1Q12 EARNINGS PRESENTATION April 26, 2012

DISCLAIMER

The Company makes forward looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management as well as on information currently available to us. Forward-looking statements include information regarding our current intent, beliefs or expectations, in addition to those of the members of the Board of Directors and Executive Officers of the Company.

Forward-looking statements also include information regarding our possible or assumed future operating results, as well as statements preceded or followed by, or that include, the words ''believes”, ''may”, ''will”, ''continues”, ''expects”, ''anticipates”, ''intends”, ''plans”, ''estimates”, or similar expressions.

Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions, for they relate to future events, thus depending on circumstances that may or may not occur. Our future results and the creation of value to shareholder s may differ significantly from those expressed in or suggested by these forward-looking statements. Many factors determining these results and values are beyond Cielo’s ability to control or predict.

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CIELO | HIGHLIGHTS

3

Transaction financial volume, according to market criterion totaled,R$ 87.4 billion, +26.8% Transaction financial volume, according to accounting criterion, totaled R$ 88.1 billion, +25.5%

1Q12 x 1Q11

Credit R$ 56.8 billion, +28.1% Debit R$ 31.3 billion, +20.9%

Net Operating Revenue + prepayment of receivables totaled R$ 1.4 billion, +29.3%

Net Income totaled R$ 566.6 million ,+33.4% and Net Margin of 40.5%; Adjusted EBITDA totaled R$ 943.8 million,+37.9% and Adjusted EBITDA Margin of 67.4%;

Equipment Rental totaled R$325.0 million ,+21.1%

Others

Cielo receives the “Best Investor Relations by a Latin American Company in the US

market” award from IR Magazine;

Cielo and Cybersource announce a alliance to release a fraud prevention solution to e-commerce

in Brazil;

Bonus share of 20% , totaling 655,096,224 common shares.

CIELO | FAIR SHARE

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Source : Public information, released by the companies

Financial Volume Breakdown (in R$)

Considering the 2 main participants , Cielo gained 0.7 p.p. quarter-on-quarter

57,2% 57,7% 57,9% 59,5% 60,2%

42,8% 42,3% 42,1% 40,5% 39,8%

1Q11 2Q11 3Q11 4Q11 1Q12

Cielo Redecard

Financial Indicators 1Q12 1Q11 1Q12 X 1Q11 4Q11 1Q12 X 4Q11

Financial Volume (R$ million)

88,081.8 70,203.7 25.5% 91,252.7 -3.5%

Transaction (million)

1,269.4 1,058.7 19.9% 1,301.8 -2.5%

Net Revenue* (R$ million)

1,399.5 1,082.1 29.3% 1,383.1 1.2%

Cost of Services (R$ million)

(399.1) (311.5) 28.1% (405.7) -1.6%

Operating Expenses (R$ million)

(129.9) (139.9) -7.1% (207.9) -37.5%

Unit Costs + Expenses ex subsidiaries

(0.37) (0.39) -4.3% (0.44) -15.2%

Adjusted EBITDA (R$ million)

943.8 684.3 37.9% 833.2 13.3%

Net Income (R$ million)

566.6 424.6 33.4% 504.5 12.3%

Blended Net MDR (bps) 105 105 - 105 -

Credit Net MDR (bps) 119 122 (3) 119 -

Debit Net MDR (bps) 81 76 5 81 -

CIELO | FINANCIAL INDICATORS

5 * Including prepayment of receivables present value adjusted

CIELO | OPERATING PERFORMANCE

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1.1%

-3.5%

79,775

70,205

88,082 25.5%

74,623

91,253 1,269

1,058 1,094 1,167

1,302

-2.5%

19.9%

11.7%

1.085

1.115

1.153

1.199 1.212

1Q11 2Q11 3Q11 4Q11 1Q12

Cielo- Number of Active Merchants ( 1 transaction in the last 60 days)

162.933 197.541 50.368 56.034 56.786

98.742 118.315 29.407

35.219 31.296

1Q11 2Q11 3Q11 4Q11 1Q12

Cielo Financial Volume ( R$million)

Credit cards Debit cards

611 639 678 730 738

447 455 489 572 531

1Q11 2Q11 3Q11 4Q11 1Q12

Cielo- Number of Transactions (million)

Credit Debit

CIELO | REVENUES

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POS 1Q11 2Q11 3Q11 4Q11 1Q12

Average Rental (R$/month)

69 65 65 67 71

Installed POS (thousand) 1.293 1.351 1.402 1.484 1.524

MDR 1Q11 2Q11 3Q11 4Q11 1Q12

Net MDR Debit

76 74 77 81 81

Net MDR Credit

122 117 118 119 119

26.2%

-2.9%

21.1%

9.7%

955.4 927.8

735.1 754.9

823.1

538,9 550,1 596,6 669,0 673,7

196,2 204,8 226,5

286,4 254,1

1Q11 2Q11 3Q11 4Q11 1Q12

Commissions Revenues (R$ million)

Credit Debit

268,4 265,1 272,3 296,1

342,9

1Q11 2Q11 3Q11 4Q11 1Q12

Equipment Rental (R$ million)

CIELO | PREPAYMENT OF RECEIVABLES

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57.4%

-1.6%

16,9 137,7

159,9

193,1 190,1

1Q11 2Q11 3Q11 4Q11 1Q12

Revenue of Prepayment of Receivables ex Adjustments (R$ million)

3.236,9 3.376,9

3.894,6

4.899,2 5.289,9

7,3% 7,2% 7,7% 8,7% 9,3%

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10, 0%

12, 0%

14, 0%

16, 0%

18, 0%

20, 0%

-

1.00 0,0

2.00 0,0

3.00 0,0

4.00 0,0

5.00 0,0

6.00 0,0

1Q11 2Q11 3Q11 4Q11 1Q12

Prepayment of Receivables

Financial prepayment volume

% Prepayment over Credit Financial Volume

62,9 58,5

56,0 55,8 55,7

1Q11 2Q11 3Q11 4Q11 1Q12

Average Term (days)

CIELO | COSTS

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Reduction of 2.1% of the unit cost excluding the subsidiaries and the additional brands fee

If the impact of depreciation is

eliminated in the same analysis, the reduction would have been 5.9%

Costs of services rendered

Depreciation and amortization

0.314 0.255 0.261

Unit per transaction

0.037 0.022

Reduction of 0.3% of the unit cost excluding the subsidiaries and the additional brands fee

If the impact of depreciation is

eliminated in the same analysis, the reduction would have been 4.0%

0.314 0.283 0.284 0.037 +0.006

399.2

324.1

276.1

399.2 370.1

359.9

17.4%

2.1%

0,3%

-2.8%

327,4

252,4 223,6

71,8 46,9

28,1 71,8

52,5

1Q12 Reported Costs related tosubsidiaries

Additional brands fee 1Q12 Adjusted 1Q11 Adjusted

Costs Comparison 1Q12 X 1Q11 (R$ million)

327,4 288,1 307,7

71,8 46,9

7,6 71,8 62,4

1Q12 Reported Costs related tosubsidiaries

Additional brands fee 1Q12 Adjusted 4Q11 Adjusted

Costs Comparison 1Q12 X 4Q11 (R$ million)

CIELO | EXPENSES

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In both comparison (1Q11 x 1Q12 and 4Q11 x 1Q12) the main impact for the reduction was due to marketing and sales expenses.

207,9

129,9

0,3 (1.3) (5.6) (12.5) (58.8)

4Q11 Depreciationand

Amortization

Personnel Other Expenses General andAdministratives

Marketing andSales Expenses

1Q12

Operating Expenses Composition - 4Q11 to 1Q12 (R$ million)

139,9 129,9

6,7 3,6 0,6 (8,2) (12,6)

1Q11 Personnel Other Expenses Depreciationand

Amortization

General andAdministratives

Marketing andSales Expenses

1Q12

Operating Expenses Composition- 1Q11 to 1Q12 (R$ million)

CIELO | FINANCIAL PERFORMANCE

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13.3% 12.3%

Adjusted EBITDA (R$ million) Net Income (R$ million)

33.4% 37.9%

684,3 716,5 741,2

833,2 943,8

63% 64%

61% 60%

67%

45, 00%

50, 00%

55, 00%

60, 00%

65, 00%

70, 00%

75, 00%

0,0

100 ,0

200 ,0

300 ,0

400 ,0

500 ,0

600 ,0

700 ,0

800 ,0

900 ,0

1.0 00,0

1Q11 2Q11 3Q11 4Q11 1Q12

Adjusted EBITDA Adjusted EBITDA Margin

424,7 423,6 457,5

504,5

566,6

39% 38% 38% 37%

41%

25, 00%

30, 00%

35, 00%

40, 00%

45, 00%

50, 00%

55, 00%

60, 00%

0,0

100 ,0

200 ,0

300 ,0

400 ,0

500 ,0

600 ,0

1Q11 2Q11 3Q11 4Q11 1Q12

Net Income Net Margin

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