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CSU CARDSYSTEM SA

investidorescsu@csu.com.br

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Disclaimer

This presentation may include forward-looking statements about future events or resultsaccording to the regulations of Brazilian and international securities and exchangecommissions. These statements are based on certain assumptions and analyses by theCompany that reflect its experience, the economic environment, future market conditions andevents expected by it, many of which are beyond its control. Important factors that may lead tosignificant differences between actual results and the statements of expectations about futureevents or results include the company’s business strategy, economic conditions in Brazil andabroad, technology, financial strategy, client business development, financial marketconditions, uncertainty regarding the results of its future operations, plans, objectives,expectations and intentions, among others. As a result of these factors, the actual results ofthe Company may significantly differ from those mentioned or implicit in the statement ofexpectations about future events or results.

The information and opinions contained in this presentation should not be understood as arecommendation to potential investors and no investment decision should be based on theveracity, currency or completeness of this information or these opinions. No advisors to thecompany or parties related to them or their representatives will be responsible for any lossesthat may result from the use or the contents of this presentation.

6.8 9.812.1

16.620.1

2004 2005 2006 2007 2008

Evolution of Card Base - CardSystem

End of December - Million

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Card Market and the CardSystem

Source: Abecs, CSU

Private Label + Credit Market CardSystem

3 Year Average Growth 21.6% 30.7%

2008 Growth (12 months) 18.3% 20.7%

The credit card market growth rate was

higher at the second semester, although

the challenging scenario;

CardSystem’s Private Label and Credit

card bases consistently outperformed

market growth;

CSU’s Growth last year was 20.7%,

compared to the market’s 18.3%. In the

other 3 years, Average Growth was

30.7% and 21.6%, respectively.

86 97 118 147 17353

6882

104124

2004 2005 2006 2007 2008

Growth of the Cards Market (ABECS)End of December -Million

Credit Private Label

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A total of 5.8 million cards were issued in the past 12 months;

Growth trend in card issues number every year;

New agreements performance showing the positive scenario forco-branded cards in 2008.

CardSystem – Operational Data

Source: CSU

1.0 1.1 1.41.7 1.6

4Q07 1Q08 2Q08 3Q08 4Q08

Issue of Cards in CSU's Base

(quarterly issue - million)

2.84.2 4.5 5.2 5.8

2004 2005 2006 2007 2008

Issue of Cards in CSU's Base

(yearly issue - million)

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MarketSystem – Operational Data

High-growth market;

Consistent growth in the number of managed accounts;

Recently launched loyalty programs continued to grow above the portfolio average.

Source: CSU

MarketSystem – Managed

Accounts (Million)

1.8 1.8 1.9 2.0 2.0 2.12.3 2.4

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4T08

6

2218

737 758 776 763 619 435 282

3,193 3,114 2,546 2,612 3,445 2,9913,476

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

PAs Credit&Risk PAs TeleSystem

3,930 3,872 3,322 3,375 4,0953,880

3,273

TeleSystem / Credit&Risk

Decree 6,523 made companies contracting call center services expand the scope of their agreements, consequently increasing the demand for these services;

TeleSystem was one of the first to offer clients all the adjustments required by the decree;

The reduction in the number of workstations and themaintenance of revenue show higher profitability perworkstation.

PAs in operation at TeleSystem and Credit&Risk

14.5

20.6

CSU

4Q07 4Q/08

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Gross revenue up by 40.3% at CardSystem / MarketSystem between 4Q07 and 4Q08, driven by the higher card volumes and managed accounts in CSU’s base;

Improved gross profit, gross margin and EBITDA due to economics of scale gains;

The fall in the EBITDA margin resulted from a tax credit in 4Q07. Excluding this credit, EBITDA margin would have increased to 29,6% in 4Q08 from 28.9% in 4Q07.

Gross Revenue (R$ Thousand) Gross Profit (R$ thousand) and

Gross Margin (%)

41.6%

CardSystem / MarketSystem

40.3%

36.5%

35,8%

43.7

61.3

CSU

4Q07 4Q081º Tri/08

4Q07 4Q08

EBITDA (R$ thousand) and

EBITDA Margin(%)

33.0%

29.6%

13.416.7

24.7%

42.5

43.6

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The units had significant improvement on its profitability, driven by the new operational structure on the call center;

In 2009, the company will maintain strict management at TeleSystem and Credit&Risk in order to optimize their operations and, consequently, improve the level of services and profitability.

Gross Profit (R$ million)

TeleSystem / Credit&Risk

EBITDA (R$ million)Gross Revenue (R$ Thousand)

2.6%

(1.7)

1.0

CSU

4Q07 4Q08

(2,3)

0.2

4Q07 4Q084Q07 4Q08

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Performance of Financial Indicators

Gross Revenue (million)

EBTIDA CSU (R$ million)

EBTIDA Margin (%)

86.20 88.4096.90

101.16 104.88

4Q07 1Q08 2Q08 3Q08 4Q08

16.9015.80

15.00

11.10

16.70

4Q07 1Q08 2Q08 3Q08 4Q08

13.90%

18.27%17.52% 17.40%

17.70%

4Q07 1Q08 2Q08 3Q08 4Q08

EBTIDA (R$ million)

Results - Units

Gross Revenue (R$ million)

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42.47

47.03

50.01

55.59 61.30

42.47 41.23

46.85 45.57

42.57

4Q07 1Q08 2Q08 3Q08 4Q08

CardSystem / MarketSystem TeleSystem / CreditSystem

16.91 16.7213.41 15.42 15.26

0.18(0.21)0.54(0.42)(2.29)

4Q07 1Q08 2Q08 3Q08 4Q08

CardSystem / MarketSystem TeleSystem / CreditSystem

86.2 104.9

CSU

4Q07 4Q08

Gross Profit and Gross Margin

(R$ million)

21.69%

CSU (Consolidated)

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Cost of Services Rendered (R$ million)

12.33%

22.3%

16.0%

Gross Revenue (R$ million)

69.0%

67.3

75.6

CSU

4Q07 4Q08

12.8

21.6

CSU4Q07 4Q08

CardSystem and MarketSystem’s growth led the company to grow almost 22%;

Cards issuing rate and new call center contracts contributed to the revenue increase;

Gross margin increase was driven by the economics of scale gains at CardSystem and strict cost management at TeleSystem.

11.3

16.9

1º Tri/084Q07 4Q08

- 9.7%

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Expenses with new contact center structure accounted approximately R$3.0 million in the quarter as restructuring expenses;

The new call center structure resulted in a significant expenses reduction. The general and administrative expenses drop 9.7% in the 4Q08.

The 51.9% growth in EBITDA is due to the Company’s growth and the higher margins.

General and Administrative Expenses

(R$ million)

EBITDA (R$ million) and EBITDA Margin (%) Net Result (R$ million)

CSU (Consolidated)

51.9%

17.4%

13.9%

16.0%

12.010.8

4Q07 4Q08

3.,954.,70

2º Tri/08

4Q07 4Q08

61.9%

CSU (consolidated) 2008

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14.1%

Gross Profit (R$ million) Gross Revenue (R$ million)

Net Result (R$ million)

n.a.

17.7%

10.7%

89.8%

EBITDA (R$ million) and EBTIDA Margin (%)

391.2

342.9

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2007 2008

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Debt and Capex

Debt:

CSU reduced its net debt from R$ 95.2 million to R$ 94.9 million in 3 months;

The company tried to reduce financial expenses by avoiding rolling over its loans and leasing;

The company’s debt profile remains comfortable;

Cash generation and excellent working capital management are the key factors to reducing debt.

CSU neither has loans indexed to the dollar nor derivatives contracts. The company’s debt is in reais and indexed to the interbank (CDI) rate.

Debt - R$ million

4Q08 4Q07 3Q08

Short-term 62.5 57.9 49.7

Loans and Financing 49.7 34.3 35.1

Leasing 12.8 23.6 14.6

Long-term 34.0 53.6 46.6

Loans and Financing 25,4 41.8 38.4

Leasing 8.6 11,8 8,1

Gross Debt 96.5 111.5 96.2

(-) Cash and Cash Equivalents 1.6 2.4 1.1

Net Det (Cash) 94.9 109.1 95.2

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Debt and Capex

CAPEX:

Investments focused on CardSystem and MarketSystem;

Development and customization of Super Vision Plus;

Restructuring of Alphaville and Recife sites to absorb call center operations from the Santo André and Curitiba sites.

Debt:

The graph shows the impact of the interbank rate (CDI) variations in recent months on the Company's financial expenses.

Impact of Monetary Policy on Cost of Debt

Total Gross Debt- Closing FINANCIAL COST- - CDI

CDI (Monthly average in the period)

Capex - R$ milion

4Q08 4Q07 Chg 3Q08 Chg.

Systems (SW and HW) 5.4 5.5 -2.6% 6.6 -19.2%Caixa Project 0.1 1.5 -96.1% 0.1 -43.3%Others 0.7 0.4 78.0% 1.7 -58.4%

Capex 6.1 7.4 -17.2% 8.4 -27.4%

98114 114

134

96108 107 120

10390 86 85

1Q08 2Q08 3Q08 4Q08

CSU Institute

Provides job-oriented training.

CSU carries out the following Socio-Environmental

Responsibility projects :

Environmental Responsibility

Selective waste collection for the recycling project, whose sale proceeds are donated to

the CSU institute.

Centro Crescer Sorrindo (Grow-up Smiling Center)

Crèche in Belo Horizonte for children from low-income communities

Social Responsibility and Sustainability

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Key Strategies for 2009

Maintain investments to ensure growth of all of the Company’s units;

Finalize the new organizational structure of TeleSystem and

Credit&Risk;

Increase profitability and margins of CSU as a whole.

Questions and Answers

Décio Burd

Phone: (0xx11) 3030-3821

Email: investidorescsu@csu.com.br

Site: www.csu.com.br/ri

CSU CardSystem S/A

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