The document is an earnings release for Tempo Participações S.A. for the second quarter of 2009. It summarizes the company's financial performance, including growth in key metrics like net revenues and number of lives covered across its business segments. It highlights new client contracts signed in the Assistance segment and progress on efficiency initiatives like the Six Sigma methodology. The Dental segment contributed most to earnings growth, driven partly by acquisitions made in 2008. Capital expenditures in the quarter were primarily for the ongoing SAP system implementation.

1. EarningsRelease 2Q09

2. Disclaimer This presentation contains forward-looking statements relating to the business outlook, operating and financial projections, and the growth prospects of Tempo Participações S.A.. These statements merely represent projections and as such are based exclusively on Management’s expectations about the future of the business. Such forward-looking statements depend substantially on changes in market conditions, the performance of the Brazilian economy, the industry and international markets, and therefore are subject to change without prior notice. 2Q09 Earnings Release 2Q09 Earnings Release 2

3. 2Q09 Earnings Release Segments Overview Dental Health Assistance AssistanceServices Ranking: #1 15,3 Mn ofitems Market: B2B e B2B2C Dental HMO Ranking: #4 879K of lives Market: B2B e B2B2C Healthcare Administration Services Ranking: #1 1,4 Mn of lives Market B2B 3

5. Progress in the SAP implementation;

6. New Assistance Contracts: Implementation of new clients´operations: Allianz, HDI and Aliança do Brasil;

7. Stock Buyback Program: R$ 10.6 Mn investment;

8. Net revenues solid growth of 11,0% QoQ.(*) EBITDA excludes non-recurring expenses. Note 1: Conciliation of results found on page 13 of the 2Q09 Earnings Release. Highlights 2Q09 Earnings Release 4 2Q09 Earnings Release

9. 2Q09 Earnings Release Business Segments - EBITDA Contribution 2Q08 2Q09 Hightlight: The Dental Segment´s growth, potencialized by acquisitions in 2008. Assistance Dental Saúde 5

11. Strategic Partnership between Gama and FBH (Hospital Brazilian Association) to expand national hospital coverage;

12. SixSigma project focused on reduction of operational expenses6

13. 2Q09 Earnings Release Tempo Consolidated – Dental Segment (*) EBITDA excludes non-recurring expenses. Note 1: Conciliation of results found on page 13 of the 2Q09 Earnings Release. Highlights Growth in total lives covered, by an increase of 75.5% to 879K lives; The acquisitions made in 2008 contributed to 55% of growth while the organic growth represented 45%. Solid organic growth in the Affinity channels 7

14. 2Q09 Earnings Release Tempo Consolidated – Dental Segment LossRatio Curve QuarteronQuarter Var 8

15. 2Q09 Earnings Release Tempo Consolidated – Assistance Segment (*) EBITDA excludes non-recurring expenses. (**) Adjustments consider new accounting practices Note 1: Conciliation of results found on page 13 of the 2Q09 Earnings Release. Highlights New Assistance Contracts: Second quarter implementation of new clients´operations: Allianz, HDI and Aliança do Brasil; Six Sigma Projects focusing on operational efficiency 9

16. 2Q09 Earnings Release Tempo Consolidated – Assistance Segment Loss Ratio Curve: Highlights Efficiency projects explain the improvement in the loss ratio when comparing 2009 with 2008. Loss Ratio reduction (2Q09 vs 1Q09) due to seasonality. 10

17. 2Q09 Earnings Release Tempo Consolidated – Capex Highlight: » Tempo ended 2Q09 with CAPEX at R$ 2.6 Million. The main investment during the quarter was with SAP implementation. 11

18. 2Q09 Earnings Release Tempo Participações InvestorsRelations +55 -11 - 4208 – 8347 ri@tempopar.com.br 12