tempo%20 participa%e7%f5es%20 %204 t08%20 apresenta%e7%e3o%20 %20 eng

EarningsEarnings ReleaseRelease

4Q084Q08

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DisclosureDisclosure

Due to the Company´s IPO in 2007, the 4Q07 presented better than usualresults. This incremental EBITDA pertain to other 2007 quarters as per accrualaccounting rules. Hence, 4Q07x4Q08 comparison is negatively impacted. For a

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accounting rules. Hence, 4Q07x4Q08 comparison is negatively impacted. For abetter view of the business a YoY comparison should be considered.

HighlightsHighlights

CEO Change: As of 04/01/2009, Carlos Formigari will be the new CEO for Tempo Participações. JoséBonchristiano leaves his current position to become Co-President of the Board of Directors along withDimas Maia, who is the current president of the Board. Mr. Formigari comes from a 9-year career atUnibanco as General Director of Unicard, Unibanco´s credit card company.

Stock Buyback Program: Tempo concluded its first stock buyback program in the 4Q08. The total

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Stock Buyback Program: Tempo concluded its first stock buyback program in the 4Q08. The totalamount of shares purchased were 8.168.500, which totals a R$ 22.2Million investment. Following theconclusion of the first buyback program, Tempo initiated its second buyback program on November 27,2008, allowing it to buy up to 10% of the current Free Float during the preceding 365 days. As of March 31,2009, Tempo purchased 2.2 Million shares.

SAP: In December of 2008, Tempo decided to implement SAP software. The implementation is currentlytaking place and should be concluded by 3Q09.

Tempo Tempo ConsolidatedConsolidated

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Net Revenues (R$MM) EBITDA (R$MM)

HealthHealth SegmentSegment

Beneficiaries (in Millions)

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Growth of 6,2% growth in number of lives covered. New clients have fueled this growth as well as a modest growth in existing client base.

HealthHealth SegmentSegment

Net Revenues (in R$Million)

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Net Revenues presented a strong growth of 33,7% YoY and a 19,3% growth QoQ.

HealthHealth SegmentSegment

Costs of Services Rendered (in R$Million)

Tempo´s HomeCare unit was only acquiredand running jointly with the business segmentstarting October 2007.

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Selling, General & Administrative Expenses (in R$Million)

Due to a different business model, theHomeCare division contributed with ahigher SG&A ratio than Gama Saúde.

12,8%

HealthHealth SegmentSegmentAdjusted EBITDA (in R$Million)

The adjusted EBITDA for the fiscal year of 2008 hada strong growth of 19,1% YoY. However, on a QoQanalysis the Health segment showed a significantdecline, mostly due to 4Q07 results that accumulateresults from other 2007 quarters (as per accrual

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results from other 2007 quarters (as per accrualaccounting rules).

Dental Dental SegmentSegment

Beneficiaries (in Millions)

Strong growth of 75,4% YoY, surpassing833 thousand lives.

In the midst of acquisitions andintegration, the Dental Segment had a solid

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integration, the Dental Segment had a solidorganic growth of 32% in 2008.

Dental Dental SegmentSegment

Net Revenues (in R$Million)

Growth was influenced by strong M&Aactivity and solid organic growth in itsbeneficiaries base.

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Dental Dental SegmentSegment

Costs of Rendered Services (in R$Million)

A strong contributor to thisimpact has been the Affinitychannels.

51,2%

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Selling, General and Administrative Expenses (in R$Million)

M&A and organic growth inDental during 2008 were fueledby SME and Affinity accounts,which carry significantly lowerbroker´s commissions.

Dental Dental SegmentSegmentAdjusted EBITDA (in R$Million)

EBITDA for the Dental Segment showed stronggrowth. On a QoQ comparison, EBITDA grew by85,7%. When comparing YoY, the companyachieved an Adjusted EBITDA of R$15,6 Million, a174,4% growth

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AssistanceAssistance SegmentSegment

Items (in Millions)

Tempo had a relevant contract renewalwith Tokio Marine for additional sevenyears. Moreover, two new clients joined ourbase: Marítima and Confiança

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Net Revenues (in R$Million)

Part of the growth is attributed to newclients such as Marítima and Confiança.

AssistanceAssistance SegmentSegment

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Costs of Rendered Services (in R$Million)

AssistanceAssistance SegmentSegment

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Selling, General and Administrative Expenses (in R$Million)

In 4Q08, USS continued to showsignificant decrease in SG&A of20% and the YoY also showed astrong reduction of 22.6%reduction, proving that USS isbenefiting from economies of scaleand synergies in shared structure.

Adjusted EBITDA (in R$Million)

Adjusted EBITDA for the AssistanceSegment for the 4Q08 was R$5.0 Million.For the year, however, Adjusted EBITDAgrew by 5.8% YoY reaching a total ofR$28.4 Million.

AssistanceAssistance SegmentSegment

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CAPEXCAPEX

CAPEX

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Tempo ParticipaçõesTempo Participações

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Investors Relations

+55 -11 - 4208 – 8025

ri@tempopar.com.br