Investor Update 3Q10

Investor Update 3Q10

SULAMÉRICA AT A GLANCE Largest independent Brazilian insurance group Solid reputation and widely-recognized brandname Multiline insurance business supported by high-quality products and services Nationwide footprint and strong relationship with independent brokers Experienced and qualified management team 2

MULTILINE STRATEGY OFFERS MULTIPLE GROWTH OPPORTUNITIES Health insurance Portfolio of 2.0 million members, covered by a network of over 25 thousand medical services providers around the country Automobile insurance Insured fleet of 1.3 million vehicles, fast and efficient assistance services for claim support Insurance premiums Total R$6.2 billion (9M10) Health 62.6% Other P&C insurance Expertise in commercial and individual lines Life & Pension insurance R$2.6 billion in pension reserves, focused in independent institutions Asset Management R$ 18.5 billion in AUM, with strong presence in institutional portfolio Life & Pension 6.8% 5.7% Other property & casualty 24.9% Automobile 3 Latest update: June 2010

STRONG TRACK RECORD BUILT ON SUCCESSFUL PARTNERSHIPS AND INNOVATION Founded as a life insurance company Pioneering healthcare operation Joint venture with AETNA BRL 775MM IPO USD 200MM Eurobond Thomaz Menezes announced as the new CEO End of the partnership with Banco do Brasil 1929 1995 2001 2009 1895 1970 1997 2007 1 st half 2010 2 nd half 2010 Portfolio increases and includes auto and P&C Partnership with Banco do Brasil in automobile and health ING buys Aetna s participation in SulAmérica New headoffices in Rio 4 4

WORLD-CLASS CORPORATE GOVERNANCE SULASA ING Other (1) 55% 45% SULASAPAR Free Float 8% 33% 21% 38% Sul América S.A. BM&F Bovespa: SULA11 Bloomberg: SULA11 EQUITY BZ <GO> 100% tag-along rights, exceeding minimum requirements of the L2 listing segment One-third of independent members in the Board of Directors Advisory committees to provide support on specialized matters Foreign contribution and local expertise to add quality to decision making process 5 Latest update: April 2010 (1) Management and Affiliated Shareholders

STRONG PERFORMANCE WITH ECONOMIC IMPROVEMENT 58.7 11.4% Total industry premiums R$ billion (P&C, Life and Health) CAGR 05-09: +14.0% 66.6 77.0 89.1 99.4 13.4% 15.7% 15.7% 11.5% 45.8 51.9 2005 2006 2007 2008 2009 6M09 6M10 Premium volume +13.4% YoY growth Insurance premiums breakdown Total R$51.9 billion Other property & casualty Life risk 23% 16% 18% 30% 13% Automobile Life accumulation Health insurance Sources: SUSEP, FENASEG and ANS Sources: SUSEP and ANS 6

INSURANCE BUSINESS STILL UNDERPENETRATED Insurance penetration premiums as % of Brazilian GDP Insurance penetration premiums as % of GDP, 2009 CAGR 05-09: +3.1% 3.2% Taiwan Netherlands UK 16.2% 13.6% 12.9% #1 #2 #3 2.7% 2.8% 2.9% 3.0% South Africa Hong Kong USA Italy 12.9% 11.0% 8.0% #16 7.8% #18 #4 #5 Spain 5.7% #28 India 5.2% #31 2005 2006 2007 2008 2009 Chile China 3.9% 3.4% #40 #44 Brazil 3.1% #47 Russia 2.3% #54 Source: SUSEP, ANS and IBGE Source: Sigma report #2/2010 (Swiss Re) 7

PRIVATE HEALTHCARE: ROOM FOR CONSOLIDATION Industry consolidation * 44 2.0 42 2.0 41 39 1.7 37 1.6 1.6 35 1.5 31 31 31 32 1.4 34 1.5 1.3 1.2 1.2 45.00 40.00 35.00 30.00 Healthcare industry Total Brazilian population 190 million Regulated Private Healthcare 1 22% 43 25 Self-insured government funded 2 13% 25.00 122 Operators (thousand) Source: ANS * Excludes dental operators Membership (million) Universal Public System only 65% Source: ANS (1) Private healthcare excludes dental (2) Healthcare assistance for civil and military public servants 8

PRIVATE HEALTHCARE: CHALLENGING OPPORTUNITIES Total revenue R$33.6 billion (2Q10) Membership by type 44 million (2Q10)* HMO 30% 20% Insurance 77% Group Health 36% 14% Other (1) Individual Health 22% Cooperatives (2) Source: ANS 1) Other: ASO, self-managed plans, dental, non profit institutions 2) Medical and dental Cooperatives Source: ANS * Does not include 14 million members of dental only 9

PRIVATE HEALTHCARE: ROOM FOR CONSOLIDATION 100% Membership concentration Total membership: 44 million 80% 202 operators 80% of the total 60% 40% 22 operators 40% of the total 20% 6 operators 20% of the total 0% 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 10

AUTOMOBILE: LOW PENETRATION RESULTS IN STRONG GROWTH POTENTIAL New car sales (million) Inhabitants per vehicle 1.7 1.9 CAGR 05-09: +16.3% 2.5 2.8 3.1 2.3 +8.7% 2.5 9.0 8.9 8.8 8.6 8.4 8.4 8.2 8.0 7.9 7.4 7.0 6.8 6.6 6.9 6.1 5.5 5.5 5.0 5.0 4.7 4.7 5.5 5.5 4.1 5.3 5.3 5.5 5.5 5.6 5.7 5.2 4.8 4.0 1.3 1.2 1.2 2005 2006 2007 2008 2009 9M09 9M10 1998 2000 2002 2004 2006 2008 Source: ANFAVEA Source: ANFAVEA (Brazilian Automotive Industry Yearbook 2010) 11

AUTOMOBILE: LOW PENETRATION RESULTS IN STRONG GROWTH POTENTIAL Auto Insurance Industry CAGR 04-09: +8.0% Covered vehicles Total fleet: 42.8 million in 2009 8.4 8.6 9.3 10.0 11.2 12.3 CAGR 04-09: +10.5% 10.5 12.1 13.3 13.5 15.3 17.3 8.0 +16.6% 9.4 Insured fleet 29% 71% 2004 2005 2006 2007 2008 2009 6M09 6M10 Auto insurance premiums (R$ billion) Covered vehicles (million) Non insured fleet Source: Fenaseg and SUSEP Source: Fenaseg and seguradora líder 12

DIVERSIFIED DISTRIBUTION SUPPORTS STRATEGIC POSITIONING Nationwide operations More than 100 points of presence, including 14 branches in the main cities of the country 21 auto service centers (C.A.S.A.s), 3 new units implemented in 2010 Network of +30,000 independent insurance brokers Distribution partnerships with leading financial institutions Client potential: 26 million 16 thousand bank branches Main products distributed: automobile and residential 13 * Exclusive

MAIN EVENTS IN 3Q10 AND SUBSEQUENT EVENTS Brasilsaúde Stock split Award Abrasca of Value Creation Partnership with Credicard Best Corporate Governance practices S&P reaffirms "AMP-1" rating for SulAmérica Investimentos Opening of two Auto Super-Service Centers (C.A.S.A.s) Brasilveículos 14

GROWTH IN ALL OF MAJOR LINES Total insurance premiums R$ million Insurance premiums Total R$6.2 billion (9M10) 6,869 CAGR: +12.4% 7,723 8,680 5,410 +13.8% 6,157 Health 62.6% 2007* 2008 2009 9M09** 9M10* Other property & casualty 6.8% 5.7% Life & Pension 24.9% Automobile Recurring figures **Excluding figures from Brasilveículos Companhia de Seguros 15

GROWTH IN HEALTH DRIVEN BY GROUP POLICIES 3,758 Health insurance premiums R$ million CAGR:+9.6% 4,099 4,515 3,317 +16.2% 3,853 Covered individuals Total 2.0 million members (9M10) Individual ASO 2007* 2008 2009 9M09** 9M10* 13.3% 14.7% Health insurance members Thousand +11.8% 10.6% SME 1,565 286 353 1,686 273 304 1,792 1,758 269 271 278 284 1,966 289 263 Group 61.3% 926 1,109 1,248 1,203 1,413 2007 2008 2009 9M09 9M10 * Recurring figures 16 Group Individual ASO

PRICING POLICY: THE KEY FOR PROFIT Automobile insurance premiums R$ million Insured vehicles Vehicles in thousand 1,984 CAGR:+21.6% 2,346 2,933 1,200 +27.7% 1,531 CAGR:+6.6% 1,692 1,771 1,922 1,084 +23.1% 1,334 2007 2008 2009 9M09* 9M10 2007 2008 2009 9M09* 9M10 * Excluding figures from Brasilveículos Companhia de Seguros 17

UNDERWRITING POLICY TARGETS OPERATING GAINS Health loss ratio % Loss ratio % 76% 76% 81% 81% 81% 70% 71% 73% 76% 74% 2007* 2008 2009 9M09 9M10* Automobile loss ratio % 2007* 2008 2009 9M09** 9M10* 60% 64% 62% 63% 61% 2007 2008 2009 9M09** 9M10 Recurring figures **Excluding figures from Brasilveículos Companhia de Seguros 18

INCREASED FOCUS ON OPERATING EFFICIENCY Administrative expenses R$ million Headcount (FTE)* 12.8% 12.8% 870 937 945 11.4% 9.8% 8.8% 12.50% 10.50% 0.2% -1.4% 5,582 5,506-7.2% -3.8% 0.00% -50.00% -100.00% 500 533 8.50% 6.50% 5,112 5,142 4,947-150.00% -200.00% 4.50% -250.00% -300.00% 2007* 2008 2009 9M09 9M10* Administrative expenses Administrative expenses ratio (% retained premiums) 2.50% 2007 2008 2009 9M09 9M10 FTE YoY change * It does not include executives and interns -350.00% * Recurring figures 19

COMBINED RATIO EVIDENCES OPERATING EFFICIENCY 97.8% 98.4% 99.4% 100.7% 99.1% 1.7% 1.1% 1.3% 1.9% 3.1% 2.9% 2.4% 2.1% 1.7% 1.6% 10.8% 11.1% 11.3% 11.2% 11.8% 12.8% 12.8% 11.4% 9.8% 8.8% 69.6% 71.0% 73.3% 76.1% 73.8% 2007* 2008 2009 9M09 9M10* Loss ratio Administrative expenses Acquisition cost Tax expenses Other operating income (expenses) * Recurring figures 20

INVESTMENT POLICY DRIVEN BY ALM Investment strategy ex-pension and VGBL Total R$4.3 billion Investment allocation ex-pension and VGBL Total R$4.3 billion Selic/CDI 64% IPCA 27% Fixed income government securities 76% Corporate bonds and CDs 23% Equities 1% Other 3% Indexed 5% Investment strategy Total R$6.9 billion* Investment allocation Total R$6.9 billion* Equities and equity funds 1% IGPM 11% IPCA 17% Selic/CDI 62% Indexed Equities 3% Other 4% 3% Fixed income government securities 75% Corporate bonds and CDs 21% Equities and equity funds 4% 21 (*) Including pension and VGBL operations

PENSION RESERVES INCREASED 17.2% IN 9M10 Pension contributions R$ million Pension reserves R$ billion 17.2% 134 158 202 127 +16.6% 148 1.4 1.7 1.9 1.8 2.1 2007 2008 2009 9M09 9M10 2007 2008 2009 9M09 9M10 22

WEALTH MANAGEMENT LEVERAGES FROM CROSS SELLING Third party assets R$11.7 billion (9M10) Assets under management R$ billion 51.4% 18.5 14.4 11.5 12.0 12.2 Institutional 94.5% 3.2% 2.3% External distribution Private 11.7 8.4 7.0 6.8 6.4 4.5 5.2 6.0 5.8 6.9 2007 2008 2009 9M09 9M10 Proprietary Third-party Third party assets R$11.7 billion (9M10) Equities 3.9% 37.6% Multimarket Fixed Income 39.0% 19.5% Other 23

NET INCOME REACHES R$268 MILLION IN 9M10 Net income R$ million ROAE** % 340 382 419 +1.8% 264 268-90 bps 23.6% 18.0% 17.6% 14.5% 13.7% 2007* 2008* 2009 9M09 9M10* 2007* 2008* 2009 9M09 9M10* 24 * Recurring figures ** Return on Average Equity - annualized

DIVIDENDS 250.0 Dividends R$ million 100.0% 200.0 199 90.0% 80.0% 70.0% 150.0 60.0% 100.0 62 104 50.0% 50.0% 40.0% 30.0% 50.0-25.0% 26.3% 2007 2008 2009 20.0% 10.0% 0.0% Dividends Payout It was approved in the Shareholders Meeting a proposal for the distribution of results that includes the payment of R$199.1 million in dividends, which corresponds to 50% of adjusted net income in the fiscal year. 25

STOCK PERFORMANCE 2007 2008 2009 2010 220 200 Ibovespa: 5.8% SULA11: -2.5% Aver. volume: R$5.9MM Ibovespa: -41.2% SULA11: -47.1% Aver. volume: R$2.7MM Ibovespa: +82.7% SULA11: +224.9% Aver. volume: R$5.3MM Ibovespa: +5.9% SULA11: +20.7% Aver. volume: R$7.0MM +102.4% 180 Price (October 4, 2007=100) 160 140 120 100 80 60 +20.2% 40 20-26 * until November 5, 2010 IBOVESPA SULA11

AVERAGE VOLUME - SULA11 ADTV LTM 10,000 394 393 9,000 346 370 8,000 297 304 325 Volume (R$ 1000) 7,000 6,000 5,000 4,000 186 209 231 236 255 266 3,000 2,000 1,000 - Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 $Volume #Trades 27 * until November 5, 2010

KEY MULTIPLES P/E 1yr fwd* P/B 14 12 10 8 6 7.2 5.7 6.9 5.2 7.4 10.5 11.4 11.8 8.9 4 3 3 2 2 2.8 3.0 1.5 1.2 1.6 2.0 1.7 1.7 2.2 4 3.7 1 1.2 0.9 0.8 2 1 0 0 * P/E based on market consensus Note: until October 30, 2010 28

RESEARCH COVERAGE Target Price Latest Revision Upside/ Downside* Recommendation R$ 25 Target price vs. Market price R$17.67 (end of 2010) 4/14/2010-15.5% Hold R$ 20 R$18.89 R$20.91 R$20.70 (end of 2011) 6/4/2010-1.0% Hold R$ 15 R$ 10 R$16.67 (end of 2010) 2/26/2010-20.3% Hold R$ 5 R$14.06 (Dec 2010) 5/24/2010-32.8% Sell R$ - R$18.27 (end of 2010) R$18.40 (end of 2010) R$21.90 (Aug of 2011) R$23.50 (end of 2011) 07/16/2010-12.6% Hold 8/25/2010-12.0% Hold 8/25/2010 4.7% BUY 10/15/2010 12.4% BUY Consenso Recommendation Sell 12% SULA11 Buy 25% Consensus R$18.89 - -9.7% - Hold 63% In relation to the stock price as of 11/5/2010=R$20.91 Source: sell side analysts 29

30 Appendix

BRAND REPOSITIONING Mission: Assure financial protection and tranquility to our customers, in a unique experience of agility, confidence and transparency. Strategic vision: Up to 2012, be the preferred company to customers and brokers, in the main markets in which it acts, being among the most profitable. Values: We always focus on the best results We carry out what we promise We are accessible and dynamic Vocation for serving We value employees and teamwork We are committed to sustainability 31

MANAGERIAL STRUCTURE CEO Health Auto and other P&C Life and pension Asset management Corporate & IR Finance, legal IT & contact centers HR and administration Sales and marketing Industry relations 32

CORPORATE STRUCTURE Saepar Serviços e Participações Holding Sul América Companhia Nacional de Seguros Auto & Other P&C insurance Sul América Companhia de Seguro Saúde Individual health insurance Sul América Companhia de Seguros Gerais Other P&C insurance Sul América Seguro Saúde S.A. Group health insurance Sul América Investimentos DTVM S.A. Asset Management Sul América Seguros de Pessoas e Previdência S.A. Life, PA and Pension Brasilsaúde Companhia de Seguros Health insurance Sul América Serviços de Saúde S.A. ASO 33 Only operational companies

SULAMÉRICA: EARNINGS HIGHLIGHTS 3Q10 3Q10/3Q09 9M10 9M10/9M09 Insurance premiums (R$ billion) R$2.3 21.0% R$ 6.2 13.8% Combined ratio 95.5% -6,1 bps 99.1% -170 bps Return on investments (expension and VGBL) (R$ million) Average yield (ex-pension and VGBL) (% of the CDI) Net income (R$ million) R$ 104.4 17.8% R$ 301.1-1.7% 99.4% -1430 bps 112.0% 1950 bps R$ 130.9 61.3% R$ 268.4 1.8% ROAE 20.0% 660 pbs 13.7% -90 bps 34 Recurring figures when applicable

OPERATIONAL RESULTS Insurance premiums R$ million 3Q10¹ 3Q09² % 2Q10 % 9M10³ 9M09² % Health insurance 1,375.5 1,157.3 18.9% 1,261.2 9.1% 3,913.1 3,316.5 18.0% Health insurance (adjusted) 1,375.6 1,157.3 18.9% 1,261.2 9.1% 3,852.6 3,316.5 16.2% Group health insurance 996.5 807.1 23.5% 920.2 8.3% 2,769.7 2,272.9 21.9% Group health insurance (adjusted) 996.6 807.1 23.5% 920.2 8.3% 2,769.8 2,272.9 21.9% Individual health insurance 379.0 350.1 8.2% 341.0 11.2% 1,143.4 1,043.6 9.6% Individual health insurance (adjusted) 379.0 350.1 8.2% 341.0 11.2% 1,082.7 1,043.6 3.8% Auto insurance 614.9 426.9 44.0% 497.3 23.6% 1,531.3 1,199.5 27.7% Other property & casualty insurance 117.2 155.3-24.6% 101.1 15.9% 353.7 530.5-33.3% Life & personal accident insurance 151.5 127.5 18.8% 136.1 11.4% 419.6 363.5 15.4% Total 2,259.0 1,867.1 21.0% 1,995.7 13.2% 6,217.8 5,410.0 14.9% Total adjusted 2,259.1 1,867.1 21.0% 1,995.7 13.2% 6,157.2 5,410.0 13.8% 35 ¹ In 3Q10, adjustments were made to the provisioning methodology of Brasilsaúde, which generated non-recurring effects in the lines premiums, retained claims, acquisition costs, other operating income and expenses, administrative expenses and provision for income tax and social contribution. ² Pro-forma information, excluding Brasilveículos Companhia de Seguros from the consolidated financial statements. ³ In 9M10, adjustments were made related to the exclusion of Brasilveículos from the consolidated financial statements as of January 1, 2010, to the effects from the issue of R$60.6 million in complementary individual health insurance premiums to policyholders in the state of Bahia in 1Q10, which impacted the lines revenues, claims (due to the comparison basis), other insurance operating income and expenses (bad debt provision of R$16.8 million), tax expenses, income tax and social contribution and all ratios based on premiums or net income, and to the adjustments in the provisioning methodology of Brasilsaúde mentioned in Note 1.

OPERATIONAL RESULTS Earned premiums R$ million 3Q10¹ 3Q09² % 2Q10 % 9M10³ 9M09² % Health insurance 1,364.9 1,150.7 18.6% 1,255.8 8.7% 3,894.4 3,307.0 17.8% Health insurance (adjusted) 1,365.0 1,150.7 18.6% 1,255.8 8.7% 3,833.9 3,307.0 15.9% Group health insurance 992.7 803.6 23.5% 912.1 8.8% 2,757.6 2,266.5 21.7% Group health insurance (adjusted) 992.8 803.6 23.5% 912.1 8.8% 2,757.7 2,266.5 21.7% Individual health insurance 372.2 347.1 7.2% 343.7 8.3% 1,136.8 1,040.5 9.3% Individual health insurance (adjusted) 372.2 347.1 7.2% 343.7 8.3% 1,076.1 1,040.5 3.4% Auto insurance 476.0 371.8 28.0% 442.8 7.5% 1,334.9 1,042.2 28.1% Other property & casualty insurance 84.9 67.6 25.6% 80.9 4.9% 244.3 225.3 8.4% Life & personal accident insurance 107.6 91.8 17.2% 101.8 5.7% 310.1 262.2 18.3% Total 2,033.5 1,682.0 20.9% 1,881.3 8.1% 5,783.7 4,836.7 19.6% Total adjusted 2,033.6 1,682.0 20.9% 1,881.3 8.1% 5,723.2 4,836.7 18.3% 36 ¹ In 3Q10, adjustments were made to the provisioning methodology of Brasilsaúde, which generated non-recurring effects in the lines premiums, retained claims, acquisition costs, other operating income and expenses, administrative expenses and provision for income tax and social contribution. ² Pro-forma information, excluding Brasilveículos Companhia de Seguros from the consolidated financial statements. ³ In 9M10, adjustments were made related to the exclusion of Brasilveículos from the consolidated financial statements as of January 1, 2010, to the effects from the issue of R$60.6 million in complementary individual health insurance premiums to policyholders in the state of Bahia in 1Q10, which impacted the lines revenues, claims (due to the comparison basis), other insurance operating income and expenses (bad debt provision of R$16.8 million), tax expenses, income tax and social contribution and all ratios based on premiums or net income, and to the adjustments in the provisioning methodology of Brasilsaúde mentioned in Note 1.

OPERATIONAL RESULTS Loss ratio % 3Q10¹ 3Q09² (bps) 2Q10 (bps) 9M10³ 9M09² (bps) Health insurance 76.6% 80.4% -380 85.8% -910 79.7% 81.4% -170 Health insurance (adjusted) 76.3% 80.4% -410 85.8% -950 80.8% 81.4% -60 Group health insurance 74.6% 76.7% -210 82.0% -740 78.4% 78.6% -20 Group health insurance (adjusted) 74.1% 76.7% -260 82.0% -780 78.2% 78.6% -30 Individual health insurance 82.1% 89.0% -690 95.9% -1,380 82.7% 87.6% -480 Individual health insurance (adjusted) 82.1% 89.0% -690 95.9% -1,380 87.4% 87.6% -20 Auto insurance 62.1% 63.0% -90 57.9% 420 61.2% 62.7% -150 Other property & casualty insurance 56.9% 103.8% -4,690 54.6% 220 58.8% 77.4% -1,860 Life & personal accident insurance 48.7% 52.5% -380 66.1% -1,740 53.5% 60.7% -710 Total 70.9% 76.0% -500 76.8% -590 73.1% 76.1% -290 Total adjusted 70.7% 76.0% -530 76.8% -610 73.8% 76.1% -230 37 ¹ In 3Q10, adjustments were made to the provisioning methodology of Brasilsaúde, which generated non-recurring effects in the lines premiums, retained claims, acquisition costs, other operating income and expenses, administrative expenses and provision for income tax and social contribution. ² Pro-forma information, excluding Brasilveículos Companhia de Seguros from the consolidated financial statements. ³ In 9M10, adjustments were made related to the exclusion of Brasilveículos from the consolidated financial statements as of January 1, 2010, to the effects from the issue of R$60.6 million in complementary individual health insurance premiums to policyholders in the state of Bahia in 1Q10, which impacted the lines revenues, claims (due to the comparison basis), other insurance operating income and expenses (bad debt provision of R$16.8 million), tax expenses, income tax and social contribution and all ratios based on premiums or net income, and to the adjustments in the provisioning methodology of Brasilsaúde mentioned in Note 1.

OPERATIONAL RESULTS Acquisition cost ratio % 3Q10¹ 3Q09² (bps) 2Q10 (bps) 9M10³ 9M09² (bps) Health insurance 6.5% 6.0% 50 6.3% 20 6.3% 5.8% 50 Health insurance (adjusted) 6.4% 6.0% 40 6.3% 0 6.3% 5.8% 50 Group health insurance 8.7% 8.2% 50 8.3% 30 8.5% 8.0% 50 Group health insurance (adjusted) 8.4% 8.2% 20 8.3% 10 8.4% 8.0% 40 Individual health insurance 0.9% 0.9% 0 0.9% 0 0.8% 1.0% -10 Individual health insurance (adjusted) 0.9% 0.9% 0 0.9% 0 0.9% 1.0% -10 Auto insurance 22.8% 23.1% -30 23.3% -50 23.1% 23.2% -10 Other property & casualty insurance 21.8% 22.8% -100 20.9% 80 20.7% 20.9% -20 Life & personal accident insurance 26.2% 24.4% 190 23.4% 280 24.4% 22.8% 160 Total 12.0% 11.5% 60 11.9% 20 11.7% 11.2% 60 Total adjusted 11.9% 11.5% 40 11.9% 0 11.8% 11.2% 60 38 ¹ In 3Q10, adjustments were made to the provisioning methodology of Brasilsaúde, which generated non-recurring effects in the lines premiums, retained claims, acquisition costs, other operating income and expenses, administrative expenses and provision for income tax and social contribution. ² Pro-forma information, excluding Brasilveículos Companhia de Seguros from the consolidated financial statements. ³ In 9M10, adjustments were made related to the exclusion of Brasilveículos from the consolidated financial statements as of January 1, 2010, to the effects from the issue of R$60.6 million in complementary individual health insurance premiums to policyholders in the state of Bahia in 1Q10, which impacted the lines revenues, claims (due to the comparison basis), other insurance operating income and expenses (bad debt provision of R$16.8 million), tax expenses, income tax and social contribution and all ratios based on premiums or net income, and to the adjustments in the provisioning methodology of Brasilsaúde mentioned in Note 1.

OPERATIONAL RESULTS Gross margin % 3Q10¹ 3Q09² (bps) 2Q10 (bps) 9M10³ 9M09² (bps) Health insurance 16.8% 13.6% 320 7.9% 890 14.1% 12.8% 130 Health insurance (adjusted) 17.3% 13.6% 370 7.9% 940 12.9% 12.8% 10 Group health insurance 16.8% 15.1% 160 9.7% 710 13.1% 13.4% -30 Group health insurance (adjusted) 17.5% 15.1% 230 9.7% 780 13.4% 13.4% 0 Individual health insurance 17.0% 10.0% 690 3.2% 1,380 16.4% 11.5% 500 Individual health insurance (adjusted) 17.0% 10.0% 690 3.2% 1,380 11.7% 11.5% 20 Auto insurance 15.1% 13.9% 120 18.8% -370 15.6% 14.1% 160 Other property & casualty insurance 21.4% -26.6% 4,790 24.4% -310 20.5% 1.6% 1,880 Life & personal accident insurance 25.1% 23.1% 190 10.5% 1,460 22.0% 16.5% 550 Total 17.1% 12.6% 450 11.3% 570 15.1% 12.7% 240 Total adjusted 17.4% 12.6% 480 11.3% 610 14.4% 12.7% 160 Combined ratio % 3Q10¹ 3Q09³ (bps) 2Q10 (bps) 9M10² 9M09³ (bps) Combined ratio 95.9% 101.6% -570 101.4% -550 98.5% 100.7% -220 Combined ratio (adjusted) 95.5% 101.6% -610 101.4% -590 99.1% 100.7% -170 39 ¹ In 3Q10, adjustments were made to the provisioning methodology of Brasilsaúde, which generated non-recurring effects in the lines premiums, retained claims, acquisition costs, other operating income and expenses, administrative expenses and provision for income tax and social contribution. ² Pro-forma information, excluding Brasilveículos Companhia de Seguros from the consolidated financial statements. ³ In 9M10, adjustments were made related to the exclusion of Brasilveículos from the consolidated financial statements as of January 1, 2010, to the effects from the issue of R$60.6 million in complementary individual health insurance premiums to policyholders in the state of Bahia in 1Q10, which impacted the lines revenues, claims (due to the comparison basis), other insurance operating income and expenses (bad debt provision of R$16.8 million), tax expenses, income tax and social contribution and all ratios based on premiums or net income, and to the adjustments in the provisioning methodology of Brasilsaúde mentioned in Note 1.

NET INCOME AND RETURN ON AVERAGE EQUITY (ROAE) R$ million 3Q10¹ 3Q09 2Q10² 9M10³ 9M09 Net income 125.1 81.1 54.2% 93.1 34.4% 327.8 263.7 24.3% Net income adjusted 130.9 81.1 61.3% 52.1 151.4% 268.4 263.7 1.8% ROAE 19.1% 13.4% 570bps 14.5% 460 bps 16.7% 14.5% 210 bps ROAE adjusted 20.0% 13.4% 660bps 8.1% 1,180 bps 13.7% 14.5% -90 bps Earnings per share (R$)* 0.1504 0.0964 55.9% 0.1116 34.7% 0.3940 0.3134 25.7% Earnings per share adjusted (R$)* 0.1573 0.0964 63.2% 0.0624 152.0% 0.3226 0.3134 2.9% Earnings per unit (R$)* 0.4511 0.2893 55.9% 0.3349 34.7% 1.1820 0.9402 25.7% Earnings per unit adjusted (R$)* 0.4720 0.2893 63.2% 0.1873 152.0% 0.9678 0.9402 2.9% * Parent company 40 ¹ In 3Q10, adjustments were made to the provisioning methodology of Brasilsaúde, which generated non-recurring effects in the lines premiums, retained claims, acquisition costs, other operating income and expenses, administrative expenses and provision for income tax and social contribution. ² In 2Q10, the effects from the sale of the real estate property in São Paulo where the company s head offices are located were eliminated. The gain from this transaction was R$130.0 million, generating net proceeds of R$41.1 million. ³ In 9M10, adjustments were made related to the exclusion of Brasilveículos from the consolidated financial statements as of January 1, 2010, to the effects from the issue of R$60.6 million in complementary individual health insurance premiums to policyholders in the state of Bahia in 1Q10, which impacted the lines revenues, claims (due to the comparison basis), other insurance operating income and expenses (bad debt provision of R$16.8 million), tax expenses, income tax and social contribution and all ratios based on premiums or net income, to the adjustments in the provisioning methodology of Brasilsaúde mentioned in Note 1, and to the effects from the sale of the property located in São Paulo mentioned in Note 2.

INCOME STATEMENT SUMMARY (PRO-FORMA*) R$ million 3Q10 3Q09 % 2Q10 % 9M10 9M09 % Insurance premiums 2,259.1 1,867.1 21.0% 1,995.7 13.2% 6,157.2 5,410.0 13.8% Premiums ceded to reinsurance, retrocession, consortiums and funds (38.7) (84.2) -54.1% (41.1) -5.9% (130.3) (306.8) -57.5% Retained premiums 2,220.5 1,782.8 24.5% 1,954.6 13.6% 6,026.9 5,103.2 18.1% Changes in insurance and retained technical reserves (186.9) (100.9) 85.3% (73.3) 155.1% (303.8) (266.4) 14.0% Earned premiums 2,033.6 1,682.0 20.9% 1,881.3 8.1% 5,723.2 4,836.7 18.3% Retained claims and benefits expenses (1,438.0) (1,277.8) 12.5% (1,444.9) -0.5% (4,224.4) (3,679.0) 14.8% Acquisitions costs (241.9) (192.7) 25.6% (223.1) 8.4% (677.0) (541.4) 25.0% Gross margin 353.7 211.5 67.2% 213.3 65.8% 821.8 616.3 33.3% Other insurance operating income (expenses) (68.8) (16.7) n/a (42.4) 62.0% (183.6) 4.8 n/a Net operating income from private pension business 11.3 15.9-28.8% 10.4 8.9% 27.6 20.9 32.4% Net operating income from ASO business 8.2 7.6 8.2% 6.8 20.8% 23.5 20.2 16.4% Net operating income from asset management business 6.4 4.7 34.2% 5.4 18.4% 16.9 14.8 14.0% Administrative expenses (180.4) (203.6) -11.4% (184.5) -2.2% (532.9) (590.4) -9.7% Tax expenses (36.7) (32.8) 12.1% (22.6) 62.4% (93.0) (101.8) -8.6% Net financial income 129.2 120.3 7.5% 103.2 25.2% 350.0 371.5-5.8% Equity income from nonconsolidated subsidiaries 8.1 4.5 n/a 6.7 22.4% 15.4 17.2 n/a Income before income tax, social contribution and profit Sharing 231.0 111.4 107.4% 96.2 140.2% 445.7 373.5 19.3% Income tax and social contribution (88.8) (27.9) 218.0% (35.2) 152.4% (148.7) (94.3) 57.7% Profit sharing (12.3) (2.3) 436.5% (9.7) 27.1% (29.8) (17.5) 70.4% Minority interest 0.9 (0.0) n/a 0.7 30.4% 1.2 1.9-36.2% Net income 130.9 81.1 61.3% 52.1 151.4% 268.4 263.7 1.8% * Excluding figures from Brasilveículos Companhia de Seguros 41

BALANCE SHEET SUMMARY Assets R$ million 9M10 2009 % Current assets 7,786.3 7,696.3 1.2% Cash, cash equivalents and marketable securities 5,717.4 5,030.4 13.7% Receivables from insurance and reinsurance operations 1,217.9 1,765.8-31.0% Reinsurance and retrocession expenses 66.6 103.5-35.7% Deferred acquisition costs 328.8 370.8-11.3% Other current assets 455.6 425.8 7.0% Long-term assets 3,648.7 4,542.8-19.7% Marketable securities 1,191.5 1,887.6-36.9% Judicial and fiscal deposits 1,450.3 1,655.2-12.4% Deferred acquisition costs 152.6 140.9 8.3% Other long-term assets 854.3 859.1-0.6% Permanent assets 178.2 190.2-6.3% Total assets 11,613.2 12,429.4-6.6% 42

BALANCE SHEET SUMMARY Liabilities R$ million 9M10 2009 % Current liabilities 4,527.8 5,539.8-18.3% Loans and financing 0.9 5.8-84.8% Other payable obligations 389.1 665.6-41.5% Insurance, reinsurance and private pension debts 347.5 424.1-18.1% Technical reserves insurance and reinsurance 3,241.1 3,893.0-16.7% Technical reserves private pension 464.2 431.1 7.7% Accrued liabilities for contingencies 85.1 120.2-29.2% Non-current liabilities 4,325.3 4,158.0 4.0% Accounts payable 792.7 1,008.9-21.4% Loans and financing 307.2 278.3 10.4% Other accounts payable 177.9 172.4 3.2% Technical reserves insurance and reinsurance 957.2 753.8 27.0% Technical reserves private pension 1,662.2 1,475.4 12.7% Accrued liabilities for contingencies 428.1 469.2-8.8% Minority interest 0.0 249.2-100.0% Shareholder s equity 2,760.1 2,482.4 11.2% Total liabilities 11,613.2 12,429.4-6.6% 43

RESEARCH COVERAGE Target revision Apr 14, 2010 Jun 08, 2010 Fev 26, 2010 May 24, 2010 Jul 16, 2010 Aug 25, 2010 Aug 25, 2010 Oct 15, 2010 Contact Eduardo Nishio +55 (21) 3262-9748 eduardo.nishio@btgpactual.com Henrique Navarro +55 (11) 3012-5756 havieira@santander.com.br Filipe Acioli +55 (21) 2529-0979 filipe.lopes@agorainvest.com.br Iago Whately +55 (11) 3049-9480 iwhately@bancofator.com.br Javier Martinez de Olcoz Cerdan +1 (212) 761-4542 Javier.Martinez.Olcoz@morganstanley.com Carlos Firetti +55 (11) 2178-5363 carlosfiretti@bradescobbi.com.br Carlos Macedo +55 (11) 3371-0887 carlos.macedo@gs.com Henrique Caldeira +55 (11) 3757-7349 henrique.caldeira@barcap.com 44

DISCLAIMER This material is a presentation of general background information about Sul América S.A. ("SulAmérica") as of the date of the presentation or as otherwise indicated. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein. This presentation may contain statements that are forward-looking. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of SulAmérica and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. No person has any responsibility to update any such information. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment. 45

InvestorUpdate_ENG_3Q10_V1_09112010 Sul América S.A. Investor Relations Department +55 (21) 2506-9111 ir@sulamerica.com.br www.sulamerica.com.br/ir