Earnings release

2Q08August 15, 2008

2

Business segments

Dental HMO

Ranking: #4

Number of lives: 695 thousand

Underwriting of frequency risk

Assistance Services

Ranking: #1

Number of items: 19.3 million

Underwriting of frequency risk

Healthcare Administration Services

Ranking: #1

Number of lives: 1.37 million

No underwriting risk. Fee business

only.

Shared structureNetwork management – Contact Center – Claims processing

Health Segment Dental SegmentAssistance

Services

3

Recent events

ACQUISITION DENTAL – Tempo announced on June 9, 2008 the acquisition of Prevdonto (Plano de Assistência Odontológica Unidonto Ltda.), a dental benefit plan company that offers services to approximately 130 thousand beneficiaries in the northern part of Brazil.

ACQUISITION HEALTH – Tempo announced on June 6, 2008 the acquisition of a home care company called Staff Builders. This acquisition made Tempo the leader in the home care market. Tempo then created Efectiva Saúde Gerenciada in order to consolidate the HomeCare business as one company.

CONTRACT WITH MARÍTIMA SEGUROS - On June 12, 2008, Tempo and Marítima Seguros finalized a service providing contract in the Specialized Assistance Segment. Through this contract, Tempo will offer its Specialized Assistance services to over 500,000 insured items pertaining to Marítima.

FINANCIAL AND OPERATINGPERFORMANCE

5

Tempo posts 87.2% increase in EBITDA

NET REVENUES

Solid volume growth in all business segments

EBITDAEconomies of scale and

synergies continue to boost margins

EARNINGS

Low effective tax rate and financial results improved

Earnings

2Q07A 2Q08A

134,1 169,0

Net Revenue - Tempo (R$MM)

2Q07A 2Q08A

10,1

18,9

EBITDA - Tempo (R$MM)

7.5%

11.2%

EBITDA EBITDA margin

2Q07A 2Q08A

7,2

16,5

Earnings - Tempo (R$MM)

6

Health segment

REVENUESRevenue growth driven by

lives increase and Home Care acquisition

SG&ADilution continues

2Q07A 2Q08A

72,6 99,0

Net Revenue - Health (R$MM)

2Q07A 2Q08A

2,6

7,9

3,6%

8,0%

EBITDA- Health (R$MM)

2Q07A 2Q08A

11,2 13,8

15,5%13,9%

General and Administrative Expenses - Health (R$MM)

General and Administrative Expenses Expense Margin

EBITDAEBITDA powered by growth

and M&A

EBITDA EBITDA margin

7

Dental segment: 2008 pro forma results

REVENUESStrong top line growth

powered by M&A and solid organic growth

EBITDAContinues EBITDA margin

expansion

All figures in this slide take into consideration the acquisitions made in 2007 and consolidated into the Company's financials starting January 1st, 2008 even though they were waiting for approval by ANS.

2Q07A 2Q08A

5,4

18,2

Net Revenue- Dental (R$MM)

2Q07A 2Q08A

1,0

4,5

17,9%

24,7%

EBITDA - Dental (R$MM)

2Q07A 2Q08A

3,4

11,9

55,7%

46,0%

Cost of Rendered Services - Dental (R$MM)

Cost of Rendered Services Loss Ratio (%)

LOSS RATIOSignificant improvement in

loss ratio

EBITDA EBITDA margin

8

Strong combination between organic and M&A growth

M&A GROWTH

Odonto Empresa: 220kOralTech: 30kFleming: 35k

Prevdonto: 130k

ORGANIC GROWTH

Organic growth accelerating retail sales

channel

47%31%

23%

Growth Breakdown - Dental Segment

Acquisitions 07 Acquisitions 08 Annualized OrganicOrganic Through Acquisitions

20%

202%

Growth Profile - dental segment

9

Assistance Services segment

2Q07A 2Q08A

56,2

58,8

Net Revenue - Assistance (R$MM)

REVENUEItems grew 13% with a

lower ticket

LOSS RATIO CURVESame shape confirms the

Trend

50,4%

47,1%45,9%

50,4%

52,1%

49,7%

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

Loss Ratio - Assistance Segment

2007 2008

10

Assistance Services segment

SG&A and EBITDAEconomies of scale and synergies sustaining EBITDA expansion

2Q07A 2Q08A

6,6 8,5

11,7%

14,4%

EBITDA - Assistance (R$ MM)

2Q07A 2Q08A

35,9%

30,2%

20,2 17,8

General and Adm. Expenses- Assistance(R$MM)

Expense Margin General and Administrative ExpensesEBITDA EBITDA margin

11

Asset Light Operation

30,2

37,6

55,0

32,3

2,5 4,0 5,1 5,0

8%11%

9%

15%

2005 2006 2007 1H/08

Capex vs EBITDA (in R$ million)

EBITDA

CAPEX

%

Investors Relations

Phone: +55 11 4208-8069E-mail: ri@tempopar.com.br

www.tempopar.com.br/ri