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. About Multiplus
R$ 457.1 mln of Gross Billings in 2Q12 Shareholders’ Structure
(+28.9% YoY)
TAM S.A.
About R$ 7.5 bln Market Cap (Aug/12)
IPO with R$ 2.6 bln Market Cap 73,14% 26,86%
(Feb/10)
R$ 974 mln of dividends* already distributed
(Fev/10-Dez/11)
Innovative Business Model
Strong cash generation Low CAPEX requirement
Negative working capital Scalable business
Debt free Dividend player
NOTE: * Including Dividends, Interest on Capital and Capital Reduction
3
4. Multiplus is a growing loyalty network
10.1 mln members can gather 207 partners gain a powerful
Members, in R$ million
points from several programs in support acquiring and
one single account retaining clients
10,1 207
Members, in million 9,8 200
9,4 Number of partners 190
8,6 8,9
168
161
2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12
4
5. Innovative business model
Four Sources of Profit
Sources of Profit
(Joint Venture)
outsourcing and CRM
points selling
4 services
redemption
unit revenue less unit cost
1 spread
point expiration
3 breakage
# of months 0 ~10 24
CASH IN CASH OUT
~10 months float
2 interest income
5
6. Growing coalition network… Members can collect and also redeem points
in any coalition partner.
Magazine
Air Travel Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education
Suscriptions
Insurance Stock Exchange
Exclusive and Strategic
Relationship with TAM
Stock Broker Drugstore
Long term agreement (15 years
+ additional 5 year periods)
Most desired airline in Brazil
(Ibope Research) and Star
Real Estate Alliance member
Air tickets: most appealing
redemption with high value
perception
Universities e-Commerce
Beauty and Cargo Furniture and
Gym Food Home Centers Groceries Car Rental Group Buying Pension Plan
Healthy Transportation Decoration
Note: blank slots refer to targeted segments
6
7. … 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
7
8. Strategy: to diversify gross billings and redemptions
Points sold what?
to diversify gross billings
Current Long term target and redemptions
14%
why?
3% • Average unit price increase
• Average unit cost reduction
83% 15 to 20%
• Controlled breakage decline,
favoring member experience
TAM Retail, Industry and Services Banks and volume growth
Points redeemed
Long term margin expansion
Current Long term target
how?
96%
• Expanding partnerships
4%
network
15 to 20%
• Increasing marketing actions
• Improving client experience
Air Tickets Others
Note: based on 2Q12
8
9. Delivering Results
Strong Growth
More than R$ 457 million in “Non-air” redemptions surpassed
gross billings in 2Q12 4% of total for the first time
457
Gross Billings, R$ million “Non-air” redemptions, in % of total redemptions
434 430 4,3%
4,0%
397
355
2,9%
2,6%
1,5%
0,5% 0,5% 0,6%
0,2% 0,3%
2Q11 3Q11 4Q11 1Q12 2Q12 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
NOTE: it includes points issued before 2010 (TAM’s inventory)
9
10. 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%
2.499
386 2.249
314 1.980
1.787
256 1.595
1.429
215
174
142
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011
Source: ABECS Source: IBGE
Growing passenger traffic (Airline Segment) Improving wealth distribution
RPK in Brazil (billions) Social classes in Brazil* (% of the population)
Multiplus’
target
CAGR +15%
81
70
57
44 48
40
2006 2007 2008 2009 2010 2011 2003 2014
Source: ANAC Values updated for 2010 Source: Social Policies Center of FGV-Rio
*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.
10
11. Achievments and acknowledgments
Almost 300,000 redemptions per month
21% of members became active through an
coalition partner
in 2Q12 vs 8% in 2Q11 and 2% in 2Q10
Melhores e Maiores (Best and Largest Companies) Exame Ranking
1st place in Wealth generation per
Employee Ranking
363th place in General Ranking:
climbed 352 positions
Page 536 – Exame Magazine, Special Edition Jul/12
12. Appendix
Currency Hedge
Income Statement
Balance Sheet and Cash Flow
12
14. Appendix II:
Income Statement
(R$ thousand) 2Q12 vs
2Q11 2Q12 2Q12 vs 2Q11 1Q12
Income Statement 1Q12
Gross revenue 314,568 352,226 12.0% 382,586 -7.9%
Sale of points 224,200 309,715 38.1% 319,572 -3.1%
TAM Airlines 44,821 47,138 5.2% 54,918 -14.2%
Banks, Retail, Industry and Services 179,379 262,577 46.4% 264,655 -0.8%
Breakage 83,621 42,664 -49.0% 62,248 -31.5%
Hedge 3,448 -963 -127.9% -72 1236.9%
Other revenues 3,299 810 -75.4% 837 -3.2%
Taxes on sales -29,505 -32,710 10.9% -35,461 -7.8%
Net Revenue 285,063 319,515 12.1% 347,124 -8.0%
C ost of the points redeemed -174,085 -236,592 35.9% -252,591 -6.3%
Air tickets -171,880 -228,154 32.7% -244,614 -6.7%
Other products / services -2,205 -8,438 282.7% -7,977 5.8%
Total cost of services rendered -174,085 -236,592 35.9% -252,591 -6.3%
Gross Profit 110,978 82,923 -25.3% 94,534 -12.3%
Gross Margin 38.9% 26.0% -13.0p.p. 27.2% -1.3p.p.
Shared services -1,907 -1,907 0.0% -1,907 0.0%
Personnel expenses -6,991 -11,467 64.0% -8,559 34.0%
Marketing -4,175 -3,406 -18.4% -1,943 75.3%
Depreciation -1173 -2,203 87.7% -2,109 4.5%
Other -6,399 -17,089 167.1% -19,152 -10.8%
Total Operating Expenses -20,645 -36,071 74.7% -33,669 7.1%
Total Costs and Operating Expenses -194,730 -272,663 40.0% -286,260 -4.7%
Operating Income 90,333 46,852 -48.1% 60,865 -23.0%
Operating Margin 31.7% 14.7% -17.0p.p. 17.5% -2.9p.p.
Financial Income/Expenses 33,825 21,032 -37.8% 25,561 -17.7%
Hedge 0 -1,004 N.A. 8,504 -111.8%
Income before income tax and social 124,158 66,881 -46.1% 94,929 -29.5%
Income tax and social contribution -42,990 -23,614 -45.1% -33,344 -29.2%
Net Income 81,168 43,267 -46.7% 61,585 -29.7%
Net Margin 28.5% 13.5% -14.9p.p. 17.7% -4.2p.p. 14
15. Appendix III:
Balance Sheet and Cash Flow
(R$ thousands) 2Q12 vs 2Q12 vs (R$ thousand)
2Q11 2Q12 1Q12
Balance Sheets 2Q11 1Q12
Cash Flow 2Q11 2Q12 1Q12
Assets 1,013,420 1,324,454 30.7% 1,181,671 12.1% Net Income 81,169 43,267 61,585
Depreciation/Amortization 1,173 2,203 2,109
Current assets 830,818 1,224,355 47.4% 1,031,114 18.7%
C ash and cash equivalentes 23,820 1,188 -95.0% 21,505 -94.5% Accounts Receivable -10,208 2,827 313
Investments 644,884 1,038,175 61.0% 813,250 27.7%
Accounts Payable -14,712 -8,021 10,093
Accounts Receivable 131,529 144,308 9.7% 147,135 -1.9%
Related Parties 22,320 21,928 -1.8% 22,042 -0.5% Taxes 4,882 -8,293 13,023
C urrent account 22,320 21,928 -1.8% 22,042 -0.5% Deferred Taxes 530 -20,645 15,060
Prepaid expenses 0 0 N.A. 0 N.A.
Related Parties 45,822 114 17,383
Deferred income tax and social contribution 1,823 3,388 85.8% 2,725 24.3%
Instrumentos Derivativos 5,540 0 N.A. 8,271 N.A. Prepaid Expenses 0 0 0
Other receivables 901 15,368 1606.6% 16,186 -5.1%
Prepaid Expenses C onsumption 179,699 30 -355
Non-current assets 182,602 100,098 -45.2% 150,556 -33.5% Deferred Revenue and Breakage liabilities 46,301 104,699 48,612
Prepaid expenses 0 0 N.A. 15,309 N.A.
Derivative Instruments -2,877 55,895 -37,727
Long term investments 155,588 11,866 -92.4% 85,110 -86.1%
Deferred income tax and social contribution 268 25,959 9577.8% 5,976 334.4% Other assets and liabilities -2,714 2,676 599
Instrumentos Derivativos 0 66 N.A. 2,110 -96.9% Operating Cash Flow 329,063 174,752 130,696
Demais C ontas a Receber 0 14,256 N.A. 0 N.A.
Property, plant and equipment 1,127 2,312 105.2% 1,340 72.6%
Intangible 17,900 34,482 92.6% 29,204 18.1% C apex -3,672 -8,104 -1,971
Intangible assets 7,720 11,158 44.5% 11,507 -3.0%
Cash Flow from Investing Activities -3,672 -8,104 -1,971
Liabilities and shareholder’s equity 1,013,420 1,324,454 30.7% 1,181,671 12.1%
Net proceeds from public offer 0 0 0
Current liabilities 779,941 1,137,577 45.9% 1,019,374 11.6%
Suppliers 3,151 116,956 3611.6% 124,977 -6.4% C apital -600,014 0 0
Taxes and fees payable 15,465 18,153 17.4% 26,446 -31.4% Dividendos / Juros sobre C apital Próprio 0 0 -261,420
Interest on Equity and Payable Dividends 0 0 N.A. 0 N.A.
C apital Reserve 2,300 -35,284 24,830
Deferred revenue 604,173 813,535 34.7% 725,580 12.1%
Breakage liabilities 133,683 134,073 0.3% 117,329 14.3% Legal Reserve 0 0 0
Instrumentos Derivativos 2,663 38,498 1345.5% 9,515 304.6%
Remuneration Plan 2,300 2,994 2,243
Other liabilities 20,806 16,362 -21.4% 15,526 5.4%
Hedge 0 -38,278 22,587
Non-current liabilities 0 26,091 N.A. 9,494 174.8%
0 0 0 0
Related Parties 0 0 N.A. 0 N.A.
Derivative Instruments 0 26,091 N.A. 9,494 174.8% Cash Flow from Financing Activities -597,714 -35,284 -236,589
Equity 233,479 160,786 -31.1% 152,803 5.2%
Increase (Decrease) in Cash -272,323 131,364 -107,865
C apital 69,049 70,401 2.0% 70,401 0.0%
Hedge 0 -49,902 N.A. -11,624 329.3%
Remuneration Plan 6,455 16,690 158.6% 13,696 21.9%
C ash at beginning of period* 1,096,614 919,865 1,027,730
Reserves 5,919 18,745 216.7% 18,745 0.0%
Retained Earnings (loss) 152,056 104,852 -31.0% 61,585 70.3% C ash at end of period* 824,292 1,051,229 919,865
15
16. 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
