The document is a presentation by UBS Pactual discussing UBS Pactual's position in the Brazilian market. Some key points: 1) UBS Pactual is Brazil's largest independent administrator of credit cards, with a 44% market share, and the leading independent call center in Brazil. 2) In 2005, UBS Pactual's card processing services generated R$357 million in revenue and R$71 million in gross profit. 3) UBS Pactual has leveraged its expertise in credit card administration to develop other leading business units such as collections, fraud prevention, and loyalty programs.

1. UBS Pactual 2007 Brazil CEO Conference
March 5, 2007
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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 expected events by the company, many of which are beyond
the control of the Company. Important factors that may lead to significant differences between the 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, financial market
conditions, uncertainty regarding the results of its future operations, plans, objectives, expectations and
intentions, among others. Considering these factors, the actual results of the company may be significantly
different from those shown 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 is to be based on the veracity, current
events or completeness of this information or these opinions. No advisors to the company or parties related
to them or their representatives should have any responsibility for any losses that may result from the use
or contents of this presentation.
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3. Leading Technology Services Provider In Brazil
11,3 15.4* million cards
The largest independent administrator of 117 million processed transactions
credit cards 44% of market share
Leading independent call center in Brazil 2,837 Workstations
Leading collection services provider 594 Collection Workstation
Leading loyalty programs
4.0 million managed accounts
management
Revenue in 2005** Gross Profit in 2005**
R$ 357 mm R$ 71 mm
TeleSystem CardSystem
45% 67%
TeleSystem
18%
CardSystem Credit&Risk
Credit&Risk
33% 15%
4%
MarketSystem MarketSystem
7% 11%
* Data of Sep./06. Includes the cards from Caixa Econômica Federal Contract 3
** Reflects MarketSystem's Pro-forma results

4. Our Excellence In Credit Card Administration
Fostered Other Leading Business Units
Full Service
Credit
System Customer Electronic
Card and Fraud Interchange Transaction Operational Loyalty
development/ Support
Issuance Collection Prevention Control Programs
Implementation Process
analysis
New Business
Opportunities
Diversification brought us:
New business opportunities/ cross-selling
Lower costs from scale gains
High switching cost
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5. Attractive Industry Fundamentals To
Credit Cards…
Brazil is the 3rd largest card issuer
Brazil is the 3rd largest card issuer Most Used Credit Instruments in Brazil
Most Used Credit Instruments in Brazil
C.C Interest Free
Purchases 59%
UK 140
Brazil 192 Payment Book 37%
China 206
C.C. Interest Bearing
USA 796 Purchases 21%
C.C. Minimum Payment
Invoice 16%
Million cards, in 2005
C.C. Payment in Equal
Number of Credit Cards -- Brazil
Number of Credit Cards Brazil Installments 15%
Million
78.0
Overdraft Facility 15%
68.0
52.5 Personal Loans 8%
47.5 %
41.5 19
35.3 GR
CA
28.0 Real State Loans 3%
23.6
Payroll Deductible 3%
Credit
1999 2000 2001 2002 2003 2004 2005 2006
Source: Abecs
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6. … And the Call Center Industry Showing
Consistent Growth Potential
Historical Growth – Brazilian Call
Historical Growth – Brazilian Call Potential Growth – Brazilian Call
Potential Growth – Brazilian Call
Center Services Revenue*
Center Services Revenue* Center Services Revenue**
Center Services Revenue**
Annual Growth % Annual Growth %
%
13
GR
CA
%
30
GR
CA
12%
13%
15%
21%
60%
20%
25%
2002 2003 2004 2005 2006 2007 2008 2009 2010
+15%
* Source: ABRAREC ** Source: IDC 6

7. Leading Competitive Position Among
Independent Players
Market Share:
Market Share: Leading Independent Call Center Operator
Leading Independent Call Center Operator
Credit Card Processing Segment *
Credit Card Processing Segment *
In Outsourcing 5 largest independent players
TMS
EDS
12%
9% Fidelity
20% Softway Teleperformance
36%
14%
Telefutura
Orbitall 17%
27%
TeleSystem and
44% Credit&Risk
21%
* Notes:
- CSU’s Market Share considers credit cards from Caixa
- Orbitall: 100% owned by Itaú 2005 data
- Fidelity (51%): 49% owned by ABN Real and Bradesco
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Sources: Cardnews and IDC

8. CSU – Strong and Diversified Clients Portfolio
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9. Caixa Econômica Federal Project
The largest contract in industry
~ 4,1 million active credit cards
Strong growth potential
Beginning of monthly revenue starting on May/07
Initial period of rendering services does not change (2 years)
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10. Strong Growth Track Record
Cards base* Workstations* Billing contacts**
(‘000) (‘000)
CAGR 17% CAGR 83% CAGR 28%
10,059 3,308 41,627
11%
8,077 2,638
7,387
2,290 2,096
25,347
2,149 23,162
19%
7,421 991
5,238 5,787
2003 2004 2005 2003 2004 2005 2003 2004 2005
Credit Cards Private Label
* Annual average * Monthly average ** Active and receptive
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11. Consolidated Financial Performance
Net Revenues
Net Revenues Gross Profit
Gross Profit
R$ MM 313.6 R$ MM 63.7
CAGR 20%
CAGR 34% 55.3
229.4
42.3
177.9 37.0
30.6
134.4
96.7
2001 2002 2003 2004 2005 2001 2002 2003 2004 2005
EBITDA
EBITDA Net Profit
Net Profit
R$ MM R$ MM 16.1
CAGR 25%
CAGR 37% 60.3 12.9
46.3 10.2
34.2
6.6 6.5
22.9
17.0
2001 2002 2003 2004 2005 2001 2002 2003 2004 2005
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12. Growth Opportunities
Electronic Payment Call Center
through Mobile Offshore
Entrance in
New Markets
Organic Cross-Selling
Market Growth Opportunities
Acquiring
New Clients
& Outsourcing
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13. Main Strategic Actions - 2007
CSU Corporate
• Complete the commercial achievements and strategies of 2005 and 2006
• Expansion of volumes – growth of the businesses already conquered
• Enlargement of profitability by cost management and scale gains
• Entrance in new business segments and new markets
CardSystem
• Implementation of Caixa Project – April/07
• Focus on Co-Branded Private Label Cards
• Leverage in business based on our competitive and strategic advantages
TeleSystem and Credit&Risk
• New Management in charge of the Units
• Strengthening of structure, commercial processes and financial management
• Strong emphasis on commercial efforts
MarketSystem
• Focus on gaining clients of the financial, telecommunication and retail industries
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14. High Level of Corporate Governance
100% common shares
Bovespa´s Novo Mercado (100% Tag Along)
Free float of 39% voting shares
Active Board of Directors, with diversified and complementary
experiences and presence in the business management:
Independent members: Mailson F. da Nóbrega, Rubens Barbosa, Mário Alberto de
Almeida and Francisco Mazzucca, who will be indicated
Solid relationship track record with minority shareholders
Private Equity funds investment in 1997
Controlling Committee headed by a minority shareholder
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15. High Level of Corporate Governance and Human
Resources Focus
Code of Ethics / Disclosure and Stock Trading Policies
Dedicated Investor Relations Team
Development of a Stock Option program for the executives
Alignment of interests between administration and shareholders
Human Resources Emphasis
Results Oriented Management
Special Recruiting Actions: Trainee Program and New Talents Program
Management Compensation aiming at business growth
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16. Conclusion: Attractive Investment Opportunity
Attractive Industry Growth
Market Leadership
Fundamentals
Impressive History Growth
Strong Growth Prospects
In All Financial Metrics
Premium Diverse Client
Superior Corporate
Portfolio with Excellent
Governance
Relationship Track Record
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17. www.csu.com.br
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