4Q11 EARNINGS PRESENTATION February 09, 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

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Transaction financial volume ,according to market criterion totaled, R$ 95.1 billion, +25.9% Transaction financial volume, according to accounting criterion, totaled R$ 91.2 billion, +23.2%

4Q11 X 4Q10

Credit R$ 56.0 billion, +24.7% Debit R$ 35.2 billion, +20.8%

Net Income totaled R$ 1.810 billion ,-1.0% and Net Margin of 37.8%;

Adjusted EBITDA totaled R$ 2,975.2 billion,+1.7% and Adjusted EBITDA Margin of 62.0%;

2011 X 2010 Net Operanting Revenue+ prepayment of receivables totaled R$ 1.383 billion +20.5%

Transaction financial volume, according to market criterion, totaled R$ 320.4 billion, +22.0%

Transaction financial volume, according to accounting criterion ,totaled R$ 315.8 billion, +20.7%

Credit R$ 197.5 billion, +21.2% Debit R$ 118.3 billion, +19.8%

1.2 million number of active merchants (60 days), + 5.2%

Net Income totaled R$ 505 million ,+13.8% and Net Margin of 36.5%;

Adjusted EBITDA totaled R$ 833 million,+16.4% and Adjusted EBITDA Margin of 60.2%;

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CIELO | ESTIMATES Indicators Expectation Dec 2011 Accomplished 4Q11

Net MDR

Credit Cards 112 -116 bps 119 bps

Debit Cards 70-73 bps 81 bps

Indicators Expectation 2H2011 Accomplished 2H2011

Financial Transaction Volume (Credit and Debit cards)

% 19.5 – 21.5 21.0

R$ billion 168.8- 171.7 171.0

Investment in POS (R$ million) 210- 230 271*

Indicators Expectation 2011 Accomplished 2011

Unit Costs + Expenses excluding subsidiaries

R$ 0.41 R$ 0.41

* Of this amount ,R$150 million is part of the credit line (Finame) financed by the BNDES

CIELO | FAIR SHARE

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Source : Earnings reported by the acquiring companies Others = Redecard e Santander/GetNet

Financial Volume Breakdown (in R$)

Considering the 2 main participants, Cielo gained 1.6 p.p. quarter-on-quarter

Considering the top three participants, Cielo gained 1.3 p.p. quarter-on-quarter

59,6% 56,9% 57,2% 57,7% 57,9% 59,5%

40,4% 43,1% 42,8% 42,3% 42,1% 40,5%

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Cielo Redecard

59.4% 56.3% 56.4% 56.7% 56.7% 58,0%

40.6% 43.7% 43.6% 43.3%

43.3% 42,0%

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Cielo Others

Financial Indicators 4Q11 4Q10 4Q11 X 4Q10 3Q11 4Q11 X 3Q11

Financial Volume (R$ million)

91,252.7 74,079.8 23.2% 79,775.2 14.4%

Transaction (million)

1,301.8 1,108.3 17.5% 1,167.0 11.6%

Net Revenue* (R$ million)

1,383.1 1,147.9 20.5% 1,210.9 14.2%

Cost of Services (R$ million)

(405.7) (354.6) 14.4% (365.6) 11.0%

Operating Expenses (R$ million)

(207.9) (130.4) 59.4% (165.8) 25.4%

Adjusted EBITDA (R$ million)

833.2 715.9 16.4% 741.2 12.4%

Net Income (R$ million)

504.5 443.3 13.8% 457.5 10.3%

Blended Net MDR (bps)

105 110 (5) 103 2

Credit Net MDR (bps) 119 132 (12) 118 1

Debit Net MDR (bps) 81 77 4 77 4

CIELO | FINANCIAL INDICATORS

6 * Including prepayment of receivables present value adjusted

Financial Indicators 2011 2010 2011 X 2010

Financial Volume (R$ million)

315,856.2 261,675.3 20.7%

Transaction (million)

4.621,6 4,038.7 14.4%

Net Revenue* (R$ million)

4.795,4 4.354,4 10.1%

Cost of Services (R$ million)

(1.425,2) (1.180,8) 20.7%

Operating Expenses (R$ million)

(632.7) (441.0) 43.5%

Adjusted EBITDA (R$ million)

2,975.2 2,925.8 1.7%

Net Income (R$ million)

1,810.3 1,829.3 -1.0%

Blended Net MDR (bps) 103 119 (16)

Credit Net MDR (bps) 119 142 (23)

Debit Net MDR (bps) 77 80 (3)

CIELO | FINANCIAL INDICATORS

7 * Including prepayment of receivables present value adjusted

CIELO | OPERATING PERFORMANCE

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5.2%

CAGR: 23.3% CAGR: 17.9%

136,500

315,856

175,552

213,958

261,675

23.2%

74,080 91,253 1,108

2,389

2,952

3,427

4,622

4,039

1,302

17.5%

1.403 1.720 2.003 2.323 2.658

621 730

987 1,232

1.424 1.716

1.964

487 572

2007 2008 2009 2010 2011 4Q10 4Q11

Cielo- Number of Transactions (millions)

Credit Debit

87.966 110.897 134.792 162.933

197.541

44.917 56.034

48.534 64.655

79.166

98.742

118.315

29.163 35.219

2007 2008 2009 2010 2011 4Q10 4Q11

Cielo- Financial Volume (R$ millions)

Credit cards Debit cards

824

996 1.133 1.140

1.199 1.140

1.199

2007 2008 2009 2010 2011 4T10 4T11

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

CIELO | MERCHANTS BREAKDOWN

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61% 60% 61% 59% 59%

39% 40% 39% 41% 41%

4Q10 1Q11 2Q11 3Q11 4Q11

Financial Volume

Large Merchants Small and Medium Merchants

33% 33% 34% 33% 32%

67% 67% 66% 67% 68%

4Q10 1Q11 2Q11 3Q11 4Q11

Revenue(*)

Large Merchants Small and Medium Merchants

(*) Comissions revenue (credit, debit and equipment rental)

CIELO | REVENUES

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POS 4Q10 1Q11 2Q11 3Q11 4Q11

Average Rental (R$/month)

72 69 65 65 67

Installed POS (thousand) 1,277 1,293 1,351 1,402 1,484

MDR 4Q10 1Q11 2Q11 3Q11 4Q11

Net MDR Debit

77 76 74 77 81

Net MDR Credit

132 122 117 118 119

CAGR: 15.9%

17.1%

CAGR: 10.2%

7.5%

1,810.7

2,184.8

2,649.9

3,103.2

815.8 955.4

3,268.4

1.409,3 1.666,9

2.012,0 2.317,8 2.354,6

590,8 669,0

401,3

517,9

637,9

785,4 913,8

225,1 286,4

2007 2008 2009 2010 2011 4Q10 4Q11

Commissions Revenues (R$ million)

Credit Debit

745,9

903,1

1.067,1

1.169,9

1.101,9

275,5 296,1

2007 2008 2009 2010 2011 4Q10 4Q11

Equipment Rental (R$ million)

CIELO | PREPAYMENT OF RECEIVABLES

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61.7%

20.8%

3.016,7 3.236,9 3.376,9

3.894,6

4.899,2

6,7% 7,3%

7.2% 7,7%

8.7%

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

8,0 %

9,0 %

10, 0%

11, 0%

12, 0%

13, 0%

14, 0%

15, 0%

16, 0%

17, 0%

18, 0%

19, 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

4Q10 1Q11 2Q11 3Q11 4Q11

Prepayment of Receivables

Financial prepayment volume

% Prepayment over Credit Financial Volume

66,1 62,9

58,5 56,0 55,8

4Q10 1Q11 2Q11 3Q11 4Q11

Average Term (days)

119,4 120,8 137,7

159,9

193,1

4Q10 1Q11 2Q11 3Q11 4Q11

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

CIELO | COSTS

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The impact of the unit cost excluding the subsidiaries and the additional brands fee was a reduction of 9.6%

If the impact of depreciation is

eliminated in the same analysis, the reduction would have been 11.8%

Costs of services rendered

Depreciation and amortization

0.312 0.264 0.291

Unit per transaction

0.027 0.021

The impact of the unit cost excluding the subsidiaries and the additional brands fee was a increase of 2.0%

If the impact of depreciation is

eliminated in the same analysis, the increase would have been 4.1%

0.312 0.283 0.277 0.027 0.002

405.8

343.2 323.1

405.8

323.3 367.8

343,4 280,8 271,0

62,4 35,7

26,8 62,4 52,1

4Q11 Reported Costs related tosubsidiaries

Additional brandsfee

4Q11 Adjusted 4Q10 Adjusted

Costs Comparison 4Q11 X 4Q10 (R$ million)

343,4 305,4

262,9

62,4 35,7

2,2 62,4

60,4

4Q11 Reported Costs related tosubsidiaries

Additional brandsfee

4Q11 Adjusted 3Q11 Adjusted

Costs Comparison 4Q11 X 3Q11 (R$ million)

9.6%

2.0%

6.2%

13.7%

CIELO | COSTS

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The impact of the unit cost excluding the subsidiaries and the additional brands fee was a reduction of 7.1%

If the impact of depreciation is

eliminated in the same analysis, the reduction would have been 10.0%

Costs of services rendered

Depreciation and amortization

0.308 0.256 0.275

Unit per transaction

0.033 0.020

1,425.2

1,181.9

1,111.3

1.192,2

948,8 921,2

233,0

152,7

90,6 233,0 190,1

2011 Reported Costs related tosubsidiaries

Additional brands fee 2011 Adjusted 2010 Adjusted

Costs Comparison 2011 X 2010 (R$ million)

7.1%

6.4%

CIELO | OPERATING EXPENSES

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In both comparison (4Q10 x 4Q11 and 3Q11 x 4Q11), the main impact for the increase was due to marketing and sales expenses:

• campaigns with partner banks; •Joint Cielo/Elo campaigns; •Actions with major gas station chains; •Actions with franchisers; •Cielo Fidelidade; •Institutional marketing in different media

130,4

207.9

43,8 15,7

11,8 5,8 0.4

4Q10 Marketing andSales Expenses

Other Expenses Personnel General andAdministratives

Depreciationand

Amortization

4Q11

Operating Expenses Composition- 4Q10 to 4Q11 (R$ million)

165,8 207.9

37,0 8,2 3,2 0,2

(6.5)

3Q11 Marketing andSales Expenses

General andAdministratives

Personnel Depreciationand

Amortization

Other Expenses 4Q11

Operating Expenses Composition- 3Q11 to 4Q11 (R$ million)

CIELO | OPERATING EXPENSES

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In the comparison (2011 x2010),the main impact for the increase in the expenses were due to:

• other expenses – provisions for tax and labor contingencies;

• marketing and sales–campaigns with partners (banks and clients) and loyalty programs to clients

441,0

632.8

61,2 51,2

40,5 37,3 1.5

2010 Marketing andSales Expenses

Other Expenses General andAdministratives

Personnel Depreciationand

Amortization

2011

Operating Expenses Composition- 2010 to 2011 (R$ million)

CIELO | FINANCIAL PERFORMANCE

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16.4%

CAGR:19.6%

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

13.8%

CAGR: 20.5%

1.409,5

1.764,3

2.450,7

2.925,9 2.975,2

59% 61%

68% 67%

62%

45, 00%

50, 00%

55, 00%

60, 00%

65, 00%

70, 00%

75, 00%

0,0

500 ,0

1.0 00,0

1.5 00,0

2.0 00,0

2.5 00,0

3.0 00,0

3.5 00,0

2007 2008 2009 2010 2011

Adjusted EBITDA

715,9

833,2

62%

60%

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

4Q10 4Q11

Adjusted EBITDA Margin

883,9

1.115,3

1.536,7

1.829,3 1.810,3

37% 39%

42% 42%

38%

25, 00%

30, 00%

35, 00%

40, 00%

45, 00%

50, 00%

55, 00%

60, 00%

0,0

200 ,0

400 ,0

600 ,0

800 ,0

1.0 00,0

1.2 00,0

1.4 00,0

1.6 00,0

1.8 00,0

2.0 00,0

2007 2008 2009 2010 2011

Net Income

443,3

504,5

39% 37%

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

4Q10 4Q11

Net Margin

ri@cielo.com.br + 55 11 2596 1701