This document provides an overview and analysis of CSU CARDSYSTEM S.A.'s cards market, operations, and financial performance. Key points include: 1) The cards market in Brazil has grown significantly in recent years and CardSystem has consistently outperformed the market in terms of growth. 2) CardSystem has issued over 6.7 million new cards in the last 12 months and managed accounts have increased 30% year-over-year. 3) While revenue was stable for CSU.Contact/Credit&Risk, renegotiating communication fees reduced costs and improved margins. 4) Overall, CSU has experienced growth in revenue, EBITDA, and margins across its

1. CSU CARDSYSTEM S.A.
investidorescsu@csu.com.br
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2. Disclaimer
This presentation may include forward-looking statements about future events or results according
to the regulations of 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 it, many
of which are beyond its control. 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, economic conditions in Brazil and abroad, 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 will be responsible for any losses that may result
from the use or the contents of this presentation.
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3. Cards Market and CardSystem
Growth of the Cards Market
(million, source: ABECS)
14.3%
324 Private Label + Credit Market CardSystem
297 284
237 133
124 Average Annual Growth - 3 years 21.7% 30.7%
197 119
165 93
79 Growth - 12 months 14.3% 22.1%
68
173 165 191
118 144
97
2005 2006 2007 2008 3Q08 3Q09 On October 1, the Brazilian Central
Private Label Credit Bank published a notice stating that
it will soon announce the new rules
CSU Card Base Performance for the accreditation market.
(million) 22.1%
Base growth continues quicker than
market growth
23.2
16.6
20.1 19.0 Trend of replacing private label cards
12.1
9.0 with hybrid cards
2005 2006 2007 2008 3Q08 3Q09
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4. CardSystem – Operational Data
Issue of cards in CSU's base
(million)
2.4
1.7 1.6
1.4 1.3 1.4
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Issue of more than 6.7 million new cards in the last 12 months
Card issues resumed pre-crisis levels
Flex Cards with increasing share of total card issues
Seasonal growth in card issue expected in the fourth quarter
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5. MarketSystem – Operational Data
MarketSystem -Processed Accounts
(million)
2.8 3.1
2.3 2.4 2.7
1.9 2.0 2.0 2.1
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Managed accounts 30% up year-on-year
Annual average growth of 26.9% in the last 24 months
100% organic growth in the period
Source: CSU
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6. CSU.Contact / Credit&Risk
Alphaview project, a new Contact Center concept;
The new unit will have a sixty-month productivity;
Alphaview will improve operators’ quality of life, improve
service standards and reduce operating costs.
PAs in operation at CSU.Contact and Credit&Risk
4,095
3,880
3,596 3,593 3,582 3,496
2,996
3,476 3,445
2,218 3,314 3,288 3,238 3,191
748 619 435 282 305 344 305
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
PA's Credit&Risk PA's CSU.Contact
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7. CardSystem / MarketSystem
Gross Revenue Gross Profit and Gross Margin EBTIDA and EBTIDA Margin
(R$ million) (R$ million, %) (R$ million, %)
36.3% 21.6%
16.7%
24.8 20.6
64.9
16.9
18.2
41.4% 34.3%
55.6 35.3% 32.8%
3Q08 3Q09 3Q08 3Q09 3Q08 3Q09
Economies of scale in card processing operations
100% organic growth of the client portfolio
Development of higher added-value agreements improves gross margin
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8. CSU.Contact / Credit&Risk
Gross Revenue Gross Profit and Gross Margin EBTIDA and EBTIDA Margin
(R$ million) (R$ million, %) (R$ million, %)
-9.2%
572.3%
0.8
45.6
3.0
41.4
2.0%
7.9% (0.5%)
0.5
-0.2
1.1%
3Q08 3Q09 3Q08 3Q09 3Q08 3Q09
Stable revenue levels
Renegotiation of communication fees reduces the unit’s costs
Higher gross margin and EBITDA margin
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9. Performance of Financial Indicators
CSU Gross Revenue
(R$ million)
107.3 108.6 106.2
104.9
101.2
3Q08 4Q08 1Q09 2Q09 3Q09
CSU EBITDA
(R$ million)
20.5 20.5 21.3
16.7 16.9
3Q08 4Q08 1Q09 2Q09 3Q09
CSU EBITDA Margin
(%)
20.6 21.6
20.4
17.7 17.4
3Q08 4Q08 1Q09 2Q09 3Q09
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10. Results - Units
Gross Revenue
(R$ million)
62.39 62.27 64.86
61.31
55.59
45.57 43.57 44.92 46.34
41.36
3Q08 4Q08 1Q09 2Q09 3Q09
CardSystem / MarketSystem CSU.Contact / Credit&Risk
EBITDA
(R$ million)
18.7 20.5
16.9 16.7 18.4
0.2 2.0 1.9 0.7
(0.2)
3Q08 4Q08 1Q09 2Q09 3Q09
CardSystem / MarketSystem CSU.Contact / Credit&Risk
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11. CSU (Consolidated)
Gross Revenue Gross Profit and Gross Margin Cost of Services Rendered
(R$ million) (R$ million, %) (R$ million, %)
49.2%
16.7% -6.3%
27.8
75.5
106.2
18.6
28.2%
101.2 70.7
19.8%
3Q08 3Q09 3Q08 3Q09 3Q08 3Q09
Higher share of electronic payment methods in revenue
Organic growth of the units fuels company growth of over 12%
The group’s operating margins improved thanks to: (i) result-oriented
management, (ii) new controls, (iii) new policies, (iv) scale gains
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12. CSU (Consolidated)
Operational Expenses EBTIDA and EBTIDA Margin Net Result
(R$ million) (R$ million, %) (R$ million, %)
44.3% 27.6%
346.7%
21.3 4.7
24.6
16.7
17.1
20.4%
17.5% 1.0
3Q08 3Q09 3Q08 3Q09 3Q08 3Q09
Expenses with Alphaview, the increase in the workforce and the collective
bargaining agreement led to a 44.3% upturn in general and administrative
expenses in the quarter
The final provisions and restructuring expenses related to the Contact
Center City project were booked in the quarter
Year-to-date earnings per share of R$0.29*
* Excluding reserves
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13. Debt and Capex
Debt - R$ million Debt:
3Q09 3Q08 2Q09
Period cash flow enabled a reduction in
Short Term Debt 35.7 49.7 46.4
Financing and Debt loan 24.2 35.1 36.5
net debt from R$ 77.5 million to R$ 67.2
Leasing 11.5 14.6 9.9
Long Term Debt 40.1 46.5 31.6
Financing and Debt loan 25.6 38.4 20.0 million;
Leasing 14.5 8.1 11.6
Gross Debt 75.8 96.2 78.0 Extension of the average debt term -
(-) Cash 8.6 1.1 0.5 R$ 23 million renegotiated at the CDI
Net Cash (Debt) 67.2 95.2 77.5
rate + 3.4%;
CSU has no dollar-indexed debt nor does
Debt Composition
(R$ million, end of the period)
it make use of derivatives contracts. All
debt is in Brazilian reais and indexed to
17.9
22.8 the interbank (CDI) rate.
4.0
4.6 15.9
6.5
39.1
70.8
60.3 0.1
49.8
25.9
4Q08 1Q09 2Q09 3Q09
W. Capital Overdraft Leasing
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14. Debt and Capex
Impact of Monetary Policy on Cost
of Debt Debt:
(Basis: 1Q08 = 100)
The adjacent graph shows the
impact of the CDI variations in
83
75 recent months on the
63
125 102
66 Company's financial expenses
77 63
The decline in the CDI rate,
91 89 80 74
combined with reduced debt,
4Q08 1Q09 2Q09 3Q09 helped reduce financial
Total Gross Debt - Closing Financial Cost - CDI expenses
CDI - Period Monthly Average
CAPEX:
Capex - R$ million
Recurring investments in the 3Q09 3Q08 Chg. % 2Q09 Chg. %
Systems
development and customization of the
4.6 3.8 21.7% 4.6 -1.2%
Hardware 0.3 2.9 -90.9% 0.6 0.0%
Super VisionPlus software
Alphaview 6.3 - n.a 1.5 313.3%
Other 0.6 1.8 -66.0% 0.0 3155.5%
Capex 11.7 8.4 39.0% 6.8 72.8%
Investments in the Alphaview project
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15. Key Strategies for 4Q09
Maintenance of investments to ensure growth of all of the
Company’s units;
Consolidation of the recent changes in CSU’s sales and
relationship areas;
Strengthening of sales efforts;
Conclusion of CSU.Contact and Credit&Risk’s new
organizational structure, transfer of the workstations from the
old site to Alphaview;
Maintenance of cost and quality levels.
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16. CSU CardSystem S/A
Questions and
answers
Décio Burd
Telephones: (0xx11) 3030-3821
Email: investidorescsu@csu.com.br
Site: www.csu.com.br/ri
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