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Triple-S Management Corporation Reports Third Quarter 2008 Results; Board Approves Share Repurchase Authorization of up to $40 Million
Date:10/30/2008

176,549 161,545

Total Commercial 588,073 576,600

Reform 340,710 352,722

Medicare 73,893 48,291

Total members 1,002,676 977,613

Managed Care As of

Days claims payable Sept. 30, 2008 June 30, 2008

60.9 days 60.5 days

Investment Portfolio Review

Despite the recent turbulence in global capital markets, Triple-S' investment portfolio and capital position remains solid. The Company has minimal exposure ($496,000) to equity of companies that have gone bankrupt, been part of a distressed sale, or had the federal government step in to provide financial assistance. In addition, we recorded an other-than-temporary impairment amounting to $ 1.5 million related to a corporate bond issued by one of the previously mentioned companies. Moreover, less than 9% of its $1.1 billion investment portfolio is exposed to corporate asset- or non-agency mortgage-backed securities. Finally, financial services bonds represent just 1.7% of the total investment portfolio, well below that of its peers.

Share Repurchase Plan

Triple-S has both Class A and B common shares. Class A shares do not trade on a public market and only the Board of Directors can authorize their conversion to Class B shares. In recognition of the fact that 4.9 million Class A common shares will become transferable when the lockup period expires on December 6, 2008 and that 2.2 million Class A shares have been transferable since the IPO, the Company's Board of Directors has authorized the repurchase of up to $40 million of common shares following the lock-up expiration using available cash on hand, subject to interest on the part of Class A shareholders. Such a repurchase could be effected by an open-market repurchase
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SOURCE Triple-S Management Corporation
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