Investor Presentation

Investor Presentation 4Q10 Growth for the next 115 years

SULAMÉRICA TODAY A Unique Kind of Insurance Company Ranking as independent pure play Brazilian insurance company not owned by a bank #1 Strong brand reputation 115 years of history Network of 30,000 independent brokers a key advantage #1 Net income growth last 5 years (2006 2010) 40% CAGR 2

SULAMÉRICA TODAY With a Strong, Multiline Growth Platform Line Health Auto Insurance % of Total Insurance Premiums (1) 62.7% 24.7% Positioning Top 3 in premiums 2.0M members across the country 1.4M vehicles insured Other P&C Life & Pension Asset Management 5.5% 7.1% NA Expertise in commercial and individual lines Advisory and specialization in pension. Differentiated services in life. R$17.5B AUM, strong institutional focus 3 Note 1: year 2010

SULAMÉRICA TODAY Positioned in an Undersized, Rapidly Expanding Market 7.5% GDP Growth R$955bi PAC 2 until 2014 2016 Olympics US$10bi IMF credit 2014 World Cup Pre-Salt Investment Grade 4 Source: World Bank, Sigma Report, SUSEP and ANS

INVESTMENT THESIS SulAmérica: Delivering Sustained Growth 1. Powerful industry growth drivers 2. A unique kind of insurance company 3. Solid performance record 4. Long growth runway 5

Positioned in a Large, Growing Market Total Industry Premiums (R$B) (1) 13.2% CAGR 109,5 66,6 2006 2007 2008 2009 2010 6 Note 1: Includes P&C, Life, Health, Auto Sources: SUSEP, FENASEG and ANS

Despite the Insurance Market Growing 20% Faster than the Economy Growth Rates (CAGR 2006 2010) 12,5% 10,5% Insurance market growing 20% faster Insurance premiums per capita growth GDP per capita growth 7

The Insurance Business in Brazil is Still Underpenetrated Insurance Penetration (premium as % of GDP, 2009) 16,2% 12,9% 12,9% 13,6% 11,0% 7,8% 8,0% 2,3% 3,1% 3,4% 3,9% 5,2% 5,7% Russia Brazil China Chile India Spain Italy USA Hong Kong S. Africa UK Netherlands Taiwan #54 #47 #44 #40 #31 #28 #18 #16 #5 #4 #3 #2 #1 India and China have higher penetration 8 Source: Sigma report #2/2010 (Swiss Re)

A CLOSER LOOK AT HEALTHCARE: OUR LARGEST SEGMENT Market Dynamics Play to Our Strengths Private Healthcare Membership is Growing Number of Operators is Declining Millions of members +46% 45 2,0 Thousands of operators -42% 1,2 31 2000 9M2010 2000 9M2010 Industry Consolidation 9 Source: ANS

A CLOSER LOOK AT HEALTHCARE: OUR LARGEST SEGMENT Well-Positioned as the Industry Continues to Consolidate Private Healthcare Breakdown In premiums Market Share of Top 6 Operators In premiums 1,200 Operators Amil 11% Bradesco 9% Top 6 40% SulAmérica 8% Unimed Rio 3% Intermédica 3% Unimed Paulistana 3% 40% Major consolidation opportunity 10 Source: ANS

A CLOSER LOOK AT HEALTHCARE: OUR LARGEST SEGMENT Dental Market is Particularly Attractive Strong Growth in Members Still Low Penetration Millions of members 13.9 Members as % of Population (9M10) 23,5% +396% 2.8 7,3% 2000 9M10 Total Healthcare Dental 11 Source: ANS and IBGE

A CLOSER LOOK AT AUTOS: OUR SECOND LARGEST SEGMENT Strong Growth in Autos, Still Underpenetrated Growth in New Car Sales (millions) Still Underpenetrated (Inhabitants per vehicle) 16.5% CAGR 3,5 6,9 1,9 4,7 4,0 1,2 2006 2007 2008 2009 2010 Brazil Argentina Mexico USA 12 Source: ANFAVEA Source: ANFAVEA (Brazilian Automotive Industry Yearbook 2010)

A CLOSER LOOK AT AUTOS: OUR SECOND LARGEST SEGMENT SulAmérica: Top 3 in Auto Insurance Total Brazilian Fleet 2010 Market Shares 2010 Insured; 30,0% HDI; 6,4% Other; 18,2% Porto Seguro +Azul+Itaú; 27,3% Noninsured; 70,0% Banco do Brasil; 7,6% Mapfre; 8,1% Liberty; 7,8% #3 Sul América; 10,4% Bradesco; 14,2% 13 Source: SUSEP

INVESTMENT THESIS SulAmérica: Delivering Sustained Growth 1. Powerful industry growth drivers 2. A unique kind of insurance company 3. Solid performance record 4. Long growth runway 14

A Unique Kind of Insurance Company 1 2 Uniquely positioned + Leading independent insurer + 3 4 Largest broker network + Leading franchise 15

1. Uniquely Positioned: Diversified + Pure Play Broad Other bank owned competitors Diverse geography products Porto Seguro Narrow Bank owned Structure Independent 16

2. Leading Positions in Growth Markets Segment Market Size Market Growth YTD Our Market Position Healthcare ~R$70B 9%* Top 3 63% of revenues Auto R$20B 15%** Top 3 25% of revenues 17 *Until September 2010 **Until December 2010

3. Largest Brokerage, Distribution Network Brokerage, Distribution Network 30,000+ brokers 14 branches in main cities More than 100 points of presence 29 auto service centers Partnerships Over 20 partnerships 26M client potential 16,000 bank branches Mainly auto, residential products 18

4. Industry Leading Franchise Strong Brand Top 3 brand in insurance industry Extensive advertising campaigns Radio SulAmérica stations in Rio de Janeiro and São Paulo Focus on Quality Award winning call centers serve 6.3M customers High FCR (First Call Resolution) at 93% High customer loyalty 19

INVESTMENT THESIS SulAmérica: Delivering Sustained Growth 1. Powerful industry growth drivers 2. A different kind of insurance company 3. Solid performance record 4. Long growth runway 20

Continuing Our Solid Growth Record Total Insurance Premiums ($RM) Net Income ($RM) 6.032 6.767 7.308 8.385 340 382 414 427 2007 2008 2009 2010 2007 2008 2009 2010 YTD 2010 up 14.7% YTD 2010 up 3.2% 21 Pro-forma figures for 2007-2009 excluding Brasilveículos

Increased Focus on Operating Efficiency Administrative Expense Ratio (% of retained premiums) Headcount (FTE) 12,8% 12,8% 5.582 5.506 9,6% 8,9% 5.112 4.947 2007 2008 2009 2010 2007 2008 2009 2010 22

Will Improve Our Efficiency Ratios 100.0% 97.8% 2,2% 3,1% 1,8% 1,6% 11,3% 11,8% 9,6% 8,8% 75,1% 71,4% Health loss ratio at 78% in 2010 Implementing wide range of initiatives for health claims Auto loss ratio at 60% in 2010 2009 2010 Loss ratio Administrative expenses Acquisition cost Tax expenses Other operating income (expenses) 23

Pension and VGBL Reserves Continue to Increase Pension Contributions R$ million 203 +5.4% 214 Pension and VGBL Reserves R$ billion 23.8% 2,836 158 2,291 578 134 1,910 387 1,502 241 132 1.370 1.669 1.904 2.258 2007 2008 2009 2010 2007 2008 2009 2010 Pension VGBL 24

Wealth Management Assets Continue to Grow Assets Under Management (R$B) 17.5 +21.3% 14.4 11.5 12.0 8,4 7,0 6,8 4,5 5,2 6,0 10,0 7,5 Third-party +18.9% Proprietary +24.7% 2007 2008 2009 2010 25

INVESTMENT THESIS SulAmérica: Delivering Sustained Growth 1. Powerful industry growth drivers 2. A different kind of insurance company 3. Solid performance record 4. Long growth runway 26

Key Growth and Profit Drivers 1 2 3 4 Strong secular growth Improve operating efficiency Grow share in core markets Deploy excess capital 27

1. Strong Secular Growth Insurance Premiums as a % of GDP ~3% ~9% Industry growth through 2025 16% CAGR Brazil today Brazil in 2025 similar to other developed countries 28 Source: Goldman Sachs, March 2010

2. Improve Operating Efficiency 2009 2010 Analysts Consensus 2010 Company total premiums +9% +15% +13% Company loss ratio 73% 71% 73% Combined ratio 99% 98% 99% ROE 17% 15% 18% 29

3. Grow Share in Core Markets Health Gaining Share Targeting SME and dental insurance plans Dental members up 57% (2010) SME members up 24% (2010) Group members (60% of total) up 15% in 2010 Auto Focus on Regaining Scale, Growing Wide range of initiatives including leverage brokerage network new distributors and partners 30

4. Deploy Excess Capital Strong balance sheet with excess capital of ~R$1B Proposed dividends for 2010 R$292M Payout policy in 2010 50% Dividend yield ~5% Excess funds available to support selective M&A opportunities 31

Appendix Growth for the next 115 years

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 33

World-class Corporate Governance SULASA ING Other (1) 55% 45% SULASAPAR Free Float 6.8% 33.3% 21.5% 38.4% 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 34 Latest update: October 2010 (1) Management and Affiliated Shareholders 34

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 35 35

Investment Policy Driven by ALM Investment strategy ex-pension and VGBL Total R$4.7B Investment allocation ex-pension and VGBL Total R$4.7B Selic/CDI 49% IPCA 25% Fixed income government securities 78% Corporate bonds and CDs 21% Equities 1% Other 3% Pre-fixed 22% Equities and equity funds 1% Investment strategy Total R$7.5B* Investment allocation Total R$7.5B* IGPM 11% IPCA 16% Selic/CDI 52% Pre-fixed 14% Equities Other 4% 3% Fixed income government securities 76% Corporate bonds and CDs 20% Equities and equity funds 4% 36 (*) Including pension and VGBL operations

Preço (4 outubro 2007=100) Stock performance 2007 2008 2009 2010 2011 * Ibovespa: 5.8% 230 SULA11: -2.5% Average volume: 210 R$5.9MM Ibovespa: -41.2% SULA11: -47.1% Average volume: R$2.7MM Ibovespa: +82.7% SULA11: +224.9% Average volume: R$5.3MM Ibovespa: +1.0% SULA11: +20.0% Average volume: R$7.3MM Ibovespa: -4.5% SULA11: -13.5% Average volume: R$7.7MM 190 170 +74.2% 150 130 110 90 +9.6% 70 50 30 IBOVESPA SULA11 Until March 10, 2011 37

Average Volume SULA11 Growing Liquidity ADTV LTM Volume (R$ 1000) 11.000 10.000 9.000 421 454 492 525 529 8.000 7.000 6.000 5.000 255 266 297 304 325 346 370 394 4.000 3.000 2.000 1.000 - Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 $Volume #Trades 38 Until March 10, 2011

Key multiples P/E 1yr fwd* P/B 12 10 8 6 7,2 5,7 6,9 5,2 7,4 10,5 11,4 8,9 9,5 8,9 4 3 3 2 2 2,8 3,0 1,5 1,2 1,6 2,0 1,7 1,7 1,9 4 3,7 1 1,2 0,9 0,8 2 1 0 0 * P/E based on market consensus Note: until March 10, 2011 39

Research Coverage Target Price R$21.50 (end of 2011) R$22.70 (end of 2011) Latest Revision Upside/ Downside* Recommen dation 12/10/2010 19.4% Hold 12/13/2010 26.1% Hold TARGET PRICE VS. MARKET PRICE R$21.87 R$ 18.00 R$19.80 (Dec 2011) 12/15/2010 10.0% Hold R$21.70 (end of 2011) R$22.70 (end of 2011) R$22.20 (Dec 2011) R$22.50 (end of 2011) 11/24/2010 20.6% Hold 01/12/2011 26.1% Hold 01/19/2011 23.3% Hold 12/16/2010 25.0% Buy Consenso R$21.87-21.5% - RECOMMENDATION Buy 14% Hold 86% In relation to the stock price as of 03/17/2011=R$18.00 Source: sell side analysts 40

Summary Financials Growth for the next 115 years

Effects of the non-recurring events on 2010 results Brasilveículos: The sale of SulAmérica s stake in Brasilveículos generated a non-recurring net gain of approximately R$135 million, with effect on October. Brasilveículos: In 3Q10, adjustments were made to the provisioning methodology of Brasilsaúde, which generated nonrecurring effects in the lines premiums, retained claims, acquisition costs,, administrative expenses and, with a nonrecurring effect on results of R$5.8 million. Sale of property: The sale of property in São Paulo generated a non-recurring net gain of R$41.0 million, with effect on 2Q10 results. Individual health insurance premiums in State of Bahia: The adjustments related to the issuance of complementary individual health insurance were applied to the lines premiums, other operating income and expenses, tax expenses and provision for income tax and social contribution in 1Q10 and 4Q10. Adjustments R$ million 1Q10 2Q10 3Q10 4Q10 2010 Retained premiums 60.7 - (0.1) (23.9) 36.7 Earned premiums 60.7 - (0.1) (23.9) 36.7 Retained claims 60.7 - (0.1) (23.9) 36.7 Acquisition costs - - (4.4) - (4.4) Other insurance operating income (expenses) - - (2.4) - (2.4) Administrative expenses (17.5) - (2.0) 12.2 (7.3) Tax expenses - - (0.1) (1.5) (1.6) Equity income from non-consolidated subsidiaries (2.8) - - 1.1 (1.7) Non-operating income - - (0.6) - (0.6) Income tax and social contribution - 68.4-225.4 293.7 Net income (16.1) (27.3) 3.9 (85.3) (124.9) 42

SulAmérica: Earnings Highlights 4Q10 4Q10/4Q09 2010 2010/2009 Insurance premiums (R$ billion) R$2.2 17.4% R$8.4 14.7% Combined ratio 94.3% -370 bps 97.8% -220 bps Return on investments (expension and VGBL) (R$ million) Average yield (ex-pension and VGBL) (% of the CDI) Income before income tax, social contribution and profit sharing (R$ million) Net income (R$ million) R$128.9 37.7% R$429.9 7.5% 129.7% -1240 bps 117.2% -80 bps R$251.3 58.5% R$697.0 31.0% R$158.3 5.6% R$426.6 3.2% ROAE 22.1% -130 bps 14.9% -130 bps 43 Recurring figures when applicable Pro-forma information, excluding Brasilveículos Companhia de Seguros from the consolidated financial statements

Operational Results Insurance premiums R$ million 4Q10 4Q09 % 3Q10 % 2010 2009 % Health insurance 1,381.8 1,198.8 15.3 1,375.5 0.5 5,295.0 4,515.3 17.3 Health insurance (adjusted) 1,405.7 1,198.8 17.3 1,375.6 2.2 5,258.3 4,515.3 16.5 Group health insurance 1,020.2 840.8 21.3 996.5 2.4 3,789.9 3,113.7 21.7 Group health insurance (adjusted) 1,020.2 840.8 21.3 996.6 2.4 3,790.0 3,113.7 21.7 Individual health insurance 361.7 358.0 1.0 379.0-4.6 1,505.1 1,401.6 7.4 Individual health insurance (adjusted) 385.6 358.0 7.7 379.0 1.7 1,468.3 1,401.6 4.8 Auto insurance 539.2 451.9 19.3 614.9-12.3 2,070.6 1,651.4 25.4 Other property & casualty insurance 107.1 112.7-5.0 117.2-8.6 460.7 643.2-28.4 Life & personal accident insurance 175.3 134.1 30.7 151.5 15.7 594.9 497.6 19.6 Total 2,203.4 1,897.6 16.1 2,259.0-2.5 8,421.2 7,307.5 15.2 Total adjusted 2,227.3 1,897.6 17.4 2,259.1-1.4 8,384.5 7,307.5 14.7 44

Operational Results Earned premiums R$ million 4Q10 4Q09 % 3Q10 % 2010 2009 % Health insurance 1,385.0 1,199.2 15.5 1,364.9 1.5 5,279.4 4,506.2 17.2 Health insurance (adjusted) 1,408.9 1,199.2 17.5 1,365.0 3.2 5,242.7 4,506.2 16.3 Group health insurance 1,021.1 838.7 21.7 992.7 2.9 3,778.7 3,105.2 21.7 Group health insurance (adjusted) 1,021.1 838.7 21.7 992.8 2.8 3,778.8 3,105.2 21.7 Individual health insurance 363.9 360.5 0.9 372.2-2.2 1,500.8 1,401.1 7.1 Individual health insurance (adjusted) 387.8 360.5 7.6 372.2 4.2 1,463.9 1,401.1 4.5 Auto insurance 507.9 403.7 25.8 476.0 6.7 1,842.8 1,446.0 27.4 Other property & casualty insurance 85.6 66.3 29.1 84.9 0.9 329.9 291.6 13.1 Life & personal accident insurance 88.5 96.5-8.3 107.6-17.8 398.6 358.7 11.1 Total 2,067.1 1,765.8 17.1 2,033.5 1.7 7,850.8 6,602.6 18.9 Total adjusted 2,090.9 1,765.8 18.4 2,033.6 2.8 7,814.1 6,602.6 18.3 45

Operational Results Loss ratio % 4Q10 4Q09 % 3Q10 % 2010 2009 % Health insurance 70.4% 79.1% -880 76.6% -630 77.2% 80.8% -360 Health insurance (adjusted) 69.2% 79.1% -1,000 76.3% -750 77.8% 80.8% -300 Group health insurance 68.3% 76.2% -790 74.6% -630 75.7% 77.9% -230 Group health insurance (adjusted) 68.3% 76.2% -790 74.1% -580 75.5% 77.9% -240 Individual health insurance 76.2% 85.9% -970 82.1% -590 81.1% 87.1% -600 Individual health insurance (adjusted) 71.5% 85.9% -1,440 82.1% -1,060 83.2% 87.1% -400 Auto insurance 58.4% 54.5% 390 62.1% -370 60.4% 60.4% - Other property & casualty insurance 51.8% 87.7% -3,580 56.9% -500 57.0% 79.8% -2,280 Life & personal accident insurance 46.8% 52.4% -560 48.7% -190 52.0% 58.4% -640 Total 65.6% 72.3% -670 70.9% -530 71.1% 75.1% -390 Total adjusted 64.9% 72.3% -750 70.7% -580 71.4% 75.1% -360 46

Operational Results Acquisition cost ratio % 4Q10 4Q09 % 3Q10 % 2010 2009 % Health insurance 6.7% 6.1% 60 6.5% 10 6.4% 5.9% 50 Health insurance (adjusted) 6.6% 6.1% 50 6.4% 20 6.4% 5.9% 50 Group health insurance 8.7% 8.3% 40 8.7% 10 8.6% 8.1% 40 Group health insurance (adjusted) 8.7% 8.3% 40 8.4% 30 8.5% 8.1% 40 Individual health insurance 1.0% 0.9% - 0.9% 10 0.9% 0.9% - Individual health insurance (adjusted) 0.9% 0.9% - 0.9% - 0.9% 0.9% - Auto insurance 21.8% 23.3% -150 22.8% -100 22.8% 23.3% -50 Other property & casualty insurance 22.2% 22.3% - 21.8% 50 21.1% 21.2% -10 Life & personal accident insurance 29.4% 23.1% 630 26.2% 320 25.5% 22.9% 260 Total 12.0% 11.6% 40 12.0% - 11.8% 11.3% 50 Total adjusted 11.9% 11.6% 30 11.9% - 11.8% 11.3% 50 47

Operational Results Gross margin % 4Q10 4Q09 % 3Q10 % 2010 2009 % Health insurance 23.0% 14.8% 820 16.8% 610 16.4% 13.3% 310 Health insurance (adjusted) 24.3% 14.8% 950 17.0% 730 15.9% 13.3% 260 Group health insurance 23.0% 15.4% 760 16.8% 620 15.8% 13.9% 180 Group health insurance (adjusted) 23.0% 15.4% 760 17.5% 560 16.0% 13.9% 200 Individual health insurance 22.9% 13.2% 960 17.0% 590 18.0% 11.9% 610 Individual health insurance (adjusted) 27.6% 13.2% 1,440 17.0% 1,060 15.9% 11.9% 400 Auto insurance 19.8% 22.2% -240 15.1% 470 16.8% 16.3% 50 Other property & casualty insurance 25.9% -10.0% 3,590 21.4% 460 21.9% -1.0% 2,290 Life & personal accident insurance 23.8% 24.5% -70 25.1% -130 22.4% 18.7% 380 Total 22.4% 16.1% 630 17.1% 530 17.0% 13.6% 340 Total adjusted 23.2% 16.1% 710 17.4% 580 16.7% 13.6% 310 Combined ratio % 4Q10 4Q09 % 3Q10 % 2010 2009 % Combined ratio 94.8% 98.0% -320 95.9% -110 97.5% 100.0% -250 Combined ratio (adjusted) 94.3% 98.0% -370 95.5% -120 97.8% 100.0% -220 48

Net Income and Return on Average Equity (ROAE) R$ million 4Q10 4Q09 % 3Q10 % 2010 2009 % Net income 286.3 149.8 91.1% 125.1 128.8% 614.0 413.5 48.5% Net income adjusted 158.3 149.8 5.6% 130.9 20.9% 426.6 413.5 3.2% ROAE 40.0% 23.4% 1,660bps 17.9% 2,210bps 21.5% 16.2% 530bps ROAE adjusted 22.1% 23.4% -130bps 18.7% 340bps 14.9% 16.2% -130bps Basic earnings per share (R$)* Per preferred share 0.3465 0.1785 94.1% 0.1514 128.9% 0.7348 0.4904 49.8% Per common share 0.3421 0.1779 92.3% 0.1495 128.8% 0.7368 0.4918 49.8% Diluted earnings per share (R$)* Per preferred share 0.3379 0.1738 94.4% 0.1475 129.1% 0.7132 0.4789 48.9% Per common share 0.3387 0.1760 92.4% 0.1479 129.9% 0.7279 0.4871 49.4% * Parent company 49

Income Statement Summary R$ million 4Q10 4Q09 % 3Q10 % 2010 2009 % Insurance premiums 2,203.4 2,286.8-3.6% 2,259.0-2.5% 8,421.2 8,679.6-3.0% Premiums ceded to reinsurance, retrocession, consortiums and funds (42.3) (47.0) -10.1% (38.7) 9.3% (172.5) (390.4) -55.8% Retained premiums 2,161.1 2,239.8-3.5% 2,220.3-2.7% 8,248.6 8,289.2-0.5% Changes in insurance and retained technical reserves (94.1) (152.8) -38.4% (186.9) -49.7% (397.8) (519.6) -23.4% Earned premiums 2,067.1 2,087.0-1.0% 2,033.5 1.7% 7,850.8 7,769.5 1.0% Retained claims and benefits expenses (1,356.7) (1,474.1) -8.0% (1,442.4) -5.9% (5,585.5) (5,699.7) -2.0% Acquisitions costs (248.3) (242.0) 2.6% (244.3) 1.6% (927.7) (880.7) 5.3% Gross margin 462.1 370.9 24.6% 346.8 33.3% 1,337.7 1,189.1 12.5% Other insurance operating income (expenses) (120.1) (51.2) 134.7% (70.8) 43.4% (323.3) (105.9) n.a. Net operating income from private pension business (23.3) 4.2 n.a. 11.3-306.1% 4.3 25.0-82.9% Net operating income from ASO business 6.8 10.8-36.5% 8.2-16.7% 30.3 30.9-2.0% Net operating income from asset management business 6.1 4.6 32.0% 6.4-3.4% 23.0 19.5 18.3% Administrative expenses (198.9) (252.1) -21.1% (180.5) 9.0% (732.0) (943.9) -22.5% Tax expenses (51.6) (52.9) -2.4% (36.7) 137.5% (147.4) (177.9) -17.1% Net financial income 160.1 129.8 23.3% 129.2 23.9% 510.1 564.5-9.6% Equity income from nonconsolidated subsidiaries 223.5 4.7 n.a. 7.5 n.a. 306.6 10.0 n.a. Income before income tax, social contribution and profit Sharing 464.6 168.9 175.1% 221.4 109.9% 1,009.3 611.3 65.1% Income tax and social contribution (165.1) 0.2 n.a. (84.9) 94.4% (353.4) (126.3) 179.9% Profit sharing (13.1) (14.5) -9.6% (12.3) 6.9% (43.0) (34.9) 23.0% Minority interest (0.1) (4.8) n.a. 0.9 n.a. 1.1 (36.6) n.a. Net income 286.3 149.8 91.1% 125.1 128.8% 614.0 413.5 48.5% 50

Balance Sheet Summary Assets R$ million 2010 2009 % Current assets 8,343.7 7,696.3 8.4% Cash, cash equivalents and marketable securities 6,329.4 5,030.4 25.8% Receivables from insurance and reinsurance operations 1,172.1 1,765.8-33.6% Reinsurance and retrocession expenses 58.9 103.5-43.1% Deferred acquisition costs 342.0 370.8-7.8% Other current assets 441.3 425.8 3.7% Long-term assets 3,761.4 4,542.8-17.2% Marketable securities 1,231.6 1,887.6-34.8% Judicial and fiscal deposits 1,519.8 1,655.2-8.2% Deferred acquisition costs 151.9 140.9 7.8% Other long-term assets 858.2 859.1-0.1% Permanent assets 163.1 190.2-14.2% Total assets 12,268.2 12,429.4-1.3% 51

Balance Sheet Summary Liabilities R$ million 2010 2009 % Current liabilities 4,809.3 5,440.2-11.6% Loans and financing 5.6 5.8-3.0% Other payable obligations 564.8 566.1-0.2% Insurance, reinsurance and private pension debts 344.7 424.1-18.7% Technical reserves insurance and reinsurance 3,207.4 3,893.0-17.6% Technical reserves private pension 501.2 431.1 16.3% Accrued liabilities for contingencies 185.6 120.2 54.4% Non-current liabilities 4,567.1 4,158.0 9.8% Accounts payable 822.2 1,008.9-18.5% Loans and financing 315.4 278.3 13.3% Other accounts payable 183.3 172.4 6.3% Technical reserves insurance and reinsurance 1,017.7 753.8 35.0% Technical reserves private pension 1,758.3 1,475.4 19.2% Accrued liabilities for contingencies 470.3 469.2 0.2% Shareholder s equity 2,891.9 2,831.1 2.1% Total liabilities 12,268.2 12,429.4-1.3% 52

Investor Relations Department +55 (21) 2506-9111 ir@sulamerica.com.br www.sulamerica.com.br/ir