• Spontaneous recall

• Recognition / Aproval rating indexes

• Choice reasons

• Ideal attributes

• Perceived attributes

General

population

perception

Physicians

perception

HMOs

Market share

• Segmentation / Coverage

• Share: health plans per social class

• Market share (by brand | social class)

Fleury Group’s New Brand

The new brand is endorsed by the

Fleury Group

History

Ethics

Knowledge

Excelence and quality

Reliability

Endorsement

Brand integration

São Paulo Porto Alegre Rio de Janeiro Recife Curitiba Salvador Brasília

Nova Marca

Nacional

Expected benefits

1) New brand with unique competitive

attributes and positioning

2) Strong potential for capturing B/C segments

3) HMOs: positive reaction

4) Operational synergies

5) High commitment of our employees to a

novel, strong brand

6) Leverage of our capacity to integrate new

acquisitions

7) Strong brand portfolio (Fleury, Weinmann,

Campana and a+) with clear value

propositions and high competitiveness