Transaction financial volume totaled R$158.3 billion, up 10.3% compared to 3Q16, or R$14.8 billion, and up 4.9% compared to 2Q17, or R$7.

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1 DEAR SHAREHOLDERS: We present the Comments on Performance and the Interim Financial Information of Cielo SA ("Company" or "Cielo"), its subsidiaries and associate (collectively referred to as the "Group") for the quarter ended September 30, 2017, and the Independent Auditor s Report on Review of Interim Financial Information. The individual () and consolidated interim financial information has been prepared in accordance with the international standard IAS 34 - "Interim Financial Reporting" and other International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board IASB and accounting practices adopted in Brazil, which include those established by the Brazilian Corporate Law and the technical pronouncements, guidance and interpretations issued by the Accounting Pronouncements Committee - CPC and approved by the Brazilian Securities and Exchange Commission - CVM. The consolidated financial information includes the accounts of Cielo (parent company), its direct subsidiaries Multidisplay, Servinet, Braspag, Cielo USA, Cateno and Aliança and indirect subsidiaries Me-S and M4Produtos. The profit or loss of the joint ventures Orizon and Paggo and the associate Stelo is accounted for under the equity method in the consolidated financial information. When necessary, adjustments are made to the financial information of subsidiaries to bring their accounting policies into line with the Group s accounting policies. All intragroup transactions, income and expenses are fully eliminated in the consolidated financial information. HIGHLIGHTS 3Q17 Transaction financial volume totaled R$158.3 billion, up 10.3% compared to 3Q16, or R$14.8 billion, and up 4.9% compared to 2Q17, or R$7.3 billion; Net operating revenue totaled R$2,930.8 million, down 4.3% compared to 3Q16, or R$132.6 million, and up 3.5% compared to 2Q17, or R$99.8 million; Income from purchase of sales receivables (ARV) totaled R$574.9 million, a decrease of 11.1% compared to 3Q16, and up 0.2% compared to 2Q17. Purchase of sales receivables reached 18.0% over the financial credit volume in the quarter, down 3.1% compared to 3Q16, and down 0.7% compared to 2Q17; Total expenditures (costs and expenses) amounted to R$1,869.6 million, down 2.6% compared to 3Q16, or R$50.3 million, and up 4.5% compared to 2Q17, or R$80.3 million; Cielo's profit totaled R$1,017.1 million, up 0.8% compared to 3Q16, or R$7.8 million, and up 2.3% compared to 2Q17, or R$22.9 million; and EBITDA of R$1,297.8 million, down 6.1% compared to 3Q16, or R$84.7 million, and up 1.4% compared to 2Q17, or R$18.2 million.

2 OPERATING PERFORMANCE 3Q17 In 3Q17, the transaction financial volume totaled R$158.3 billion, an increase of 10.3%, or R$14.8 billion, compared to R$143.5 billion in the same quarter of the prior year, and an increase of 4.9%, or R$7.3 billion, compared to R$151.0 billion in 2Q17. Specifically with credit cards, the financial volume totaled R$86.4 billion in 3Q17, up 6.3% compared to 3Q16 and up 4.5% compared to 2Q17. With debit cards, the financial volume totaled R$71.9 billion in 3Q17, up 15.5% compared to 3Q16 and 5.3% compared to 2Q17. Additionally, Cielo captured billion transactions in 3Q17, an increase of 13.7% compared to 3Q16 and an increase of 5,6% over 2Q17. FINANCIAL PERFORMANCE 3Q17 COMPARISON FOR THE QUARTERS ENDED SEPTEMBER 30, 2017 AND JUNE 30, 2017 Cielo's consolidated net revenue totaled R$2,930.8 million in 3Q17, up R$99.8 million ou 3.5%, compared to R$2,831.0 million in 2Q17. This increase is chiefly due to a continued business expansion of subsidiary Cateno and higher net revenues from capture, processing and settlement of card s transactions of, influenced by higher volume captured, change in the remuneration model of domestic brand resulting from the market opening to other acquirers (new revenue from processing, elimination of additional interchange paid to issuer banks, offset by higher brand fees expenses) and mix of products, partially offset by lower revenues from POS equipment rental due to decreased installed POS base.

3 The cost of services provided totaled R$1,495.7 million in 3Q17, an increase of R$99.6 million, or 7.1% compared to 2Q17. The main variations are described below: (i) (ii) Net increase of R$107.9 million or 20.2% in costs directly related to the acquiring business, such R$70.0 million as brand fees in view of the change in the remuneration model of domestic brand resulting from the market opening to other acquirers; transaction processing services due to higher volume and increased number of transactions captured in 3Q17; partially offset by lower telecommunications expenses, in view of cost-savings actions; Decrease of R$10.4 million or 2.6% in costs related to the management of the Ourocard Arrangement, especially brand fees, due to average US dollar depreciation in the quarter; as well as lower expenses with banks, card embossing and mailing, partially offset by higher volume of transactions captured this quarter. Operating expenses totaled R$371.6 million in 3Q17, a decrease of R$22.4 million or 5.7% compared to 2Q17. The main variations are described below: Personnel Expenses - Personnel expenses decreased R$9.1 million or 6.8% to R$124.3 million in 3Q17, compared to R$133.4 million in 2Q17. This decrease is chiefly due to lower expectations on long-term variable compensation expenses, in view of review of criteria in 3Q17, including retroactive effects, partially offet by average adjustment in wages established in collective agreement in 3Q17 in the. General and Administrative Expenses - General and administrative expenses, excluding depreciation, decreased R$5.4 million or 4.1% to R$126.7 million in 3Q17, compared to R$132.1 million in 2Q17. The decrease is chiefly due to the drop in administrative expenses and strategic projects in the in 3Q17 and in partnership fees in subsidiary Me-S, impacted by average US dollar depreciation in the quarter. Sales and Marketing Expenses - Sales and marketing expenses increased R$9.6 million or 21.0% to R$55.2 million in 3Q17, compared to R$45.6 million in 2Q17. This increase is chiefly due to higher television media and marketing campaigns expenses in 3Q17, partially offset by reduced marketing actions with sales partners and client loyatly. Other Net Operating Expenses - Other net operating expenses decreased R$14.2 million or 22.1% to R$49.8 million in 3Q17, compared to R$64.0 million in 2Q17. This decrease is mainly related to the lower expectation on bad debt losses (basically rental receivables) and lower losses on civil and labor contingencies.

4 Finance income (costs) totaled R$478.0 million in 3Q17, up 9.8% or R$42.9 million compared to 2Q17, when finance income (costs) amounted to R$435.1 million. This increase resulted from the following events: Finance income Finance income increased R$24.9 million or 29.2% to R$109.9 million in 3Q17 compared to R$85.0 million in 2Q17. This increase is chiefly due to higher average balance of financial investments held by Cielo in 3Q17, deriving from cash generated in its operations, and the cash surplus invested in FIDC Plus startup. Finance costs Finance costs decreased R$19.5 million or 8.6% to R$207.2 million in 3Q17, compared to R$226.7 million in 2Q17. The decrease mainly derives from reduced average indebtedness with third parties and lower borrowing costs (mainly influenced by the drop in DI interest rate). Income from Purchase of Sales Receivables (ARV) Purchase of sales receivables, performed by Cielo or via FIDCs, net of taxes totaled R$574.9 million in 3Q17, an increase of R$0.9 million or 0.2% compared to R$574.0 million in 2Q17. The increase is chiefly due to the higher financial volume of purchased sales receivables, partially offset by the drop in average DI interest rate and higher concentration of operations in the Large Accounts segment. COMPARISON FOR THE QUARTERS ENDED SEPTEMBER 30, 2017 AND 2016 Cielo s consolidated net revenue totalled R$2,930.8 million in 3Q17, representing a decrease of 4.3% or R$132.6 million, compared to R$3,063.4 million in 3Q16. Decreased net revenues from capture, transmission, processing and financial settlement of credit and debit card transactions is mainly related to the average price drop in view of higher percentage from debit card product, the concentration of clients from the Large Accounts segment and the competitive environment. During such period also revenues from rental of POS equipment was lower due to decreased installed POS base and lower revenues from subsidiary M4U due to the change in the business model from resale to commission on mobile credit sales, partially offset by a continued business expansion of subsidiary Cateno.

5 The cost of services provided totaled R$1,495.7 million in 3Q17, a decrease of R$6.5 million or 0.4% compared to R$1,502.2 million in the same quarter of the prior year. The decrease occurred, in spite of the growth in capture volume, as a result of the following events: (i) Net increase of R$64.4 million in the costs of acquiring activities, basically represented by: (a) Increase of R$87.1 million or 24.5% in transaction costs, such R$70.0 million as brand fees, due to the change in the remuneration model of domestic brand resulting from the market opening to other acquirers and processing of transactions deriving from higher volume and increased number of transactions captured in 3Q17, partially offset by lower expenses related to supplies, telecommunications and call center due to cost-savings and operating efficiency actions; (b) Decrease of R$16.7 million or 8.7% in costs related to equipment directly connected with lower demand for maintenance and installation of POS terminals, in light of decreased volume deriving from the drop in the POS base and active merchants, cost-savings actions and lower expenses on acquisition of spare parts in 3Q17; and (c) Decrease of R$5.9 million in other costs due to lower expenses on personal computers and peripherals and corporate projects when compared with the same quarter of the prior year. (ii) (iii) (iv) Decrease of R$64.7 million in costs of subsidiary M4U, chiefly due to change in the remuneration model of certain products, which changed from resale to commission on mobile credit sales; Decrease of R$16.5 million in costs related to the management of the Ourocard Arrangement payment accounts due to cards management lower expenses in view of card issue mass action in 3Q16 and call center cost-savings initiatives in 3Q17, partially offset by higher brand fees expenses; and Increase of R$11.0 million in costs of subsidiary Merchant e-solutions, chiefly due to higher interchange and transaction processing expenses, partially offset by lower brand fees expenses and average US dollar depreciation in the quarter. Operating expenses totaled R$371.6 million in 3Q17, a decrease of R$45.0 million or 10.8% compared to R$416.6 million in 3Q16. The decrease occurred primarily as a result of the following events:

6 Personnel expenses - Personnel expenses decreased R$2.8 million or 2.2% to R$124.3 million in 3Q17, compared to R$127.1 million in 3Q16. The decrease is chiefly due to lower expectations on long-term variable compensation expenses, in view of review of criteria in 3Q17, including retroactive effects, partially offet by the average adjustment in wages established in collective agreement in 3Q17 in the and q-oq staff increase. General and Administrative Expenses - General and administrative expenses, excluding depreciation, increased R$19.1 million or 17.7% to R$126.7 million in 3Q17, compared to R$107.6 million in 3Q16. This increase is chiefly related to higher expenditures with strategic projects in the and partnership fees in subsidiary Me-S, partially offset by average US dollar depreciation in the quarter. Sales and Marketing Expenses - Sales and marketing expenses decreased R$32.7 million or 37.2% to R$55.2 million in 3Q17, compared to R$87.9 million in 3Q16. The decrease is chiefly due to higher expenses related to marketing actions with sales partners and client loyalty in 3Q16. Other Net Operating Expenses - Other net operating expenses decreased R$26.4 million or 34.6% to R$49.8 million in 3Q17, compared to R$76.2 million in 3Q16. This decrease is chiefly due to reduced fraud losses at Cateno, in view of operating efficiency actions and decrease in civil and labor contingencies in the Parent Company, partially offset by higher expectations on bad debt losses in 3Q17. Finance income (costs) totaled R$478.0 million in 3Q17, an increase of R$107.4 million or 29.0% compared to 3Q16, when finance income (costs) amounted to R$370.6 million. This increase resulted basically from the following events: Finance income Finance income increased R$47.8 million or 76.7% to R$109.9 million in 3Q17, compared to R$62.2 million in 3Q16. The increase is chiefly due to higher average balance of financial investments held by Cielo in 3Q17, deriving from cash generated in its operations, and the cash surplus invested in FIDC Plus startup. Finance costs Finance costs decreased R$127.5 million or 38.1% to R$207.3 million in 3Q17, compared to R$334.8 million in 3Q16. The decrease mainly derives from the lower average indebtedness with third parties, basically due to the amortization of the second tranche of public debentures in April Income from Purchase of Sales Receivables (ARV) The purchase of sales receivables, performed by Cielo or via FIDCs, net of taxes decreased R$71.4 million or 11.1% to R$574.9 million in 3Q17, compared to R$646.3 million in 3Q16. This decrease is chiefly due to lower volume acquired and the drop in the average DI interest rate and reduced average term of operations.

7 EBITDA totaled R$1,297.8 million in 3Q17, a decrease of 6.1% compared to 3Q16 and up 1.4% over 2Q17, as shown below: EBITDA (R$ million) 3Q17 3Q16 2Q17 Cielo Net Income 1, , Noncontrolling interests Financial Income (Expenses) (478.0) (370.6) (435.1) Tax and Social Contribution Depreciation and Amortization EBITDA 1, , ,279.6 % EBITDA margin 44.3% 45.1% 45.2% EBITDA corresponds to profit plus income tax and social contribution, depreciation and amortization expenses and finance income (costs). For its calculation, noncontrolling interests are added to the 's profit. Management believes that the EBITDA is an important parameter for the investors because it provides relevant information about our operating results and profitability. However, the EBITDA is not an accounting measurement used in accounting practices adopted in Brazil, it does not represent the cash flow for the reporting periods and it should not be considered as an alternative to profit as an operating performance indicator or as an alternative to cash flow as a liquidity indicator. Additionally, the EBITDA has limitations that impair its use as a profitability indicator since it does not consider certain costs related to the business, which could significantly impact the profit, such as finance costs, taxes, depreciation, capital expenditures and other related charges. ADOPTION OF ACCOUNTING PRACTICES BASED ON THE ACCOUNTING PLAN FOR INSTITUTIONS OF THE NATIONAL FINANCIAL SYSTEM ( COSIF ) On April 27, 2017, Cielo received authorization from the Brazilian Central Bank ( Central Bank ) to operate as an accrediting payment institution. Due to the authorization, the Company started complying with the rules applicable to the SPB (Brazilin Payment System) payment institutions, including the preparation and disclosure of financial statements according to the accounting criteria and rules defined by the Accounting Plan of the Institutions of the National Financial System ( COSIF or BRGAAP ). Therefore, the Company s official financial information for corporate, tax and other purposes now reflects the accounting rules defined in the COSIF. In order to provide comparability of the results in relation to prior periods and in compliance with the requirements in the rules issued by CVM, the Company discloses this individual (Company) and consolidated interim financial information in accordance with the Pronouncement CPC 21 (R1) Interim Reporting and with other international financial reporting standards ( IFRSs ), which converge with the accounting practices adopted in Brazil. Among the main differences between the International Financial Reporting Standards ( IFRS ) and the accounting practices adopted in Brazil ( CPC ) in relation to the new accounting rule of the Central Bank that was adopted by the Company (BR GAAP) are the treatment of goodwill. Differently from the treatment

8 adopted by the IFRS, under the criteria from COSIF, goodwill recorded based on the forecast of future results should be amortized according to the projection periods that justified it. In addition, under BR GAAP, the exchange difference on Ten Years Bonds is recognized on in the statement of profit or loss, differently from the financial statements under IFRSs, where the impact is in Comprehensive income, in Equity. We present below the reconciliation of the comparative profit and equity balances for 3Q17, between IFRSs and BRGAAP: In R$ million Parent Company Parent Company Parent Company Profit and loss IFRS 1, , , , ,040.5 (-) Goodwill amortization (a) (29.5) (29.5) (76.5) (76.5) (75.8) (75.8) (-) Exchange difference net of taxes - bonds (b) 3Q17 3Q16 2Q (11.3) (11.3) (43.4) (43.4) Profit and loss BRGAAP 1, , (a) Refer to goodwill amortization arising on additional aquisition of Multidisplay and acquisition of Me-S. (b) Exchange difference on Ten Years Bonds, net of taxes, performed by Cielo, was recognized in the statement of profit or loss under BRGAAP. On the other hand, under IFRSs, exchange difference on Ten Years Bonds impacts Comprehensive income, directly in Equity, according to the effectiveness of hedge accounting designed between investment in dollar in American subsidiary Cielo USA and debt in dollar (bonds). In R$ million Parent Company 09/30/ /30/2016 Parent Company Equity IFRS 10, , , ,903.0 (-) Goodwill amortization (a) (1,561.2) (1,561.2) (1,420.1) (1,420.1) (-) Reclassification of Capital transa Equity BRGAAP 9, , , ,565.2 (a) Refer to accumulated goodwill amortization originally from investment aquisition by Cielo and its subsidiaries. (b) Refer to the goodwill paid by Cielo, in July 2016, on additional aquisition of 41.34% of the subsidiary Multidisplay, increasing its interest to 91.44%. Under IFRS, this operation was treated as Capital transactions between shareholders, recognized directly in Equity. Under BRGAAP, the amount is included in Investments and Intangible assets group, in the individual and consolidated financial statements, respectively, in Assets. CORPORATE GOVERNANCE Corporate Governance is a priority for the Company, which has as one of its goals its continuous improvement to support sustainable, long-term corporate performance. In this spirit, the Company voluntarily adopts the best corporate governance practices besides those required for companies listed on Novo Mercado of B3 (Brasil, Bolsa e Balcão), evidencing the commitment of the Company and its Management with the interest of its shareholders and investors. The maximization of its efficiency and creation of long-term value translate, for example, into: (a) the adoption of appropriate decision-making system and the monitoring of its compliance by the system; (b) the maintenance of a Corporate Governance Office, which aims to support management agencies and committees/advisory forums of the Company and its subsidiaries, as well as to ensure the compliance with the best corporate governance practices; (c) the adoption of ethical and sustainable conduct; (d) the formal performance assessment of the Board of Directors members on an individual and group basis; (e) the presence of distinct personnel holding the positions of Chairman of the Board of Directors and Chief Executive Officer; (f) the existence of an annual calendar and minimum agenda for the Board of Directors, covering the subjects to be discussed over the year in meetings previously scheduled; (g) the exchange of information through the

9 Corporate Governance Electronic Portal; (h) the existence of a Policy on Related Party Transactions and situations involving Conflicts of Interest; and (i) the existence of a Code of Ethics mandatorily adhered by all employees and Management, which establishes rules of conduct in relationships with all stakeholders. It is worth pointing out that since 2013 the Company has been adopting a Policy on Related Party Transactions and other situations concerned with conflict of interests ( Policy ), which aims at consolidating the procedures to be observed in the Company s businesses involving related parties, as well as other situations involving potential conflict of interests, conferring transparent procedures to its shareholders and the market in general, ensuring its strict alignment with the Company s interests, always in compliance with the best Corporate Governance practices. The issues referring to conflict of interests/related parties shall be addressed to the Corporate Governance Committee so that by means of assumptions, filters and mechanisms defined in the Policy, such committee may direct them for the Board of Directors resolution. When referring to the issues concerned with conflict of interests/related parties between shareholders composing the controlling interest and the Company, the Corporate Governance Committee, exceptionally, will be composed of two independent members, and the second member shall be summoned to analyze the matter as ad hoc member of the Corporate Governance Committee, in replacement of Controlling Shareholders representatives. As practical examples, we have (a) the incentive policy to banks exclusively approved by independent members of the Board of Directors and (b) approval of Cateno incorporation (a result of association between Cielo and Banco do Brasil) exclusively by independent members and by members of the Board of Directors appointed by Banco Bradesco. Referring to the Company s corporate governance bodies, the Board of Directors is composed of 11 (eleven) members, who do not perform management activities, out of which 3 (three) are independent, where their independence aims to protect the interests of the Company and its minority shareholders. The Board of Directors is responsible, among other attributions, for setting the general direction of the Company s business, electing the members of the Executive Board and oversee its management. Currently, the Company Statutory Board is composed of five (5) members and performs the general management of the Company, respecting the guidelines defined by the Board of Directors. Moreover, as another evidence of the Company s adherence to the best Corporate Governance practices, the Board of Directors has five (5) advisory committees, namely: Audit Committee, Finance Committee, Corporate Governance Committee, People Management Committee and Sustainability Committee; and the Executive Board has 10 (ten) advisory forums: Risk Forum, Issuer Risk Forum, Earnings Release Forum, Ethics Forum, Expenses Forum, Business Continuity Management Forum, Social Investments Forum, Pricing Forum, Projects Forum, and Diversity Forum. The Company s Supervisory Board, an independent management body, is currently set up to oversee management activities, and is composed of 5 (five) members, of which 1 (one) is an independent member. And, since 2011, the Company has been issuing the American Depositary Receipts (ADRs), Level I, listed on the international over-the-counter market OTCQX. Cielo is committed to the inclusion of issues related to Sustainability in its practices, aiming at ensuring the successful business in the long term, contributing to a healthy environment, a fairer society and Brazil s social and economic development. Such commitment occurs on the day by day, by means of consistent environmental practices, such as, for example, the establishment of a climate strategy, which includes the conducting and dissemination of a Greenhouse Gas (GHG) Inventory, in line with the best global practices, audited and published in the Public Registry of Emissions of GHG Protocol Brazilian Program and the compensation of carbon emissions; the investment in social projects which promote innovation, entrepreneurship, transformation and social inclusion, broadening the access of most vulnerable public to culture, sports, education and health activities; and business solutions that promote the financial inclusion and ensure the formalization of economy.

10 The generation of value to the Company and the stakeholders with whom we maintain relationship occurs by means of an ethical conduct, assumption which guides and permeates all Cielo s activities. Through the Code of Ethics, Cielo seeks to ensure the best corporate practices in the relationship with all its stakeholders. In accordance with the principle of transparency, in April 2017, the Company published its 2016 Sustainability Report, which was prepared based on the guidelines of the Global Reporting Initiative (GRI), G4 version, providing information on the Company s performance regarding the most significant aspects for the business sustainability, seeking to demonstrate its ability to generate value and performing on a longstanding basis. Such agenda of sustainability promotes business opportunities and enables competitive advantages to Cielo, perceived by the financial market and the entire society. As an example, Cielo, as of 2014 has adhered to the portfolio of the Corporate Sustainability Index (ISE) of B3 (Brasil, Bolsa e Balcão), an acknowledgment which attests the Company s good management and corporate governance practices. Since 2015, the Company has been joining the Sustainability index Euronext-Vigeo EM70, which encompasses 70 companies with high performance in corporate responsibility in emerging markets, launched in 2015 by Vigeo, leading global rating agency focused on sustainability. In September 2016, Cielo joined for the first time the portfolio of the Dow Jones Sustainability Index (DJSI), under the World category. In order to be included, companies go through a strict selection process, which analyzes the economic data, environmental and social performance, corporate governance, risk management, mitigation of climate change, labor practices, among other aspects. RELATIONSHIP WITH AUDITORS Under CVM Rule 381/03, we inform that during 3Q17 the Company contracted the independent audit services of KPMG. The Company s Policy for contracting independent audit services seeks to ensure that there are no conflicts of interest, loss of independence or objectivity. These principles, based on internationally accepted principles, consist of: (a) the auditor should not audit his own work, (b) the auditor should not function in the role of management at his client, and (c) the auditor should not serve in an advocacy role for his client. Cielo declares that during 2017 the independent auditors have provided services not related to external audit, consisting of the assurance of the Sustainability Report and Greenhouse Gas Emissions Inventory for the year 2016 according to the guidelines of the Corporate Sustainability Index of B3 (Brasil, Bolsa, Balcão) at Cielo. This contract meets the corporate governance requirements of the company, under which any extraordinary engagement of the independent auditing firm that audits its financial statements directly or indirectly, needs to be previously analyzed by the Audit Committee and authorized by the Board of Directors. The contract amounts represent 2.0% of the total audit fees related to the 2017 financial statements of Cielo and its subsidiaries Cateno, Cielo USA, Merchant e-solutions, Orizon and associate Stelo. Performance reporting information on EBITDA, financial volume and number of transactions, industry and sector information, net revenue additions, number of employees, presented to justify the variations, was not subject to audit by the independent auditors. ***

11 . Individual and Interim Financial Information for the Three and Nine-month Periods ended September 30, 2017 and Report on Review of Interim Financial Information - ITR

12 Individual and Interim Financial Information for the Contents Report on review of Interim Financial Information - ITR 3 Statements of financial position 5 Interim statements of profit or loss 6 Interim statements of comprehensive income 7 Interim statements of changes in equity 8 Interim statements of cash flows 9 Interim statements of value added 10 Notes to the individual and consolidated interim financial information 11 1 Operations Significant accounting practices interim financial information Cash and cash equivalents Trade receivables Investment fund in credit rights Income tax, social contribution and other taxes Investments Property and equipment Intangible assets Prepayment of receivables from card-issuing banks Payables to customers Borrowings Other payables Provision for tax, civil and labor risks and escrow deposits Equity Earnings per share Net revenue Expenses by nature Other operating expenses, net Commitments Employee benefits Profit sharing Compensation of key management personnel Stock option plan and restricted shares Finance income (costs) Financial instruments Related-party balances and transactions Segment information Noncash transactions Insurance Other matters Approval of interim financial information

13 KPMG Auditores Independentes Av. Dionysia Alves Barreto, º andar - Cj Centro Osasco/SP - Brasil Caixa Postal CEP São Paulo/SP - Brasil Telephone number 55 (11) , Fax number 55 (11) Report on Review of Interim Financial Information To The Shareholders and Board of Directors of Cielo S.A. Barueri - SP Introduction We have reviewed the accompanying individual and consolidated interim financial information of Cielo S.A. ( Company ) for the quarter ended September 30, 2017, which comprises the balance sheet as of September 30, 2017, the statements of profit or loss and comprehensive income for the quarter and nine-month period then ended, the statements of changes in equity and cash flows for the nine-month period then ended, and notes to the interim financial information. The Company's management is responsible for the preparation and presentation of this individual and consolidated interim financial information in accordance with CPC 21(R1) Technical Pronouncement Interim Financial Information and international standard IAS 34 Interim Financial Reporting, issued by the International Accounting Standards Board IASB, as well as for the presentation of this information in accordance with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and international review standards applicable to interim financial information (NBC TR Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. KPMG Auditores Independentes, uma sociedade simples brasileira e firmamembro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ( KPMG International ), uma entidade suíça. KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. 1

14 Conclusion on the interim financial information Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information referred to above is not prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34, issued by IASB, applicable to the preparation of interim financial information and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission. Other matters Statements of value added The individual and consolidated statements of value added for the nine-month period ended September 30, 2017, prepared under the responsibility of the Company's management, and presented as supplementary information for the purposes of IAS 34, were submitted to the same review procedures followed together with the review of the Company's interim financial information. In order to form our opinion, we evaluated whether these statements are reconciled to the interim financial information and to the accounting records, as applicable, and whether their form and content are in accordance with the criteria set on Technical Pronouncement CPC 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that the accompanying statements of value added are not prepared, in all material respects, in accordance with the individual and consolidated interim financial information taken as a whole. Osasco, October 30, 2017 KPMG Auditores Independentes CRC 2SP028567/O-1 F-SP Original report in Portuguese signed by João Paulo Dal Poz Alouche CRC 1SP245785/O-2 KPMG Auditores Independentes, uma sociedade simples brasileira e firmamembro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ( KPMG International ), uma entidade suíça. KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. 2

15 . Statements of Financial Position at September 30, 2017 and December 31, 2016 (In thousands of Brazilian Reais - R$) Assets Notes 09/30/ /31/ /30/ /31/2016 Liabilities and Equity Notes 09/30/ /31/ /30/ /31/2016 Current assets Current liabilities Cash and cash equivalents 4 3,272, ,048 5,218,738 2,658,956 Payables to customers 12 47,807,373 1,196,978 48,355,318 1,924,255 Trade receivables 5 55,065,124 1,713,425 55,977,756 11,014,048 Payables to related parties 28 8,440,187 21, Receivables from related parties 28 14,814 1, Prepayment of receivables from card-issuing banks , ,604 Investment Fund in Credit Rights - FIDC 6 6,407,750 8,310, Borrowings 13 2,717,649 2,920,324 2,730,298 2,921,002 Prepaid and recoverable taxes ,140 9,416 Trade payables 510, , , ,583 Prepaid expenses 47,194 11,838 65,284 23,770 Taxes payable 7.c) 342, , , ,789 Other receivables 28,695 13,067 47,359 37,210 Dividends payable 16.h) 161, , , ,560 Derivative financial instruments payable 27 6,816 37,665 6,816 37,665 Total current assets 64,835,601 10,983,497 61,320,277 13,743,400 Other payables , , , ,322 Total current liabilities 60,191,287 6,647,165 52,867,571 7,852,780 Noncurrent assets Noncurrent liabilities Financial investments - 75,481-75,481 Borrowings 13 5,109,292 6,557,747 6,385,980 7,870,107 Deferred income tax and social contribution 7.a) 911, ,720 1,020, ,607 Obligations with senior quotas - FIDC - - 2,000,657 - Escrow deposits 15.b) 1,601,375 1,514,389 1,611,966 1,522,612 Provision for tax, civil and labor risks 15.a) 1,724,376 1,634,748 1,745,952 1,659,419 Other receivables 20,089 14,967 43,497 39,194 Deferred income tax and social contribution 7.a) , ,329 Investments 8 9,724,585 9,809, , ,355 Other payables 14 26,793 33,112 28,037 34,445 Property and equipment 9 444, , , ,099 Intangible assets , ,431 13,074,933 13,442,322 Total noncurrent liabilities 6,860,461 8,225,607 10,354,885 9,788,300 Total noncurrent assets 13,025,571 13,132,676 16,362,308 16,800,670 Equity Issued capital 16.a) 4,700,000 3,500,000 4,700,000 3,500,000 Capital reserve 16.b) 62,588 66,689 62,588 66,689 Capital transactions between shareholders 16.c) (82,284) (82,284) (82,284) (82,284) Treasury shares 16.d) (58,846) (103,967) (58,846) (103,967) Comprehensive income 16.e) 11,194 10,989 11,194 10,989 Earnings reserves 16.f) e g) 6,176,772 5,851,974 6,176,772 5,851,974 Attributable to: Owners of the Company 10,809,424 9,243,401 10,809,424 9,243,401 Noncontrolling interests - - 3,650,705 3,659,589 Total equity 10,809,424 9,243,401 14,460,129 12,902,990 Total Assets 77,861,172 24,116,173 77,682,585 30,544,070 Total Liabilities and Equity 77,861,172 24,116,173 77,682,585 30,544,070 The accompanying notes are an integral part of this interim financial information. 5

16 . Interim statements of profit or loss For the three- and nine-month periods ended September 30, 2017 and 2016 (In thousands of Brazilian Reais - R$, except earnings per share) Three-month period Nine-month period Three-month period Nine-month period Note 09/30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/2016 Net revenue 18 1,730,229 1,842,365 5,074,575 5,467,937 2,930,793 3,063,368 8,563,109 9,180,290 Cost of services provided 19 (642,468) (577,917) (1,731,739) (1,671,258) (1,495,703) (1,502,249) (4,259,458) (4,482,089) Gross profit 1,087,761 1,264,448 3,342,836 3,796,679 1,435,090 1,561,119 4,303,651 4,698,201 Operating income (expenses) Personnel 19 (62,180) (68,143) (208,240) (209,188) (124,305) (127,129) (397,435) (388,741) General and administrative 19 (102,659) (96,852) (299,140) (297,042) (144,594) (126,375) (416,367) (414,219) Sales and marketing 19 (51,912) (85,118) (129,628) (225,743) (55,165) (87,890) (138,815) (234,534) Share of profit of investees 8 118,327 98, , ,782 2, ,934 5,471 Other operating expenses, net 19 and 20 (44,212) (58,177) (144,223) (172,505) (49,821) (76,200) (170,946) (253,736) Operating profit 945,125 1,054,631 2,882,025 3,146,983 1,063,534 1,144,516 3,186,022 3,412,442 Finance income (costs) Finance income 26 54,119 27, ,254 63, ,901 62, , ,191 Finance costs 26 (164,154) (322,001) (691,205) (994,244) (207,244) (334,781) (759,605) (1,036,843) Income from purchase of receivables and FIDC , ,254 1,757,898 1,947, , ,295 1,768,175 1,946,592 Exchange differences, net (3,035) 3,175 (8,276) 408 (3,053) 2,995 (8,212) 456, ,784 1,248,122 1,008, , ,642 1,317,072 1,063,728 Operating profit before income tax and social contribution 1,401,369 1,403,415 4,130,147 4,155,764 1,541,507 1,515,158 4,503,094 4,476,170 Income tax and social contribution Current 7 (451,023) (398,334) (1,158,270) (1,349,208) (545,762) (472,651) (1,417,984) (1,578,402) Deferred 7 66,786 4,255 41, ,336 74,311 8,965 71, ,663 Profit for the period 1,017,132 1,009,336 3,013,150 2,993,892 1,070,056 1,051,472 3,156,382 3,119,431 Attributable to: Owners of the Company 1,017,132 1,009,336 3,013,150 2,993,892 Noncontrolling interests 52,924 42, , ,539 1,070,056 1,051,472 3,156,382 3,119,431 Earnings per share (in R$) - Basic Earnings per share (in R$) - Diluted The accompanying notes are an integral part of this interim financial information. 6

17 . Interim statements of comprehensive income For the three- and nine-month periods ended September 30, 2017 and 2016 (In thousands of Brazilian Reais - R$) Three-month period Nine-month period Three-month period Nine-month period 09/30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/2016 Profit for the period 1,017,132 1,009,336 3,013,150 2,993,892 1,070,056 1,051,472 3,156,382 3,119,431 Comprehensive income Exchange differences on translating foreign operations: Exchange differences on foreign investments (42,001) 11,402 (28,054) (206,888) (42,001) 11,402 (28,054) (206,888) Gains and losses from hedging instruments of foreign operations, net of taxes 43,490 (11,291) 28, ,298 43,490 (11,291) 28, ,298 Changes for the period 1, (2,590) 1, (2,590) Total comprehensive income for the period 1,018,621 1,009,447 3,013,355 2,991,302 1,071,545 1,051,583 3,156,587 3,116,841 Attributable to: Owners of the Company 1,018,621 1,009,447 3,013,355 2,991,302 Noncontrolling interests 52,924 42, , ,539 The accompanying notes are an integral part of this interim financial information. 7

18 . Interim statements of changes in equity For the nine-month periods ended September 30, 2017 and 2016 (In thousands of Brazilian Reais - R$) Attributable to owners of the Company Earnings reserves Total Issued Capital Treasury Capital Legal Capital Earnings Comprehensive owners of the Noncontrolling Total capital reserve shares transactions reserve budget retention income interests equity Balance as at January 1, ,500,000 64,305 (140,648) - 500,000 3,583,619-13,401 6,520,677 3,643,289 10,163,966 Capital increase 1,000, (1,000,000) Acquisition of treasury shares - - (24,904) (24,904) - (24,904) Stock options granted - 21, ,829-21,829 Goodwill on acquisition of noncontrolling interest, with no change of control (82,284) (82,284) (17,849) (100,133) Sale of treasury shares under the stock option plan - (27,587) 58, ,466-30,466 Profit for the period ,993,892-2,993, ,539 3,119,431 Allocation of profit for the period: Legal reserve ,695 - (149,695) Interest on capital paid (238,000) - (238,000) - (238,000) Mandatory minimum dividends paid (374,366) - (374,366) - (374,366) Interest on capital proposed (123,500) - (123,500) - (123,500) Effect of noncontrolling interests on consolidated entities (118,208) (118,208) Comprehensive income: Exchange differences on translating foreign operations: Exchange differences on net foreign investments (206,888) (206,888) - (206,888) Gains and losses on hedging instruments of foreign operations, net of taxes , , ,298 Balances as at September 30, ,500,000 58,547 (107,499) (82,284) 649,695 2,583,619 2,108,331 10,811 8,721,220 3,632,771 12,353,991 Balance as at January 1, ,500,000 66,689 (103,967) (82,284) 700,000 5,151,974-10,989 9,243,401 3,659,589 12,902,990 Capital increase 16.a) 1,200, (1,200,000) Stock options granted 25-19, ,177-19,177 Sale of treasury shares under the stock option plan 25 and 16.d) - (23,278) 45, ,843-21,843 Profit for the period ,013,150-3,013, ,232 3,156,382 Allocation of profit for the period: Legal reserve 16.f) ,090 - (143,090) Interest on capital proposed (161,000) (161,000) - (161,000) Interest on capital paid 16.h) (325,300) - (325,300) - (325,300) Mandatory minimum dividends paid 16.h) (260,377) - (260,377) - (260,377) Additional dividends to the mandatory minimum dividends paid 16.h) (741,675) - (741,675) - (741,675) Effect of noncontrolling interests on consolidated entities (152,115) (152,115) Comprehensive income: Exchange differences on translating foreign operations: Exchange differences on net foreign investments 16.e) (28,054) (28,054) - (28,054) Gains and losses on hedging instruments of foreign operations, net of taxes 16.e) ,259 28,259-28,259 Balances as at September 30, ,700,000 62,588 (58,846) (82,284) 843,090 3,951,974 1,381,708 11,194 10,809,424 3,650,706 14,460,130 The accompanying notes are an integral part of this interim financial information. 8

19 . Interim statements of cash flows For the nine-month periods ended September 30, 2017 and 2016 (In thousands of Brazilian Reais - R$) Note 09/30/ /30/ /30/ /30/2016 Cash flows from operating activities Profit before income tax and social contribution 4,130,147 4,155,764 4,503,094 4,476,170 Adjustments to reconcile profit before income tax and social contribution to net cash generated by operating activities: Depreciation and amortization 9 and , , , ,765 Recognition (reversal) of provision for losses on property and equipment (16,832) 17,871 (16,832) 17,871 Residual value of property and equipment and intangible assets disposed of 9 and 10 15,530 29,825 15,930 31,806 Stock options granted 25 19,177 21,829 19,177 21,829 Losse on non-performing loans and chargebacks ,582 92, , ,060 Provision for tax, civil and labor risks 15.a) 99, ,661 96, ,638 Unearned income from purchase of receivables 5 (48,158) (160,609) (164,195) (48,501) Noncontrolling interests , ,539 Exchange differences relating to interest on foreign borrowings 20,818 (209,134) (15,947) (209,134) Gains (losses) on financial instruments (30,849) 200,193 (30,849) 200,193 Interest on borrowings 572, , , ,643 Provision for losses on investments ,997 Share of profit (loss) of investees 8 (320,420) (254,782) (5,934) (5,471) Yield from interest in FIDC 6 (1,787,457) (120,622) - - (Increase) decrease in operating assets: Trade receivables (53,303,541) 3,101,839 (44,819,326) 1,303,491 Receivables from related parties (13,153) (477) Prepaid and recoverable taxes - - (1,724) (11,114) Other receivables (current and noncurrent) 51,135 (13,170) 54,291 (22,730) Escrow deposits 15.b) (86,987) (161,272) (89,354) (162,571) Prepaid expenses (35,356) (15,248) (41,514) (20,856) Increase (decrease) in operating liabilities: Payables to costumers 45,909,209 (874,788) 45,706,141 (868,932) Trade payables (214,637) 86,660 (199,126) 102,000 Taxes payable 11,050 39,566 9,236 25,024 Payables to related parties 8,418,715 (473) - (398) Other payables (current and noncurrent) (16,523) 6,290 (130,471) (119,902) Payment of tax, civil and labor lawsuits 15.a) (10,352) (8,110) (10,352) (8,605) Cash generated from operations 3,807,402 7,303,040 6,496,152 6,811,233 Interest paid 13 (691,546) (892,550) (715,603) (919,159) Income tax and social contribution paid (1,209,335) (1,188,221) (1,455,351) (1,483,552) Net cash generated by operating activities 1,906,521 5,222,269 4,325,198 4,408,522 Cash flows from investing activities Capital increase in subsidiaries, joint ventures and associate 8 - (9,540) - (9,240) Acquisition of quotas of FIDC (10,924,945) (1,653,712) - - Redemption of quotas of FIDC 14,595, Dividends received from subsidiaries 8 380, , Additions to property and equipment and intangible assets 9 e 10 (234,895) (271,966) (267,250) (334,191) Net cash used in investing activities 3,816,119 (1,659,550) (267,250) (343,431) Cash flows from financing activities Acquisition of treasury shares - (24,904) - (24,904) Sale of treasury shares under the stock option plan 21,843 30,466 21,843 30,466 Acquisition of interest in subsidiary, with no change of control 8 - (100,133) - (100,133) Third parties' interest in FIDC Plus senior quotas - - 2,000,657 - Borrowings 13 1,165,144 56,937 1,165,144 56,937 Payment of principal, net of derivatives 13 (2,655,739) (1,710,788) (2,655,739) (1,710,788) IRRF on interest on capital paid (48,795) (56,610) (48,795) (56,610) Dividends and interest on capital (1,866,117) (1,153,304) (2,016,350) (1,271,514) Net cash used in financing activities (3,383,664) (2,958,336) (1,533,240) (3,076,546) Effect of exchange rate changes on cash and cash equivalents of foreign subsidiary ,074 (44,500) Increase (decrease) in cash and cash equivalents 2,338, ,383 2,559, ,045 Cash and cash equivalents Closing balance 4 3,272, ,870 5,218,738 2,193,569 Opening balance 4 933,048 44,487 2,658,956 1,249,524 Increase (decrease) in cash and cash equivalents 2,338, ,383 2,559, ,045 The accompanying notes are an integral part of this interim financial information. 9

20 . Interim statements of value added For the nine-month period ended September 30, 2017 and 2016 (In thousands of Brazilian Reais - R$) Note 09/30/ /30/ /30/ /30/2016 REVENUES Sales of services 18 5,647,531 6,081,014 9,432,095 10,102,552 Loss on non-performing loans and chargebacks 20 (126,582) (92,659) (150,318) (136,060) 5,520,949 5,988,355 9,281,777 9,966,492 INPUTS PURCHASED FROM THIRD PARTIES Cost of services provided (1,304,810) (1,253,988) (3,532,858) (3,770,146) Materials, electric energy, outside services and others (399,125) (497,808) (368,767) (450,165) Other expenses, net (21,051) (34,300) (23,883) (72,059) Impairment of assets 3,410 (45,545) 3,255 (45,617) (1,721,576) (1,831,641) (3,922,253) (4,337,987) GROSS VALUE ADDED 3,799,373 4,156,714 5,359,524 5,628,505 Retentions Depreciation and amortization 9 e 10 (316,501) (319,474) (713,529) (726,765) Wealth created, net 3,482,872 3,837,240 4,645,995 4,901,740 Wealth received in transfer Share of profit (loss) of investees 8 320, ,782 5,934 5,471 Finance income, including purchase of receivables and 26 2,032,967 2,100,484 2,175,396 2,202,836 exchange differences, net 2,353,387 2,355,266 2,181,330 2,208,307 Total wealth for distribution 5,836,259 6,192,506 6,827,325 7,110,047 Distribution of wealth Personnel and related taxes (244,037) (234,935) (436,901) (426,660) Profit sharing 23 (52,252) (53,624) (70,936) (69,484) Taxes and contributions (1,835,799) (1,918,338) (2,393,419) (2,450,762) Interest and rental expenses (691,021) (991,717) (769,688) (1,043,710) Dividends and interest on capital paid (1,327,352) (612,366) (1,327,352) (612,366) Dividends and interest on capital proposed (161,000) (123,500) (161,000) (123,500) Earnings retention (1,524,798) (2,258,026) (1,524,798) (2,258,026) Noncontrolling interests - - (143,231) (125,539) Wealth distributed (5,836,259) (6,192,506) (6,827,325) (7,110,047) The accompanying notes are an integral part of this interim financial information. 10