November 10, 2011

Earnings Release 3Q11

Resultado

Negócios

Governança

Results

• Gross Revenue totaled R$ 109.8 million, a record amount, and exceeded 3Q10’s revenues by 6.0%

• Evolution of the growth indicators and profitability during the year: revenues, net profit and EBITDA, with a highlight being the 40.4% p.a. increase in gross profit at CSU Contact, with a net margin of 7.8% in 3Q11

Operations

• Number of cards processed reached 25.3 million, with an increase of 26.5% YoY

• A 21.3% p.a. rise in CSU Contact’s APs, ending the period with 4,207 workstations

• Launch of the Fans Engagement loyalty program and the Pre-paid Flex card

Governance

• Creation of Board of Directors’ Advisory Committees, focused on Strategy and Development, Marketing and Markets, and Finance and Risks

• Consistent execution of the CARD3 share buy-back programs

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Quarter Highlights

Strategy: profitable growth

• Commercial focus aimed at diversification of the client base

• New issuers and current PL issuers

• Innovation: products and technologies

• Pre-paid Flex card

• Only platform in the market that is tested and in operation

• Search for new clients

• International partnerships

• Focused on the middle market

• Improved financial performance

• Broader scope of solutions

• Expansion of addressable markets

• Fans Engagement

• Incorporation of the Web universe in the solutions offered

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CSU CardSyst

em52%

CSU Contact

48%

Gross Revenue(R$ million)

Business Units Gross Revenue Share(% of revenues - LTM)

Clear and consistent resumption of expansion

3Q10 4Q10 1Q11 2Q11 3Q11

103.6

97.8

100.5

109.0 109.8

• In the first nine months of 2011, gross revenues totaled R$ 319.3 million, up 1.4% over the same period of 2010

• Company proves its resiliency, with an increase in growth and profitability indicators during the course of the year: net revenue, gross profit and EBITDA

Main Indicators Evolution(R$ million)

* 2010’s numbers were adjusted to reflect the effects of full adoption of the accounting convergence effective for each quarter of 2010.

96.0

91.0 93.5

101.1 102.0

15.1% 15.9% 13.2% 14.4% 15.2%

3Q10 4Q10 1Q11 2Q11 3Q11

Net Revenue Operating Expenses

22.225.7 27.3

14.4 15.9

16.3

93.5

101.1 102.0

1Q11 2Q11 3Q11

Gross Prof it EBITDA Net Income

22.225.7 27.3

14.4 15.9

16.3

93.5

101.1 102.0

1Q11 2Q11 3Q11

Gross Prof it EBITDA Net Income

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14.5 14.5

12.4

14.6 15.5

15.1%15.9%

13.2% 14.4%15.2%

SG&A Expenses(R$ million and % of net revenue)

Management of Costs and Expenses

3Q10 4Q10 1Q11 2Q11 3Q11

20,582

17,304

14,400 15,941 16,341

21.4%19.0%

15.4% 15.8% 16.0%

15.9%

Total Costs(R$ million and % of net revenue)

EBITDA x EBITDA Margin(R$ thousand and % of net revenue)

* 3Q11 SG&A disconsider the one time effect of R$ 0.7 million referring to employees dismissals within a cost reduction program.

65.9 66.1 71.3

75.5 74.8

68.7%

72.7%76.3% 74.6% 73.3%

96.0

91.0 93.5

101.1 102.0

15.1% 15.9% 13.2% 14.4% 15.2%

3Q10 4Q10 1Q11 2Q11 3Q11

Net Revenue Operating Expenses

96.0

91.0 93.5

101.1 102.0

15.1% 15.9% 13.2% 14.4% 15.2%

3Q10 4Q10 1Q11 2Q11 3Q11

Net Revenue Operating Expenses

*

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The evolution can be measured month after month

• In 12 months, CSU presented strong organic growth, of 22% in revenues and 30% in EBITDA, comparing the months of September

• The business unit CSU CardSystem improved revenues and gross profit by 12% p.a.;

• CSU Contact, besides contributing to a significant revenue diversification for the Company, expanded its profitability, generating positive EBITDA in the month.

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Sep-11 Sep-10 ∆%

CSUNet Revenues 33,716 27,646 22.0%Gross Profit 9,753 7,408 31.7%EBITDA 6,616 5,080 30.2%CSU CardSystemNet Revenues 17,000 15,114 12.5%Gross Profit 7,859 7,025 11.9%EBITDA 6,269 5,936 5.6%CSU ContactNet Revenues 16,716 12,531 33.4%Gross Profit 1,894 383 394.5%EBITDA 347 (856) n.a.

YoY: -7.7%

QoQ: -5,4%YoY: -14,6%

QoQ: -0.4%

3T10 4T10 1T11 2T11 3T11

27,218 24,969

21,058 24,579 23,242

49.2% 49.6%45.7%

48.1%45.6%

3T10 4T10 1T11 2T11 3T11

59,948 54,251

49,778 55,560 55,332

3Q10 4Q10 1Q11 2Q11 3Q11

17.1 17.0 17.3

22.0 22.620.0 20.6

24.1 23.625.3

Billed cards Registered Cards

YoY 26.8%

Gross Revenue(R$ thousand)

Gross Profit and Gross Margin(R$ thousand and % net revenue)

Performance

• 26.8% increase in the number of cards registered, with organic growth and migration of Sicredi cards (808,000)

• Reduction of revenues and gross profit due to the alteration of the card mix, with a greater share from PL

Billed and Registered Cards(in millions – end of period)

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Performance

• 4,207 workstations, up 21.3% over 3Q10;

• Reduction in number of workstations in RJ; low profitability operation not compatible with the Company’s objectives

• Current positioning seeks to win over premium segments of the market, for example, with increasing participation as a BPO services provider

Number of Workstations(units)

3Q10 4Q10 1Q11 2Q11 3Q11

400 556 426 442 295

3,468 3,757 3,918

4,433 4,207

Training Total

Workstations per Type of Service

21.3%

Cus-tomer Care

56.3%

Tele-market-

ing 21.1%

Collec-tion

9.3%

Infra-structure 12.6%

BPO 0.7%

Dec/10

Cus-tomer Care 49.3%

Tele-market-

ing 16.2%

Collec-tion

8.4%

Infra-structure

8.2%

BPO 13.8%

Sep/11

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YoY: 24.9% YoY: 40.4%

QoQ: 1.9%

Performance

QoQ: 270%

Gross Revenue(R$ thousand)

Gross Profit and Gross Margin(R$ thousand and % Net revenue)

3Q10 4Q10 1Q11 2Q11 3Q11

2,851

(117)

1,107 1,081

4,003

7.0%

-0.3%

2.3% 2.2%

7.8%

3Q10 4Q10 1Q11 2Q11 3Q11

43,616 43,533

50,723 53,454 54,479

• Revenue growth prioritizes contracting of workstations with adequate pricing focused at profitability expansion

• Gross margin of 7.8% in 3Q11 signals correct execution of strategy

• Company continues to seek additional opportunities for productivity gains

* 2010’s numbers were adjusted to reflect the effects of full adoption of the accounting convergence effective for each quarter of 2010. 9

Investments

Capex - R$ million 3Q11 3Q10 ∆% 2Q11 ∆%

CSU CardSystem 5.0 4.3 16.7% 5.5 -9.8%

CSU Contact 2.8 2.2 27.1% 8.4 -67.2%

Capex 7.8 6.5 20.2% 13.9 -44.3%

• Capex during the quarter rose 20.1% in comparison with same quarter of 2010:

• R$ 5.0 million for the CSU CardSystem business unit, used consistently to create new products and services and software development to receive new clients

• R$ 2.7 million invested by CSU Contact, a decline of 67.2% compared to the previous quarter, due to concentration of new implementations in 2Q11

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Innovation with synergy between the business divisions

FANSENGAGEMENT

End-to-end solutions in the delivery of strategic and financial planning through execution of promotions, delivery of awards and measurement of the results

End-to-end solutions in the client’s life-cycle

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New generation of loyalty programs:• accumulation & redemptions;• wide range of benefits & privileges;• discounts and exemptions for tickets; and • differentiated credit cards program as an integrating element.

Pre-paid card converts to a credit card automatically :• credit analysis based on individual behavior;• strong sales appeal, with lower CAC;• good profitability and scale for the issuer;• solution for private label or branded card

FLEX CARD

Solution for cultural barriers of paying tariffs for the pre-paid cardsAccess to non-traditional segments : teaching institutions, drugstores, football clubs and fan clubs.

PRE-PAID

CREDIT CARD

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Pioneerism overcomes cultural barriers

Awards 2011

National Tele-services PrizeCategory: RetailCase History: Operation Carrefour Customer Service

ABT Garrido Prize. Category: Third-Party Operations (Active)Case History: NET Telemarketing

. Category: Third-Party Operations (Receptive)Case History: Operation TVA

Marketing Best PrizeHistory: CSU Acquirer

CSU GroupAbrasca Prize for Best Annual ReportFinalist

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Mônica Hojaij Carvalho MolinaCarlos Montenegro

Thatiana Zago

This material is the property of CSU CardSystem SA. Total or partial reproduction without the written approval of the Company is prohibited. All rights reserved. The opinions expressed in this document may change at any time without notice.

Further Information

Investor RelationsPhone: (+55-11) 2106-3821

E-mail: ri@csu.com.brSite: www.csu.com.br/ir