Multiplus is a loyalty network in Brazil with over 8.5 million members. It saw strong growth in the second quarter of 2011, with points sold up 19.5% year-over-year and partnerships increasing 28.8% year-over-year. The company has a strategic relationship with TAM Airlines, Brazil's largest airline, allowing members to redeem points for attractive air travel rewards. Multiplus has an innovative business model with low capital expenditures, strong cash generation, and a scalable network effect that promotes continued membership and partnership growth.

1. Investor Presentation
September 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 loyalty network
Members can gather all points Powerful support for partners to
from several programs in one acquire and retain clients
single account
over 8.5 mln positive network effect
generating strong growth
more than 160
members partnerships
+19.5% YoY
18.5 bln +28.8% YoY
points sold in 2Q11
+51.4% YoY
Exclusive and Strategic Relationship with TAM Multiplus
15 years tenor Operational Agreement (extended for additional 2009: spin-off from TAM’s loyalty program
five-year periods )
2010: beginning of operations as separated
Air tickets: high value perception with the most appealing product business unit and IPO
to the public TAM SA holds 73,2% stake
Most Desired Airline in Brazil (Ibope Research) and Star Alliance 3

4. Innovative business model
Low CAPEX
Debit free Dividend player
requirement
Strong cash Scalable Negative
generation business working capital
Point expiration
Breakage
4

5. SPREAD
BREAKAGE
//
Month Month Month
O ~1O 24
Point Expiration
Interest Income

6. Solid Track Record
Gross Billings Breakage Rate (12 months average)
R$ millions %
34.3% +30 bps
+4.3% +30 bps
339,9 354,6 23,3%
300,0 325,2 23,0% 23,0%
264,0 22,6% 22,6%
2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11
Members Free Cash Flow to Equity
In millions R$ millions
+19.5% +7.7%
+4.0% +26.3%
326,6 327,7
8,6 304,3 285,5
8,0 8,3 259,4
7,2 7,6
2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11
Note: Excluding dividends and capital reduction effects
6

7. Appendix III:
Exclusive and Strategic Relationship with TAM
Operational Agreement Assures the Most Appealing Products to the Members = Air Tickets
Airlines
● Leading airline in the Brazilian market and largest airline in Latin America
● Only Brazilian company with long haul flights
● Most Desired Airline in Brazil – Ibope Research
● High penetration in South American flights
● There is no restriction to redeem points in domestic and within South America flights
● Access to Star Alliance benefits
● 15 years tenor Operational Agreement (automatically extended for additional five-year periods )
Detachment from cost and perceived value
with the most appealing product to the public
7

8. Multiplus is a loyalty network
A loyalty network connecting consumers and companies The first airline loyalty program in Brazil
More than 1,000 destinations worldwide
over 8.5 mln more than 160
members partnerships
+19.5% YoY positive network effect +28.8% YoY
• Sca
Powerful support for partners to acquire and
retain clients
• Low
Members can gather all points from several
• Rec
programs in one single account
+28.8% YoY • Ma
*based o
8

9. Multiplus is a loyalty network
A loyalty network connecting consumers and companies The first airline loyalty program in Brazil
More than 1,000 destinations worldwide
over 8.5 mln more than 160
members partnerships
+19.5% YoY positive network effect +28.8% YoY
• Sca
Powerful support for partners to acquire and
retain clients
• Low
Members can gather all points from several
• Rec
programs in one single account
+28.8% YoY • Ma
*based o
9

10. Flexible Business Model
CORE BUSINESS
Accrual Redemption Coalition Outsourcing CRM
Partners
Partners Partners Partners
Partners buy Multiplus buys Two-way flow: Multiplus Multiplus
points from points, products exchange of manages the leverages the
Multiplus to award or services from points, products loyalty program of database from its
its customers partners to deliver and services (buy the partner network and
(Ex. banks, parking to its members and sell) between (systems and offers CRM
and stores) (Ex. donation and Multiplus and operations) services
tickets) coalition partners
(Ex. air travel,
e-commerce and
gas station)
10

11. Coalition Partnerships Network
(members can earn and redeem points)
Magazine
Air Travel Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education
Suscriptions
- Stock Exchange
- 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 11

12. Accrual and Redemption Partnerships*
Accrual Redemption
Donation
Financial Institutions
Leisure
Other
*non exhaustive
12

13. Business Model
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% Sources of Profit
98%
Spread
3% Margin between point price and
cost of rewards 2%
71% Breakage
Points expiring without being
redeemed
Long Term Target Interest income on the float Long Term Target
Gap between sales and redemptions
of points
Cross-selling of services
Outsourcing and CRM
15 to 20% 15 to 20%
Note: based on 2Q11
13

14. 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
14

15. Non-airline tickets redemptions
POINTS REDEEMED IN NON-AIRLINE TICKETS
As % of total points redeemed Attractive offers to members
2,5%
2,1% Books Fuel
Clothing Hotels
Courses Magazines
0,8% Donations Pay-TV
0,4% 0,4% 0,4% 0,5% 0,4% 0,5% 0,5% 0,5%
DVDs Telecom services
0,2% 0,2%
Electronics Tickets
Mar-11
Feb-11
Jun-11
Jun-10
Nov-10
Apr-11
Jul-10
Aug-10
Sep-10
Dec-10
Jan-11
May-11
Oct-10
NOTE: it includes points issued before 2010 (TAM’s inventory)
COALITION AND REDEMPTION PARTNERS
OPERATIONAL IN SETUP PROCESS ROADMAP
Groceries
Entertainment
Restaurants
Beauty
Others
15

16. Growth Opportunities
Credit Card Usage 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
Passenger Traffic (Airline Segment) Wealth Distribution
RPK in Brazil (billions) 23% Social classes* (% of the population)
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.
16

17. Main Strategic Objectives
User-friendly Interface
(new website, new tools, etc.)
New Partners
(and partnerships of higher added value)
Client New redemption options
Experience (coalition)
Operational Efficiency
Shareholder Brand
Return Publicity
New members
Breakage Management
Cash Management Publicity of new concept
New services Actions at sales outlet
(CRM and outsourcing) Costs sharing with partner
17

18. Appendix

19. Appendix I:
Typical Accrual and Redemption Flows
Accrual flow: cash in due to sales of points to partners
PARTNER WITH STANDALONE PROGRAM
POINTS
A earns accumulates Partner’s converts to
Points
Program
MEMBER buys Products
and PARTNER WITH NO STANDALONE PROGRAM
(consumer) Services
B earns
Redemption flow: cash out due to purchase of points, products and services from partners and suppliers
COALITION AND REDEMPTION PARTNERS
POINTS
C converts to accumulates Partner’s earns
Points Products
Program
and
MEMBER redeems
Services
D earns
(consumer)
MULTIPLUS WEBISITE Products
and
E earns
Services
19

20. 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
TAM S.A. 26,29
27,40
25,48 24,99 25,80
24,74
23,36
19,96
17,48 17,87
15,99 16,58 16,17
14,90
z z 19,4
73,17% 26,83%
15,3
13,3 12,8
10,5
9,7 9,5 8,8 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
2010 2011
20

21. Appendix IV:
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
Qantas Program AUS
AirMiles CAN
AirMiles UK
Velocity AUS
Club Premier MEX
JAL Mileage Bank JPN
Miles&More DEU
FlyBuys AUS
Flying Blue FRA
Aeroplan CAN
Multiplus BRA
Smiles BRA
Nectar UK
Nectar ITA
LANPASS CHL
Sky Miles USA
FlyBuys NZL
AAdvantage USA
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.
21

22. Appendix V:
2Q11 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%)
22

23. Appendix VI:
Income Statement
(R$ thousand) 2Q11 vs 2Q11 vs
2Q10 2Q11 1Q11
Income Statement 2Q10 1Q11
Gross revenue 102.951 314.567 205,6% 266.104 18,2%
Sale of points 75.250 224.200 197,9% 191.749 16,9%
TAM Airlines - TLA 7.312 44.821 513,0% 35.883 24,9%
Banks, Retail, Industry and Services 67.938 179.379 164,0% 155.866 15,1%
Breakage 24.239 83.621 245,0% 71.145 17,5%
Hedge 0 3.448 N.A. 0 N.A.
Other revenues 3.462 3.299 -4,7% 3.210 2,8%
Taxes on sales -9.482 -29.505 211,2% -24.124 22,3%
Net Revenue 93.469 285.063 205,0% 241.980 17,8%
Cost of the points redeemed -51.205 -174.085 240,0% -136.226 27,8%
Air tickets -51.087 -171.880 236,4% -135.621 26,7%
Other products / services -118 -2.205 1762,2% -605 264,4%
Accounting Adjustments -20 - -100,0% 0 N.A.
Total cost of services rendered -51.225 -174.085 239,8% -136.226 27,8%
Gross Profit 42.244 110.978 162,7% 105.754 4,9%
Gross Margin 45,2% 38,9% -6,3p.p. 43,7% -4,8p.p.
Shared services -2.012 -1.907 -5,2% -1.907 0,0%
Personnel expenses -3.257 -6.991 114,6% -9.256 -24,5%
Marketing -269 -4.175 1449,5% -2.052 103,4%
Depreciation 0 -1.173 N.A. -1.032 13,7%
Other -5.532 -6.399 15,7% -7.948 -19,5%
Total Operating Expenses -11.070 -20.645 86,5% -22.194 -7,0%
Total Costs and Operating Expenses -62.295 -194.730 212,6% -158.420 22,9%
Operating Income 31.174 90.333 189,8% 83.560 8,1%
Operating Margin 33,4% 31,7% -1,7p.p. 34,5% -2,8p.p.
Financial Income/Expenses 3.853 33.825 778,0% 25.184 34,3%
Income before income tax and social contribution 35.027 124.158 254,5% 108.744 14,2%
Income tax and social contribution -11.898 -42.990 261,3% -37.857 13,6%
Net Income 23.129 81.168 250,9% 70.887 14,5%
Net Margin 24,7% 28,5% 3,7p.p. 29,3% -0,8p.p.
23

24. Appendix VII:
Currency Hedge
FUNDAMENTALS POSITION IN JUN 2011 (USD mln)
2011 2012 2013 2014 Total
NOTIONAL 48.0 84.0 37.0 2.0 171.0
• Multiplus is exposed to
PUT* 1.67 1.68 1.74 1.77 -
foreign exchange risk as
most of the agreements with CALL* 1.78 1.80 1.85 1.87 -
* average strike prices (BRL/USD)
financial institutions are
denominated in USD.
• These partners represented SENSITIVITY ANALYSIS
approximately 70% of Impact on company’s cash flow (Notional: USD 171.0 mln)
R$ million
Multiplus’ gross billings in
5,3 5,3 5,3 5,3 R$1,45/USD
5,2
2Q11. R$1,55/USD
• The Financial Risk 4,0
3,5
R$1,65/USD
3,3
Policy determines coverage 2,9 2,9 2,9 2,9
3,1
limits and the list of eligible 2,5
2,2 2,1
1,9 1,9
financial instruments
1,3 1,3
1,0 1,0 0,9 0,9
0,6 0,6 0,6 0,6 0,7 0,7 0,6
0,4
0,2
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
24

25. Appendix VIII:
Balance Sheet and Cash Flow
(R$ thousands) 2Q11 vs 2Q11 vs
2Q10 2Q11 1Q11 (R$ thousand)
Balance Sheets 2Q10 1Q11
Cash Flow 2Q11
Assets 1.062.523 1.013.420 -4,6% 1.482.205 -31,6%
Net Income 81.168
Current assets 789.208 830.818 5,3% 1.306.111 -36,4%
Cash and cash equivalentes 2.403 23.820 891,3% 16.868 41,2% Depreciation/Amortization 1.173
Investments 333.862 644.884 93,2% 928.663 -30,6%
Accounts Receivable -10.208
Accounts Receivable 64.638 131.529 103,5% 121.321 8,4%
Related Parties 382.919 22.320 -94,2% 236.848 -90,6% Accounts Payable -14.712
Current account 95.127 22.320 -76,5% 57.149 -60,9% 5.412
Taxes
Prepaid expenses 287.792 0 -100,0% 179.699 -100,0%
Deferred income tax and social contribution 5.025 1.823 -63,7% 1.858 -1,9% Related Parties 45.821
Derivative Instruments 0 5.540 N.A. 0 N.A.
Prepaid Expenses 179.699
Other receivables 361 901 149,2% 553 62,8%
Deferred Revenue and Breakage liabilities 46.301
Non-current assets 273.315 182.602 -33,2% 176.094 3,7%
Other assets and liabilities -5.591
Prepaid expenses 265.610 0 -100,0% 0 N.A.
Long term investments 0 155.588 N.A. 151.083 3,0% Operating Cash Flow 329.062
Deferred income tax and social contribution 568 268 -52,8% 763 -64,9%
Property, plant and equipment 0 1.127 N.A. 1.156 -2,5%
Intangible 0 17.900 N.A. 17.995 -0,5% Capex -3.672
Intangible assets 7.137 7.720 8,2% 5.097 51,5%
Cash Flow from Investing Activities -3.672
Liabilities and shareholder’s equity 1.062.523 1.013.420 -4,6% 1.482.205 -31,6%
Net proceeds from public offer 0
Current liabilities 362.979 779.941 114,9% 732.181 6,5%
Capital -600.014
Suppliers 1.766 3.151 78,5% 17.863 -82,4%
Taxes and fees payable 6.003 15.465 157,6% 10.583 46,1% Dividends 0
Deferred revenue 239.671 604.173 152,1% 551.709 9,5% 2.300
Capital Reserve
Breakage liabilities 110.938 133.683 20,5% 139.846 -4,4%
Derivative Instruments 0 2.663 N.A. 0 N.A. Cash Flow from Financing Activities -597.714
Other liabilities 4.602 20.806 352,1% 12.180 70,8%
Increase (Decrease) in Cash -272.324
Equity 699.544 233.479 -66,6% 750.025 -68,9%
Capital 669.063 69.049 -89,7% 669.063 -89,7%
Remuneration Plan 0 6.455 N.A. 4.155 55,4%
Cash at beginning of period* 1.096.614
Reserves 0 5.919 N.A. 5.919 0,0%
Retained Earnings (loss) 30.481 152.056 398,9% 70.887 114,5% Cash at end of period* 824.292
25

26. Appendix IX:
Adjusted EBITDA
(R$ thousand) 2Q11 vs 2Q11 vs
2Q10 2Q11 1Q11
Adjusted EBITDA 2Q10 1Q11
Operating Income 31.174 90.333 189,8% 83.560 8,1%
Depreciation and Amortization 0 1.173 N.A. 1.032 13,7%
EBITDA 31.174 91.506 193,5% 84.592 8,2%
Margin 33,4% 32,1% -1,3p.p. 35,0% -2,9p.p.
Gross Billings of points 263.968 354.554 34,3% 339.885 4,3%
Other Revenues in the period 3.462 6.746 94,8% 3.210 110,2%
Tax on Gross Billings -24.737 -33.420 35,1% -31.736 5,3%
Net Billings 242.693 327.880 35,1% 311.359 5,3%
Revenue from the sale of points -99.489 -307.821 209,4% -262.894 17,1%
Other Revenues in the period -3.462 -6.746 94,8% -3.210 110,2%
Tax on Revenue 9.523 29.097 205,6% 24.615 18,2%
Net Revenue -93.428 -285.470 205,6% -241.490 18,2%
Future redemptions costs:
Balance of points to be redeemed variation -101.514 -52.601 -48,2% -65.312 -19,5%
Adjusted EBITDA 78.926 81.316 3,0% 89.150 -8,8%
Margin 32,5% 24,8% -7,7p.p. 28,6% -3,8p.p.
Future redemptions costs:
Breakage ratio variation 706 3.383 378,9% 3513 -3,7%
Average cost per 10,000 points variation 2.456 24 -99,0% 10.630 -99,8%
Adjusted EBITDA w/ previous period adjustments 82.088 84.722 3,2% 103.293 -18,0%
Margin 33,8% 25,8% -8,0p.p. 33,2% -7,3p.p.
Note: A spreadsheet with a calculation log of the cost of future redemptions is available on the Company’s IR website
(www.multiplusfidelidade.com.br/ri). Below is a short description of the main lines:
• Change in the breakage ratio: represents the impact of the breakage ratio on total number of points issued in the previous 24 months (Multiplus
points mature in 2 years).
• Change in the balance of points to be redeemed: the impact of the change in the balance of points to be redeemed (excluding points already
redeemed and breakage points) considering the average cost in the last 12 months.
• Average cost per 1,000 points variation: the impact of variation of average cost on the balance of points to be redeemed in the previous period.
26

27. Thank you.
Investor Relations
+55 11 5105 1847
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir