2. Disclaimer
● This notice may contain estimates for future events. These estimates merely reflect the expectations of the
Company’s management, and involve risks and uncertainties. The Company is not responsible for investment
operations or decisions taken based on information contained in this communication. These estimates are subject to
changes without prior notice.
● This material has been prepared by Multiplus S.A. (“Multiplus“ or the “Company”) includes certain forward-looking
statements that are based principally on Multiplus’ current expectations and on projections of future events and
financial trends that currently affect or might affect Multiplus’ business, and are not guarantees of future performance.
They are based on management’s expectations that involve a number of business risks and uncertainties, any of
each could cause actual financial condition and results of operations to differ materially from those set out in
Multiplus’ forward-looking statements. Multiplus undertakes no obligation to publicly update or revise any forward
looking statements.
● This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to
buy or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving
investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any
recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy,
completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute
for the exercise of their own judgment.
2
3. 1Q11 Highlights
OPERATING HIGHLIGHTS
• 18.5 bln points issued, a growth of 51.4% versus 2Q10 and of 9.2% versus 1Q11
• 10.9 bln points redeemed, compared to 3.2 bln points in 2Q10 and 9.0 bln points in 1Q11
• Average Breakage rate (12 months) of 23.3%, versus 23.0% in both periods 2Q10 and 1Q11
FINANCIAL HIGHLIGHTS
• Gross Billings of points of R$ 354.6 mln, an growth of 34.3% versus 2Q10 and of 4.3% compared to 1Q11
• Net Revenue of R$ 285.1 mln, compared to R$ 93.5 mln in 2Q10 and R$ 242.0 mln in 1Q11
• Net Income of R$ 81.2 mln, versus R$ 23.1 mln in the 2Q10 and R$ 70.9 mln in 1Q11
(margin of 28.5%)
• Adjusted EBITDA of R$ 81.3 mln, 3% higher than 2Q10 and 8.8% lower than 1Q11
(margin of 24.8%)
3
4. Operating Performance
BREAKAGE RATE (12 MONTHS AVERAGE)
%
+30 bps
+30 bps
23,3%
23,0% 23,0%
22,6% 22,6%
2Q10 3Q10 4Q10 1Q11 2Q11
MEMBERS PARTNERSHIPS
In millions #
+28.8%
+19.5%
+4.0% -3.0%
166 161
8,3 8,6 151
7,6 8,0 133
7,2 125
12 15 19
7 7
2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11
Accrual Coalition
NOTE: Some partnerships with bad performance were canceled in 2Q11.
4
5. Coalition Partnerships Network
(members can earn and redeem points)
Magazine
Air Travel Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education
Suscriptions
Universities Stock Exchange
Gym Drugstore
Food
Beauty and Group buying Furniture and
Home Centers Groceries Car Rental Insurance Pension Plan e-Commerce
Healthy Decoration
Note: blank slots refer to targeted segments
5
9. EBITDA
EBITDA ADJUSTED EBITDA
R$ millions R$ millions
+3.0%
+193.5%
+3.2%
-18.0%
+8.2% -8.8%
103,3
95,0
91,5 88,5 89,1
84,6 78,9 82,1 81,3 84,7
59,9
Margin 47,5 46,2
41,7 Margin
31,2
33.4% 36.5% 20.3% 35.0% 32.1% 32,5% 33,8% 32,2% 34,6% 19,9% 15,4% 28,6% 33,2% 24,8% 25,8%
2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11
Adjusted EBITDA
Adjusted EBITDA with previous periods effects
NOTE: “previous periods effects” refer to unit cost and Breakage rate variation effects on
the balance of points to be redeemed in the previous period
9
10. Net Income and Free Cash Flow
NET INCOME FREE CASH FLOW TO EQUITY
R$ million
R$ millions R$ millions
+250.9% +7.7%
+26.3%
326,6 327,7
304,3
285,5
259,4
+14.5%
81,2
70,9
Margin
44,5 43,3
23,1
24.7% 34.2% 21.0% 29.3% 28.5%
2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11
Note: Excluding dividends and capital reduction effects
10
11. Main Long Term Goals
Gross Billings of points Multiplus sells points … Costs of rewards
TAM Air Tickets
Retail, Industry and Services …and buys rewards Others
Banks
Current* Current*
26%
98%
Sources of Profit
3%
Spread 2%
Margin between point price and
71%
cost of rewards
z Breakage
Points expiring without being
redeemed
Long Term Target Long Term Target
Interest income on the float
Gap between sales and redemptions
of points
Cross-selling of services
Outsourcing and CRM
15 to 20% 15 to 20%
*2Q11 data 11
12. Capilarity Project
CONCEPT
Accrual and balance checking at the point-of-sale
• spread the loyalty concept
• speed up the capillarity strategy penetrating new market segments
• increase sales in retail market
Standard rule: 1 Real ($) = 1 Multiplus point
Special rules allowed (such as minimum ticket) adding more value to the partner
Multiplus as one product of Redecard’s sales team
TIMELINE
Since June 2011: Pilot at 2 restaurants (Japengo)
August 2011: rollout to 50 merchants in São Paulo
December 2011: rollout to at least 350 merchants in Brazil Collect points
here
12
13. Non-airline tickets redemptions
POINTS REDEEMED IN NON-AIRLINE TICKETS
Attractive offers to members
As % of total points redeemed 2,5%
Books Fuel 2,1%
Clothing Hotels
Courses Magazines 0,8%
0,4% 0,4% 0,4% 0,5% 0,4% 0,5% 0,5% 0,5%
Donations Pay-TV 0,2% 0,2%
DVDs Telecom services
dez/10
jul/10
mar/11
jan/11
ago/10
set/10
nov/10
fev/11
out/10
mai/11
jun/10
abr/11
jun/11
Electronics Tickets
NOTE: it includes points issued before 2010 (TAM’s inventory)
COALITION AND REDEMPTION PARTNERS
OPERATIONAL IN SETUP PROCESS ROADMAP
Car rental
Groceries
Entertainment
Restaurants
Beauty
Others
13
