Tempo Assist announces year-on-year Net Revenue and Net Income growth of 24.7% and 90.0%, respectively, in 1Q11

Capital Stock as of March 31 st, 2011 Total Shares 156.285.611 (-) Treasury 6.832.458 Outstanding 149.453.153 Tempo Assist announces year-on-year Net Revenue and Net Income growth of 24.7% and 90.0%, respectively, in Operational and Financial Highlights Conference Call : Portuguese Date: 05/17/2011 Time: 10:00 A.M. (09:00 A.M. EDT) Tel: +55 (11) 4688-6361 English Date: 05/17/2011 Time: 11:00 A.M. (10:00 A.M.EDT) Tel: (+1) 786-924-6977 or +55 (11) 4688-6361 The main highlights of the quarter were: New Chief Executive Officer: Tempo Assist announced its new Chief Executive Officer, Marcos Aurélio Couto, who has more than 20 years of experience in the insurance market, 5 of which were spent as the CEO at Ace Seguradora in Brazil; Business Expansion: Tempo Assist posted year-on-year growth of 24.7% and 90.0% in Net Revenue and Net Income, respectively. Recurring EBITDA expanded 24.2% with EBITDA margin at 5.4%; Health Insurer: loss ratio (MLR) in pre-paid health plans (PHP) of 73.0% in the quarter, ensuring a solid result of R$ 5.4 million and operating margin at 8.2%; Budget Control: corporate expense reduction plan implemented throughout 2010 allowed the Company to reduce its corporate expenditures by 10.8% (totaling R$ 5.0 million) as compared with the first quarter of 2010, not taking in consideration Health Insurer expenses. IR Contacts Tel: +55 (11) 4208-8025 ri@tempoassist.com.br www.tempoassist.com.br/ri Press Contact: Máquina Public Relations LiviaHormigo livia.hormigo@maquina.inf.br Tel: 3147-7458 Daniela Moll daniela.moll@maquina.inf.br Tel: 3147-7932 Key Consolidated Financial Indicators R$Million 4Q10 Var.% 1Q10 Var.% Net revenues 242.8 240.3-1.0% 192.7 240.3 24.7% Cost of rendered services (183.4) (175.6) -4.2% (133.5) (175.6) 31.5% Selling, general and administrative expenses (36.2) (47.4) 30.9% (35.9) (47.4) 32.2% Operational result 23.1 17.3-25.4% 23.3 17.3-25.9% Operational margin (%) 9.5% 7.2% -2.4 p.p. 12.1% 7.2% -4.9 p.p. Holding expenses (7.4) (5.9) -19.4% (13.1) (5.9) -54.7% Ebitda 15.8 11.3-28.2% 10.2 11.3 11.3% (-)Non recurring adjusts (2.1) (1.6) -24.7% (0.2) (1.6) 698.9% Recurring Ebitda 17.8 12.9-27.8% 10.4 12.9 24.2% Recurring Ebitda margin (%) 7.3% 5.4% -2.0 p.p. 5.4% 5.4% 0.0 p.p. Net income 8.3 6.5-22.0% 3.4 6.5 90.0% * For further information on the non-recurring adjustments please refer to page 8 of this Release. 1

Dear Shareholders, Tempo Assist began 2011 focusing on strengthening its commercial activities. After implementing a comprehensive process of operational optimization during the past two years, the Company is confident that it has built a solid foundation to service the robust growth in the coming years and that a new expansion cycle, concentrating on organic growth, is well underway. To guide this new cycle, on April 25, 2011, Tempo Assist announced the arrival of its new Chief Executive Officer, Mr. Marcos Aurélio Couto. Mr. Couto is a business administrator with an MBA from BI International School. He served 16 years with ACE Seguradora, the last 5 of which he spent as CEO. He has dedicated his career to the insurance industry, working at INA, CIGNA, BBM and MITSUI SUMITOMO. His broad experience in the insurance industry and affinity channels, as well as his strong relationship with brokers (which enhances Tempo s ability to distribute health and dental plans through this channel) qualify him to assume the challenge of consolidating Tempo Assist into one of the fastest-growing companies in the industry. In, the Company posted year-on-year growth of 24.7% in net revenue and 11.3% in EBITDA, with recurring EBITDA expanding 24.2%. Some comments concerning the business units should be pointed out: (1) Health Solutions marked improvement in margin compared to the last quarter (4Q10); (2) Health Insurer - as in 4Q10, this segment presented solid growth and a controlled MLR, which delivered another quarter of strong performance; (3) Dental focus on recovery of growth and retention of small and medium-sized companies (SME) and signing-up of new affinity partnerships, leveraging the benefits of a stable operation with a high standard of reliability, and house-cleaning regarding the beneficiaries with premiums-in-arrears; (4) Assistance historically, the first quarter is impacted with the most unfavorable seasonality, with an increase in the average cost of services provided as well as frequency of use. For 2011, one of the Company s main initiatives is the operational implementation of the back office services contract with Caixa Seguradora Saúde (joint venture between Tempo Assist and Caixa Seguros).This project is on schedule and its implementation should be fully concluded by the second half of 2011. Tempo Assist is confident that with the arrival of its new CEO and its initiatives executed over the past few months, it will be better equipped to strengthen its role as one of Brazil s main health and insurance service providers, exceeding expectations of its clients, partners and shareholders and consolidating itself as a major national player. 2

TABLE OF CONTENTS Contents Page number Tempo Assist Consolidated Results 4 Health Services Segment 11 Health Insurance Segment 16 Dental Segment 19 Assistance Segment 24 Recent Developments 28 Exhibits 29 3

Tempo Assist Consolidated Results R$Million 4Q10 Var.% 1Q10 Var.% Gross revenues 253.3 251.6-0.7% 203.0 251.6 24.0% Tax (10.6) (11.3) 6.7% (10.3) (11.3) 9.8% Net revenues 242.8 240.3-1.0% 192.7 240.3 24.7% Cost of rendered services (183.4) (175.6) -4.2% (133.5) (175.6) 31.5% Selling, general and administrative expenses (36.2) (47.4) 30.9% (35.9) (47.4) 32.2% Operational result 23.1 17.3-25.4% 23.3 17.3-25.9% Operational margin (%) 9.5% 7.2% -2.4 p.p. 12.1% 7.2% -4.9 p.p. Holding expenses (7.4) (5.9) -19.4% (13.1) (5.9) -54.7% Ebitda 15.8 11.3-28.2% 10.2 11.3 11.3% Ebitda Margin 6.5% 4.7% -1.8 p.p. 5.3% 4.7% -0.6 p.p. Depreciation & amortization (5.5) (4.1) -26.0% (3.0) (4.1) 37.2% Amortization of goodwill - - N/A - - N/A Equity income (1.0) (0.0) -100.0% (0.1) (0.0) -100.0% Impairment - - - - - N/A Financial result 8.2 4.7-42.7% 1.8 4.7 163.5% Financial revenues 11.9 6.4-46.7% 3.2 6.4 100.5% Financial expenses (3.8) (1.7) -55.5% (1.4) (1.7) 20.0% Income tax & social contribuition (9.1) (5.5) -40.0% (5.5) (5.5) -0.6% Current (2.8) (5.2) 87.5% (6.0) (5.2) -13.4% Deferred (6.4) (0.3) -95.1% 0.5 (0.3) N/A Net earnings (loss) 8.3 6.5-22.0% 3.4 6.5 90.0% (-)Non recurring adjusts - BUs (2.2) (2.1) -2.9% 0.8 (2.1) N/A (-)Non recurring adjusts - corporative 0.1 0.6 401.2% (1.0) 0.6 N/A Recurring Ebitda 17.8 12.9-27.8% 10.4 12.9 24.2% Recurring Ebitda margin (%) 8.9% 5.4% -3.5 p.p. 5.4% 5.4% 0.0 p.p. * For further information on the non recurring adjustments please refer to page 8. 4

Results by Segment The table below shows the consolidated results for the first quarter of 2011. Health Service Dental Assistance Health Insurance Deduction Total R$Million Net revenues 99.8 20.2 59.2 64.9 (3.7) 240.3 Cost of rendered services (76.4) (8.8) (42.7) (49.6) 1.9 (175.6) Selling, general and administrative expenses (15.5) (9.6) (13.4) (10.7) 1.8 (47.4) Operational result 7.9 1.7 3.0 4.6-17.3 Operational margin (%) 7.9% 8.5% 5.1% 7.1% 0.0% 7.2% (-)Non recurring adjusts - (1.9) (0.2) - - (2.1) Recurring operating results 7.9 3.6 3.2 4.6-19.4 Recurring Operating Margin (%) 7.9% 18.0% 5.4% 7.1% 0.0% 8.1% Net Revenues In, Tempo Assist posted consolidated net revenue of R$240.3 million (increases to R$ 244.0 million if we exclude R$ 3,7MM of intercompany revenues from the Health Solutions unit), representing growth of 24.7% compared with the same period of 2010 (26.6% without the revenue adjustment). The main items driving this increase were the consolidation of the Health Insurer within Tempo Assist's results, increasing revenue by R$64.9 million, and the renegotiation of several Assistance segment s major auto and residential contracts. Growth of the client base of Tempo Assist s corporate insurance clients and Brazil s insurance boom also contributed to driving growth. The decline in revenues from the Health Solutions Segment is primarily related to the reduced medical pass-through (R$8.9 million) and a decline in commercial activity in the Homecare unit (down R$3.8 million year-on-year). This reduction in Homecare sales was the result of regularizing some fundamental business processes such as accounts receivable management. For 2011, the Company has already resumed commercial activities and plans to continue growing in the segment. The decrease in net revenue in the dental plans segment was due to both the decline in the number of beneficiaries in the corporate client portfolio (as most contracts had low profitability) and the reversal of the risk provision (no longer required by ANS) in the first quarter of 2010 in the amount of R$4.3 million. Net Revenues (R$ Million) 240.9 1.3% 244.0 66.3 64.9 57.0 59.2-2.1% 3.9% 192.7 52.1 26.6% 244.0 64.9 59.2 N/A 13.7% 98.7 99.8 1.1% 112.3 99.8-11.2% 18.9 20.2 6.5% 28.3 20.2-28.8% 4Q10 1Q10 Dental Health Services Assistances Health Insurance 5

Cost of Rendered Services Much of the increase seen in the year-on-year graph below is explained by the costs of the Health Insurer, incorporated into Tempo Assist's results in April of2010 (R$49.6 million in ). The costs of the Assistance segment, for its part, increased 23.5% year-on-year, accompanying the growth in revenue from this business line over the last quarters. The Health Solutions and Dental segments posted 13.7% and 15.2% declines, respectively, in the costs of services provided as compared with the first quarter of 2010. Cost of Rendered Services (R$ Million) 179.7-1.2% 177.6 49.3 49.6 38.2 42.7 0.6% 11.8% 133.5-34.6 33.0% 177.6 49.6 42.7 N/A 23.5% 82.9 76.4-7.7% 88.5 76.4-13.7% 9.4 8.8-5.9% 10.4 8.8-15.2% 4Q10 1Q10 Dental Health Services Assistances Health Insurance 6

Sales, General and Administrative Expenses R$Million 4Q10 Var.% 1Q10 Var.% Segments SG&A (26.3) (36.7) 39.4% (35.9) (36.7) 2.3% Personnel (22.5) (21.2) -6.0% (21.8) (21.2) -2.9% General and administrative (9.2) (9.9) 7.4% (8.9) (9.9) 11.3% Sales (5.9) (4.2) -27.8% (3.8) (4.2) 12.0% Taxes and fees (0.1) (0.1) 19.9% (0.1) (0.1) -38.2% Other operating revenues (expenses) 11.3 (1.4) N/A (1.3) (1.4) 3.2% (-) Non recurring adjusts (2.2) (2.1) -2.9% (1.9) (2.1) 10.7% Non-recurring layoffs - (0.6) N/A - (0.6) N/A Sales expenses in Affinity channel - (1.5) N/A - (1.5) N/A Previous quarters (2.2) - -100.0% (1.9) - -100.0% (=) BUs Recurring SG&A (24.2) (34.6) 43.2% (34.0) (34.6) 1.8% Health Insurance SG&A (9.9) (10.7) 8.3% - (10.7) N/A Personnel (0.1) (0.0) -62.2% - (0.0) N/A General and administrative (3.9) (3.3) -15.9% - (3.3) N/A Sales (7.8) (7.2) -8.1% - (7.2) N/A Taxes and fees - - N/A - - N/A Other operating revenues (expenses) 1.9 (0.2) N/A - (0.2) N/A (-) Non recurring adjusts - - N/A - - N/A - - - N/A - - N/A (=) health Insurance Recurring SG&A (9.9) (10.7) 8.3% - (10.7) N/A Corporate SG&A (7.4) (5.9) -19.4% (13.1) (5.9) -54.7% Personnel (3.8) (3.0) -22.1% (6.8) (3.0) -56.1% General and administrative (3.8) (2.1) -45.1% (6.0) (2.1) -64.9% Sales (0.1) (0.0) -97.9% (0.1) (0.0) -94.2% Taxes and fees (0.0) - -100.0% (0.1) - -100.0% Other operating revenues (expenses) 0.5 (0.8) N/A (0.1) (0.8) 535.2% (-) Non recurring adjusts 0.1 0.6 401.2% (1.0) 0.6 N/A Non-recurring layoffs - (0.1) N/A - (0.1) N/A Stock option - 0.7 N/A - 0.7 N/A Previous quarters 0.1 - -100.0% (1.01) - -100.0% (=) Corporate recurring SG&A (7.5) (6.5) -13.2% (12.1) (6.5) -46.3% Total SG&A (43.6) (53.4) 22.4% (49.0) (53.4) 8.9% Segments and Corporate SG&A (ex Insurance) (31.6) (41.1) 29.9% (46.1) (41.1) -10.8% Total recurring SG&A (w/ Insurance) (41.5) (51.8) 24.7% (46.1) (51.8) 12.5% 7

General and Administrative Expenses (business lines): These are the operating expenses of each segment, not including corporate expenses (expenses of the holding company). General and administrative expenses for the business lines remain practically stable year-on-year, with reductions in personnel expenses and increases in commercial expenses, chiefly due to investments in sales activities in the dental plan segment. General and Administrative Expenses (Insurer): These are the operating expenses of the Health Insurer, which was incorporated into the results of Tempo Assist in April of 2010. Expenses within this segment were practically stable compared with the previous quarter (4Q10). Holding Company Expenses (Corporate): These refer to the corporate expenses of Tempo Assist, shared by all business lines. Examples are expenditures with divisions: Legal, Financial, Investor Relations, Internal Control and Human Resources. Non Recurring Adjustments These are expenses that the Company s management believes to be one-off and will not be recurring in future Company s results. Non-recurring Expenses of : R$Million Health Service Health Insurance Dental Assistance Corporate Consolidated (-)Non recurring adjusts (EBITDA) - - (1.9) (0.2) 0.6 (1.6) Non-recurring layoffs - - (0.4) (0.2) (0.1) (0.7) Sales expenses in Affinity channel - - (1.5) - - (1.5) Stock option - - - - 0.7 0.7 Non-recurring layoff expenses: include expenditures related with headcount reductions incurred during the optimization of the Company s personnel structure, concluded in. Sales Expenses in Affinity Channel: expenses incurred in other to improve sales within affinity partners which will impact the results from the first semester of 2011. Recurring Operating Result Mix 1Q10 24% 37% 24% 19% 39% 16% 41% Dental Health Services Assistances Health Insurance 8

Capex In, Tempo Assist invested R$1.1 million, as seen in the table below: Capex (R$ Million) 1Q10 2Q10 3Q10 4Q10 2010 Software 2.1 1.2 3.0 1.1 7.4 0.1 IT equipments - 0.3 0.7 1.3 2.3 0.9 Buildings - 0.4 0.4 0.5 1.3 0.1 Furniture & Equipment - - - 0.1 0.1 0.0 Other 0.1-0.1-0.2 - Total 2.2 1.9 4.2 3.1 11.4 1.1 Income Tax and Social Contribution Income Tax and Social Contribution in first quarter 2011 totaled R$ 5.5 million. Net Income in was R$ 6.5 million, up 90.0% over the R$ 3.4 million posted in the first quarter of 2010. R$Million 1Q10 2Q10 3Q10 4Q10 Earnings before tax 8.9 11.9 18.7 14.7 11.9 (+) Income tax (6.0) (3.8) (4.4) (4.4) (5.2) (+) Deferred income tax 0.5 (3.5) (2.0) (2.0) (0.3) Net earnings (loss) 3.4 4.6 12.3 8.3 6.5 Cash Position In, the Company presented total cash position of R$ 208.9 million, which is R$ 8.4 million lower than last quarter position. 9

Capital Stock and Stock Options Plan The Capital Stock of the Company totaled R$ 534.1 million in 03/31/2011 and is divided into 156.3 million shares, out of which 6.8 million are held in treasury. Additionally, Tempo Assist has granted 11.2 million stock options to executives of the Company. In this sense, considering the dilution derived from the stock options plan, the total amount of Tempo s shares is 160.7 million. Tempo Stocks (04/28/11) # of shares Total Shares 156.285.611 (-) Treasury shares 6.832.458 Total shares outstanding 149.453.153 (+) Unexercised stock Options 11.199.859 Fully Diluted 160.653.012 In 04/28/2011 Tempo s shareholders approved a new stock option plan for executives and employees of the Company. The objective of this plan is to attract and retain talents within the Company, as well as to align interests of both shareholders and administrators. According to the plan, Company may grant stock options up to 14% of its total shares, excluding treasury shares and considering the impact of the dilution derived from the exercise of this plan as well as the options from the previous plan, as the table below. Stock Option Plan # of shares Total shares outstanding 149.453.153 Stock Option plan 24.329.583 (a) Stocks Granted 12.071.663 (b) Stocks already issued 871.804 Current dilution: (a) - (b) 11.199.859 Strike Price Strike price in 01/15/2007 R$ 2.34 Monetary correction until 04/28/2011 IGP-M + 6% per y. Monetary correction after 04/28/2011 IPCA + 3% per y. 10

The Health Solutions Segment has over 20 years experience and is a leading provider of healthcare administration services, with the most complete solution platform in Brazil. It is currently the leading TPA and network rental service provider for insurance companies, self-funded health plans and HMOs, as well as offering homecare services and self-funded health plans. The network rental services and self-funded plans are offered by Gama Saúde, a company that manages a network of over 35,000 providers. With network rental services, regional players can access a national network by contracting Tempo Assist as a complementary network, benefitting from Tempo Assist s scale and competitive prices. The post-paid plan, also known as a self-funded plan, is a type of health plan whose costs of in-network services provided are paid only after utilization by the beneficiary. Therefore, instead of paying fixed installments for health insurance or an HMO (PHP) the client may prefer a post-paid plan and opt to pay the utilization costs - doctor's visits, hospital procedures and laboratory tests, among others. In addition to offering corporate healthcare plans, Tempo Assist also provides specialized services through its CRC and Medlar brands. Tempo CRC is a leading TPA for healthcare plans and government funded entities throughout Brazil, offering specialized solutions to reduce costs, increase efficiency and help its clients achieve more transparent and efficient healthcare management. Its services include shared management of specialized call center, claims authorization and regulation, management of network providers, accounts processing, electronic audit of materials and medications, case management and connectivity. Its clients are, for the most part, government entities, HMOs and large self-funded plans. Through Medlar, Tempo Assist offers a network specialized in medical risk management and inhome medical assistance known as homecare. Clients in this segment include HMOs and health insurers. The Brazilian market is still very fragmented and Medlar is a leader, focusing on costbenefit efficiency. Health Services Segment Results The Health Solutions Segment saw an 11.2% year-on-year decline in net revenue while gross profit remained practically stable. On the other hand, operating margin presented slight growth of 0.1 p.p.. Quarter-on-quarter, net revenue and recurring operating result grew 1.1% and 24.5%, respectively. The highlight was the gross profit growth of 47.6%. For this year, Tempo Assist has designed a more focused, aggressive commercial agenda that seeks new contracts in a market where it has competitive advantages, with a broader service portfolio high quality perception, in addition to having reinforced its executive team in this business line. 11

Health Services Operating Highlights: R$Million 4Q10 Var.% 1Q10 Var.% Beneficiaries (in Millions) 1.6 1.6 0.3% 1.6 1.6-1.5% Net revenues 98.7 99.8 1.1% 112.3 99.8-11.2% Cost of rendered services (82.9) (76.4) -7.7% (88.5) (76.4) -13.7% Gross profit 15.8 23.4 47.6% 23.8 23.4-1.8% Gross margin (%) 16.0% 23.4% 7.4 p.p. 21.2% 23.4% 2.2 p.p. Selling, general and administrative expenses (14.4) (15.5) 7.2% (14.9) (15.5) 4.0% Operational result 1.4 7.9 462.1% 8.9 7.9-11.4% Operating margin (%) 1.4% 7.9% 6.5 p.p. 7.9% 7.9% 0.0 p.p. (-) Non recurring adjusts (4.9) - N/A 0.1 - N/A Recurring operating results 6.3 7.9 24.5% 8.8 7.9-9.9% Recurring operating margin (%) 6.4% 7.9% 1.5 p.p. 7.8% 7.9% 0.1 p.p. Beneficiaries The Health Solutions segment closed with 1.58 million beneficiaries, stable over the last 4 quarters. The following numbers do not include homecare beneficiaries, as this segment has a significantly higher average ticket and a small number of patients (about 1,500) compared with the other services offered in the Health Solutions segment. Beneficiaries (in millions) 1.60 1.60 1.61 1.57 1.58 1Q10 2Q10 3Q10 4Q10 12

Net Revenues In, net revenue totaled R$99.8 million, down 11.2% year-on-year. This larger variation was driven by the R$8.9 million reduction in medical pass through from the network rental service that contribute to the revenue of this business line. In addition, the reduced sales activity in the Homecare line (to adjust processes related to the working capital of this unit) prompted a R$3.8 million decline in revenues from the Health Solutions segment. Revenue from the Health Solutions segment is composed of: 1) Tempo Health's fees for TPA services, self-funded plan administration, and medical network utilization; 2) Medical cost pass-through related to network rental services and self-funded plans. 3) Homecare revenues. Note: revenues from the Insurance Company s health plans are not included within this section. Net Revenues (R$ Million) 1.1% -11.2% 98.7 99.8 112.3 99.8 4Q10 1Q10 Cost of Services Rendered The Health Solutions segment s cost of services provided includes both payment to the provider network associated with network rental services and costs associated with the Homecare division. However, the costs incurred by network rental services cannot be considered in the MLR, as they are completely passed through to clients. The costs of this business line fell 13.7% year-on-year. Quarter-on-quarter, costs fell 7.7%. 13

Cost of Services Rendered (R$ million) -7.7% -13.7% 82.9 76.4 88.5 76.4 4Q10 1Q10 Recurring General and Administrative Expenses In, the Health Solutions Segment posted recurring General and Administrative Expenses of R$15.5 million, with a 7.0% reduction year-on-year. R$Million 4Q10 Var.% 1Q10 Var.% SG&A (14.4) (15.5) 7.2% (14.9) (15.5) 4.0% Personnel (10.3) (9.8) -4.5% (10.3) (9.8) -4.4% General and administrative (5.3) (5.5) 3.3% (5.1) (5.5) 8.9% Sales (1.6) (1.0) -40.9% (1.4) (1.0) -29.3% Taxes and fees (0.0) (0.0) -26.1% (0.1) (0.0) -56.7% Other operating revenues (expenses) 2.9 0.9-69.4% 1.9 0.9-54.0% (-)Non recurring adjusts (4.9) - -100.0% 1.7 - -100% (=) Total recurring SG&A (9.5) (15.5) 63.0% (16.6) (15.5) -7.0% 14

Recurring Operating Result The Health Solutions segment closed with recurring Operating Income of R$ 7.9 million, down 9.9% over the first quarter of 2010, when this line reached R$ 8.8 million. The operating margin, for its part, remained practically stable at 7.9%. In relation to the last quarter of 2010, the recurring operating result grew 24.5% and presented 1.5 p.p. in margin expansion. Recurring Operating Result (R$ Million) and Margin (%) 6.4% 24.5% 7.9% 7.8% -9.9% 7.9% 6.3 7.9 8.8 7.9 4Q10 1Q10 15

Health Insurance In April of 2010, Tempo Assist concluded the acquisition of Unibanco s health insurance company, Unibanco Saúde, one of the leading health insurance providers with solid results in the Brazilian insurance market. This strategic acquisition marked Tempo Assist s entry in the market niche of health insurance for SMEs. This market has a large growth potential in Brazil, and previously, Tempo Assist was not able to offer services to meet its demands. Moreover, this market is less exposed to regulatory risks (since annual contractual adjustments are not controlled by ANS) than individual health insurance. Tempo Assist provided TPA services to this insurance company for over 5 years and the acquisition represents a new growth opportunity for the Company that requires a minimum of service integration and adaptation. The Insurer offers PHPs to over 72 thousand corporate employees (the insurer operates exclusively in the corporate market), as well as 8.6 thousand beneficiaries in post paid plans. The Insurer is already an important growth vector for Tempo Assist and an additional solution for the wide range of clients and brokers with whom Tempo Assist has a commercial relationship. Operational Highlights in Tempo Assist s Insurer once again presented solid operating results, primarily achieved in function of the management of costs of services provided (MLR).In, the Insurer posted net revenue of R$64.9 million, with an MLR of 73.0% on PHPs (for the purposes of calculating the loss ratio we exclude losses associated with self-funded plans, which are passed on to the insurer's clients). R$Million 4Q10 Var.% Beneficiaries (in thousands) 81.4 80.8-0.7% Net revenues 66.3 64.9-2.1% Cost of rendered services (49.3) (49.6) 0.6% Gross profit 17.1 15.3-10.0% Gross margin (%) 25.7% 23.6% - 2.1 p.p. Selling, general and administrative expenses (9.9) (10.7) 8% Operational result 7.2 4.6-35.3% Operating margin (%) 10.8% 7.1% - 3.7 p.p. (-) Non recurring adjusts - - N/A Recurring operating results 7.2 4.6-35.3% Recurring operating margin (%) 10.8% 7.1% - 3.7 p.p. Beneficiaries ( 000) 74.6 74.5 9.0 9.9 80.5 80.8 80.8 9.5 8.8 8.6 65.7 64.6 71.0 72.7 72.2 1Q10 2Q10 3Q10 4Q10 Pre-paid Post-paid 16

Revenues and Cost of Services Rendered Revenues from PHPs are the sum of premiums received in the quarter, while revenues of selffunded plans consist of the administration fee of the plans and the reimbursement (transfer) of calculated costs. There are no losses with self-funded plans, because service costs are passed on to the client. In the PHP segment, the cost of services are the medical claims, which resulted in MLR that reached 73.0% in the quarter, as shown in the table below. Table Breakdown of results by pre-paid and post-paid plans in R$MM Pre-paid Post-paid Total Beneficiaries (in thousands) 72.2 8.6 80.8 Gross Revenues 59.0 6.9 65.9 Taxes (0.8) (0.2) (1.0) Net Revenues 58.2 6.7 64.9 Cost of rendered services (43.1) (6.5) (49.6) Loss Ratio (%) 73.0% - - Gross Profit 15.1 0.2 15.3 Revenues Mix Costs Mix 10.5% 13.1% 89.5% 86.9% Pre-paid Post-paid 17

Recurring General & Administrative Expenses In, the Insurer posted recurring General and Administrative Expenses of R$10.7 million, practically stable year-on-year. R$Million 4Q10 Var.% SG&A (9.9) (10.7) 8.3% Personnel (0.1) (0.0) -62.2% General and administrative (3.9) (3.3) -15.9% Sales (7.8) (7.2) -8.1% Taxes and fees - - N/A Other operating revenues (expenses) 1.9 (0.2) N/A (-)Non recurring adjusts - - N/A (=) Total recurring SG&A (8.3) (10.7) 8.3% Recurring Operating Result In, the recurring operating result of the Insurer was R$5.4 million with a margin at 8.2% in the period. Important to highlight that due to seasonality, the comparison with the 4Q10 is not adequate. To the Company, the Insurance business results from both 4T10 and 1T11 show Tempo s expertise in managing costs of its medical network and its ability to deliver solid margins in this segment. 10.8% -25.2% 8.2% 7.2 5.4 4Q10 18

Tempo Assist also operates in the dental plan segment through Odonto Empresas and Prevdonto, and is the fourth largest dental insurer in Brazil with more than 680 thousand active users. Odonto Empresas was born of the merger of operators Odonto Empresa, Fleming Odontologia, Gama Odonto and Oraltech, as well as the acquisition of several client portfolios. In addition to serving more than 270 thousand beneficiaries through its corporate clients, one of the main characteristics of Tempo Assist s dental plan operations is its partnerships with credit card operators, retail chains, utilities and finance companies that allow the Company to distribute services and benefits to partners' customer bases. Tempo Assist was one of the first companies to use this distribution methodology and understands that one of its competitive advantages is its ability to develop and maintain profitable partnerships with well-known Brazilian companies. More than 410 thousand beneficiaries receive Odonto Empresas services through this distribution methodology known as affinity. The Dental segment has nationwide operations through its large provider network of approximately 10 thousand dentists. Dental Segment Results In, the dental plans segment resumed its growth in net revenue as compared with the previous quarter (4Q10). Gross profit, for its part, grew 18.6% quarter-on-quarter while operating result expanded 228.4%. Recurring operating result grew 23.7%and its margin reached 18.0%. Year-on-year, revenue declined significantly as a result of two main factors:(1) reversal of a risk provision (as per ANS Regulation number 206) in the amount of R$ 4.3 million that positively impacted revenue in the first quarter of 2010 and (2) reduction in the corporate client portfolio over 2010 due to problems associated with fiscal and technical audits as well as system migrations. Recurring operating result, which fell 55.9%, was mainly impacted by the provision reversal above mentioned and the increase in administrative expenses derived from additional selling efforts. Additionally, as presented in 2Q10 release of results, the unit expenses in 1Q10 had not been yet impacted by the revision in expense allocation criteria to this business unit, which were adjusted only in 2Q10. For 2011, the main challenges on which the Company is focusing its efforts are related to recovering growth in the corporate market, expanding the Company s leadership in the affinity market and more efficient management of the business unit s expenses. 19

Operating Highlights: R$Million 4Q10 Var.% 1Q10 Var.% Beneficiaries (in million) 780.5 682.7-12.5% 819.3 682.7-16.7% Net revenues 18.9 20.2 6.5% 28.3 20.2-28.8% Cost of rendered services (9.4) (8.8) -5.9% (10.4) (8.8) -15.2% Loss Ratio (%) 48.1% 42.4% - 5.7 p.p. 42.0% 42.4% 0.4 p.p. Gross profit 9.6 11.3 18.6% 17.9 11.3-36.7% Gross margin (%) 50.4% 56.2% 5.8 p.p. 63.2% 56.2% - 7.0 p.p. Selling, general and administrative expenses (9.0) (9.6) 6.5% (7.8) (9.6) 22.7% Operational result 0.5 1.7 228.4% 10.1 1.7-83.0% Operating margin (%) 2.8% 8.5% 5.7 p.p. 35.6% 8.5% - 27.1 p.p. (-) Non recurring adjusts (2.4) (1.9) N/A 1.8 (1.9) N/A Recurring operating results 2.9 3.6 23.7% 8.2 3.6-55.9% Recurring operating margin (%) 15.5% 18.0% 2.5 p.p. 29.1% 18.0% - 11.1 p.p. *1Q10 Loss ratio and recurring operating margin were calculated based on the revenue adjusted for release of technical provision. Beneficiaries The dental plans segment saw a 12.5% quarter-on-quarter decline in the total beneficiaries in its portfolio in. Even though the number of beneficiaries has decreased it is worth to highlight that net revenue had shown growth in the same period which means higher average revenue per beneficiary. Moreover, part of the beneficiaries reduction was unprofitable to company. The reduction of 16.7% in number of lives year-on-year was driven by corporate contracts losses, as the Company has been communicating the market throughout 2010. The difficulties faced by this business line derived from system integrations that took place during 2010. However, many contracts that were excluded from the base had low or negative profitability. On the other hand, the portfolio of beneficiaries marketed through affinity channels continues to demonstrate rapid growth, which reached 47.5% in as compared to 1Q10. The Company s strategic focus is to grow its commercial activities through affinity partnerships, as well as to intensify the involvement of brokers in selling dental plans to corporate clients while encouraging cross-selling together with Tempo Assist health plans. 20

Beneficiaries ( 000) and mix 819.3 801.2 773.1 780.5 682.7 1Q10 vs -16.7% 540.2 487.7 439.7 416.1 270.9-49.8% 175.4 313.5 333.4 364.4 411.7 47.5% 1Q10 2Q10 3Q10 4Q10 Affinity Individuals + Corporate Net Revenues In, net revenue fell 28.8% year-on-year, mainly due to: (1) Reversal, in 1Q10, of the risk provision (technical provision that is no longer required by ANS) in the amount of R$4.3 million; (2) Rescission/non-renewal of low-profitability contracts; (3) Difficulty in participating in bidding processes during the time when the Company was under fiscal audit. It should be noted that quarter-on-quarter net revenue presented a slight recovery, growing 6.5%. Net Revenues (R$ Million) 21

6.5% 18.9 20.2-28.8% 28.3 20.2 4Q10 1Q10 Cost of Services Rendered Year-on-year, the cost of services provided fell 15.2%, although the MLR (adjusted by the Risk Provision reversal in 1Q10) was up 0.4 p.p. Compared to the last quarter of 2010 the Company presented a significant reduction in loss ratio of 5.7 p.p.. Cost of Services Rendered (R$ Million) 48.1% 42.4% -5.9% 9.4 8.8 42.0% 10.4-15.2% 42.4% 8.8 4Q10 1Q10 22

Recurring General and Administrative Expenses In, the dental plan segment posted recurring General and Administrative Expenses of R$7.7 million, up 44.0% year-on-year. Commercial, personnel and sales expenses respond for most of the increase in SG&SA year on year. R$Million 4Q10 Var.% 1Q10 Var.% SG&A (4.7) (13.4) 187.3% (13.2) (13.4) 1.9% Personnel (9.1) (8.7) -4.1% (9.6) (8.7) -10.0% General and Administrative (4.8) (5.0) 2.3% (4.0) (5.0) 22.7% Sales (0.3) (0.1) -58.0% (0.1) (0.1) 5.3% Taxes and Fees (0.0) (0.0) 139.7% (0.0) (0.0) -59.4% Other operating revenues (expenses) 9.5 0.3-96.6% 0.6 0.3-48.9% (-)Non recurring adjusts 5.2 (0.2) N/A (1.2) (0.2) -84.0% (=) Total recurring SG&A (9.9) (13.3) 34.4% (12.0) (13.3) 10.2% Recurring Operating Result and Recurring Operating Margin The dental plan segment posted a recurring operating result of R$3.6 million in, down 55.9% year-on-year with an 11.1 p.p. reduction in operating margin. Margin in the period was at 18.0%. 29.1% 18.0% 18.0% 15.5% 23.7% 8.2-55.9% 2.9 3.6 3.6 4Q10 1Q10 23

Tempo Assist provides specialized 24 Hour Assistance through its Tempo USS brand. With more than 15 years of experience, the company has established commercial relationships with major insurance providers and auto makers, offering a comprehensive portfolio of assistance services such as auto, home, travel and personal, among others. Tempo USS portfolio has three segments: Personal (travel, funeral, nutritional and pharmacy), home (plumber, locksmith, electrician, etc.), and Auto (tow truck, courtesy car, etc.). As with the dental plan segment, Tempo USS also developed alternative commercial channels through affinity partnerships to penetrate market segments not yet served by assistance services. This is because traditionally, assistance service is offered in conjunction with residential, personal and auto insurance. However, the vast majority of homes, individuals and vehicles in the country are not insured, leaving a sizeable untapped market. Based on that premise, Tempo developed affinity partnerships (such as the agreement signed in April of 2010 with Hipercard) and direct sales channels (such as "Tempo Direto," which uses online sales and a call center to market assistance services) to meet the needs of a broader base of potential assistance services consumers. Assistance Segment Results Highlights was marked by the greater impact of the seasonal effect typical to this period of the year. The months from January to March, in addition to receiving heavy rainfall, are marked by a large number of holidays, which implies assistance far from major markets due to increased travel in the period. Even as compared with the first quarter of 2010, assistance services were used with greater frequency, causing an increase in the average cost of services provided due to greater distances traveled by tow trucks, for example. In this context, the Assistance segment, though it grew a significant 13.7% in net revenue as compared with 1Q10, saw a 29.7% decline in its operating result and 41.3% decline in its recurring operating result. Operating margin was at5.4% in the period, as shown in the table below. R$Million 4Q10 Var.% 1Q10 Var.% 1T10 1T11 Var.% Net Revenues 57.0 59.2 3.9% 52.1 59.2 13.7% 52.1 59.2 13.7% Cost of Rendered Services (38.2) (42.7) 11.8% (34.6) (42.7) 23.5% (34.6) (42.7) 23.5% Loss Ratio (%) 0.6 0.7 476.4% 0.6 0.7 516.2% 0.6 0.7 510.0% Gross Profit 18.7 16.4-12.2% 17.5 16.4-5.8% 17.5 16.4-5.8% Gross Margin (%) 32.9% 27.8% - 5.1 p.p. 33.5% 27.8% - 5.8 p.p. 33.5% 27.8% - 5.8 p.p. Selling, General and Administrative Expenses (4.7) (13.4) 187.3% (13.2) (13.4) 1.9% (13.2) (13.4) 1.9% Operating Results 14.1 3.0-78.6% 4.3 3.0-29.7% 4.3 3.0-29.7% Operating Margin (%) 24.7% 5.1% - 19.6 p.p. 8.2% 5.1% - 3.1 p.p. 8.2% 5.1% - 3.1 p.p. (-)Non recurring Adjustments 5.2 (0.2) N/A (1.2) (0.2) -84.0% (1.2) (0.2) -84.0% Recurring Operating Results 8.9 3.2-64.0% 5.4 3.2-41.3% 5.4 3.2-41.3% Operating Margin (%) 18.7% 5.4% - 13.3 p.p. 10.4% 5.4% - 5.1 p.p. 10.4% 5.4% - 5.1 p.p. 24

Insured Items (in millions) 2010 closed with 14.8 million items, down 10.3% when compared with the close of the first quarter of 2010. Although total number of items reduced in the first quarter of 2011 (it was concentrated in the portfolio of personal assistance which present a much lower average ticket than vehicles assistance), the growth in the portfolio of other type of assistances, as well as the impact derived from price adjustments, more than compensated this reduction, driving net revenues growth of 13.7% year on year. Currently, the portfolio of items in this segment is composed of: 66% individuals, 19% homes and 15% vehicles. Insured Items (million) and Mix 19% 16.5 16.1 16.4 16.3 14.8 66% 15% 1Q10 2Q10 3Q10 4Q10 Auto Home Personal Net Revenues Net revenue at the end of the first quarter of 2011 was R$ 59.2 million, up 13.7% year-on-year. Net Revenues (R$ Million) 3.9% 13.7% 57.0 59.2 52.1 59.2 4Q10 1Q10 25

Cost of Rendered Services and Loss Ratio In, the loss ratio was up 5.2 p.p. year-on-year, chiefly due to the alterations in the client portfolio of this business line that implied a different claims profile. Cost of Services Rendered (R$ Million) and Loss Ratio Curve (%) 65.2% 60.0% 23.5% 34.6 42.7 1Q10 100,0 90,0 80,0 70,0 60,0 50,0 40,0 30,0 20,0 60.0% 54.6% 57.7 65.0 58.1% 65.9 60.4% 65.2% 63.3 65.6 1Q10 2Q10 3Q10 4Q10 Gross Revenues Loss Ratio 20,0% Recurring General and Administrative Expenses In 2011, recurring General and Administrative Expenses in Assistance totaled R$ 13.3 million, 10.2% higher than the same period of the previous year. R$Million 4Q10 Var.% 1Q10 Var.% SG&A (4.7) (13.4) 187.3% (13.2) (13.4) 1.9% Personnel (9.1) (8.7) -4.1% (9.6) (8.7) -10.0% General and Administrative (4.8) (5.0) 2.3% (4.0) (5.0) 22.7% Sales (0.3) (0.1) -58.0% (0.1) (0.1) 5.3% Taxes and Fees (0.0) (0.0) 139.7% (0.0) (0.0) -59.4% Other operating revenues (expenses) 9.5 0.3-96.6% 0.6 0.3-48.9% (-)Non recurring adjusts 5.2 (0.2) N/A (1.2) (0.2) -84.0% (=) Total recurring SG&A (9.9) (13.3) 34.4% (12.0) (13.3) 10.2% 26

Recurring Operating Result and Recurring Operating Margin The Assistance segment posted a recurring operating income in of R$3.2 million, down 41.3% year-on-year. The margin declined 5.0 p.p. to close the quarter at 5.4%. Recurring Operating Profit (R$ Millions) and Margin (%) 18.7% 10.4% -64.0% 5.4% -41.3% 5.4% 8.9 3.2 5.4 3.2 4Q10 1Q10 27

Caixa Seguradora Saúde On 2011 February 14 th Tempo Assist and Caixa Seguradora Saúde signed a contract defining Tempo Assist as the back-office and network rental services provider for the health and dental insurance company. We remind that on July 28 th,2010, Tempo Assist and Caixa Seguradora signed an agreement for the creation of a health and dental insurance company: Caixa Seguradora Saúde. Through this company, health and dental plans will be offered to customers of CAIXA ECONÔMICA FEDERAL, making use of the bank s enormous distribution capillarity. While the health plans will be offered exclusively to small, medium and large corporate clients of Caixa Econômica Federal, dental plans will also be sold to the bank s individual customers. The operation is expected to be fully operational by the second semester of 2011. New CEO On April 25th 2011, the company noticed the market the election of Mr. Marcos Aurélio Couto as its new Chief Executive Officer. The election of Mr. Marcos Couto as CEO illustrates the Company s sales focus for 2011. With extensive experience in the Brazilian insurance market, Mr. Couto will contribute as an important figure in the Company s commercial agenda by developing innovative sales strategies to gain new contracts and access to new markets. Mr. Marcos Couto, 39 years old, holds a MBA for BI International School. He has worked for ACE Insurances for the last 16 years, and was the CEO during the last five. His career was entirely dedicated to the insurance business, having worked for companies such as CIGNA Group Insurance and BBM (Brazilian insurance company). 28

Balance Sheet Tempo Assist Consolidated R$ 000 Tempo Consolidated Balance Sheet March 31, 2010 March 31, 2011 March 31, 2010 March 31, 2011 ASSET 486,981 575,281 LIABILITY 486,981 575,281 Current 385,413 419,417 Current Liabilities 140,363 223,007 Current Assets 16,255 8,110 Risk Provisions Cash and Cash Equivalents 175,255 152,767 Technical Provision 9,757 33,922 Accounts Receivable 121,301 123,028 Suppliers 28,014 27,803 Allowance for doubtful accounts (48,775) (48,071) Pass through payable 32,713 28,377 Rembursable expenses receivable 55,279 53,399 Related Parties Medical Inventories 1,843 1,585 Leasing Contracts 844 363 Taxes and social security recoverable 50,679 62,231 Income and social contribution taxes 23,920 20,286 Deffered Taxes Other taxes and contributions 19,373 33,283 Dividends receivable from USS Bank Loans Tax Credit/Other Assets 13,576 66,369 Payroll 13,375 14,607 Subsidiary acquisition accounts payable 1,348 46,151 Client Advance 2,838 4,011 Other accounts payable 8,181 14,205 Non current assets 30,509 49,235 Non current Liabilities 59,115 51,316 Deffered Taxes LT 18,993 23,216 Provision for contingencies, net 54,554 47,365 Fiscal credit 7,255 0 Subsidiary acquisition, Accounts payable 1,955 773 Other assets 4,262 26,011 Other Liabilities 593 263 Related parties Leasing Contracts 724 247 Others Receivable 8 Provisions for other liabilities 1,289 2,603 Technical Provi sion 64 Shareholders Equity 287,503 300,958 Fixed Assets 71,059 106,629 Capital Stock 534,069 534,067 Advances for investment acquisition 96 96 Advance for Future Capital Increase Investments Capital Reserve 12,562 10,899 Fixed Assets 9,834 11,230 Treasury Shares acquired by parent company (20,443) (36,943) Intangible assets 61,129 95,303 Acummulated Profit (Loss) (238,685) (207,065) 29

Financial Statements Tempo Assist Consolidated R$ 000 Tempo Consolidated Financial Statements 1Q10 Gross revenues 278,278 251,593 Pass trought 75,301 67,209 Expenses related to health plan administration 73,654 64,938 Expenses related to specialized assistance services 1,647 2,270 Revenues from specialized assistance service 56,012 63,310 Revenues from health plan administration 18,356 15,729 Revenues from dental plan administration / health insurance 24,784 86,707 Revenues from homecare services 24,039 18,638 Variation of the risk provision for dental plan administration 4,485 - Deductions from gross revenues (10,272) (11,279) Tax (10,272) (11,279) Net revenues 268,006 240,314 Cost of rendered services - (175,637) Pass trought (70,796) (61,801) Expenses related to health plan administration (70,796) (61,801) Expenses related to specialized assistance services - - Costs from specialized assistance service (38,469) (47,040) PIS and COFINS credit from specialized services provided 5,658 5,707 Costs from dental plan administration / health insurance (10,301) (57,072) PEONA (plan claims incurred but not reported) (112) (1,321) Costs from homecare services (19,530) (14,111) Gross profit 59,156 64,677 Operating expenses - (57,432) Selling, general and administrative expenses (48,570) (52,936) Personnel (28,629) (24,202) General and administrative expenses (14,867) (15,233) Sales (3,844) (11,444) Taxes and fees (195) (61) Other revenues (expenses) operational (2,988) (2,858) Provision 1,953 861 Depreciation & amortization (2,963) (4,066) Amortization of goodwill - - Equity income - - Impairment - - Other operating revenues (expenses), net (68) (429) Net operational loss before financial result 7,132 7,245 Financial result 1,781 4,694 Financial revenues 3,174 6,364 Financial expenses (1,392) (1,671) Income tax & social contribuition (5,516) (5,485) Current (3,793) (5,170) Deferred (1,724) (315) Net earnings (loss) 3,397 6,453 30