3Q12 EARNINGS PRESENTATION October 24, 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$ 96.3 billion, +19.5% and Transaction financial volume, according to accounting criterion, totaled R$ 95.8 billion, +20%

3Q12 x 3Q11

Credit R$ 61.1 billion, +21.4% Debit R$ 34.6 billion, +17.7% Net Operating Revenue + prepayment of receivables totaled R$ 1.6 billion, +28.1%

Net Income totaled R$ 588.9 million ,+28.7% and Net Margin of 38%;

EBITDA totaled R$ 782.5 million,+32.1% and EBITDA Margin of 58.5%;

Others Cielo concluded the acquisition of 100% of the capital stock of U.S. company Merchant e- Solutions (MeS)

Cielo wins the “Best and Biggest” award from Exame magazine for the sixth consecutive year as the best

service industry company. The Company was also chosen for the twelfth consecutive year as one of the

“Best Companies To Work For” by the guide in Você S/A magazine, and was also awarded best financial

services company in the Época Negócios 360º Annual Report from Época Negócios magazine. Cielo was

also recognized as the best financial services company in the “ As 1000 melhores da Dinheiro 2012”

ranking from Istoé Dinheiro magazine. Additionally, Cielo achieved the top spot in the Institutional

Investor Magazine general ranking in: Best IR Team, Best CEO, Bet CFO and Best IR Professional in the

Financials ex-Banks sector according to both the buy-side and the sell-side in Latin America.

Financial Indicators 3Q12 3Q11 2Q12 3Q12 X 3Q11

3Q12 X 2Q12

Financial Volume (R$ million)

95,754.4 79,775.2 91,720.8 20.0% 4.4%

Transaction (million)

1,334.2 1,166.9 1,282.0 14.3% 4.1%

Net Revenue * (R$ million)

1,551.6 1,210.9 1,470.1 28.1% 5.5%

Cost of Services (R$ million)

(435.5) (365.6) (407.7) 19.1% 6.8%

Operating Expenses (R$ million)

(194.5) (160) (223.9) 21.6% -13.1%

Unit Costs + Expenses ex subsidiaries

(0.43) (0.41) (0.44) 3.8% -4.4%

Adjusted EBITDA (R$ million)

782.5 592.3 705.1 32.1% 11.0%

Net Income (R$ million)

588.9 457.5 548.9 28.7% 7.3%

Blended Net MDR (bps) 103 103 103 0 0

Credit Net MDR (bps) 116 118 116 -2 0

Debit Net MDR (bps) 80 77 79 3 1

CIELO | FINANCIAL INDICATORS

4 * Including prepayment of receivables present value adjusted

CIELO | OPERATING PERFORMANCE

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1,153

1,199 1,212

1,264 1,291

3Q11 4Q11 1Q12 2Q12 3Q12

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

2.1%

11.9%

20%

678 730 739 751 774

489 572 531 531 560

3Q11 4Q11 1Q12 2Q12 3Q12

Number of Transactions (million)

Credit Debit

1,167 1,302

1,269 1,282 1,334

14.3%

4.1%

50,368 56,034 56,786 58,571 61,134

29,407 35,219 31,296 33,150 34,621

3Q11 4Q11 1Q12 2Q12 3Q12

Transaction Financial Volume (R$ million)

Credit cards Debit cards

79,775 91,253 88,082

91,721 95,754

4.4%

CIELO | REVENUES

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POS 3Q11 4Q11 1Q12 2Q12 3Q12

Installed POS (thousand) 1,402 1,484 1,524 1,586 1,657

% GPRS POS total base (thousand)

31% 36% 39% 42% 44%

MDR 3Q11 4Q11 1Q12 2Q12 3Q12

Net MDR Debit

77 81 81 79 80

Net MDR Credit

118 119 119 116 116

19.9%

927.8 941.2

986.8

955.4

823.1

596.6 669.0 673.7 679.7 711.2

226.5

286.4 254.1 261.4 275.6

3Q11 4Q11 1Q12 2Q12 3Q12

Commissions Revenue(R$ million)

Credit Debit

4.9%

42.5%

272.3

296.1

342.9

355.8

388.2

3Q11 4Q11 1Q12 2Q12 3Q12

Equipment Rental (R$ million)

9.1%

CIELO | PREPAYMENT OF RECEIVABLES

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3,894.6

4,899.2 5,289.9

6,162.2 6,414.2

7.7% 8.7%

9.3% 10.5% 10.5%

0 .0 %

1 .0 %

2 .0 %

3 .0 %

4 .0 %

5 .0 %

6 .0 %

7 .0 %

8 .0 %

9 .0 %

1 0 .0 %

1 1 .0 %

1 2 .0 %

1 3 .0 %

1 4 .0 %

1 5 .0 %

1 6 .0 %

1 7 .0 %

1 8 .0 %

1 9 .0 %

2 0 .0 %

2 1 .0 %

2 2 .0 %

2 3 .0 %

2 4 .0 %

2 5 .0 %

2 6 .0 %

2 7 .0 %

2 8 .0 %

2 9 .0 %

3 0 .0 %

-

1 ,0 0 0 .0

2 ,0 0 0 .0

3 ,0 0 0 .0

4 ,0 0 0 .0

5 ,0 0 0 .0

6 ,0 0 0 .0

7 ,0 0 0 .0

8 ,0 0 0 .0

9 ,0 0 0 .0

1 0 ,0 0 0.0

3Q11 4Q11 1Q12 2Q12 3Q12

Volume of Prepayment (R$ million)

Financial prepayment volume

% Prepayment over Credit Financial Volume

56.0 55.8 55.7 57.7 58.5

3Q11 4Q11 1Q12 2Q12 3Q12

Average Term (days)

159.9

193.2 190.1

212.4 207.9

3Q11 4Q11 1Q12 2Q12 3Q12

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

30.0%

-2.1%

CIELO | COSTS

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Increase of 3.7% of the unit cost excluding the subsidiaries

If the impact of depreciation is

eliminated in the same analysis, the increase would have been 3.3%

Costs of services rendered

Depreciation and amortization

Unit per transaction

Increase of 3.2% of the unit cost excluding the subsidiaries

If the impact of depreciation is

eliminated in the same analysis, the increase would have been 5.4%

362.8 310.7 283.2

72.7 52.3 72.7

73.8

3Q12 Reported Costs related to subsidiaries

3Q12 Adjusted 2Q12 Adjusted

Costs Comparison 3Q12 X 2Q12 (R$ million)

435.5

383.2 357

0.287 0.326 0.039 0.278 3.2%

7.3%

362.8 310.5 310.5

262.9

72.7 52.3

72.7

60.4

3Q12 Reported Costs related to subsidiaries

3Q12 Adjusted 3Q11 Adjusted

Costs Comparison 3Q12 X 3Q11 (R$ million)

0.277 0.287 0.039 0.326

323.4

18.5%

3.7%

435.5

383.2

CIELO | EXPENSES

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Reduction mostly due to a decline in sales and marketing expenses

160.0 194.5

0.5 5.2 5.8

6.7 16.4

3Q11 Depreciation and Amortization

Other Expenses General and Administratives

Personnel Sales and Marketing Expenses

3Q12

Operating Expenses 3Q12 X 3Q11 (R$ million)

223.9 194.5

4.1 (1.0) (5.1) (12.5) (15.9)

2Q12 Personnel General and Administratives

Other Expenses Depreciation and

Amortization

Sales and Marketing Expenses

3Q12

Operating Expenses 3Q12 x 3Q11 (R$ million)

Increase mostly due to the increased in sales and marketing expenses

CIELO | FINANCIAL PERFORMANCE

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

28.7%

592.3 654.5

769.1 705.1 782.5

56%

59%

63%

56%

59%

4 5 .0 0 %

5 0 .0 0 %

5 5 .0 0 %

6 0 .0 0 %

6 5 .0 0 %

7 0 .0 0 %

7 5 .0 0 %

-

1 0 0 .0

2 0 0 .0

3 0 0 .0

4 0 0 .0

5 0 0 .0

6 0 0 .0

7 0 0 .0

8 0 0 .0

9 0 0 .0

3Q11 4Q11 1Q12 2Q12 3Q12

EBITDA EBITDA Margin

32.1%

11.0%

457.5

504.5

566.6 548.9 588.9

38% 37%

41%

37% 38%

2 5 .0 0 %

3 0 .0 0 %

3 5 .0 0 %

4 0 .0 0 %

4 5 .0 0 %

5 0 .0 0 %

5 5 .0 0 %

6 0 .0 0 %

0 .0

1 0 0 .0

2 0 0 .0

3 0 0 .0

4 0 0 .0

5 0 0 .0

6 0 0 .0

7 0 0 .0

3Q11 4Q11 1Q12 2Q12 3Q12

Net Income Adjusted Net Margin

7.3%

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