1. Tempo Assist
4Q09 Earnings Release

2. Operating Highlights
• The year of 2009 was important for the Company with investments in systems
(proprietary dental platform), noticeable development in processes (specially to
grant integration of the acquired companies in order to optimize synergies), strategic
planning and team reinforcement (new management);
• SAP Go live on January, 2010. Health and Assistance segments are implemented in
SAP. Dental segment will be implemented during the first half of the year;
• New brand in 2010: Tempo Participações is now Tempo Assist;
• ANS approval of the Unibanco Saúde acquisition. The agreement was made in
2009. With the approval, the insurance company results will be incorporated into
Tempo’s from the second quarter 2010 onwards.

3. Market Segments and its
Perspectives
Dental Plans Health Health Insurance Specialized
Management Assistances
Ranking: #3 Ranking: #1 Ranking: n/a Assistances 24h
854k lives 1.58 million of lives 70klives Ranking: #1
Market: B2B and Market: B2B; Market: B2B; 15 millions items
B2B2C; insurances and HMO’s small to medium size Mercado: B2B and
Clients: corporate, public entities and corporate clients B2B2C; insurances
affinity channels corporate clients
Promising Perspectives
Affinity
Stop Loss SME End users
Channels

4. Tempo Consolidated
Health Segment: 15% growth in beneficiaries, reaching a total of 1.6 million lives, and strong
expansion in homecare division;
Dental Segment: growth driven by the annualization of past acquisitions and establishment of new
partnerships to distribute dental insurance;
Assistances Segment: added Itaú-Unibanco’s personal & residence assistance account, a large number of
covered items;
4

5. SG&A (BU’s) – R$ Million
177,0
166,2 29,4
4,8 non
-6,1 39,5 recurring
31,9
-16,5 -0,7
+2%
134,3 137,5 recurring
SG&A
2008 BUs SG&A Personnel G&A Sales Taxes and fees Others 2009 BUs SG&A
5

6. SG&A (Holding)
11,0 0,2
-0,01 28,9
-3,9 non
2,1 recurring
10,6
+141% 26,8
11,1 recurring
SG&A
2008 Holding SG&A Personnel G&A Marketing Taxes and fees Other 2009 Holding SG&A
6

7. Recurring Operating Result
2008 2009
34% 38%
43% 41%
16% 29%
Health Dental Assistance
7

8. R$Million 2008 2009 Var.%
Net Revenues 425.3 448.5 5.5%
Cost of Rendered Services (332.7) (353.2) -6.2%
Gross Profit 92.6 95.3 2.9%
Gross Margin (%) 21.8% 21.3% - 0.5 p.p.
Selling, General and Administrative Expenses (77.8) (86.4) -11.0%
Operating Results 14.8 8.9 -39.8%
(+)Non recurring Adjusts (16.9) (25.1) -48.3%
Recurring Operating Results 31.7 34.0 7.2%
Operating Margin (%) 7.5% 7.6% 0.1 p.p.
Beneficiaries: 14.6% growth when comparing with same period in 2008.
General and Administrative Expenses: impacted due to the allowance for doubtful accounts of R$ 22.7
millions;
Recurring Operating Result: 7.2% growth when comparing with the previous year.
Press Release 4T09 8

9. Beneficiaries (million) Net Revenues (R$ million)
14.6%
5.5%
1.38 1.39 1.38 1.34 1.58 448.5
425.3
4Q08 1Q09 2Q09 3Q09 4Q09 2008 2009
Cost of Services Rendered (R$ million) and Recurring Operating Results (R$ million) and
Loss Ratio (%) Margin (%)
7.6%
7.5%
6.2% 7.2%
353.2 34.0
332.7 31.7
9
2008 2009 2008 2009

10. R$Million 2008 2009 Var.%
Net Revenues 56.1 99.7 77.8%
Cost of Rendered Services (27.4) (45.1) -64.5%
Loss Ratio 47% 44% -3.4 p.p.
Gross Profit 28.6 54.6 90.7%
Gross Margin (%) 51.1% 54.8% 3.7 p.p.
Selling, General and Administrative Expenses (20.9) (30.9) -47.5%
Operating Results 7.7 23.7 208.0%
(+)Non recurring Adjusts (4.5) (2.3) 0.0%
Recurring Operating Results 12.2 26.0 112.9%
Operating Margin (%) 21.8% 26.1% 4.3 p.p.
Beneficiaries: 2% growth in the total numbers of lives;
Loss ratio: Loss ratio in 2009 decreased 4.7 p.p. when compared to 2008, ending 2009 with 44%;
Recurring operating result:112.9% growth when comparing to the previous year, reaching 26 millions.

11. Beneficiaries (‘000) Net Revenues (R$ million)
2.6% 77.8%
879 99.7
833 849 851 854 56.1
4Q08 1Q09 2Q09 3Q09 4Q09
2008 2009
Cost of Services Rendered (R$ million) and Recurring Operating Results (R$ million) and
Loss Ratio (%) Margin (%)
47% 47%
44% 44%
64.5% 64.5%
45.1 45.1
27.4 27.4
2008 2009 2008 2009 11

12. R$Million 2008 2009 Var.%
Net Revenues 238.2 190.8 -19.9%
Cost of Rendered Services (148.2) (112.8) 23.8%
Loss Ratio 55.9% 53.3% - 2.6 p.p.
Gross Profit 90.0 78.0 -13.4%
Gross Margin (%) 38% 41% 3.1 p.p.
Selling, General and Administrative Expenses (67.4) (59.7) 11.4%
Operating Results 22.6 18.2 -19.3%
(+)Non recurring Adjusts (10.5) (12.2) -16.2%
Recurring Operating Results 33.1 30.4 -8.0%
Operating Margin (%) 13.9% 15.9% 2.1 p.p.
Insured Items: 15 million items, representing a 9.6% reduction year over year due to a loss of an important
client at the end of 2008.
Loss Ratio: The loss ratio presented a 3.2pp reduction year on year, reaching 53.3% in 2009;
General and Administrative Expenses: 11.4% reduction when comparing to 2008. impacted due to the
allowance for doubtful accounts of R$ 3.5 millions;
Recurring Operating Result: the revenues reduction impacted the BUs operating result, which posted a
8% reduction, however there was an increase in operating margin of 2.1pp.

13. Insured Items (in millions) Net Revenues (R$ million)
million 4Q08 1Q09 2Q09 3Q09 4Q09
19.9%
Itens 16.55 12.17 12.99 13.78 15.00
238.2
190.8
13%
21%
65%
2008 2009
Cost of Services Rendered (R$ million) and Recurring Operating Results (R$ million) and
Loss Ratio (%) Margin (%)
55.9% 15.9%
53.3% 13.9%
-23.8 -8.0%
148.2 112.8
33.1 30.4
2008 2009 13
2008 2009

14. Capex
Capex (R$ million) 1Q09 2Q09 3Q09 4Q09 2009
Software 1.6 2.3 1.1 2.6 7.7
IT Equipments 0.2 0.2 0.6 1.2 2.2
Buildings - 0.0 0.2 0.5 0.7
Furniture & Equipment - - 0.0 0.1 0.1
Other - 0.0 0.5 0 0.5
Total 1.8 2.6 2.4 4.4 11.2
In 2009, the company invested a total amount of R$ 11.2 million, mainly directed to
the development of IT solutions (software), specially in the implementation of SAP and
the development of the operational platform of the dental plans segment (Odonto
Utilis).

15. New Management
Since April, 2009
BUs
Since IPO Since December, 2009 Since IPO Since June, 2009
Since November, 2009
Corporate Structure
Since July, 2009 Since July, 2009 Since February, 2010