3Q10 Earnings Release

1

Fleury ON(Bovespa FLRY3)

Shares Outstanding (Nov 10, 2010)131,298,550 shares

Shares Outst Diluted (Nov 10, 2010)131,851,175 shares

Free float (Nov 10, 2010)41,792,510 shares(31.8%)

Share price (Sep 30, 2010)R$ 21.00/share

Market Cap (Sep 30, 2010)R$ 2,757 million

Cash and Cash Equivalents (Sep 30, 2010)R$ 573 million

Investor Relations

Fábio MarchioriCFO and Head of IR

João PatahInvestor Relations Manager

Phone +55 11 5014-7413ri@fleury.com.brwww.fleury.com.br/ir

Conference Call

Nov 11, 2010

English11:30 AM (08:30 AM EST)

Portuguese13:00 PM (10:00 AM EST)

Phone numbers:Participants in Brazil: +55 11 4688-6361

Participants in the U.S.: (+1) 888-700-0802

Participants in other countries: (+1) 786-924-6977

Password: FleuryWebcast: www.fleury.com.br/ir

FLEURY GROUP GROWTH RATE ACCELERATES TO 20.7% YoY. EBITDA EXPANDS TO R$ 60.0 MILLION (25.9% MARGIN) AND NET INCOME REACHS R$ 44.6 MILLION (19.2% MARGIN). YEAR TO DATE NET INCOME ACHIEVES R$ 100 MILLION..

São Paulo, Nov 10, 2010 - Fleury Group (BOVESPA: FLRY3), announces today its 3rd Quarter’s results (3Q10). Financial and Operating information presented in this report have been prepared on a consolidated basis, in accordance with the Brazilian Corporation Law 11.638/07 as well as the accounting principles adopted in Brazil (BR GAAP).

All figures are compared to 2009 (3Q09) except when stated otherwise.

Financial highlights

Gross Revenue increased by 20.7% to R$249 million.

• Patient Service Centers – Revenue grew by 19.6%, driven by organic growth and to a lesser degree by acquisitions.

• Hospital-based Diagnostics services in Sao Paulo, Rio Grande do Sul and Pernambuco contributed with a Revenue of R$ 25.8 million in 3Q10, a 68.6% YoY growth; this Business Line now represents 10.4% of Group´s total Revenue.

• Preventive Medicine business line (excluding Fleury Hospital-Dia) grew by 45.9%, with significant participation of the Chronic Disease Management (GDC) service as well as Executive Health Assessments (“Check-ups”).

• Lab-to-lab operations Revenue (excluding Clinical Trial services) increased by 1.8%; considering Clinical Trials figure, revenue has decreased by 9.3%

Gross Profit reached R$ 102 million, a 22.3% increase. Gross Margin increased to 44.0%, 84 bps ahead of 3Q09 and 220 bps higher than 2Q10.

EBITDA of R$60.0 million, a 11.7% increase. EBITDA margin was 25.9%, including R$ 5.2 million in marketing expenses for the current midia campaign.

Net Income has increased by 29.4% to R$44.6 million (19.2% of Net Revenue). Earnings per share achieved R$ 0.34 in the quarter.

Operational Cash inflow grew by 28.6% to R$ 39.6 million, enough to support all investments, reduce debt and pay out R$ 16.2 million of Interest on Own Capital.

2

Financial indicators

R$ million 3Q10 3Q09 r 2Q10 r

Gross Revenue 248.5 205.8 20.7% 236.3 5.2%

Net Revenue 232.0 193.4 20.0% 217.8 6.5%

Gross Profit 102.0 83.4 22.3% 91.0 12.1%

EBITDA 60.0 53.7 11.7% 53.4 12.4%

Net Income 44.6 34.5 29.4% 31.6 41.1%

Shares Outstanding (million) 131.3 4.6 131.3

Shares Outs. diluted (million) 131.9 4.6 131.9

Gross Margin % 44.0% 43.1% 84 bps. 41.8% 220 bps

EBITDA Margin % 25.9% 27.8% (192) bps 24.5% 136 bps

Effective Tax Rate 17.4% 29.6% 1,213 bps 18.0% 54 bps

Net Income Margin 19.2% 17.8% 140 bps 14.5% 471 bps

P/E 23.0 - 23.9

EV / EBITDA (LTM) 11.5 - 11.2

ROE (LTM) 11.8% 22.4% 11.2%

ROIC (LTM) 22.7% 23.3% 22.3%

Operational highlights

• Fleury Group was recognized and awarded “The Company of the Year” in Human Resources Management by the Brazilian magazine Gestão RH (“HR Management”).

• Fleury Group was recognized 1st in the sector for Financial Sustainability and Corporate Governance by “Istoé Dinheiro” magazine, and 1st in the sector for Value Generation and Margin from Operations by “Valor 1000” magazine (from “Valor Econômico” newspaper).

• An institutional campaign was advertised from July 25th to October (TV, radio, magazines) in order to enhance Fleury’s brand awareness.

Economic Scenario and Sector

Gross Domestic Product:Brazilian GDP grew by 8.8% (2Q10 x 2Q09) and 1.2% (2Q10 x 1Q10)

Employment:Employment growth and formalization of employment (HMOs main growth drivers) continue to outline the good opportunities in the sector; 728,000 (net) formal jobs were created during 3Q10, adding up to 2.3 million during the past 12 months. Unemployment had reduced to 6.2% by the end of the Quarter.

Sector:

At the same time, the recent figures released by the National Health Agency (ANS) reveal that the health insurance sector has reached a total of 44.0 million associates by the end of June 2010, a 7.9% YoY increase. Company financed plans are the main responsible for new beneficiaries, growing 11.7% in the same period. According to ANS’ last report, private health care assistance expenditure amounted R$ 27.1 billion in the first semester of 2010, 14.8% higher than 1H09.

3

Finacial Performance

Gross Revenue

Fleury Group´s Gross Revenue grew by 20.7% YoY to R$249 million. Compared to the previous quarter, growth was 5.2%. In the nine-month period ended September 2010 (9M10), Gross Revenue added up to R$ 702 million, 16.1% higher when compared to the same period in 2009 (9M09).

Gross Revenue (R$ Million)

• Consistent Organic Growth has been delivered through (i) Expansion of Imaging Services, enabled by the continuous optimization of our network and by further availability of physicians (as a result of DI acquisition during Q2), (ii) Innovation in High-Complexity tests and procedures, (iii) Hospital-Based Diagnostics development, which already represents 10.4% of the Group’s Revenue and (iv) Good performance of the Preventive Medicine services - Chronic Disease Management, Health Assessment and Health Promotion.

• Strategic Acquisitions enhancing our knowledge base, geographical presence and services diversification.

Gross Revenue breakdown by Business Line

3Q 10 3Q 09

R$ million % VA R$ million % VA r

Patient Service Centers 208.0 83.7% 173.9 84.5% 19.6%

Operations in Hospitals 25.8 10.4% 15.3 7.4% 68.6%

Lab-to-Lab and Clinical Trial 9.6 3.9% 10.6 5.1% -9.3%

Lab-to-Lab 8.7 3.5% 8.6 4.1% 1.8%

Clinical Trial 0.9 0.4% 2.0 1.0% -56.5%

Preventive Medicine 5.1 2.1% 6.0 2.9% -14.7%

Preventive Medicine (EX-FHD) 5.1 2.1% 3.5 1.7% 45.9%

Fleury Hospital-Dia (FHD) 0.0 0.0% 2.5 1.2% -100.0%

Organic growth has achieved 11.9%, as a result of our consistent long-term strategy and excellence in operational performance.

4

Excluding Clinical Trials services and Hospital-Dia discontinuation effect, as well as the impact from Lab-to-Lab services portfolio review, Gross Revenue would have grown by 24%.

Revenue by source has remained relatively stable:• Health Plan Providers are responsible for 71% of Group Revenues; • Private Customers add up to 15% of Revenues;

• Hospitals, other Laboratories and Companies are responsible for 14% of Revenues.

Gross Revenues Breakdown by Type of Test (%)

If we analyse Revenues by type of test we willnotice that Imaging & Other Specialties Revenue hasincreased by 17.5% (15.7% in 9M10). Clinical Analysisgrew by 24.9% (17.8% in 9M10), driven by Operationsin Hospitals as well as Weinmann’s acquisition.

The number of Clinical Analysis tests reached7.9 million in 3Q10, a 28% YoY increase (mostlycoming from the Regional Brands), and the numberof Imaging & Other Specialties tests added up to0.4 million, a 7% YoY increase. During 2010 the Grouphas performed 23.8 million tests.

Business Lines Performance

Patient Service CentersPSCs have contributed significantly to the Group´s Revenue in the quarter, since it´s growth rate achieved 19.6% YoY. Revenue in PSCs added up to R$ 208 million in 3Q10 and R$ 593 million in 9M10 (15.9% above 9M09). Also comparing to the previous quarter, there was a 4.6% increase. Number of patients was the main driver for Revenue growth, since it has expanded by 15.6% (10.8% in 9M10).

The Average Revenue per square meter grew by 13.4% to R$ 3.9 thousand, as a result of the expansion of services portfolio, optimization of the network and increase in capacity utilization. The Average Revenue per PSC grew by 10.2%.

Total PSCs area achieved 53.6 thousand square meters by the end of 3Q10, compared to 50.9 thousand in 3Q09.

Gross Revenue per square meter (R$ thousand) Gross Revenue per Average Patient and total square meters (thousands) Service Center (R$ Million)

“Same store sales” growth (which considers PSCs which were open during the comparison period) was 12%, mainly driven by the optimization of the network and the expansion of Imaging Services

5

Gross Revenues Breakdown by Type of Test (%)

The volume of tests at the PSCs has increasedby 20.8%. Average Revenue per test has decreasedby 0.9%. This is the result of increase in the numberof more complex tests which was offset by Weinmann acquisition, since it has only Clinical Analysis.

Imaging & Other Specialties Revenue in PSC’s hasincreased organically by 14.4%. Clinical AnalysisRevenue grew by 23.0%, driven by organic growthand Weinmann’s acquisition.

Diagnostic Operations in Hospitals

Fleury Group continues to expand its operations in Hospitals. Revenue from these operations has achieved R$ 25.8 million (R$ 66.5 million in 9M10), a 68.6% increase. The number of tests performed in this business line has expanded by 66.0%, while the average revenue per test has increased by 1.6%.

Again, both organic growth and acquisitions play important roles in this expansion:

• Organic Growth: As the responsible for Clinical Analysis operations at prominent Medical Institutions in Sao Paulo and Pernambuco, Fleury Group has benefited from the strong demand over the past 12 months. Due to the intrinsic characteristics of the Hospital environment, the delivery of qualified diagnostics is clearly a differentiating factor. As a consequence, both volume and mix have been improving significantly.

• Acquisitions: The acquisition of Weinmann brought 2 leading hospitals from Rio Grande do Sul to the Group´s Customer Portfolio while the acquisition of Di enabled the Group to expand its partnership with Hospital Alemão Oswaldo Cruz (São Paulo).

Lab-to-Lab and Clinical Trials

The Lab-to-Lab operations Revenue increased by 1.8%, reaching R$ 8.7 million (R$ 25.6 million in 9M10). Compared to the previous quarter (2Q10), revenue remained flat, with 0.7% growth. The rationalization of services portfolio was concluded by the end of 2009 and revenue has stabilized since then.

Also, by the end of 2009 the Group has decided to discontinue the Clinical Trials services, maintaining only the studies which were already under way. As a result, revenue has decreased from R$ 2.0 million in 3Q09 to R$ 0.9 million in 3Q10.

Overall, this business line’s revenue has decreased by 9.3%.

Preventive Medicine

This business line emcompasses Health Assessment, Health Promotion and Chronic Disease Management. Revenue has increased by 45.9% amounting R$ 5.1 million and representing already 2.1% of the Group’s Revenue (1.7% in 3Q09). In the nine-month period ended September 2010, Gross Revenue grew by 53.2% and reached R$ 13.1 million.

• Health Assessment Revenue increased by 28.1% (29.5% in 9M10), mainly due to a increase of 32% in the number of Health Assessments.

• Health Promotion services were flat YoY, expanding 25.7% in 9M10.

• The Chronic Disease Management service has reached 27.0 thousand lives under contract, and is continuously developing its conversion rate. An important aspect from this business is that Revenues are recurring and cumulative, as this is a continuous provision of service.

By including Fleury Hospital-Dia figures, revenue has decreased by 14.7%, since FHD revenue had reached R$ 2.5 million in 3Q09.

6

Tax on Revenue and cancellations

Tax on Revenue Rate was 5.7%, 19 basis points below 3Q09, reflecting the benefits of subsidiaries’ incorporations, carried out during August and September of 2009, enabling double taxation reduction.

Cancellations amounted to R$ 2.3 million, 0.9% of Gross Revenue, impacted by provisions for Cancellations, which are now (since 2Q10) deducted from Gross Revenue rather than included in other operating expenses. Accumulated cancellations in the nine months ended September, 2010, amounted to 1.1% of Gross Revenue.

Net Revenue

Consolidated Net Revenue amounted to R$ 232 million, a 20.0% increase (R$ 654 million in 9M10, a 15,2% growth).

Normalizing accounting criterion in deductions on Gross Revenue (as previously mentioned), Net Revenue would have increased by 21.1% YoY (16.2% in 9M10).

Cost of Services

Cost of Services includes mainly personnel, medical services, materials, equipment maintenance and general expenses with facilities, incurred by the Group to perform Clinical Analysis Tests and Diagnostic Imaging procedures both in our PSCs and Hospitals, as well as expenses to provide Customer Services (Call Center including).

The Cost of Services amounted to R$130 million, 18.2% over 3Q09 (R$ 375 million in 9M10, a 15.4% YoY growth). This cost represents 56.0% of the Net Revenue (compared to 56.9% in 3Q09), an improvement which became possible primarily due to fixed cost dilution and negotiations with suppliers.

Highlights:

I. Personnel and Medical Services are the Group’s main cost, reflecting our standadards regarding highly qualified professionals (amongst which there are 630 physicians) and the relevance of high added-value services. During 3Q10 this cost line represented 28.2% of Net Revenue (29.1% in 9M10), a dilution of 17 basis points over 3Q09. Comparing to the previous quarter, when a non recurring event was reported, there was a 248 basis points reduction.

II. Materials and Outsourcing represents 11.2% of Net Revenue (10.9% in 9M10), a dilution of 51 basis points over 3Q09. Efficiency gains were achieved through the integration of technical areas and unification of processing plants in Sao Paulo (concluded in 1Q10);

III. General Services, Rents and Utilities represents 11.2% of Net Revenues (11.7% in 9M10), a dilution of 259 basis points over 3Q09. Continuous optimization of PSCs and expansion of the average Revenue per square meter may deliver further dilution in this cost line;

IV. General Expenses represents 5.5% of Net Revenues (5.6% in 9M10), an increase of 244 basis points over 3Q09.

The Cost of Services in 3Q10, compared to the previous quarter as well as 3Q09 are shown below

3Q10 3Q09 2Q10

R$ million% Net Revenue

R$ million% Net

RevenueR$ million

% Net RevenueNew criterion Previous criterion

Personnel and medical services 65.5 28.2% 28.0% 54.9 28.4% 66.9 30.7%

Materials and outsourcing 25.9 11.2% 11.1% 22.6 11.7% 20.4 9.4%

General services, rent and utilities 25.9 11.2% 11.1% 26.6 13.8% 26.6 12.2%

General expenses 12.7 5.5% 5.4% 5.9 3.1% 13.0 6.0%

Cost of services 130.1 56.0% 55.5% 110.0 56.9% 126.9 58.2%

9M10 9M09

R$ million% Net Revenue

R$ million % Net RevenueNew criterion Previous criterion

Personnel and medical services 190.3 29.1% 28.9% 155.2 27.3%

Materials and outsourcing 71.5 10.9% 10.8% 70.7 12.5%

General services, rent and utilities 76.7 11.7% 11.6% 74.9 13.2%

General expenses 36.4 5.6% 5.5% 23.9 4.2%

Cost of services 374.8 57.3% 56.9% 324.7 57.2%

7

Gross Profit

Gross profit in 3Q10 has reached R$102.0 million, 44.0% of Net Revenue (R$ 279.0 million in 9M10, 42.7% of Net Revenue).

Gross Margin to Net RevenueBreakdown by cost line, normalizing accounting criterion (%)

Gross Margin to Net RevenueBreakdown by event (%)

Operating ExpensesGeneral and Administrative Expenses - General and administrative expenses, excluding the provisions for Profit Sharing Plan (PSP) and the Depreciations, amounted to R$43.6 million, which includes Marketing Expenses of R$ 5.2 million (225 basis points), related to an institutional campaign. This concentration of Marketing Expenses has offset the recurring 69 basis points dilution achieved in this line. As a consequence, G&A expenses represented 18.8% of Net Revenue, an increase of 156 basis points comparing to 17.2% in 3Q09 (17.4% of Net Revenue in 9M10).

The provisions for the Profit Sharing Plan (PSP) added up to R$2.5 million.

Depreciations amounted R$ 8.0 million (R$ 23.0 million in 9M10), versus R$ 9.3 million in 3Q09 (R$ 23.5 million in 9M09). The reduction is due to a non-recurring accounting adjustment in 3Q09.

Other Operating Revenues (Expenses), net - Other operating revenue (expenses) amounted to R$ 0.9 million (net revenue), breakdown being as follow:• R$ 8.8 million (revenue): Tax credit, as the company has renegotiated some debts;• R$ 5.4 million (expense): Bad Debt Provisions;• R$ 2.2 million (expense): Provision adjustments (taxes under dispute);• R$ 0.2 million (expense): write-offs;

Contingency provision - The contingency provisions were reduced by R$ 3.2 million, as probable losses were adjusted to a lower level of risk, according to legal counselling.

8

3Q10 3Q09 2Q10

R$ million % Net Revenue R$ million % Net Revenue R$ million % Net Revenue

General and Administrative 43.6 18.8% 33.3 17.2% 37.4 17.2%

Profit Sharing Plan (PSP) 2.5 1.1% 3.1 1.6% 2.9 1.3%

Other operating expenses (revenue), net -0.9 -0.4% 3.6 1.8% -3.8 1.8%

Contingency provision -3.2 -1.4% -10.7 -5.5% 1.1 -0.5%

Operating Expenses (ex-depreciation) 42.0 18.1% 29.3 15.1% 37.6 17.2%

YTD10 YTD09

R$ million % Net Revenue R$ million % Net Revenue

General and Administrative 114.0 17.4% 98.5 17.3%

Profit Sharing Plan (PSP) 7.8 1.2% 8.3 1.5%

Other operating expenses (revenue), net 1.2 0.2% 8.2 1.4%

Contingency provision -2.3 -0.3% -10.4 -1.8%

Operating Expenses (ex-depreciation) 120.7 18.5% 104.5 18.4%

EBITDA

EBITDA reached R$60.0 million, an 11.7% increase over 3Q09, representing a margin-to-net-revenue of 25.9%, 192 basis points below 3Q09. Comparing to 2Q10, EBITDA growth was 12.4% and margin increased by 136 basis points.

In the nine-month period ended September 2010, EBITDA added up to R$ 158.3 million, 14.4% higher than the same period in 2009 and 24.2% of margin-to-net-revenue.

The main non-recurring and pre-operational costs and expenses affecting EBITDA in 3Q10 are:(i) R$5.2 million in Marketing expenses (as previously mentioned);(ii) R$2.2 million in provisions adjustments (previously mentioned);(iii) R$1.7 million in rental and other expenses for upcoming PSCs;(iv) R$8.8 million in non recurring revenue due to the tax credit;(v) R$5.0 million in non recurring revenue due to contingency provision reversals.

These amounts mentioned above were not used in any way to adjust the EBITDA calculation.

EBITDA (R$ Million)

3Q 10 3Q 09

R$ million % Net Revenue R$ million % Net Revenue r

Net Income 44.6 19.2% 34.5 17.8% 140 bps

Financial Expenses (Income) (8.0) (3.4%) 3.6 1.8% 527 bps

Depreciation and amortization 8.0 3.5% 9.3 4.8% 133 bps

Income Tax and Social Contribution 15.3 6.6% 6.4 3.3% -327 bps

EBITDA (not adjusted) 60.0 25.9% 53.7 27.8% -192 bps

9

Financial Results

Financial Income reached R$8.0 million (R$18.1 million in 9M10), compared to a R$ 3.6 million net expense in 3Q09 (R$15.4 million net expense in 9M09).

R$ million 3Q10 3Q09

Financial Income (expenses), net 8.0 (3.6)

Interest and inflation adjustment (5.5) (5.9)

Exchange rate change and hedge 0.0 0.8

Interest received 14.8 2.1

Bank fees and other expenses (1.3) (0.6)

Financial income 15.5 3.5

Financial expenses (7.5) (7.1)

Income Tax and Social Contribution

Direct Taxes added up to R$15.3 million (R$53.6 million in 9M10), a 25.6% total tax rate. Considering the current tax amount recorded, effective Tax Rate was 17.4%.

¹ Other: Non-Recurring Provisions, Non-Deductible Expenses, Equity in subsidiaries

Net Income

Net Income reached R$44.6 million, 29.4% above 3Q09, representing a profit margin of 19.2% of the Net Revenue. In the nine-month period ended September 2010, Net Income added up to R$ 100 million, 56.9% higher than the same period in 2009.

Net Income (R$ Million)

10

Investments and Return

Capital Expenditure added up to R$ 13.7 million in 3Q10 (R$ 40.8 million in 9M10). Movements related to PSCs achieved 1.6 thousand square meters, mainly due to expansion of Imaging services in existing PSCs.

Regarding Return on Investment, ROIC was 22.7% in 3Q10 (LTM).

CapEx demand for the period 2010-2011 (which includes the Expansion Plan, IT development and equipment replacement) has been revised. The total amount is now adjusted to R$ 269 million (out of which R$ 41 million have already been invested in 2010). Cash Outflow breakdown:• 4Q10 + 1H11= R$ 135 million;• 2H11 = R$ 93 million.

Debt and Exchange Rate risk

Fleury Group ended the quarter with R$353 million of net cash. Excluding tax installments, net cash was R$432 million.

Out of R$100 million financial debt, less than 2.6% is denominated in foreign currency. Also, less than 1.8% of Trade Accounts Payable is exposed to exchange rate fluctuation.

Capital Market

Fleury shares (BOVESPA: FLRY3) ended up the 3Q10 at R$ 21.00, a 31.25% increase since the IPO (compared to 1.2% increase of the Ibovespa Index). In 3Q10 shares price grew 5.1%, with daily average trade volume of R$ 2.4 million.

FLRY3

Close (09/30/2010) R$ 21.00

3Q10 High R$ 23.17

3Q10 Low R$ 19.82

Investor Relations Department

Phone: + 55 11 5014-7413 | E-mail: ri@fleury.com.br | Website: www.fleury.com.br/irAddress: Avenida General Valdomiro de Lima, 508 - 04344-903 - São Paulo, SP - Brasil

11

Performance Indicators

Income Statement Description Unit 1Q10 2Q10 3Q10

Gross Revenue Gross Revenue R$ MM 217.2 236.3 248.5

Net Revenue Gross Revenue - Tax (ISS) - Cancellations R$ MM 203.9 217.8 232.0

COGS Personnel and Medical Services + Materials and Outsourcing + General Services, Rent and Utilities + General Expenses

R$ MM (117.9) (126.9) (130.1)

SG&A Does not include Other Operating Expenses / Revenues neither Contingency Provisions

R$ MM (43.4) (47.3) (54.1)

EBIT Earnings Before Interest and Taxes R$ MM 36.8 46.4 52.0

Interest Revenue (net) Interest Revenue - Interest Expenses R$ MM 3.7 6.4 8.0

Net Income Net Income R$ MM 23.5 31.6 44.6

EBITDA Earnings Before Interest, Taxes, Depreciation and Amort. R$ MM 44.9 53.4 60.0

Gross Margin Gross Profit / Net Revenue % 42.2% 41.8% 44.0%

EBIT Margin Earnings Before Interest and Tax / Net Revenue % 18.1% 21.3% 22.4%

EBITDA Margin Earnings Before Interest, Tax, Depreciation and Amortization / Net Revenue

% 22.0% 24.5% 25.9%

Effective Tax Rate Current Tax / Earnings Before Tax % 13.1% 18.0% 17.4%

Net Income Margin Net Income / Net Revenue % 11.5% 14.5% 19.2%

Balance Sheet

Cash & Equivalents Cash and Equivalents R$ MM 576 568 573

Current Assets Current Assets R$ MM 789 784 811

PP&E, net Tangible Fixed Assets R$ MM 159 166 170

Total Assets Total Assets R$ MM 1,326 1,331 1,363

Short Term Debt Loans and Financing - Current Liabilities R$ MM 49.8 34.1 35.8

Current Liabilities Current Liabilities R$ MM 157 142 151

Long Term Debt Loans and Financing - Long Term R$ MM 80.0 65.3 63.9

Total Liabilities Total Liabilities R$ MM 375 347 351

Total Equity Total Equity R$ MM 952 984 1,012

Valuation Multiples

P/E (Price-to-Earnings Ratio) Quarter Closing Price / Net Income LTM / Number of Shares Multiple 25.9 23.9 23.0

P/B (Price-to-Book Ratio) Quarter Closing Price / (Asset excl. Intangibles) / Number of Shares

Multiple 2.47 2.63 2.68

P/S (Price-to-Sales Ratio) Quarter Closing Price / Gross Revenue LTM / Number of Shares

Multiple 2.96 3.00 3.00

EV/EBITDA (Market Capitalization + Short and Long Term Debt - Cash and Equivalents) at Quarter Closing / EBITDA LTM

Multiple 11.0 11.2 11.5

Financial Debt

Debt / Equity Loans and Financing - Short and Long Term / Tangible Equity (Equity less Intangibles)

% 20.5% 15.3% 14.7%

Net Debt / Equity (Loans and Financing / Short and Long Term less Cash and Equivalents) / Tangible Equity (Equity less Intangibles)

% -70.4% -72.0% -69.7%

Debt / Assets Loans and Financing Short and Long Term / Total Assets % 9.8% 7.5% 7.3%

Debt / EBITDA Loans and Financing Short and Long Term / EBITDA LTM % 69.9% 51.5% 50.1%

Liquidity

Cash / Current Liability Cash & Equivalents / Current Liabilities % 367% 400% 380%

Quick Ratio Current Assets (wo/ Inventory) / Current Liabilities % 496% 546% 532%

Current Ratio Current Assets / Current Liabilities % 502% 553% 538%

FLEURY S.A. AND SUBSIDIARIES

BALANCE SHEETS AS OF SEPTEMBER 30 AND JUNE 30 2010

(In thousans of Brazilian - R$)

ASSETS 09/30/2010 06/30/2010 LIABILITIES AND SHAREHOLDERS' EQUITY 09/30/2010 06/30/2010

CURRENT ASSETS CURRENT LIABILITIES

Cash and cash equivalents 572,890 568,144 Empréstimos e FinanciamentosBorrowings and financing 35,838 34,122

Derivative financial instruments - 7 Fornecedores NacionaisDerivative financial instruments 410 -

Trade accounts receivable 198,920 172,795 Fornecedores EstrangeirosTrade accounts payable 41,781 41,136

Inventories 8,347 9,841 Obrigações SociaisPayroll and related taxes 44,378 38,477

Recoverable taxes 17,566 18,516 Provisão IRPJ e CSLLProvision for income tax and social contribution 9,575 5,460

Prepaid expenses 1,604 2,398 IR e CS Diferidos PassivosTaxes payable 11,125 12,847

Other 11,796 12,579 Obrigações FiscaisAccounts payable - business acquisitions 7,660 9,316

Total current assets 811,123 784,280 Other payables 54 522

Outros Créditos Adiantamentos de ClientesTotal current liabilities 150,821 141,880

NONCURRENT ASSETS Notas Promissórias a Pagar - CP

Long-term assets: Aquisições de Empresas - CPNONCURRENT LIABILITIES

Related parties - - Outras Obrigações - CPBorrowings and financing 63,897 65,332

Recoverable taxes 9,629 9,629 Deferred income tax and social contribution 28,319 23,154

Judicial deposits 4,246 4,117 Reserve for contingencies 6,435 9,194

Deferred income tax and social contribution 34,522 34,249 Taxes payable 67,957 74,464

Other 42 66 Empréstimos e Financiamentos - LPAccounts payable - business acquisitions 33,383 32,911

Total long-term assets 48,439 48,061 IR e CS Diferidos Passivos - LPOther 4 3

Impostos a Recuperar - LP Provisão de Contingências - LPTotal noncurrent liabilities 199,995 205,058

Investments 246 246 Aquisições de Empresas - LP

Property and equipment 170,046 165,583 Outras Obrigações - LPSHAREHOLDERS' EQUITY

Intangible assets 333,205 332,401 Capital 832,058 832,058

Total noncurrent assets 551,936 546,291 Capital reserve 1 1

Investimentos MinoritáriosCapital reserve - options granted recognized 695 482

Imobilizado Revaluation reserve 3,217 3,583

Intangível Earnings reserves 176,272 147,509

Total shareholders' equity 1,012,243 983,633

Capital Social

TOTAL ASSETS 1,363,059 1,330,571 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,363,059 1,330,571

Consolidated Consolidated

2

STATEMENTS OF INCOME

FOR THE QUARTERS ENDED ON SEPTEMBER 30 2010 AND 2009

(In thousans of Brazilian reais - R$, except earnings per share)

3Q10 9M10 3Q09 9M09

SERVICE REVENUE 248,532 701,956 205,826 604,697

Patient Service Centers 207,971 593,033 173,906 511,463

Hospital-based Diagnostics 25,824 66,498 15,318 45,515

Lab-to-lab and Clinical Trials 9,603 29,079 10,587 33,018

Preventive and Therapeutic Medicine 5,133 13,345 6,015 14,701

TAXES (14,162) (40,272) (12,113) (36,150)

CANCELLATIONS (2,321) (7,899) (315) (986)

NET REVENUE 232,049 653,785 193,398 567,561

COST OF SERVICES (130,057) (374,802) (110,013) (324,670)

Personnel and Medical Services (65,488) (190,258) (54,912) (155,190)

Materials and Outsourcing (25,933) (71,455) (22,604) (70,730)

General Services, Rents and Utilities (25,896) (76,689) (26,593) (74,888)

General Expenses (12,741) (36,400) (5,905) (23,863)

GROSS PROFIT 101,992 278,983 83,385 242,891

44.0% 42.7% 43.1% 42.8%OPERATING EXPENSES (INCOME)

General and administrative expenses (54,088) (144,741) (45,689) (130,248)

Other operating income (expenses), net 932 (1,205) (3,557) (8,236)

Reversal (reserve) for contingencies 3,175 2,252 10,719 10,419

INCOME FROM OPERATIONS BEFORE FINANCIAL EXPENSES 52,011 135,289 44,858 114,826

FINANCIAL INCOME (EXPENSES) 7,957 18,071 (3,556) (15,403)

INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 59,968 153,360 41,302 99,423

INCOME TAX AND SOCIAL CONTRIBUTION

Current (10,451) (25,238) (12,208) (33,048)

Deferred (4,892) (28,323) 5,747 (2,778)

INCOME BEFORE NON-CONTROLLING INTERESTS 44,625 99,799 34,841 63,597

NON-CONTROLLING INTERESTS - - (363)

NET INCOME 44,625 99,799 34,478 63,597

19.2% 15.3% 17.8% 11.2%

EBITDA 60,036 158,293 53,746 138,365

25.9% 24.2% 27.8% 24.4%

Number of shares outstanding at period end (million) 131.3 131.3 4.6 4.6

EARNINGS PER SHARE - R$ 0.34 0.76 7.50 13.83

3

FLEURY S.A. AND SUBSIDIARIES

STATEMENTS OF CASH FLOWS

FOR THE QUARTERS ENDED ON 30 JUNE 2010 AND 2009

(In thousands of Brazilian reais - R$)

3Q10 9M10 3Q09

CASH FLOW FROM OPERATING ACTIVITIES

Net income 44,625 99,799 34,478

Items not affecting net cash provided by operating activities:

Depreciation and amortization 8,025 23,004 9,251

Stock Option Plan 213 695 -

Net book value of property and equipment disposed of 370 1,419 -

Non-controlling interests - - -

Interest and inflation adjustment 5,000 16,959 885

Deferred taxes 4,892 28,323 (5,747)

Use of fiscal credit and benefits from tax shield (8,812) (23,444) -

Recognition (reversal) of reserve for contingencies (3,175) (2,252) (10,719)

Allowance for doubtful accounts 7,524 20,192 3,093

Uncollectible receivables - 5,918 -

(Increase) decrease in assets:

Trade accounts receivable (33,650) (65,989) (9,058)

Inventories 1,494 4,102 (873)

Other current assets 2,505 (4,315) 194

Noncurrent assets 24 875 254

Increase (decrease) in liabilities:

Trade accounts payable 645 (1,337) 425

Accounts payable and provisions 3,502 (1,522) 6,723

Income tax and social contribution 3,902 8,266 432

Other noncurrent liabilities 2,551 (6,226) 1,475

Net cash provided by operating activities 39,635 104,467 30,813

CASH FLOW FROM INVESTMENT ACTIVITIES

Additions to property and equipment (11,998) (33,540) (5,067)

Additions to intangible assets (1,664) (5,124) (832)

Additions to investments - (2,102) -

Additions to investments and goodwill on business acquisitions - (6,221) (17,964)

Accounts payable - business acquisitions (2,073) (35,651) -

Net cash incorporated - - -

Acquisitions less net cash included in acquisitions - 1,528 -

Net cash used in investing activities (15,735) (81,110) (23,863)

CASH FLOW FROM FINANCING ACTIVITIES

Capital increase - 82,204 -

Shares issuance costs - (566) -

Borrowings - 1,359 2,208

Borrowings and financing repaid (2,926) (45,065) (6,848)

Interest on capital and dividends (16,228) (16,228) (9,000)

Related parties - - -

Net cash provided by (used in) financing activities (19,154) 21,704 (13,640)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,746 45,061 (6,690)

CASH AND CASH EQUIVALENTS

At beginning of the period 568,144 527,828 96,620

At end of the period 572,890 572,890 89,930

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,746 45,062 (6,690)

5

FLEURY S.A.

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (COMPANY)

FOR THE QUARTERS ENDED ON SEPTEMBER 30 AND JUNE 30 2010 AND TO THE FISCAL YEAR ENDED DECEMBER 31 2009

(In thousands of Brazilian reais - R$, except dividends and interest on capital per share proposed and paid)

Shares Capital Capital reserve - granted Revaluation Legal Profit Retained

Capital issuance costs reserve options recognized reserve reserve reserve earnings Total

BALANCES AS OF DECEMBER 31, 2008 94,439 - 1 - 5,272 9,458 41,503 - 150,673

Capital increase 678,199 - - - - - - - 678,199

Shares issuance cost - (22,218) - - - - - - (22,218)

Realization of revalution reserve - - - - (1,165) - 1,165 -

Net income (R$0,66 Per share) - - - - - - - - 83,685 83,685

Allocation of income:

Dividends paid, ESM OF AUGUST 12 2009 (R$1,96 per share) - - - - - - - (9,000) (9,000)

Dividends paid, ESM OF OCTOBER 19 2009 (R$7,62 per share) - - - - - - - (35,000) (35,000)

Recognition of legal reserve - - - - - 4,185 - (4,185) -

Allocation to earnings reserve - - - - - - 36,665 (36,665) -

BALANCES AS OF DECEMBER 31, 2009 772,638 (22,218) 1 - 4,107 13,643 78,168 - 846,339

Capital increase 82,204 - - - - - - - 82,204

Shares issuance cost - (566) - - - - - - (566)

Realization of revaluation reserve - - - - (241) - - 241 -

Stock option plan - - - 67 - - - - 67

Net income (R$0,18 per share) - - - - - - - 23,548 23,548

BALANCES AS OF MARCH 31 2010 854,842 (22,784) 1 67 3,866 13,643 78,168 23,789 951,592

Realization of revaluation reserve - - - - (283) - - 283 -

Stock option plan - - - 415 - - - - 415

Net income (R$0,24 per share) - - - - - - - 31,626 31,626

BALANCES AS OF JUNE 30 2010 854,842 (22,784) 1 482 3,583 13,643 78,168 55,698 983,633

Realization of revaluation reserve - - - - (366) - - 366 -

Stock option plan - - - 213 - - - - 213

Net income (R$0,33 per share) - - - - - - - 44,625 44,625

Interest on capital proposed (R$0.12 per share) - - - - - - - (16,228) (16,228)

BALANCES AS OF SEPTEMBER 30 2010 854,842 (22,784) 1 695 3,217 13,643 78,168 84,461 1,012,243

The accompanying notes are an integral part of these financial statements.

Capital Earnings reserves

4