Business EnvironmentBusiness Environment

•• Card base expansion in 2006Card base expansion in 2006

CAGR 23%

•• Growth in consumer creditGrowth in consumer credit

•• CompetitionCompetition

Diferentiation through independency Diferentiation through independency

•• Caixa ProjectCaixa Project

Implementation according to scheduleImplementation according to schedulePersonal Credit Finance

75.6

49.4

45

55

65

75

85

D04 J05 N05 M06

R$ billions

Cards (Millions)

Feb

SeasonalitySeasonality

Gross Revenue

9098

8783

6876

6457

4956

48 4640

1Q06 4Q05 3Q052Q05 1Q054Q04 3Q04 2Q041Q04 4Q033Q03 2Q03 1Q03

R$ Million

1Q06 Highlights1Q06 Highlights

Gross Revenue x EBITDA

68

90

18

8

1Q05 1Q06

R$ Million

Gross Revenue EBITDA

Operating Profit

x Net Profit

755

2.440

371885

1Q05 1Q06

R$000

Operating Profit Net Profit

Gross RevenueGross Revenue

Gross Revenue Breakdown

24,978 36,031

35,191

35,883

7,547

10,369

7,668

1Q05 1Q06

R$000

MarketSystem

Credit & Risk

TeleSystem

CardSystem

67,716

89,951

6855

90

70

1T05 1T06Gross Sales Cost of services

Production CostsProduction Costs

Revenue x Cost

R$ Million

33%

28%

Var. %

CardSystem -2,40%

TeleSystem 22,30%

Credit&Risk 43,90%

MarketSystem

Total 28,00%

Cost of services

Business Units

Gross ProfitGross Profit

8.913.6

0.0

5.0

10.0

15.0

1Q05 1Q06

Gross Profit (R$ million)

52.6%

Gross Profit 1Q06

CardSystem 16.9

TeleSystem (3.8)

Credit&Risk (1.3)

MarketSystem 1.8

Total 13.6

Business Units

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

Operating MarginOperating Margin

-3.2%-1.9%

-10.1%-10.8%

16.2%13.9%

1.2%2.9%

05 06 05 06 05 06 05 06

Gross Profit

Operating Expenses

Financial Expenses

Operating Profit

EBITDAEBITDA

EBITDA

18.3

8.521.9%

13.3%

-

5

10

15

20

1Q05 1Q06

R$ Million

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

EBITDA EBITDA Margin

116.2%

CSU Main Strategies for 2006CSU 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