2Q11 EARNINGS PRESENTATIONJuly 27, 2011

DISCLAIMER

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

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

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

2

HIGHLIGHTS

Transaction financial volume totaled R$ 74.6 billion, +21.2%

Operating revenue + net prepayment of receivables totaled R$ 1.119 billion,

+6.7%

Net income margin at 37.8%, -1.4 p.p.Adjusted EBITDA margin at 64.0%, +0.8 p.p.

2Q11 X 2Q10

2Q11 X 1Q11

Adjusted EBITDA totaled R$ 716.5 million, -2.6%Net income totaled R$ 423.6 million, -7.5%

Credit volume totaled R$ 46.8 billion, +20.4%Debit volume totaled R$ 27.8 billion, +22.7%

Cielo expands its mobile payment solution to Android devices

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Other

Cielo´s ADR begin trading on OTCQXCielo moves forward in e-commerce with acquisition of BraspagElected the best Brazilian company in the Specialized Services category by Exame Magazine.

MACROECONOMIC SCENARIO | BRAZIL

5.7

3.24.0

6.15.1

-0.2

7.5

3.9

2004 2005 2006 2007 2008 2009 2010 2011(E)

GDP (%)

Source: IBGE(E) Estimate. Focus Report (Central Bank)

4

44% 45% 46% 43% 44% 40% 41%56%

55%54%

57%56%

60%59%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

0

200

400

600

800

1,000

1,200

1,400

1,600

2005 2006 2007 2008 2009 2010 mai/11

Credit/GDPCredit (R$million)

Credit Evolution

Individuals Legal Entities Credit/GDP

607733

936

1,227

1,414

1,704

Source: BCB

1,804

5

6

7

8

9

10

11Unemployment (%)

Source: IBGE

6.2

0

2

4

6

8

10

12

14

16

18Retail Trade Sales (%)

Source: IBGE

FinancialIndicators

2Q11 2Q102Q11 X 2Q10

1Q11 2Q11 X 1Q11

Financial Volume (R$ million)

74,622.6 61,567.4 21.2% 70,203.7 6.3%

Transactions (million)

1,094.2 965.1 13.4% 1,058.7 3.4%

Net Revenue (R$ million)

1,119.3 1,048.9 6.7% 1,082.1 3.4%

Cost of Services(R$ million)

(342.4) (257.5) 33.0% (311.5) 9.9%

Cost of Services ex Subsidiaries and

additional fees (R$ million)

(276.3) (242.4) 14.0% (255.0) 8.4%

Operating Expenses (R$ million)

(119.2) (102.6) 16.2% (139.9) -14.8%

Adjusted EBITDA (R$ million)

716.5 735.3 -2.6% 684.3 4.7%

Net Income (R$ million)

423.6 457.7 -7.5% 424.7 -0.3%

Blended Net MDR (bps) 101 120 (19) 105 (4)

Credit Net MDR (bps) 117 145 (28) 122 (5)

Debit Net MDR (bps) 74 79 (5) 76 (2)

CIELO | FINANCIAL INDICATORS

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CIELO | OPERATING PERFORMANCE

6

71,197 87,966 110,897

134,792 162,933

38,902 46,821

39,552 48,534

64,655

79,166

98,742

22,666 27,802

2006 2007 2008 2009 2010 2Q10 2Q11

Cielo- Financial Volume (R$ million)

Credit cards Debit cards

110,749136,500

175,552

213,958

61,56774,623

CAGR: 24.0%

21.2%

261,675

679

824

996

1.133 1.140 1.153 1.115

2006 2007 2008 2009 2010 2Q10 2Q11

Cielo- Number of Active Merchants (thousand)

Active Merchants ( transactions in the last 60 days)

1,142 1,403 1,720 2,003 2,323

564 639

836987

1,2321,424

1,716

401 455

2006 2007 2008 2009 2010 2Q10 2Q11

Cielo- Number of Transactions (million)

Credit Debit

CAGR: 19.5%

13.4%

1,9782,389

2,952

3,427

965 1,094

4,039

Quarter-on-quarter, the number of active merchants in 60 days increased 2.8%

CIELO | REVENUE

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3.1% 3.8% 5.5% 6.1% 6.3%6.8% 8.4% 8.6% 9.8% 11.0%

26.2% 23.4% 21.7% 22.5% 21.5%

15.4% 16.2% 17.7% 16.4% 16.6%

48.4% 48.2% 46.5% 45.2% 44.6%

2Q10 3Q10 4Q10 1Q11 2Q11

Revenue- Activity (%)

Other revenues Prepayment of Receivables POS Rental Debit cards Credit cards

1,945.1 2,402.2

2,892.9

3,627.8

4,354.4

1,048.8 1,119.3

2006 2007 2008 2009 2010 2Q10 2Q11

Net Revenue ( R$ million)

6.7%

CAGR 22.3%

1,175.9 1,409.3 1,666.92,012.0

2,317.8

562.3 550.1

317.1401.3

517.9

637.9

785.4

179.0 204.8

2006 2007 2008 2009 2010 2Q10 2Q11

Commissions Revenues (R$ million)

Credit Debit

1,493.0

1,810.7

2,184.8

2,649.9

3,103.3

741.3 754.9

CAGR 20.1%

14.4%

-2.2%

596.0

745.9

903.1

1,067.1 1,169.9

304.1 265.1

2006 2007 2008 2009 2010 2Q10 2Q11

Equipment Rental Revenue (R$ million)

-12.8%

CAGR: 18.4%

CIELO | PREPAYMENT OF RECEIVABLES

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2,460.42,669.6

3,016.73,236.9

3,376.9

6.3%6.4% 6.7%

7.3% 7.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

-

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

3,500.0

4,000.0

2Q10 3Q10 4Q10 1Q11 2Q11

Prepayment of Receivables

Financial prepayment volume

% Prepayment over Credit Financial Volume

69.7 72.066.1

62.958.5

2Q10 3Q10 4Q10 1Q11 2Q11

Average Term (days)

97.1

113.3119.4 120.8

137.7

2Q10 3Q10 4Q10 1Q11 2Q11

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

41.8%

CIELO | COSTS AND EXPENSES

Unit Costs + Expenses 2Q11 2Q10 1Q11 2Q11X2Q10 2Q11X1Q11

Reported Unit Costs + Expenses (0.422) (0.373) (0.426) 13.1% -1.1%

Unit Costs + Expenses Ex- Subsidiaries (0.382) (0.354) (0.391) 7.9% -2.2%

Unit Costs + Expenses Ex- Subsidiaries and Additional Brand Fee*

(0.359) (0.354) (0.370) 1.3% -2.9%

*Considering 2Q10 as comparison

9

690.2771.0

851.1936.3

1,180.8

257.5342.4

2006 2007 2008 2009 2010 2Q10 2Q11

Total Costs of Services (R$ million)

CAGR 14.4%

33.0%

351.5 353.9

427.4401.1

441.0

102.6 119.2

2006 2007 2008 2009 2010 2Q10 2Q11

Operating Expenses (R$ miilion)

16.2%

342.4 276.3 242.4

40.6

25.5

2Q11 Reported Costs related to subsidiaries

Additional brands fee

2Q11 Adjusted 2Q10 Adjusted

Costs (R$million)

14.0%

CIELO | FINANCIAL PERFORMANCE

10

1,038.8

1,409.5

1,764.3

2,450.7

2,924.3

53%

59%

61%

68%67%

50.00%

55.00%

60.00%

65.00%

70.00%

0.0

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

2006 2007 2008 2009 2010

Adjusted EBITDA

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

657.9

883.9

1,115.3

1,536.7

1,829.3

34%37%

39%

42%42%

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

1,000.0

1,200.0

1,400.0

1,600.0

1,800.0

2,000.0

2006 2007 2008 2009 2010

Net Income

735.3 716.5

70%

64%

25.00%

35.00%

45.00%

55.00%

65.00%

75.00%

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2Q10 2Q11

Adjusted EBITDA Margin

457.7

423,644%

38%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2Q10 2Q11Net Income Margin

CIELO | STRATEGIC PLANNING

Mobile / eCommerce

Card Present Card Absent

Payment Transactions

Non-Payment Transactions

STRATEGIC MATRIX

VAN* Services

* Value Added Network

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Indicators YTD 11 Guidance 2H2011

Financial Transaction Volume (Credit and Debit cards)

- % 20.5% 19.5% – 21.5%

- R$ billion 144.8 168.8 – 171.7

Investment in POS(R$ million)

98 210 – 230

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CIELO | ESTIMATESIndicators YTD 11 Guidance Dec 2011

Net MDR

- Credit Card 119 bps 112 – 116 bps

- Debit Card 75 bps 70 - 73 bps

Indicators YTD 11 Guidance 2011

Unit Costs + Expenses excludingsubsidiaries

R$ 0.387 R$ 0.406

Investor Relations

ri@cielo.com.br

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2Q11 EARNINGS PRESENTATIONMay 27, 2011