Conference New York - 30/11/2011

1. Investor Presentation
November 2011

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. Multiplus is a growing loyalty network
Network connecting people and companies
around 9 mln 20.0 bln almost 170
members points sold in 3Q11 partnerships
+17.0% YoY +38.5% YoY +26.3% YoY
points from several programs in positive network effect powerful support for partners to
one single account generating strong growth acquire and retain clients
Multiplus Exclusive and Strategic Relationship with TAM
2009: spin-off from TAM’s loyalty program Long term agreement (15 years + additional 5 year periods)
2010: launched as separated business unit and IPO Most desired airline in Brazil (Ibope Research) and Star Alliance member
TAM SA holds 73,2% stake Air tickets: most appealing redemption with high value perception
Note: based on 3Q11
3

4. Innovative business model
Strong cash generation Low CAPEX requirement
Negative working capital Scalable business
Debt free Dividend player
Sources of Profit
(Joint Venture)
outsourcing and CRM
points selling
$ services
redemption
unit revenue less unit cost
$ spread
point expiration
$ breakage
# of months 0 ~10 24
CASH IN CASH OUT
~10 months float
$ interest income
4

5. Growing coalition network…
Magazine
Air Travel Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education
Suscriptions
Others Stock Exchange
Members can collect and also redeem points
in any coalition partner.
Stock Broker Drugstore
Real Estate
Universities e-Commerce
Beauty and Furniture and
Gym Food Home Centers Groceries Insurance Car Rental Group Buying Pension Plan
Healthy Decoration
Note: blank slots refer to targeted segments
5

6. … and strong accrual and growing redemption network*
Accrual Redemption
Charity
Hotels Financial Institutions
Leisure
Car Rental Retail and others
Other
Magazines and Newspapers
*non exhaustive
6

7. Strategy: to diversify gross billings and redemptions
Gross billings of points what?
to diversify gross billings
Current Long term target and redemptions
24%
why?
3%
• Average unit price increase
• Average unit cost reduction
15 to 20%
73% • Controlled breakage decline,
favoring member experience
TAM Retail, Industry and Services Banks and volume growth
Costs of rewards
Long term margin expansion
Current Long term target
how?
98%
• Expanding partnerships
network
2% 15 to 20%
• Increasing marketing actions
• Improving client experience
Air Tickets Others
Note: based on 3Q11
7

8. Expanding partnerships network
New partnerships Expanding partnership network
# +26.3%
+4.3%
Drugstore Group buying
166 161 168
151
133
7 12 15 19 20
Pension Plan Car Rental
3Q10 4Q10 1Q11 2Q11 3Q11
Total Coalition
NOTE: Some partnerships with bad performance were canceled in 2Q11.
Tickets Charity
Increasing non-airline redemptions
As % of total points redeemed
3,2%
2,0%
Roadmap
0,8% 0,8% 0,9%
Groceries, entertainment, restaurants,
beauty, others.
3Q10 4Q10 1Q11 2Q11 3Q11
NOTE: it includes points issued before 2010 (TAM’s inventory)
8

9. Increasing marketing actions
Media investments Expanding member base
Together is so much better. Together is Multiplus. In millions
+17.4%
+3.7%
On board videos TV commercial
8,6 8,9
8,0 8,3
7,6
Press media 3Q10 4Q10 1Q11 2Q11 3Q11
Radio spots, etc
Growing gross billings
R$ millions
32.4%
+12.1%
Point-of-sale materials 397,3
325,2 339,9 354,6
300,0
3Q10 4Q10 1Q11 2Q11 3Q11
(collect points here)
9

10. Improving client experience
Point of Sale
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
New website coming soon Other actions
Call Center improvements
Educational mailings
Systems improvements
10

11. Loyalty market has multiples growth opportunities
Expanding credit card usage in Brazil Increasing domestic consumption
Credit Card Transaction Value (R$ billions) Personal Consumption Expenditure (R$ billions)
CAGR +22% CAGR +12%
2,226
1,966
1,787
314 1,594
256 1,429
215
174
142
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Source: ABECS Source: IBGE
Growing passenger traffic (Airline Segment) Improving wealth distribution
RPK in Brazil (billions) 23% Social classes in Brazil* (% of the population)
Multiplus’
target
70
57
48
44
40
2005 2010
2006 2007 2008 2009 2010
Source: ANAC Source: Research Cetelem- Ipsos 2010
*Note: Average income of classes D and E - R$ 6,126/year; class C - R$13,944/year; and classes A and B - R$ 75,942 /year.
11

12. Appendix

13. Appendix I:
Business Model
Partnerships network Loyalty Marketing Services
Accrual Redemption Coalition Outsourcing CRM
(Joint Venture)
Partners
Partners Partners Partners
Partners buy Multiplus buys Two-way flow:
The JV will The JV will
points from points, products exchange of
manage the leverage the
Multiplus to award or services from points, products
loyalty program of database from its
its customers partners to deliver and services (buy
(Ex. banks, parking the partner network and
to its members and sell) between
and stores) (Ex. donation and (systems and offers CRM
Multiplus and
tickets) operations) services
coalition partners
(Ex. air travel,
e-commerce and
gas station)
Status Status
Operational Planning
13

14. Appendix II:
Shareholders’ Structure and Stock Performance
Shareholders’ Structure Average Stock Price and Average Daily Trading Volume
Average Daily Trade Volume (R$ million)
29,66 29,28
Average Stock Price
28,85 28,32 27,95
27,40 27,54 27,28
26,29 25,80
25,48 24,99
TAM S.A. 23,36
24,74
19,96
17,48 17,87
15,99 16,58 16,17
14,90
19,4
z z
73,14% 26,86% 15,3
13,3
12,3
11,4
10,5
9,7 9,5 8,8 8,2 8,2
7,9 7,6
6,1 6,6 6,4
5,0 5,6
4,1
2,1 2,4
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
2010 2011
14

15. Appendix III:
Loyalty Market Penetration
as % of population
Multiplus member base penetration
as % of population
North
52,8 3,6
Northeast
2,5
46,9
Central-West
6,4 Southeast
35,7 5,2
31,0
27,6 27,3 South
4,5
23,7 23,5
21,0
18,0
15,7
13,4 13,0
9,5 9,4
4,4 3,8
2,3
Nectar UK
Smiles BRA
Flying Blue FRA
Miles&More DEU
AirMiles CAN
AirMiles UK
Club Premier MEX
FlyBuys AUS
Sky Miles USA
Aeroplan CAN
Nectar ITA
JAL Mileage Bank JPN
LANPASS CHL
Multiplus BRA
FlyBuys NZL
AAdvantage USA
Velocity AUS
Qantas Program AUS
Source: Principal Global Indicators and Companies’ website and reports
Notes:
1. Programs belonging to airlines: Flying Blue to AirFrance/KLM; Sky Miles to Delta Airlines; AAdvantage to American Airlines; Miles&More to Lufthansa; JAL Mileage Bank to Japan Airlines; Velocity to Virgin Blue; Smiles to Gol Airlines; and Club
Premier to AeroMexico
2. Programs associated with airlines: FlyBuys NZL with Air New Zealand; FlyBuys AUS with Jet Set; Aeroplan with AirCanada; AirMiles UK with British Airways; and Multiplus with TAM Airlines.
15

16. Appendix IV:
3Q11 results
Operating highlights
Item 3Q11 YoY QoY
Points issued 20.0 bln +38.5% +7.9%
Points redeemed 12.5 bln +171.7% +14.7%
Breakage rate 24.0% +140bps +70bps
Financial highlights
Item 3Q11 YoY QoY
Gross Billings of points R$ 397.3 mln +32.4% +12.1%
Net Revenue R$ 321.5 mln +147.3% +12.8%
EBITDA R$ 78.1 mln +64.5% -14.6%
(margin of 24.3%)
Adjusted EBITDA R$ 82.3 mln -7.0% +1.3%
(margin of 22.2%)
Net Income R$ 51.3 mln +15.3% -36.8%
(margin of 16.0%)
16

17. Appendix V:
Income Statement
(R$ thousand) 3Q11 vs 3Q11 vs
3Q10 3Q11 2Q11
Income Statement 3Q10 2Q11
Gross revenue 143,940 353,652 145.7% 314,568 12.4%
Sale of points 105,163 249,834 137.6% 224,200 11.4%
TAM Airlines - TLA 13,535 54,605 303.4% 44,821 21.8%
Banks, Retail, Industry and Services 91,628 195,229 113.1% 179,379 8.8%
Breakage 35,962 93,130 159.0% 83,621 11.4%
Hedge 0 7,097 N.A. 3,448 105.8%
Other revenues 2,815 3,591 27.6% 3,299 8.9%
Taxes on sales -13,863 -32,172 132.1% -29,505 9.0%
Net Revenue 130,077 321,480 147.1% 285,063 12.8%
Cost of the points redeemed -69,544 -218,818 213.3% -174,085 25.7%
Air tickets -69,275 -214,890 210.2% -171,880 25.0%
Other products / services -269 -3,928 1360.2% -2,205 78.1%
Accounting Adjustments 420 1,209 187.9% 0 N.A.
Total cost of services rendered -69,124 -217,609 214.8% -174,085 25.0%
Gross Profit 60,953 103,870 70.4% 110,978 -6.4%
Gross Margin 46.9% 32.3% -14.5p.p. 38.9% -6.6p.p.
Shared services -1,482 -1,907 28.7% -1,907 0.0%
Personnel expenses -4,619 -8,750 89.4% -6,991 25.2%
Marketing -1,025 -6,457 529.9% -4,175 54.7%
Depreciation -46 -1,288 2700.0% -1,173 9.8%
Other -6,337 -8,612 35.9% -6,399 34.6%
Total Operating Expenses -13,509 -27,014 100.0% -20,645 30.8%
Total Costs and Operating Expenses -82,633 -244,623 196.0% -194,730 25.6%
Operating Income 47,444 76,856 62.0% 90,333 -14.9%
Operating Margin 36.5% 23.9% -12.6p.p. 31.7% -7.8p.p.
Financial Income/Expenses 12,162 21,286 75.0% 33,825 -37.1%
Hedge - -19,347 N.A. - N.A.
Income before income tax and social contribution 59,606 78,796 32.2% 124,158 -36.5%
Income tax and social contribution -15,105 -27,480 81.9% -42,990 -36.1%
Net Income 44,501 51,316 15.3% 81,168 -36.8%
Net Margin 34.2% 16.0% -18.2p.p. 28.5% -12.5p.p. 17

18. Appendix VI:
Balance Sheet and Cash Flow
(R$ thousands) 3Q11 vs 3Q11 vs (R$ thousand)
3Q10 3Q11 2Q11
Balance Sheets 3Q10 2Q11
Cash Flow 3Q11
Assets 1,257,006 1,140,986 -9.2% 1,013,420 12.6%
Net Income 51.317
Current assets 1,102,918 929,163 -15.8% 830,818 11.8%
C ash and cash equivalentes 19,166 5,372 -72.0% 23,820 -77.4% Depreciation/Amortization 1.288
Investments 614,647 474,115 -22.9% 644,884 -26.5%
Accounts Receivable -43.954
Accounts Receivable 91,647 175,483 91.5% 131,529 33.4%
Related Parties 363,136 267,435 -26.4% 22,320 1098.2% Accounts Payable 418
C urrent account 30,157 28,916 -4.1% 22,320 29.5%
Taxes -24.715
Prepaid expenses 332,979 238,520 -28.4% 0 N.A.
Deferred income tax and social contribution 14,115 2,298 -83.7% 1,823 26.1% Related Parties -16.114
Derivative Instruments 0 3,712 N.A. 5540 -33.0%
Other receivables 207 747 260.6% 901 -17.0% Prepaid Expenses Increase -400.000
Prepaid Expenses Reduction 161.480
Non-current assets 154,088 211,823 37.5% 182,602 16.0%
Prepaid expenses 142,377 0 -100.0% 0 N.A. Deferred Revenue and Breakage liabilities 52.758
Long term investments 0 160,572 N.A. 155,588 3.2%
Derivative Instruments 56.107
Deferred income tax and social contribution 755 20,039 2555.0% 268 7371.0%
Derivative Instruments 0 36 0.0% 0 0.0% Other assets and liabilities 7.599
Property, plant and equipment 760 1,158 52.3% 1,127 2.7%
Intangible 0 16,852 N.A. 17,900 -5.9% Operating Cash Flow -153.815
Intangible assets 10,196 13,166 29.1% 7,720 70.5%
Investiment -5.717
Liabilities and shareholder’s equity 1,257,006 1,140,986 -9.2% 1,013,421 12.6%
Cash Flow from Investing Activities -5.717
Current liabilities 541,993 847,427 56.4% 779,941 8.7%
Suppliers 5,139 3,569 -30.5% 3,151 13.3%
Net proceeds from public offer 0
Taxes and fees payable 20,780 10,996 -47.1% 15,465 -28.9%
Deferred revenue 354,302 666,455 88.1% 604,173 10.3% C apital 0
Breakage liabilities 155,162 124,158 -20.0% 133,683 -7.1%
Derivative Instruments 0 23,514 N.A. 2,663 782.9% Dividends 0
Other liabilities 6,610 18,734 183.4% 20,806 -10.0% Other -24.701
Non-current liabilities 0 33,464 0.0% 0 0.0% Cash Flow from Financing Activities -24.701
Derivative Instruments 0 33,464 0.0% 0 0.0%
Equity 715,012 260,095 -63.6% 233,479 11.4% Increase (Decrease) in Cash -184.233
C apital 669,063 69,049 -89.7% 69,049 0.0%
Hedge 0 -27,231 N.A. 0 N.A.
Remuneration Plan 0 8,984 N.A. 6,455 39.2% C ash at beginning of period* 824.292
Reserves 0 5,919 N.A. 5,919 0.0%
Retained Earnings (loss) 45,949 203,373 342.6% 152,056 33.7% C ash at end of period* 640.059
18

19. Appendix VII:
Currency Hedge
Fundamentals Position in September 2011 (USD mln)
4Q11 2012 2013 Total
• Multiplus is exposed to NOTIONAL 51.0 303.0 255.0 609.0
foreign exchange risk as PUT* 1.75 1.80 1.88 1.83
most of the agreements with
CALL* 1.85 1.90 1.99 1.93
financial institutions are * average strike prices (BRL/USD)
denominated in USD.
• These partners represented SENSITIVITY ANALYSIS
approximately 70% of Impact on company’s cash flow (Notional: USD 609.0 mln)
R$ million
Multiplus’ gross billings in 15,2 15,2 15,0
13,8
11,9 12,1
3Q11. 11,2 11,2
9,0 9,0 9,0 8,5
• The Financial Risk 5,4 5,8 5,8 6,0 6,3
3,8 3,8 4,0 3,9
2,5
Policy determines coverage 1,5
0,1
limits and the list of eligible
-0,7 -0,7 -1,1 -0,5
financial instruments -1,6 -1,9 -1,8
-3,1
-6,1 -5,5
-6,6 -6,6
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
R$1,65/USD R$1,75/USD R$1,85/USD R$1,95/USD
19

20. Appendix VIII:
Hedge Accounting in 4 steps
1 2 3 4
Hedge
HEDGE Mark-to-Market Hedge Expiration
Construction
MULTIPLUS Points Points
POINTS Sale Redemption
Zero Cost Collar Intrinsic Value Cash results of hedge Cash results of hedge
(purchase of a put recorded in Equity operations are operations are
COMMENTS option and the sale of a and Time value in assigned to some recorded in operating
call option) or other Financial results. points sold in the same results
instruments. period (based on first
Intrinsic Value out rule)
Balance Sheet
EQUITY
Operating
RESULTS Time Value Balance Sheet
Results
Financial EQUITY AND CASH
Results
NON-CASH
Item Main variables
IMPORTANT:
Option value Intrinsic value + Time value The Company does not have any CSA in place
Intrinsic value Strike price and Current exchange rate and thus cannot be called for margin in any of its
derivative contracts whichever the scenario.
Time value Maturity, Volatility and Interest Rate Differential (BRL vs USD)
20

21. Strong cash generation Low CAPEX requirement Contact IR team
+55 11 5105 1847
Negative working capital Scalable business invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir
Debit free Dividend player