This document discusses the business environment and 1Q06 highlights for a company. It saw 23% CAGR in card base expansion in 2006 and competition differentiation through independence. Gross revenue was up 28% YoY in 1Q06 driven by increased market share in profitable segments like CardSystem and MarketSystem. Key strategies for 2006 include expanding market share in cards and markets, implementing a Caixa project, and boosting profits in TeleSystem and Credit&Risk units.

2. Business Environment
• Card base expansion in 2006 • Competition
Diferentiation through independency
CAGR 23%
Cards (Millions)
Feb
• Growth in consumer credit • Caixa Project
Personal Credit Finance Implementation according to schedule
85
75.6
R$ billions
75
65
55 49.4
45
D04 J05 N05 M06

3. Seasonality
Gross Revenue
98
90 87 83
R$ Million
76
68 64
57 56
49 48 46
40
1Q06 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04 4Q03 3Q03 2Q03 1Q03

4. 1Q06 Highlights
Gross Revenue x EBITDA
90
68
R$ Million
18
8
1Q05 1Q06
Gross Revenue EBITDA
Operating Profit
x Net Profit
2.440
R$000
755 885
371
1Q05 1Q06
Operating Profit Net Profit

5. Gross Revenue
Gross Revenue Breakdown
89,951 MarketSystem
7,668
10,369
67,716 Credit & Risk
7,547
R$000
35,883
TeleSystem
35,191
CardSystem
36,031
24,978
1Q05 1Q06

6. Production Costs
Revenue x Cost 33%
90
70
68
55 28%
Cost of services Var. %
1T05 1T06 Business Units
Gross Sales Cost of services CardSystem -2,40%
TeleSystem 22,30%
R$ Million
Credit&Risk 43,90%
MarketSystem
Total 28,00%

7. Gross Profit
Gross Profit (R$ million)
52.6%
15.0
10.0
13.6
5.0 8.9
0.0 Gross Profit 1Q06
1Q05 1Q06 Business Units
CardSystem 16.9
TeleSystem (3.8)
Credit&Risk (1.3)
MarketSystem 1.8
Total 13.6
Main factors
• Increased share of CardSystem and MarketSystem business units;
• Strong productivity gains in CardSystem;
• Re-structuring in the service base of TeleSystem and Credit&Risk, causing negative result

8. Operating Margin
Gross Profit
16.2% Operating
13.9% Profit
2.9%
1.2%
05 06 05 06 05 06 05 06
-1.9% -3.2%
-10.8% -10.1% Financial
Operating Expenses
Expenses

9. EBITDA
EBITDA
%
1 16.2 18.3
20 25.0%
15 20.0%
R$ Million
21.9%
8.5 15.0%
10
13.3% 10.0%
5 5.0%
- 0.0%
1Q05 1Q06
EBITDA EBITDA Margin

10. CSU Main Strategies for 2006
• Expansion of CardSystem and MarketSystem units market
share
• Implementation of Caixa Project
• Capturing Clients from Competition
• Focus on transforming private-label into branded cards
• Boosting the profits of TeleSystem and Credit&Risk units
• Various actions aiming at improving earnings in both units,
laying the foundation for a period of more accentuated growth