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1 Operator: Good morning ladies and gentlemen. At this time we would like to welcome everyone to Porto Seguro s 4Q10 results conference call. Today with us we have: Marcelo Picanço, CFO; Alexandre Peev, Investor Relations Director; and Ricardo Fuzaro, Investor Relations Coordinator. We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the Company s presentation. After Porto Seguro s remarks, there will be a question and answer session. At that time, further instructions will be given. Should any participant need assistance during this call, please press *0 to reach the operator. We have a simultaneous webcast that may be accessed through Porto Seguro s website at Webcast 4Q10 banner. The slide presentation which will be presented by the management today is also available for downloading on the website. For all those that are participating via the webcast can send their questions at any time to the platform using the "Ask the Speaker" icon. Our team will be arranging the order of questions to ensure a comprehensive session. Before proceeding, let me mention that forward-looking statements will be made under Safe Harbor of the Securities Litigation Reform Act of Forward looking statements are based on the beliefs and assumptions of Porto Seguro s management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Porto Seguro and could cause results to differ materially from those expressed in such forward looking statements. Now I will turn the conference over to the Company. You may begin your conference. Porto Seguro: Good morning everyone, first I would like to thank everyone for participating today in this conference call, hosted by Porto Seguro S.A. and to discuss our results in the 4Q10 and the year of Today we will highlight some key points, IFRS and business combination results, integration with Itaú, premium s growth, earnings results and our expectations for the year In this quarter we reported our results in IFRS standards and related the effect on the business combination operation that was R$35.8 million. And talking about the association with Itaú process, with Itaú we are in the process to finish, we have just the finished the system integration for quotations and it is possible now to quote the insurance for the three brands: Porto, Azul and Itaú, in a single tool. This enables productivity gains and it is essential to boost sales, because it makes the process simpler for the agents and brokers. 1

2 All of the integrated brokers and bank branches are using this system, although we are already selling the three bands in our bank branches, the model involving the broker which should support full sales, are just beginning to be implemented, so we expect more evolution on this side too. The service provider integration process will start in the middle of the year, it will be important to reduce expenses and capture synergy gains. I would like us to go to slide number three to show the total revenues and what I would like to highlight is that the written premiums grew around 18% in the quarter and 36% in the year, reaching R$7.9 billion. The total revenue increase 19% in the 4Q and 35.5% in the year, reaching approximately R$9.2 billion in the year. Going to slide four, we would like to comment a little about the net income in the IFRS standard with business combination has reached R$154 million, which is 40% higher than in the 4Q09. Just for comparison, in BR GAAP standards, without this business combination, the net income was R$189.5 million which is around 60% higher in comparison to the 4Q09. Going to slide four, we would like to highlight about the return on equity that on the BR GAAP standard has reached 22.5% in the 4Q and 19.6% in the year. If you take into account the business combination in IFRS standard, this return on adjusted equity has reached 14.4% in the 4Q and 14.7% in the year. The combined ratio in this quarter was 98.4%, basically due to higher frequency in severity in the period and increase in G&A and commercial expenses. The increase in G&A was mainly due to growth in Information Technology expenses and contact center services. The commercial expenses raised mainly due to incentive programs on the commercial side. Financial results achieved in total 105% of the CDI in the quarter and 114% in the year. Sorry everyone, we had a drop in the line here, so I am going to repeat the part that was missing, sorry for that technical inconvenient. For this year, we are optimistic, mainly due to our investments in the relationship with brokers and service providers, the new development in product and services, and also our strategy consisting in focusing on quality around customer services. We also would like to highlight the creation of a new company, Porto Seguro Telecomunicações, or Porto Seguro Telecom, which is a telecommunication company, of course, with a partnership with Datora Telecom. Now we are able to provide mobile services for brokers and clients that will permit us to cut costs and increase customer loyalty and provide additional services and convenience for our channels and clients. So, I would like to ask Ricardo Fuzaro to continue the presentation. Ricardo Fuzaro: Good morning everyone. On slide six, we present the breakdown of the written premiums, the auto participation in this quarter is 70.2%, health represents 9% and P&C represents 7.8% basically with the integration of ISa+r. On the next slide, slide seven, we highlight our participation in the market share in autos, and we see that we gained market share in all regions of the Country and it confirms our expansion strategy in other regions. 2

3 On slide eight we show the auto insurance fleet, the Porto Seguro, Azul and ISa+r insurance fleet reached roughly 3.8 million, 6.7% higher than 2009 basically due to the growth in Porto and Azul, and partially offset by 7.5% decrease in ISa+r. The insurance fleet average growth is 15.1% since On next slide, number nine, we take a look at Porto Seguro and Azul auto insurance. Porto Seguro auto grew up 12.9% in written premium in the quarter, decreasing mainly due to the growth of the insured vehicle and by the adjustments in the price. The loss ratio increased 1.3 p.p. in the quarter in comparison with the last quarter of 2009 mainly due to higher frequency and in the robbery and theft frequency. In Azul, the 47.9% growth in written premiums in the quarter is due to the 33.1% increase in the insured fleet and the price adjustments. The loss ratio increased 3.5 p.p. from 2009 mainly due to the high frequency in the collision side. Going to slide 10, Itaú auto. In the next slide we highlight written premiums that grew 5.6% in the quarter mainly due to price adjustments in the period. The 5.2 p.p. reduction in the loss ratio was mainly due to the price adjustments and by the elimination of deficit policies in the period. In the next slide, number 11, we present the auto combined, Porto Seguro, Azul Seguros and ISa+r, grew approximately 16% in the quarter. The loss ratio was 58.6% in 2009 approximately 5.5 p.p. below than the market average. On slide 12 we highlight the healthcare insurance operation. The 20.5% growth in written premiums in the 4Q was mainly due to the increase in the number of insured lives. We increased the loss ratio 0.3 p.p. due to mainly higher user frequency, the frequent use during this period. In the next slide, 13, we present the P&C operation. The written premiums grew 20.5% in the 2009 mainly due to the 37.6% increase in Porto Seguro and the 10.6% increase in ISa+r written premiums. The loss ratio was 2 p.p. higher in the 4Q10 from 4Q09 chiefly due to the higher used frequency in ISa+r. However it was partially offset by the 1.1 p.p. reduction in Porto Seguro P&C. Next slide, number 14, homeowner market share, we see that homeowner decreased slightly due to the market focus on the progress of the competitors in this product. On slide 15, we present the life insurance that increased 37.8% in written premiums mainly due to the increase of 5.2% in number of insured lives with higher premiums. The loss ratio was 2 p.p. higher from 2009 chiefly due to the increase in frequency of plans in individual and corporate insurance. Slide 16, we see that pension plans have increased 12.4% and in written premiums raised 26.6 in VGBL in this quarter in comparison with The total numbers of active partners reached 143,000 in this quarter. Slide 17, surveillance services increased 2% in revenues mainly due to price adjustments, partially offset by the discontinuity of one of our operations and the revenue was R$15 million in this quarter. In the next slide, number 18, we present the operation of consortium that has decreased 19.1% in revenues, mainly due to the 4.5% increase in the number of clients, which totaled 63,000. The revenue in the 4Q10 reached R$35.6 million. 3

4 Next slide, number 19, credit operations increased 11.7% in this quarter basically explained by the expansion in the credit card transactions. Next slide, number 20, technical reserves variation insurance, written premiums increased 73% quarter over quarter and total earned premiums grew 64% in the same period. As we can see in the graph below, the variation in insurance technical provisions, which are great part formed by (18:52), unearned premiums reserve follows the difference between earned and written premiums. So we highlight that there is no recurring cost with partnerships with the reserve variation. In the next slide, 21, operational efficiency, in the graph we observe the evolution of the numbers of insurance items by employees and G&A ratio. What we can see is that number of insurance price policy decreased with the association with ISa+r, when we lost some productivity, but however the rate of G&A is still decreasing. We are aware that we have the potential to improve productivity, and that will certainly help to reduce our administrative expenses. Now, I will pass the floor to Marcelo Picanço, who will continue the presentation commenting on our financial results. Thank you. Marcelo Picanço: Hi. I would like to comment that in the 4Q our financial revenue reached R$188 million which is equivalent to 105% of the CDI and if we exclude pension funds, the financial revenue reached R$136 million, which is equivalent to 96% of CDI. In the year, our financial revenue was R$714 million which is equivalent to 114% of the CDI and if we exclude pension funds, we have reached an amount of R$532 million or 103% of CDI. In this case, our performance in the 4Q was below our targets, but that is due to the natural movements in the market, specially due to movements in the fixed income bonds considering that we mark to market everything of our portfolio, it is in the short term the impact in revenues. As you can see in the next page, we did not change our strategy in allocation. Our allocation is still quite stable but we have increased a little bit the fixed income portion because we considered that the price of those bonds were already including a very high expectation that was an opportunity when we compare that to our base scenario. And throughout the year of 2010, we were able to keep our volatility very low, around 0.3% to 0.4%. Only in May we had a quite volatile environment here for fixed income futures in Brazil, we had an increase that reached 0.5% annually, which is still a very low volatility in terms of annualize. Even if we talk about the stress test, which uses the Bovespa scenario to make comparisons possible, our stress test is below 1% of the total portfolio. So, we consider the yield achieved by our strategy a little bit below our targets, but still a consistent result when we take into account our risk funding and the volatility. In the next page I would just like to state that our allocation is middle to long term, so we do not make opportunistic movements. We prefer to be consistent in terms of what 4

5 price we need to reach our plans, our financial plans. Increases or decreases in this quarter were quite moderated and in an alignment with this financial planning. And we think that for 2011, it is a quite difficult environment in terms of inflation, not only in Brazil, but in the emerging markets. But our view is that much of the bad news, let us say, is already in the price, so we think that the fixed income is still going to pay premiums and that is the part that produces the yield above the opportunity cost of 100% of the CDI in the case of Brazil. We are still maintaining our very conservative portfolio in terms of equities. So, I would like to now to open for the questions and answer session. Please, make your questions right now. Saul Martinez, JPMorgan: I have two questions. First on IFRS, I still do not understand fully the difference in the bottom line, I think for the full year it was about R$37 million, R$38 million. It seems to imply that there was some sort of tax benefit from goodwill deduction in BR GAAP in your release, but I might be wrong on that. So, can you just explain the difference between IFRS and BR GAAP? And I think you guys mentioned in your release that it should give sort of a time lime for that going forward. And also on IFRS, I think you guys are going to start putting these details in IFRS, but do you have any guidance for 2011 whether the earnings or return on equity expectations this year? Secondly, your combined ratio was high, as you mentioned, it was over 98% in the 4Q, and seasonally the 4Q has historically been fairly good for underwriting margins. Can you comment a little bit on that? How much of that had to do with expenses and should we expect that expense to remain high? And also, can you comment on your expectations for loss ratios, especially in light of somewhat surprising increase in robbery and theft frequency? Alexandre Peev: Hi, Saul. Thank you for your question. I will try to explain in topics. First of all, the difference between BR GAAP and IFRS, this difference is very small, very small in the profit. If you take a look at our release of results, on page number two, you see that the difference in 2010 between BR GAAP and IFRS is only about R$500,000. It is almost nothing. The main difference is about the business combination. There are two different things, one thing is IFRS standards, another thing is business combination that will happen in IFRS or BR GAAP, it does not matter. So, this main difference about this R$36 million, roughly R$36 million is because of the business combination of ISa+r. So, when we build the association with Itaú, we issued 30% more shares, which were equivalent to about R$1.8 billion. Of this almost R$1.9 billion, R$950 million was the shareholder equity in the balance sheet and the remaining R$933 million was mainly the value of the channel of distribution, the value of the brand and the value of the clients of homeowner and also the value of the clients of auto insurance. 5

6 So, we need to do an amortization of these values. All these values, except the brand, the brand has not amortization. We will have an effect about in 2010 R$36 million, in 2011, this year, we will have more R$36 million of effects in the net earnings, and in 2012 more R$17 million. After that, between 2013 and 2054, the value of the amortization will be R$7.5 million if not completely immaterial. Something that we are thinking is how to take advantage of the tax benefit of this amortization. Probably we will have some tax benefit, from this amortization, but probably, we are studying something about it. This is the main thing on the results. Another one, the expectations for 2011, we expect for 2011 to gain a little bit more efficiency, we expect that the ROE if you compare it without this effect of business combination, because it is not a cash effect, we will report with and without for the next years, so we expect without this effect of business combination an ROE something between 18.5% and 20%, of ROE, something between these two numbers. About the G&A, we had an increase in this 4Q in the G&A, but it is more related to the investments in consulting companies due to the merger with the systems of Itaú and Porto Seguro. We can consider that non-recurring, of course, but we are expecting for 2011, for the full year, we expect less 50 b.p. less than the full year G&A of We can get better in b.p. on the G&A that we had in And about the loss ratio that we comment, I only need to do a correction in the speech of Fuzaro, it is not the frequency of robbery and theft that increased, it was the frequency of collision that increased and not robbery and theft. The frequency of robbery and theft was stable in the last one or two years, it is lower than before but stable, but the frequency of collision increased a little bit, but we can say that mainly due to the rains that we had, the floods and so on. It is more related with the weather here in Brazil, mainly in São Paulo. Operator: Thank you. I will now turn the floor back over to the Company. Porto Seguro: I would like now to thank everyone for participating in our conference. And, please, send your additional questions to our investor relations area. Thank you very much. Have a good day. Operator: Thank you. This concludes today's conference call. You may now disconnect. This document is a transcript produced by MZ. MZ uses its best efforts to guarantee the quality (current, accurate and complete) of the transcript. However, it is not responsible for possible flaws, as outputs depend on the quality of the audio and on the clarity of speech of participants. Therefore, MZ is not responsible or liable, contingent or otherwise, for any injury or damages, arising in connection with the use, access, security, maintenance, distribution or transmission of this transcript. This document is a simple transcript and does not reflect any investment opinion of MZ. The entire content of this document is sole and total responsibility of the company hosting this event, which was transcribed by MZ. Please, refer to the company s investor relations (and/or institutional) website for further specific and important terms and conditions related to the usage of this transcript. 6

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