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Raymond James 2012 Global Airline Conference

                February 2nd 2012
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
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
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
Growing coalition network…
                                                                                             Magazine
   Air Travel      Travel Agency       Gas Stations    Bookstore      Hotels     Telecom                     Pay-TV         Apparel        Education
                                                                                            Suscriptions




   Insurance                                                                                                                             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    Cargo      Car Rental    Group Buying   Pension Plan
                                          Healthy                                                                                          Decoration




Note: blank slots refer to targeted segments
                                                                                                                                                          5
… 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
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
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
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
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
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




                                                                                                                        2003                                         2014
           2006            2007            2008            2009            2010
    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.
                                                                                                                                                                                                11
Thank you.

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

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Investor Presentation - February 2012

  • 1. Raymond James 2012 Global Airline Conference February 2nd 2012
  • 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 Insurance 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 Cargo 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 2003 2014 2006 2007 2008 2009 2010 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. 11
  • 12. Thank you. 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