Cielo»Financial Statements»NOTES TO THE FINANCIAL STATEMENTS

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1. OPERATIONS
2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES
3. TRANSITION TO IFRS
4. CONSOLIDATED FINANCIAL STATEMENTS
5. TRANSACTIONS NOT AFFECTING CASH
6. CASH AND CASH EQUIVALENTS
7. TRADE ACCOUNTS RECEIVABLE
8. RECEIVABLES – SECURITIZATION ABROAD
9. DEFERRED INCOME TAX AND SOCIAL CONTRIBUTION
10. PROPERTY, PLANT AND EQUIPMENT
11. GOODWILL
12. INTANGIBLE ASSETS
13. TRANSACTIONS PENDING TRANSFER
14. PAYABLES TO MERCHANTS
15. TRADE ACCOUNTS PAYABLE
16. TAXES PAYABLE
17. OTHER PAYABLES
18. RESERVE FOR CONTINGENCIES AND ESCROW DEPOSITS
19. PAYABLES – SECURITIZATION ABROAD
20. SHAREHOLDERS' EQUITY
21. EARNINGS PER SHARE
22. EXPENSES BY NATURE
23. FOREIGN BRANCH
24. RELATED – PARTY TRANSACTIONS
25. INCOME TAX AND SOCIAL CONTRIBUTION
26. FINANCIAL INSTRUMENTS
27. COMMITMENTS
28. EMPLOYEE AND MANAGEMENT PROFIT SHARING
29. MANAGEMENT AND OFFICER COMPENSATION
30. FINANCIAL INCOME (EXPENSES)
31. OTHER OPERATING INCOME (EXPENSES), NET
32. FEDERAL TAX INSTALLMENT PROGRAM
33. INSURANCE
34. STOCK OPTION PLAN
35. OTHER INFORMATION
36. REGULATORY ISSUES
37. APPROVAL OF THE FINANCIAL STATEMENTS
38.SUPPLEMENTARY INFORMATION – RECONCILIATION OF SHAREHOLDERS' EQUITY AND NET INCOME OF THE PARENT COMPANY (NOT REQUIRED BY IFRS)

(Amounts in thousands of Brazilian reais – R$, unless otherwise stated)

The balance of R$667,522 as of December 31, 2009, (R$487,628 as of December 31, 2008) corresponds to the difference between the amounts received from VISA cardholders through the card-issuing banks and the amounts to be transferred to merchants. In general, the period of collection from card-issuing banks is 27 days and the average period for payment to merchants is 30 days from the date of transaction. Therefore, the balance payable as of December 31, 2009, refers to a float of approximately three days.