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Triple-S Management Corporation Announces Conversion of Class A Shares and Commencement of Class B Stock Repurchase Program
Date:12/8/2008

SAN JUAN, Puerto Rico, Dec. 8 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced that it has converted seven million issued and outstanding Class A shares into Class B shares effective immediately, in conjunction with the expiration of the lockup agreements signed by holders of Class A shares at the time of the Company's initial public offering. It is expected that the newly converted Class B shares will gradually become tradable in the public market over the following weeks, as Class A shareholders surrender their certificates and complete the conversion process. This conversion will not affect the total outstanding common stock of the Company, which remains at approximately 32.15 million shares.

In addition, the Company's $40 million share repurchase program, which will use available cash and was authorized by the Board of Directors in late October 2008, will commence immediately. It will be conducted through open- market purchases and privately-negotiated transactions of Class B shares only, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The program is designed to maximize the EPS benefit of the repurchases, while anticipating the liquidity expectations that the holders of newly converted Class B shareholders may have. The timing and extent of any purchases under the program will depend on market conditions, the trading price of our shares and other considerations, and the program may be suspended or terminated at any time.

It should be noted that approximately nine million Class A shares remain outstanding and will not be converted to Class B shares until the earlier of the date that all potential claims specified in our articles of incorporation are resolved or five years from the date of our
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SOURCE Triple-S Management Corporation
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