1. CSU CARDSYSTEM S.A.
1Q08 Conference Call
April 25, 2008
investidorescsu@csu.com.br
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2. Disclaimer
This presentation may include forward-looking statements of future events or results
according to the regulations of the Brazilian and international securities and exchange
commissions. These statements are based on certain assumptions and analyses by the
Company that reflect its experience, the economic environment, future market conditions and
events expected by the company, many of which are beyond the control of the Company.
Important factors that may lead to significant differences between actual results and the
statements of expectations about future events or results include the company’s business
strategy, Brazilian and international economic conditions, technology, financial strategy, client
business development, financial market conditions, uncertainty regarding the results of its
future operations, plans, objectives, expectations and intentions, among others. As a result of
these factors, the actual results of the Company may significantly differ from those mentioned
or implicit in the statement of expectations about future events or results.
The information and opinions contained in this presentation should not be understood as a
recommendation to potential investors and no investment decision should be based on the
veracity, currency or completeness of this information or these opinions. No advisors to the
company or parties related to them or their representatives shall have any responsibility for
any losses that may result from the use or the contents of this presentation.
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3. CardSystem’s Market
Cards Performance
End of March (million)
97
83
70
56 150
124
102
89
176 191 205
149
2005 2006 2007 2008
2005 2006 2007 2008
Debit Private Label Credit
CardSystem Card Base Performance
End of March (million)
17.6
13,0
10.37
8 .6
2005
2005
2006
2006
20072007
2008
2008
Source: CSU
Source: Abecs, CSU
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4. CardSystem – Operational Data
Cards Performance Change
(CSU x Market)
End of March
35.4%
25.4%
19.8% 20.6%
19.3%
20.3%
17.8% 18.6%
2005 2006 2007 2008
CSU CardSystem Market Source: Abecs, CSU
Private Label + Credit Market CardSystem
CAGR 05 to 08 19.4% 27,7%
CAGR 07 to 08 19.3% 35.4%
 CardSystem achieved a record number of cards and closed the first quarter
with a card base of 17.6 million.
 CSU’s cards unit has consistently outperformed the market in terms of growth.
CardSystem’s CAGR between the end of 1Q05 and 1Q08 was 27.7% against
the market’s 19.4%. The difference was even bigger last year: 35.4% versus
19.3%.
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5. CardSystem/MarketSystem
Operational Data
Cards Managed by CardSystem Accounts Managed by MarketSystem
(million) (million)
15.62 16.6 17.6 2.04
13 14.25 1.97
1.9
1.84
1.77
1Q07 2Q07 3Q07 4Q07 1Q08 1Q07 2Q07 3Q07 4Q07 1Q08
Source: CSU Source: CSU
 High-growth market;
 Strategically important agreements signed at the end of 4Q07 and in 1Q08, with
the effects already seen in the revenues of 2008 (Carrefour, Porto Seguro and
OMNI);
 Carrefour Visa project implemented in a record 45 days;
 Agreements with huge potential at MarketSystem: Sicred and Porto Seguro.
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6. TeleSystem/Credit&Risk
 Continued focus on reducing operating costs and
improving productivity has stabilized the results;
 Cancellation of unprofitable contracts;
 Focus on differentiated products and services with higher
added value.
Workstations in operation at TeleSystem and Credit&Risk
(Quarterly Average)
634 758 785
780 748
3384 3283 3056
2553 2218
1Q07 2Q07 3Q07 4Q07 1Q08
WS's TeleSystem WS's CreditRisk
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7. CSU (Consolidated)
Gross Revenue (R$ ‘000) Cost of Services Rendered (R$ ‘000)
12.5% 2.4%
66.79
88.3
65.21
78,.4
1Q07 1Q08 1Q07 1Q08
Gross Profit (R$ ‘000) and Gross Margin (%)
 CSU’s revenues in 1Q08 were R$ 88.3
million, which is 12.5% higher than the R$ 78.4
101.3%
million in the same period last year.
15.3
.
 Cost of services rendered increase only 2.4%, thus
improving net income and gross margin
significantly.
16,%
 Gross profit rose 101.3%, from R$ 7.6 million in
9,7%
7. 6 1Q07 to R$ 15.3 million in 1Q08.
1Q07 1Q08 18,1%
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8. CSU (Consolidated)
General and Administrative Expenses EBITDA (R$ ‘000) and EBITDA Margin (%) Net Result (R$ million)
(R$ million)
181.6% n.a.
-19.0%
1.7
15.8
15. 0
12.7 18.3%
-5.6
7.3%
5.3
1Q07 1Q08 1Q07 1Q08 1Q07 1Q08
14%
 General and Administrative expenses fell by 19.0%, from R$ 15.8 million in 1Q07 to R$ 12.7 million
in 1Q08.
 EBITDA jumped 181.6%, from R$ 5.3 million in 1Q07 to R$ 15.0 million in 1Q08, thanks to the
higher growth of revenue in comparison with costs and expenses.
 Net Result improved significantly to R$ 1.7 million from a negative R$ 5.6 million.
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9. CardSystem/Marketsystem
Gross Revenue (R$ ‘000) Gross Profit (R$ million) and Gross Margin (%) EBITDA (R$ million) and
EBITDA Margin (%)
77.0%
33.9%
80.7%
15.4
47.0
35.1
15.9
8.7
8.8
1Q07 1Q08 1Q07 1Q08 1Q07 1Q08
 Growth of 33.9% in the Gross Revenue of CardSystem/MarketSystem between 1Q07 and 1Q08, thanks to
the increase in the number of cards in the base and the accounts managed;
 Gross Profit rose by 80.7% whereas EBITDA rose by 77%;
 The higher growth in Gross Profit and EBITDA in comparison with revenues shows the improvement in
operational efficiency and economies of scale.
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10. TeleSystem and Credit&Risk
Gross Revenue - TeleSystem e Credit&Risk Costs - TeleSystem e Credit&Risk
(R$ million) (R$ million)
-4.85%
-5.78%
3,8%
43.3
41.5
41.2
39.1
1Q07 1Q08 1Q07 1Q08
 Gross Revenue fell by 4.85% between 1Q07 and 1Q08, caused by the about 11% reduction in revenues at
TeleSystem due to the restructuring carried out in the last half of 2007 and a 21% increase in revenue from
credit and collections (Credit&Risk).
 Cost of services at the units dropped from R$ 41.5 million in 1Q07 to R$ 39.1 million in 1Q08, also due to
the restructuring carried out at TeleSystem in 2H07.
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11. TeleSystem and Credit&Risk
Gross Profit (R$ million) and Gross Margin (%) EBITDA (R$ million) and EBITDA Margin (%)
-0.4
-0.6
-3.3
-1.2 87.9%
50.0%
1Q07 1Q08 1Q07 1Q08
 Despite the lower revenue in comparison with 1Q07, we improved profitability, both in terms of Gross Profit
of R$ (0.6) million against R$ (1.2) million, and EBITDA of R$ (0.4) million against R$ (3.3) million. Once
again, this is a result of the restructuring carried out in the Call Center unit.
 Margin will gradually improve. The workstations that were idle during the restructuring held at TeleSystem
in the 2H07 will gradually be used to offer higher value-added products that may either be different from or
complementary to those offered by our competitors.
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12. Historical Data
Gross Revenue (million)
87.4 86.2 88.4
78.4 90.9
1Q07 2Q07 3Q07 4Q07 1Q08
EBITDA CSU (R$ million) 15.0
11.9
11.3
5.3 5.6
1Q07 2Q07 3Q07 4Q07 1Q08
18.2%
EBITDA Margin (R$ million)
14.0% 14.1%
7.3%
6.9%
1Q07 2Q07 3Q07 4Q07 1Q08
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13. Results - Units
Gross Revenue (R$ million)
CarSystem / MarketSystem
TeleSystem / CreditSystem
48.96 47.03
43.32 43.71
48.9
42.0 42.47
38.43 41.38
35.12
1Q07 2Q07 3Q07 4Q07 1Q08
EBITDA (R$ million)
15.42
13.70 13.61
10.38
8.67
(4.76) (0.42)
(1.83) (2.29)
(3.34)
1Q07 2Q07 3Q07 4Q07 1Q08
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14. Debt and Investments
Debt - R$ thousand
1Q08 1Q07 4Q07
Short Term Debt 55.8 31.8 57.9
Short Term 33.3 12.5 34.3
Leasing Short Term 22.5 19.3 23.6
Long Term Debt 58.6 48.0 53.5
Long Term 49.0 21.3 41.8
Leasing Long Term 9.7 26.6 11.7
Gross Debt 114.4 79.8 111.5
(-) Cash 1.8 2.0 2.4
Net Cash (Debt) 112.6 77.8 109.1
CAPEX
 Investments in the area of cards maintained
 Suspension of investments in the Caixa project
Capex - R$ million
1Q08 1Q07 Chg. % 4Q07 Chg. %
Systems (SW and HW) 4.3 4.3 1.2% 5.5 -21.7%
Caixa Project 0.7 5.4 -87.5% 1.5 -53.1%
Other 0.6 0.3 87.9% 0.4 29.8%
Capex 5.6 10.0 -44.4% 7.4 -24.9%
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15. Main Strategies
 Growth of around 30%, with the focus on the CardSystem and MarketSystem
units;
 Rigorous control of operational management and profitability at TeleSystem and
Credit&Risk;
 Increase the profitability and margins of CSU as a whole.
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