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Clique para editar o estilo do título mestre

        CSU – ROAD SHOW 2010
Disclaimer
Clique para editar o estilo do título mestre


  The material that follows is a presentation of general information about CSU’s antecedents on the presentation date. The information
  contained in this presentation is summarized and not intended to be complete and, therefore, should not be understood as a
  recommendation to potential investors. This presentation is confidential and shall not be disclosed to third parties. We do not make any
  declarations, nor do we give any guarantee whatsoever regarding corrections, adjustments or the comprehensiveness of the information
  presented here, which should not be used as a basis for investment decisions.

  This presentation contains prospective statements and information according to Provision 27 of the Securities Act of 1933 and Provision
  21E of the Securities Exchange Act of 1934. These prospective statements and information are merely projections and, therefore, do not
  constitute any guarantee of future performance. We warn investors that these statements and information are and will be subject to
  risks, uncertainties, and factors related to business operations and the business environment of CSU and its subsidiaries, and therefore,
  the companies’ real performance may differ significantly from the future results shown or implicit in the statements and information
  contained in this presentation.

  Although CSU believes that the expectations and premises contained in these prospective statements and information are reasonable
  and based on data that is available to its management, CSU cannot guarantee any results or future events. CSU does is not required to
  update any of these prospective statements and information.

  In the United States, the offer or sale of securities that are not registered or exempt from registration pursuant to the Securities Act of
  1933 is not permitted. Any offer of securities in the United States must be made by means of an offering memorandum, which can be
  obtained from underwriters. The offering memorandum must contain or reference detailed information about CSU, its business and
  financial results, in addition to its financial statements.

  This presentation does not constitute an offer, invitation or request of subscription offering or purchase of any securities, nor does this
  presentation, or any information contained in it, constitute the basis of a contract or any sort of commitment.




                                                                                                                                                2
CSU is a compelling investment opportunity in the payment
Clique para editar o estilo do título mestre
processing industry in Brazil


  • Rapidly growing industry that benefits from increased usage of
   financial services and growth in consumption

  • Largest independent payment transaction processor in Brazil

  • Acquirer processing is a substantial opportunity that will be open
   to CSU in July 2010

  • Our Contact Center is well-positioned for profitable growth

  • Our strategy is supported by a state-of-the-art, Brazil-specific
   operating platform




                                                                         3
The Brazilian card marketo estilo do título mestre
  Clique para editar has experienced explosive growth
  in the last several years



                        Number of Cards                                             Number of Transactions
                                  (million)                                                   (million/month)



                 CAGR 04-10E                                                  CAGR 04-10E
                                                               628
                      15%                               565                      19%                                          594
                                                514                                                                    509
                                  453                                                                         444
                        388                                                                       369
                336                                                                    309
    277                                                                       263
                                                                       210




    2004        2005    2006      2007        2008      2009   2010E   2004   2005     2006       2007        2008     2009   2010E

                  Private Label         Debit         Credit                    Private Label         Debit          Credit




                                    Brazilian GDP CAGR from 2004 to 2009 was 3.6% and
                                               expected growth in 2010 is 5.5%

Source: ABECS


                                                                                                                                      4
Growth inparaissuance is underpinned by powerful trends
  Clique card editar o estilo do título mestre

      • Card penetration in Brazil has increased from 8% of families’ spending in 1999 to 21%
        in 2008.
      • Access to banking services has been fueled by the intense migration of individuals to
        consumption level (classes A, B and C).
      • The increase in disposable income and accessibility to banking services constitutes a
        powerful lever for the future growth in card usage and transactions.

         Share of Card Usage in Family                                  Population by Consumption Level
                   Spending                                                          (% of total)
                                                     42%
                              38%
                                                                                                                   59,6%
                                                                                                           56,6%
                                                                    54,9%                     54,3%
                                                                            52,6%
                   21%                                                              50,1%
                                                                            47,4%
                                                                    45,2%                     45,7%
                                                                                                           43,4%
        8%                                                                                                         40,4%




       1999       2008       2017E*                  2008           2003    2004    2005       2006        2007    2008

                                                                                     ABC              DE
                 Brazil                              US
Source: ABECS; CPS/FGV from PNAD/IBGE data   * - ABECS Projection


                                                                                                                           5
CSU is a compelling investment opportunity in the payment
Clique para editar o estilo do título mestre
processing industry in Brazil


  • Rapidly growing industry that benefits from increased usage of
   financial services and growth in consumption

  • Largest independent payment transaction processor in Brazil

  • Acquirer processing is a substantial opportunity that will be open
   to CSU in July 2010

  • Our Contact Center is well-positioned for profitable growth

  • Our strategy is supported by a state-of-the-art, Brazil-specific
   operating platform




                                                                         6
The electronic payment value chain do
Clique para editar o estilo                           título mestre

                         Cash                                         Cash
                                                Brands
                                       (Visa, MasterCard, Amex)
                         Approval                                     Approval
                         request                                      request

                                    Approval               Approval
        Issuer
                                                                                      Acquirer
 (Banks and Retailers)


                                                                              Electronic
   Cash        Card / Invoice                                                   captures         Cash
                                                                             transaction




                                        Commercial transaction
     Card holder                                                                      Merchant



                                                                                                        7
CSU provides a full suite of services to card issuers in Brazil
Clique para editar o estilo do título mestre
                                                                    • Financial Information
                          • Authorization
                                                                    • Interchange
                          • MIS
                                                                    • Processing of Electronic Transactions
                          • Contact
                          Center                    Brands
                          • Accounting     (Visa, MasterCard, Amex)
                          • Processing
                          • Fraud
                          prevention
                          • Operational Control

       Issuer
                                                                                              Acquirer
    (CSU’s client)




                                                CSU CardSystem

                   •   Statement
                   •   Billing
                   •   Dispute Resolution   CSU has a central role in
                   •   Customer Support
                                                 the electronic
     Card holder                            transactions business in                         Merchant
                                                     Brazil.

                                                                                                              8
CSU is a Full BPOeditar o estilo one stop shop philosophy,
Clique para that works with a do título mestre
offering turn-key solutions for all its costumers


                                                                        Issuer  Merchant
                        Services Provided                       CSU
                                                                      Processor Processor
                          Authorizations
                          Billing and Credit Cycle Management
                          Collection
                          Contact Center
                Vis-à-vis
                          Disputes with Establishments
  Services    Card Holder
                          Issue and sent of cards
performed on
                          Loyalty Programs / CRM
  behalf of
                          Statement
    Issuer
                          Unblock Cards
                          Financial Information
                Vis-à-vis Interchange
                 Brands   Processing
                          Relationship with Brands
                          Accounting
                          Back-Office
  Value-added services    Fraud prevention
  provided to the issuer MIS - System Inteligence
                          Operational Structure
                          Operation Control and Management



                                                                                            9
CSU is thepara editar o estilo do processor in Brazil
  Clique largest Independent payment título mestre

  Number of Credit and Private Label Cards                                Share of Outsourced Market
                               (2009)                                                       (2009)

                                                                                           Others;
                                                                                            2.0%
                                                                          Fidelity;
                                                                           14.7%



                                                          Processed
             287,9                                        by third
                                                44,8                                                         CSU;
                                                          parties                                            54.3%


  Processed                                                            Orbital;
  in-house                                                             29.0%



                     Total = 333 million*                                             Total = 44.8 million


            More than half of the total 333 million cards in the market are Private Label cards that can
                        potentially be converted to Visa/MasterCard brands and processed by CSU

Source: ABECS; *Does not include debit cards (233 million in 2009)


                                                                                                                10
Our clientparais well diversified and composedmestre
Clique base editar o estilo do título of financial
institutions, retailers and non-traditional issuers



                   Banking             Non-Banking




                                                       11
Our Business Model: multiple revenue sources, high client
Clique para editar o estilo do título mestre
loyalty and economies of scale

         Revenue per Card in 2008
                           (US$)                              • We generate the same level of revenue per card than
      8.5                                                       our US peers, in an environment of lowest transaction
                   7.1                              7.1
                                                                values
   61.8%                             2.8
                   23.5%
                                            14.5%
                                                    36.0%     • First Data higher gross margins due to Vision Plus
                                                                royalties, which represents most of its revenues
 First Data      Fidelity          Tsys             CSU

                  Clients Turn Over
                             (units)
                                                    19        • Low client turn-over
 16               16               17
                                                                   • High quality services at attractive prices
                                                                   • High switching costs
       2               1                1                 0
                                                                   • Multi-year contracts with high exit penalties
  2006            2007              2008         2009
           Number of Clients       Clients Turn Over

      Gross Profit and Gross Margin                           • High fixed processing costs gives CSU a cost advantage
                         (million)
                                                     94.3       as market leader
                                     71.2
  54.4
                                                              • We share our cost advantage with our clients to
                  50.9
                                                                increase customer loyalty and discourage competition
                                                     40.4%
 37.7%            34.4%            36.0%


  2006            2007              2008             2009                              Source: CSU and Annual Reports of Corporations 2008

                                                                                                                                      12
CSU is a compelling investment opportunity in the payment
Clique para editar o estilo do título mestre
processing industry in Brazil


  • Rapidly growing industry that benefits from increased usage of
   financial services and growth in consumption

  • Largest independent payment transaction processor in Brazil

  • Acquirer processing is a substantial opportunity that will be open
   to CSU in July 2010

  • Our Contact Center is well-positioned for profitable growth

  • Our strategy is supported by a state-of-the-art, Brazil-specific
   operating platform




                                                                         13
The acquirer business is about to undergo significant change in
  Clique para editar o estilo do título mestre
  Brazil, prompted by new regulation


              Current Situation                                                                  With New Regulation

  • Two merchant acquirers                                                            • Market open to competition
    dominate the market                                                               • Multiple acquirers
  • Exclusivity agreements with                                   Anti-trust
                                                              authorities force
    Visa and MasterCard limit
                                                              end of exclusivity
    competition                                               agreements after
  • Extraordinary profits produced                                 July/10
    by acquirers                                                                            New entrants in the Brazilian
                                                                                                 acquirer market
            2009 Net Income and Net
                    Margins                                                                 Number of POS Transactions and
                   (million US$/%)                                                              Number of Acquirers
                                                                                   58.1
      771
                  700                                                                                                7.7
                                                                                                      5.3
                   45.4%                                                                  103                                      0.8
      42.4%
                                                                                                            2              10            12
                                               215
                               101
                                                      12.7%                          USA               Brazil          UK           Mexico
                                        2.7%
                                                                                                Number of Transactions (billions/2008)
     Cielo      Redecard     Fidelity          Tsys
                                                                                                Number of Acquirers
Source: Annual Reports of Companies                                                                      Source: BIS, Central Banks and ABECS

                                                                                                                                              14
CSU is ready to provide a o estiloof processingmestreto
Clique para editar full suite do título services
merchant acquirers

                                                     New Services
                                                     •   Operation Management
                                                     •   Authorization
                                   Brands            •   Statement
                          (Visa, MasterCard, Amex)   •   Network
                                                     •   Accounting
                                                     •   Processing
                                                     •   Back Office
                                                     •   MIS

       Issuer                                                           Acquirer
    (CSU’s client)                                                    (CSU’s client)




                              CSU CardSystem               • Capture Network (POS)
                                                           • Contact Center
                                                           • Disputes
                                                             Resolutions
                                                           • Statement




    Card holder                                                         Merchant



                                                                                       15
CSU is a compelling investment opportunity in the payment
Clique para editar o estilo do título mestre
processing industry in Brazil


  • Rapidly growing industry that benefits from increased usage of
   financial services and growth in consumption

  • Largest independent payment transaction processor in Brazil

  • Acquirer processing is a substantial opportunity that will be open
   to CSU in July 2010

  • Our Contact Center is well-positioned for profitable growth

  • Our strategy is supported by a state-of-the-art, Brazil-specific
   operating platform




                                                                         16
Our Contact Center has undergone ado título mestre
Clique para editar o estilo profound operating
change and is positioned for profitable growth

                                             Contact Center Companies – Market Share

                                                                                           Atento 18.2%
• 9th largest Contact Center in Brazil

• Turnaround completed in February 2010       Others 36.4%


                                                                                                 Contax 18.2%
     • 5 sites closed

     • 1 site opened with lower operating         CSU 2.5%
                                                                                              Tivit 6.6%
                                                      Teleperf. 3.2%
                                                                                         Dedic GPTI 5.5%
       costs                                               TMKT 2.9%
                                                                 AeC 3.0%     Algar 3.4%
                                                                                                    Source: callcenter.inf
     • Over 10 contracts terminated due to
       poor financial performance                       Gross Profit and Gross Margin
                                                                          (R$/million)
                                                                                                           11.6
• Financial Results have improved and will                   CAGR 06-09
                                                                                                           7.2%
                                                               135%
  continue to do so as occupancy rises –       0.9
                                                                                           2.4
                                                                 -3.2%
  current focus on commercial development      0.5%                                       1.5%
                                                                  (5.4)

                                               2006               2007                   2008              2009

                                                                                                                Source: CSU

                                                                                                                        17
CSU is a compelling investment opportunity in the payment
Clique para editar o estilo do título mestre
processing industry in Brazil


  • Rapidly growing industry that benefits from increased usage of
   financial services and growth in consumption

  • Largest independent payment transaction processor in Brazil

  • Acquirer processing is a substantial opportunity that will be open
   to CSU in July 2010

  • Our Contact Center is well-positioned for profitable growth

  • Our strategy is supported by a state-of-the-art, Brazil-specific
   operating platform




                                                                         18
Our Business is supported o estilo do título Brazil-specific
Clique para editar by a state-of-the-art, mestre
operating platform




          Belo Horizonte              Back-Up site (São Paulo)           Alphaview site


 • Our version of the Vision Plus software was extensively customized for the Brazilian
  market in the course of 20 years of development and is the only platform in Brazil fully
  prepared to deal with multiple clients

 • Highly experienced technical and development teams

 • Alphaview Contact Center is a state-of-the-art facility with low operating costs




                                                                                             19
Our strategy is geared to produce growth with high
Clique para editar o estilo do título mestre
profitability




    Continue to grow
                                             Build a acquirer
    issuer processing
                                           processing business
        business




                                           Grow Contact Center
  Continue to invest in                         business by
    IT and software                        increasing occupancy
     development                               with financial
                                                 discipline


                                                                  20
Clique para editar o estilo do título mestre




 Financial Summary




                                               21
Payment transaction services: strongdo título performance
Clique para editar o estilo operating mestre
              Cards in CSU's Base
                          (million)
 CAGR 06-09                                   24.3
    26%                               20.1            • Rapidly growing industry and new clients
               16.6
 12.1                                                   supports company’s card base expansion

                                                      • Above-market growth in the last 4 years
 2006          2007                   2008    2009

                Gross Revenue                         • Our full suite of financial services assures high
 CAGR 06-09            (R$/million)
                                              253.7
    17%                               213.9             revenue per card
 156.7         159.2

                                                      • Continuous revenues growth also supported by
                                                        new products and low client turn over
 2006          2007                   2008    2009

         Gross Profit and Gross Margin
 CAGR 06-09            (R$/million)                   • Costs advantage due to constant investments in
                                              94.3
    20%
                                      71.2              technology and large cards base
 54.4          50.9
                                              40.4%
 37.7%
                                                      • Benefits of scale shared with customers to
               34.4%                  36.0%

 2006          2007                   2008    2009
                                                        increase loyalty and discourage competition

                                                                                                            22
Contact Center: positioned for profitable growthmestre
Clique para editar o estilo do título
        # of Workstations vs. Occupancy
                            (units)
                  4,796
 4,283                                    4,225                          • Turn around finalized in March-2010
         228      1,474                    629             3,494
                                                                   265
 4,055
                                                                         • Number of workstations drop due to
                  3,322                   3,596            3,229
                                                                          termination of poor profitability contracts
  2006             2007                   2008             2009
               Occupied                    Available

                   Gross Revenue                                         • Revenues remained stable spite of lower
                           (R$/million)
 197.6
                                                                          number of workstations
                  174.3                   177.2             172.7
                                                                         • Revenues recover expected due to focus on
                                                                          commercial development

 2006             2007                    2008              2009

         Gross Profit and Gross Margin                                   • Management focused on growth with margin
                           (R$/million)                     11.6

                                           2.4
                                                            7.2%          discipline
  0.9
                  -3.2%
 0.5%                                     1.5%
                                                       CAGR 06-09
                                                                         • Profitability should increase as occupancy
                   (5.4)                                 135%
                                                                          recovers
 2006             2007                    2008              2009

                                                                                                                        23
Constant investments in our estilo do título mestre
Clique para editar o software and substantial net
debt improvement

                         Capex
                        (R$/million)


  43.7                     46.9
                                                             40.6
            28.9           21.0            25.4              11.4
  24.4
            13.9                                       4.3
                           25.9                              29.2
  19.3      15.0                           21.1

  2005     2006           2007             2008              2009     • We generate enough cash
                   Software            Others
                                                                       to fund our Capex program

         Net Debt and Net Debt/EBITDA                                  and reduce our net debt
                        (R$/million)

                           109.1
                                            95.0
                              3.2x
           59.5                                                55.5
           1.5x                                 1.5x

                                                               0.7x
 21.6

  0.4x
 2005      2006            2007             2008              2009

                                                                                                   24
Financial Summary – Consolidated
Clique para editar o estilo         do título mestre


        In millions (R$)    2006       2007     2008    2009

    Net Revenues            317.9      318.6    363.7   394.8

    Gross Profit            46.3       45.5     73.7    106

    Gross Margin            14.6%      14.3%    20.3%   26.8%

      Processing Services   54.4       50.9     71.2    94.3

      Gross Margin          37.7%      34.4%    36,0%   40.4%

      Contact Center        -8.1       -5.4      2.4    11.6

      Gross Margin          0.5%       -3.2%    1.5%    7.2%
    EBITDA                  39.2       33.9     64.4    78.9
    Net Income              -16.9      -6.3      9.5    17.9

    Net Debt                59.5       109.1    95.0    55.5

    Capex                   28.9       46.9     25.4    40.6




                                                                25
High standards of corporate estilo do
Clique para editar o governance                          título mestre


           100% common shares and 44% free-float


           Novo Mercado (100% Tag Along)

           Majority of independent board members

           Independent Audit Board
           Three members, one of which is appointed by the minority shareholders


           Solid investor relations culture
           Financial Investors in the shareholder base since 1997


           Internal Audit and Compliance Department

           Stock option plan for executives
                                                                                   26

           No Poison Pills



                                                                                   26
Clique para editar o estilo do título mestre




                    Questions?

    Décio Burd
    Phone: (55 11) 3030-3821
    E-mail: investidorescsu@csu.com.br
    Site: www.csu.com.br/ri

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2010 roadshow csu (eua)

  • 1. Clique para editar o estilo do título mestre CSU – ROAD SHOW 2010
  • 2. Disclaimer Clique para editar o estilo do título mestre The material that follows is a presentation of general information about CSU’s antecedents on the presentation date. The information contained in this presentation is summarized and not intended to be complete and, therefore, should not be understood as a recommendation to potential investors. This presentation is confidential and shall not be disclosed to third parties. We do not make any declarations, nor do we give any guarantee whatsoever regarding corrections, adjustments or the comprehensiveness of the information presented here, which should not be used as a basis for investment decisions. This presentation contains prospective statements and information according to Provision 27 of the Securities Act of 1933 and Provision 21E of the Securities Exchange Act of 1934. These prospective statements and information are merely projections and, therefore, do not constitute any guarantee of future performance. We warn investors that these statements and information are and will be subject to risks, uncertainties, and factors related to business operations and the business environment of CSU and its subsidiaries, and therefore, the companies’ real performance may differ significantly from the future results shown or implicit in the statements and information contained in this presentation. Although CSU believes that the expectations and premises contained in these prospective statements and information are reasonable and based on data that is available to its management, CSU cannot guarantee any results or future events. CSU does is not required to update any of these prospective statements and information. In the United States, the offer or sale of securities that are not registered or exempt from registration pursuant to the Securities Act of 1933 is not permitted. Any offer of securities in the United States must be made by means of an offering memorandum, which can be obtained from underwriters. The offering memorandum must contain or reference detailed information about CSU, its business and financial results, in addition to its financial statements. This presentation does not constitute an offer, invitation or request of subscription offering or purchase of any securities, nor does this presentation, or any information contained in it, constitute the basis of a contract or any sort of commitment. 2
  • 3. CSU is a compelling investment opportunity in the payment Clique para editar o estilo do título mestre processing industry in Brazil • Rapidly growing industry that benefits from increased usage of financial services and growth in consumption • Largest independent payment transaction processor in Brazil • Acquirer processing is a substantial opportunity that will be open to CSU in July 2010 • Our Contact Center is well-positioned for profitable growth • Our strategy is supported by a state-of-the-art, Brazil-specific operating platform 3
  • 4. The Brazilian card marketo estilo do título mestre Clique para editar has experienced explosive growth in the last several years Number of Cards Number of Transactions (million) (million/month) CAGR 04-10E CAGR 04-10E 628 15% 565 19% 594 514 509 453 444 388 369 336 309 277 263 210 2004 2005 2006 2007 2008 2009 2010E 2004 2005 2006 2007 2008 2009 2010E Private Label Debit Credit Private Label Debit Credit Brazilian GDP CAGR from 2004 to 2009 was 3.6% and expected growth in 2010 is 5.5% Source: ABECS 4
  • 5. Growth inparaissuance is underpinned by powerful trends Clique card editar o estilo do título mestre • Card penetration in Brazil has increased from 8% of families’ spending in 1999 to 21% in 2008. • Access to banking services has been fueled by the intense migration of individuals to consumption level (classes A, B and C). • The increase in disposable income and accessibility to banking services constitutes a powerful lever for the future growth in card usage and transactions. Share of Card Usage in Family Population by Consumption Level Spending (% of total) 42% 38% 59,6% 56,6% 54,9% 54,3% 52,6% 21% 50,1% 47,4% 45,2% 45,7% 43,4% 8% 40,4% 1999 2008 2017E* 2008 2003 2004 2005 2006 2007 2008 ABC DE Brazil US Source: ABECS; CPS/FGV from PNAD/IBGE data * - ABECS Projection 5
  • 6. CSU is a compelling investment opportunity in the payment Clique para editar o estilo do título mestre processing industry in Brazil • Rapidly growing industry that benefits from increased usage of financial services and growth in consumption • Largest independent payment transaction processor in Brazil • Acquirer processing is a substantial opportunity that will be open to CSU in July 2010 • Our Contact Center is well-positioned for profitable growth • Our strategy is supported by a state-of-the-art, Brazil-specific operating platform 6
  • 7. The electronic payment value chain do Clique para editar o estilo título mestre Cash Cash Brands (Visa, MasterCard, Amex) Approval Approval request request Approval Approval Issuer Acquirer (Banks and Retailers) Electronic Cash Card / Invoice captures Cash transaction Commercial transaction Card holder Merchant 7
  • 8. CSU provides a full suite of services to card issuers in Brazil Clique para editar o estilo do título mestre • Financial Information • Authorization • Interchange • MIS • Processing of Electronic Transactions • Contact Center Brands • Accounting (Visa, MasterCard, Amex) • Processing • Fraud prevention • Operational Control Issuer Acquirer (CSU’s client) CSU CardSystem • Statement • Billing • Dispute Resolution CSU has a central role in • Customer Support the electronic Card holder transactions business in Merchant Brazil. 8
  • 9. CSU is a Full BPOeditar o estilo one stop shop philosophy, Clique para that works with a do título mestre offering turn-key solutions for all its costumers Issuer Merchant Services Provided CSU Processor Processor Authorizations Billing and Credit Cycle Management Collection Contact Center Vis-à-vis Disputes with Establishments Services Card Holder Issue and sent of cards performed on Loyalty Programs / CRM behalf of Statement Issuer Unblock Cards Financial Information Vis-à-vis Interchange Brands Processing Relationship with Brands Accounting Back-Office Value-added services Fraud prevention provided to the issuer MIS - System Inteligence Operational Structure Operation Control and Management 9
  • 10. CSU is thepara editar o estilo do processor in Brazil Clique largest Independent payment título mestre Number of Credit and Private Label Cards Share of Outsourced Market (2009) (2009) Others; 2.0% Fidelity; 14.7% Processed 287,9 by third 44,8 CSU; parties 54.3% Processed Orbital; in-house 29.0% Total = 333 million* Total = 44.8 million More than half of the total 333 million cards in the market are Private Label cards that can potentially be converted to Visa/MasterCard brands and processed by CSU Source: ABECS; *Does not include debit cards (233 million in 2009) 10
  • 11. Our clientparais well diversified and composedmestre Clique base editar o estilo do título of financial institutions, retailers and non-traditional issuers Banking Non-Banking 11
  • 12. Our Business Model: multiple revenue sources, high client Clique para editar o estilo do título mestre loyalty and economies of scale Revenue per Card in 2008 (US$) • We generate the same level of revenue per card than 8.5 our US peers, in an environment of lowest transaction 7.1 7.1 values 61.8% 2.8 23.5% 14.5% 36.0% • First Data higher gross margins due to Vision Plus royalties, which represents most of its revenues First Data Fidelity Tsys CSU Clients Turn Over (units) 19 • Low client turn-over 16 16 17 • High quality services at attractive prices • High switching costs 2 1 1 0 • Multi-year contracts with high exit penalties 2006 2007 2008 2009 Number of Clients Clients Turn Over Gross Profit and Gross Margin • High fixed processing costs gives CSU a cost advantage (million) 94.3 as market leader 71.2 54.4 • We share our cost advantage with our clients to 50.9 increase customer loyalty and discourage competition 40.4% 37.7% 34.4% 36.0% 2006 2007 2008 2009 Source: CSU and Annual Reports of Corporations 2008 12
  • 13. CSU is a compelling investment opportunity in the payment Clique para editar o estilo do título mestre processing industry in Brazil • Rapidly growing industry that benefits from increased usage of financial services and growth in consumption • Largest independent payment transaction processor in Brazil • Acquirer processing is a substantial opportunity that will be open to CSU in July 2010 • Our Contact Center is well-positioned for profitable growth • Our strategy is supported by a state-of-the-art, Brazil-specific operating platform 13
  • 14. The acquirer business is about to undergo significant change in Clique para editar o estilo do título mestre Brazil, prompted by new regulation Current Situation With New Regulation • Two merchant acquirers • Market open to competition dominate the market • Multiple acquirers • Exclusivity agreements with Anti-trust authorities force Visa and MasterCard limit end of exclusivity competition agreements after • Extraordinary profits produced July/10 by acquirers New entrants in the Brazilian acquirer market 2009 Net Income and Net Margins Number of POS Transactions and (million US$/%) Number of Acquirers 58.1 771 700 7.7 5.3 45.4% 103 0.8 42.4% 2 10 12 215 101 12.7% USA Brazil UK Mexico 2.7% Number of Transactions (billions/2008) Cielo Redecard Fidelity Tsys Number of Acquirers Source: Annual Reports of Companies Source: BIS, Central Banks and ABECS 14
  • 15. CSU is ready to provide a o estiloof processingmestreto Clique para editar full suite do título services merchant acquirers New Services • Operation Management • Authorization Brands • Statement (Visa, MasterCard, Amex) • Network • Accounting • Processing • Back Office • MIS Issuer Acquirer (CSU’s client) (CSU’s client) CSU CardSystem • Capture Network (POS) • Contact Center • Disputes Resolutions • Statement Card holder Merchant 15
  • 16. CSU is a compelling investment opportunity in the payment Clique para editar o estilo do título mestre processing industry in Brazil • Rapidly growing industry that benefits from increased usage of financial services and growth in consumption • Largest independent payment transaction processor in Brazil • Acquirer processing is a substantial opportunity that will be open to CSU in July 2010 • Our Contact Center is well-positioned for profitable growth • Our strategy is supported by a state-of-the-art, Brazil-specific operating platform 16
  • 17. Our Contact Center has undergone ado título mestre Clique para editar o estilo profound operating change and is positioned for profitable growth Contact Center Companies – Market Share Atento 18.2% • 9th largest Contact Center in Brazil • Turnaround completed in February 2010 Others 36.4% Contax 18.2% • 5 sites closed • 1 site opened with lower operating CSU 2.5% Tivit 6.6% Teleperf. 3.2% Dedic GPTI 5.5% costs TMKT 2.9% AeC 3.0% Algar 3.4% Source: callcenter.inf • Over 10 contracts terminated due to poor financial performance Gross Profit and Gross Margin (R$/million) 11.6 • Financial Results have improved and will CAGR 06-09 7.2% 135% continue to do so as occupancy rises – 0.9 2.4 -3.2% current focus on commercial development 0.5% 1.5% (5.4) 2006 2007 2008 2009 Source: CSU 17
  • 18. CSU is a compelling investment opportunity in the payment Clique para editar o estilo do título mestre processing industry in Brazil • Rapidly growing industry that benefits from increased usage of financial services and growth in consumption • Largest independent payment transaction processor in Brazil • Acquirer processing is a substantial opportunity that will be open to CSU in July 2010 • Our Contact Center is well-positioned for profitable growth • Our strategy is supported by a state-of-the-art, Brazil-specific operating platform 18
  • 19. Our Business is supported o estilo do título Brazil-specific Clique para editar by a state-of-the-art, mestre operating platform Belo Horizonte Back-Up site (São Paulo) Alphaview site • Our version of the Vision Plus software was extensively customized for the Brazilian market in the course of 20 years of development and is the only platform in Brazil fully prepared to deal with multiple clients • Highly experienced technical and development teams • Alphaview Contact Center is a state-of-the-art facility with low operating costs 19
  • 20. Our strategy is geared to produce growth with high Clique para editar o estilo do título mestre profitability Continue to grow Build a acquirer issuer processing processing business business Grow Contact Center Continue to invest in business by IT and software increasing occupancy development with financial discipline 20
  • 21. Clique para editar o estilo do título mestre Financial Summary 21
  • 22. Payment transaction services: strongdo título performance Clique para editar o estilo operating mestre Cards in CSU's Base (million) CAGR 06-09 24.3 26% 20.1 • Rapidly growing industry and new clients 16.6 12.1 supports company’s card base expansion • Above-market growth in the last 4 years 2006 2007 2008 2009 Gross Revenue • Our full suite of financial services assures high CAGR 06-09 (R$/million) 253.7 17% 213.9 revenue per card 156.7 159.2 • Continuous revenues growth also supported by new products and low client turn over 2006 2007 2008 2009 Gross Profit and Gross Margin CAGR 06-09 (R$/million) • Costs advantage due to constant investments in 94.3 20% 71.2 technology and large cards base 54.4 50.9 40.4% 37.7% • Benefits of scale shared with customers to 34.4% 36.0% 2006 2007 2008 2009 increase loyalty and discourage competition 22
  • 23. Contact Center: positioned for profitable growthmestre Clique para editar o estilo do título # of Workstations vs. Occupancy (units) 4,796 4,283 4,225 • Turn around finalized in March-2010 228 1,474 629 3,494 265 4,055 • Number of workstations drop due to 3,322 3,596 3,229 termination of poor profitability contracts 2006 2007 2008 2009 Occupied Available Gross Revenue • Revenues remained stable spite of lower (R$/million) 197.6 number of workstations 174.3 177.2 172.7 • Revenues recover expected due to focus on commercial development 2006 2007 2008 2009 Gross Profit and Gross Margin • Management focused on growth with margin (R$/million) 11.6 2.4 7.2% discipline 0.9 -3.2% 0.5% 1.5% CAGR 06-09 • Profitability should increase as occupancy (5.4) 135% recovers 2006 2007 2008 2009 23
  • 24. Constant investments in our estilo do título mestre Clique para editar o software and substantial net debt improvement Capex (R$/million) 43.7 46.9 40.6 28.9 21.0 25.4 11.4 24.4 13.9 4.3 25.9 29.2 19.3 15.0 21.1 2005 2006 2007 2008 2009 • We generate enough cash Software Others to fund our Capex program Net Debt and Net Debt/EBITDA and reduce our net debt (R$/million) 109.1 95.0 3.2x 59.5 55.5 1.5x 1.5x 0.7x 21.6 0.4x 2005 2006 2007 2008 2009 24
  • 25. Financial Summary – Consolidated Clique para editar o estilo do título mestre In millions (R$) 2006 2007 2008 2009 Net Revenues 317.9 318.6 363.7 394.8 Gross Profit 46.3 45.5 73.7 106 Gross Margin 14.6% 14.3% 20.3% 26.8% Processing Services 54.4 50.9 71.2 94.3 Gross Margin 37.7% 34.4% 36,0% 40.4% Contact Center -8.1 -5.4 2.4 11.6 Gross Margin 0.5% -3.2% 1.5% 7.2% EBITDA 39.2 33.9 64.4 78.9 Net Income -16.9 -6.3 9.5 17.9 Net Debt 59.5 109.1 95.0 55.5 Capex 28.9 46.9 25.4 40.6 25
  • 26. High standards of corporate estilo do Clique para editar o governance título mestre 100% common shares and 44% free-float Novo Mercado (100% Tag Along) Majority of independent board members Independent Audit Board Three members, one of which is appointed by the minority shareholders Solid investor relations culture Financial Investors in the shareholder base since 1997 Internal Audit and Compliance Department Stock option plan for executives 26 No Poison Pills 26
  • 27. Clique para editar o estilo do título mestre Questions? Décio Burd Phone: (55 11) 3030-3821 E-mail: investidorescsu@csu.com.br Site: www.csu.com.br/ri