1. CSU CARDSYSTEM SA
3Q08 Conference Call
November 7, 2008
investidorescsu@csu.com.br
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2. Disclaimer
This presentation may include forward-looking statements about future events or results
according to the regulations of 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
events expected by it, many of which are beyond its control. Important factors that may lead to
significant differences between actual results and the statements of expectations about future
events or results include the company’s business strategy, economic conditions in Brazil and
abroad, technology, financial strategy, client business development, financial market
conditions, uncertainty regarding the results of its future operations, plans, objectives,
expectations and intentions, among others. As a result of these factors, the actual results of
the Company may significantly differ from those mentioned 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 should be based on the
veracity, currency or completeness of this information or these opinions. No advisors to the
company or parties related to them or their representatives will be responsible for any losses
that may result from the use or the contents of this presentation.
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3. Card Market and the CardSystem
Growth of the Cards Market (ABECS) CardSystem Card Base Performance
End of September - Million End of September - Million
106
89
76 19
64 15,6
51
165 11,4
112 137 10,1
82 96
7
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
Private Label Credit Card Base
 The cards market maintained a constant
and linear growth;
 CardSystem’s Private Label and Credit
Private Label + Credit Market CardSystem
card bases consistently outperformed the
CAGR 05 to 08 19.5% 28.4%
market growth;
CAGR 07 to 08 19.9% 21.8%
 CSU’s CAGR last year was 21.8%,
compared to the market’s CAGR of
19.9%. In the last 4 years average, CAGR
Source: Abecs, CSU
was 28.4% and 19.5%, respectively. 3

4. CardSystem – Operational Data
Issue of cards in CSU's base
(quartely issue - million)
1.724
1.353
1.119
1.043
4Q07 1Qq08 2Q08 3Q08
Source: CSU
 CardSystem continues to grow year after year. A total of 5.2 million cards
were issued in the past 12 months;
 The chart illustrates the growth trend in card issues every quarter.
Traditionally, card issues are higher towards the end of the year;
 Sales to existing clients at the beginning of 2008, showing the positive
scenario for co-branded cards.
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5. MarketSystem
Operational Data
MarketSystem - Processed Accounts
(million)
2.34
2.12
1.97 2.04
1.84 1.9
1.77
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
MarketSystem - Processed Accounts
Source: CSU
 High-growth market;
 Consistent growth in the number of managed accounts;
 Porto Seguro’s loyalty program grew above MarketSystem portfolio’s average in
the period.
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6. TeleSystem/Credit&Risk
 A new decree regulating contact center services.
Companies must comply with regulations by December
1, 2008;
 TeleSystem is prepared to offer services that comply
with the new regulations;
 We shut down the Santo André site and transferred the
operations to Alphaville and Recife.
Workstations in operation TeleSystem and Credit&Risk
3,977 4,095
3,930
3,872 3,880
3,375
3,322
3,331 3,193 3,114 2,546 2,612 3,476 3,445
646 737 758 776 763 619 435
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
WS's Credit&Risk WS’s TeleSystem
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7. Santo André Migration Project
 R$ 5.0 million spent for closing the
Santo André site and prepare the
Alphaville and Recife sites to which
operations were transferred;
 With the consolidation, the company
intends to improve the quality of
services and save R$ 2.4 million per Recife
year;
 CSU has contact center operations in
Alphaville, Curitiba, Rio de Janeiro and
634
Belo Horizonte
Recife.
Rio de Janeiro
 The company’s DPC is in Belo 3056
2553
Horizonte and the backup site is in the Barueri
city of São Paulo. São Paulo
Curitiba
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8. CSU (Consolidated)
Gross Revenue (R$ million) Cost of Services Rendered (R$ million)
8.8%
11.33%
75.5
101.2
90.9
69.3
CSU
3Q07 3Q08
3Q07 3Q08
Gross Profit (R$ million)
 Growth driven mainly by CardSystem and
18.6 MarketSystem;
15.3
 Wider range of services rendered to a few
clients increases operational synergies
 Economies of scale contribute to increase
16,%
CSU Gross Margin
3Q07 3Q08
18,1%
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9. CSU (Consolidated)
General and Administrative Expenses EBITDA (R$ million) and Net Result (R$ million)
(R$ millions) EBITDA Margin (%)
9.8% 40.8%
17.1
15.6
16.7
11.9 17.7%
14% 1.0
2º Tri/08
2º Tri/08 1º Tri/08 (0.2)
3Q07 3Q08 3Q07 3Q08 3Q07 3Q08
14%
 Expenses with migration of contact center units impacted net profit by
approximately R$2.5million in the quarter;
 The 40% increase in EBITDA is due to the growth in the payment processing
and management unit.
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10. CardSystem / MarketSystem
Gross Revenue (R$ thousand) Gross Profit (R$ thousand) and EBITDA (R$ thousand) and
Gross Margin (%) EBITDA Margin (%)
23.3%
32.5% 16.9
13.7
55.6
20.1%
42.0 35.1%
18.2 32.8%
15.2
38.8% 35.3%
CSU CSU
3Q07 3Q08 3Q07 3Q08 3Q07 3Q08
 32.5% growth in gross revenue at CardSystem / MarketSystem between 3Q07
and 3Q08, driven by the higher card volumes in CSU’s base and managed
accounts;
 Gross profit up by 20.1% and EBITDA up by 23.3%
 Higher card issues in 3Q08 reduced CardSystem’s gross margin. Cost of issues
and dispatch of new cards have narrower margins than other services provided
by the unit.
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11. TeleSystem/Credit&Risk
Gross Revenue (R$ million) Cost (R$ million)
48.9
-6.8%
-7.2%
45.6
45.4
42.2
3Q07 3Q08 3Q07 3Q08
 Gross revenue fell by 6.7% between 3Q07 and 3Q08 due to the cancellation of
unprofitable contracts at the end of 2007.
 Cost of services rendered dropped from R$ 45.4 million in 3Q07 to R$ 42.2
million in 3Q08.
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12. TeleSystem/Credit&Risk
Gross Profit (R$ million) EBITDA (R$ million)
266% n.d.
0.5
(0.2)
0.1 (1.8)
3Q07 3Q08
3Q07 3Q08
 Results improved significantly compared to 3Q07. CSU’s profitability increased, both in
terms of Gross Profit and EBITDA, as a result of the restructuring in the Call Center unit.
 Workstations in operation in 3Q08 offered products that are either different from or
complementary to those offered by our competitors.
 The company will maintain strict control over the TeleSystem and Credit&Risk units in order
to optimize operations and achieve higher profitability.
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13. Performance of Financial Indicators
Gross Revenue (million)
101.16
96.90
90.9
86.2
88.4
3Q07 4Q07 1Q08 2Q08 3Q08
EBTIDA CSU (R$ million)
16.7
15.8
15.0
11.3
11.9
3Q07 4Q07 1Q08 2Q08 3Q08
EBTIDA Margin (R$ million)
17.52% 17.70%
18.27%
14.00% 14.10%
3Q07 4Q07 1Q08 2Q08 3Q08
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14. Results - Units
Gross Revenue (R$ million)
55.59
48.91 50.01
47.03
42.47 45.57
46.85
43.61
41.96 41.23
3Q07 4Q07 1Q08 2Q08 3Q08
CardSystem / MarketSystem TeleSystem / CreditSystem
EBTIDA (R$ million)
17.37
13.70 15.26
13.61
15.42
(0.21)
(1.83) (0.42) 0.54
(2.29)
3Q07 4Q07 1Q08 2Q08 3Q08
CardSystem / MarketSystem TeleSystem / CreditSystem
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15. Debt and Capex
Debt - R$ thousand Debt:
3Q08 3Q07 2Q08
Short Term Debt 49.7 48.9 47.4  CSU reduced its net debt from R$ 98.0
Financing and Debt loan 35.1 25.0 29.7 million to R$ 95.2 million in 3 months;
Leasing 14.6 23.9 17.6
-  Reduction in short-term debt and use
Long Term Debt 46.6 76.1 53.3 of the overdraft account;
Financing and Debt loan 38.4 59.2 44.7
Leasing 8.1 16.9 8.6  The company’s debt profile remains
-
comfortable;
Gross Debt 96.2 125.0 100.6
-
(-) Cash 1.1 3.5 2.7
 Cash generation and excellent working
Net Cash (Debt) 95.2 121.6 98.0
capital management are the main
factors for the improved debt situation.
Debt Breakdown  CSU has no debts indexed to the dollar,
(End of the Period– R$ million) or derivatives contracts. The
company’s debt is in reais and indexed
to the interbank (CDI) rate.
Working Capital Leasing
Short Term Working Capital BNDES 15

16. Debt and Capex
Impact of the Monetary
Im pacto da Política Monetária sobre Custo da Dívida
Policy on Cost of Debt
Debt:
123
114  The graph shows the impact of the
100 98
108 107
recent variations in the interbank rate
100 96
(CDI) on the Company's financial
100 103 expenses.
90 85
4Q07
4T07 1Q08
1T08 2Q08
2T08 3Q08 (***)
3T08 (***)
Gross Debt Total - Fechamento
Dívida Bruta CDI - Financial Cost - CDI
CUSTO FINANCEIRO
CDI (Média Mensal no período)
- Average
CAPEX:
 Investments focused on CardSystem
and MarketSystem; Capex - R$ million
3Q08 3Q07 Chg. % 2Q08 Chg. %
 Development and customization of Systems (SW and HW) 6.2 10.3 -40.0% 4.4 39.7%
VisionPlus; Caixa Project 0.1 3.1 -96.6% 0.1 15.4%
 Reform of the contingency site; Other 2.2 1.1 96.6% 0.8 181.0%
Capex 8.4 14.5 -41.7% 5.3 59.9%
 Preparations at the Alphaville and
Recife sites to receive call center
operations from the Santo André site; 16

17. Socio-Environmental
Sustainability
CSU carries out the following Socio-Environmental
Responsibility projects:
 CSU Institute
Provides job-oriented training.
 Centro Crescer Sorrindo (Grow-up Smiling Center)
Crèche for children from low-income communities in Belo Horizonte
 Environmental Responsibility
Material collected from selective waste collection of the recycling project is
donated to the NGO Reciclar (Recycle), Santo André sanitation company and
the CSU institute.
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18. Main Strategies
 Growth with focus on the card processing unit ;
 Rigorous control of operational management and profitability at TeleSystem and
Credit&Risk;
 Improve profitability and margins of CSU as a whole.
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19. CSU CardSystem S/A
 Questions ???
Décio Burd
Phones: (55 11) 3030-3821
Email: investidorescsu@csu.com.br
Site: www.csu.com.br/ri
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