Earnings Release 3Q09

3Q09 Results 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.

3Q09 Results 3

Segments Overview

Dental Health Assistance

Assistance ServicesRanking: #117 millions of itemsMarket: B2B e B2B2C

Healthcare AdministrationRanking: #11,34 million of livesMarket: B2B

Dental HMORanking: #3851K of livesMarket: B2B and B2B2C

3Q09 Results 4

Tempo – Results by Segments

(*) EBITDA excludes non-recurring expenses.Note 1: Conciliation of results found on page 16 of the 3Q09 Earnings Release.

Closing of a Memorandum of Understanding with Unibanco Saúde Seguradora S.A. transferring the totality of its capital stock to Tempo. The acquisition is going to bring approximately 70 thousand lives in corporate health plans and distribution channel contracts through Itaú-UBB brokerage channel;Health Segment: growth in the Homecare division and health plan management; Assistance Segment: improvement in EBITDA margin in the last nine months; Dental Segment: expansion of the Affinity channels;Progress in the SAP implementation;Buyback Program: repurchase of 7.16 million of shares representing an investment of R$ 20.4 million;The average daily volume traded in October was of R$5.9 million.

Highlights

R$Million 3Q08 3Q09 Var.%Health Dental Assistance Tempo Health Dental Assistance Tempo Tempo

Net Revenues 112,0 15,4 62,4 189,8 119,1 25,9 55,2 200,2 5,5%Cost of Rendered Services 89,2 6,9 41,2 137,2 93,5 11,6 35,2 140,4 2,3%Selling, General and Administrative Expenses 16,8 5,5 15,9 38,2 17,4 9,6 13,4 40,4 5,7%EBITDA 6,0 3,0 9,4 18,4 8,2 4,6 6,6 19,4 5,3%EBITDA Margin (%) 5% 19,6% 15,0% 9,7% 7% 18% 12% 9,7% 0,0 p.p.

3Q09 Results 5

3Q08 3Q09

Tempo – EBITDA Mix

Tempo EBITDA’s Breakdown shows an evolution of Tempo’s mix

33%

16%

51%

EBITDA (R$ Millions) and EBITDA Margin %

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

13,5

18,9 18,4 15,1

18,0 17,2 19,4

8%

11%10%

8%10% 9%

10%

AssistanceHealthDental

3Q09 Results 6

Net Revenues: growth of 6.3% vs 3Q08 and 2.5% vs 2Q09EBITDA: R$ 8.2MM, growth of 36.1% vs 3Q08, 61.7% vs 2Q09 EBITDA Margin : increase of 2.6pp and 1.5pp vs 2Q09 and 3Q08 respectively

Tempo – Health Segment

Highlights

(*) EBITDA excludes non-recurring expenses.Note 1: Conciliation of results found on page 16 of the 3Q09 Earnings Release.

R$Million 3Q08 3Q09 Var.%Beneficiaries (in Millions) 1,38 1,34 -2,8%Net Revenues 112,0 119,1 6,3%Cost of Rendered Services 89,2 93,5 4,9%Selling, General and Administrative Expenses 16,8 17,4 3,3%EBITDA 6,0 8,2 36,1%EBITDA Margin (%) 5,4% 6,9% 1,5 p.p.

3Q09 Results 7

Commercial highlight: sales through the Affinity channels;Improvements in brand unification and development of the proprietary software for the Dental Segment.

Tempo – Dental Segment

Highlights

R$Million 3Q08 3Q09 Var.%Beneficiaries (in Millions) 745 851 14,2%Net Revenues 15,4 25,9 68,3%Cost of Rendered Services 6,9 11,6 69,2%Loss Ratio (%) 42,5% 43,5% 1,0 p.p.Selling, General and Administrative Expenses 5,5 9,6 75,9%EBITDA 3,0 4,6 52,6%EBITDA Margin (%) 19,6% 17,8% - 1,8 p.p.

(*) EBITDA excludes non-recurring expenses.Note 1: Conciliation of results found on page 16 of the 3Q09 Earnings Release.

3Q09 Results 8

The third quarter ended with 851 thousand lives covered, posting a 14.2% growth vs 3Q08, acquisitions and affinity channels being responsible for the growthIn the third quarter of 2009 the Dental Segment presented costs of R$ 11.6Mn, posting a reduction of 6.5% vs 2Q09

Tempo – Dental Segment

Loss Ratio:

**Pro forma results, includes acquisition.

Highlights

8,3 9,0 10,4 11,4

88,526,8 27,5 26,7

55,0%

49,7% 50,7%53,3%

44,2% 43,0%45,2% 43,5%

20,0%

25,0%

30,0%

35,0%

40,0%

45,0%

50,0%

55,0%

60,0%

1,0

2,0

4,0

8,0

16,0

32,0

64,0

128,0

2004 2005 2006 2007 2008* 1Q09 2Q09 3Q09Gross Revenue Loss Ratio (%)

3Q09 Results 9

Management of loss ratio and gains of operational efficiency;The segment highlights a new sales structure to explore the distribution of assistance services in affinity channels (retail, credit cards, services, among others); 13.4% increase in items covered vs the second quarter of 2009, due to new items of contracts closed in the second quarter, namely HDI.

Tempo – Assistance Segment

Highlights

R$Million 3Q08 3Q09 Var.%Items (in Millions) 21,3 17,3 -18,6%Net Revenues* 62,4 55,2 -11,5%Cost of Rendered Services* 41,2 35,2 -14,4%Loss Ratio (%) 59,3% 61,5% 2,2 p.p.Selling, General and Administrative Expenses 15,9 13,4 -15,8%EBITDA 9,4 6,6 -29,7%EBITDA Margin (%) 15,0% 11,9% -3,1 p.p.

(*) EBITDA excludes non-recurring expenses. Adjustments reflect new accounting practices. Refer to the reconciliation page of the Earnings ReleaseNote 1: Conciliation of results found on page 16 of the 3Q09 Earnings Release.

3Q09 Results 10

Costs of Rendered Services of the Assistance Segment reached R$ 35.2MM in the third quarter of 2009, presenting a 14.4% reduction compared to the same period of last year;Heavy rains that took place in the 3Q09 and the change in clients portfolio were responsible for the loss ratio increase in the period.

Tempo – Assistance Segment

Highlights

Loss Ratio Curve*:

*Loss Ratio Calculation includes adjusted cost (refer to table on press release)

66,3 65,5 69,4 72,4 48,6 49,8 57,2

58,4% 55,6%59,3%

64,3%57,2%

53,2%

61,5%

20,0%20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

100,0

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09Gross Revenue Loss Ratio (%) - New Accounting Rules

3Q09 Results 11

Acquisition of Unibanco Saúde

Acquisition Overview• Health Plans for

corporations (SME)

• Approximately 70 thousand lives with strong presence in São Paulo, Rio de Janeiro, BH and Salvador.

• Distribuition through the brokerage channel

Advantages to Tempo

Comercial

Operational

• Administration of the brokerage channel/over-the-counter Itaú-UBB

• Development of its own brand• Development of direct

distribution channels.

• Ability to develop insurance products /actuarial knowledge

• Risk management• Administration of customer

relationship, including sales processing

3Q09 Results 12

Tempo – Capex

HighlightIn the third quarter of 2009, Tempo invested R$ 2.4Mn in capital expenditures, which accounts for 12% of EBITDA in the same period. The major expenditures were software due to the implementation of the SAP and the Dental platform.

Capex (R$ Million) 1Q09 2Q09 3Q09 YTD/09Software 1,6 2,3 1,1 5,1 IT Equipments 0,2 0,2 0,6 1,0 Buildings - 0,0 0,2 0,2 Furniture & Equipment - - 0,0 0,0 Other - 0,0 0,5 0,5 Total 1,8 2,6 2,4 6,9

30 3855

6655

2,5 4,0 5,1 7,9 6,9

8%

11%9%

12% 13%

0%

2%

4%

6%

8%

10%

12%

14%

0

10

20

30

40

50

60

70

2005 2006 2007 2008 YTD/09

EBITDA

Capex

% of Ebitda

3Q09 Results 13

Tempo ParticipaçõesTempo ParticipaçõesInvestor Relations

+55 -11 - 3336 – 8587

ri@tempopar.com.br