Investor Presentation - May 2016

1. Institutional Presentation
May, 2016

2. Our history
1993
Creation of
TAM Fidelidade
1993
2010
Multiplus’ IPO
2010
2012
Multiplus reaches 10
mln members
2012
2014
• TAM makes part of Oneword
• Launch of mobile app for IOS and
Android e
• Multiplus launches "Points +
Money“ and Multiplus Challenge
(gamification)
• Non-air redemptions reached
record 15 % in a quarter
2014
2009
Spin-off from TAM
Fidelidade
2009
2011
Multiplus becomes
one of TOP 100 most
liquid stocks in
Bovespa
2011
2013
• Improved corporate
governance structure (new
Committee of Related
Parties)
• Two independent members
on Board
• Non-air redemptions
reached record 8% in a
quarter
2013
2015
• Multiplus implements
changes to its
operting model with
TAM
• Redemption of air
tickets on Multiplus
marketplace
2015
2

3. # of
months
~100
24
Points selling
CASH IN CASH OUT
3 sources of profit
Redemption
1.SPREAD
Unit revenue
minus unit cost
3.BREAKAGE
Points expired:
No cost
Expiration
2.FLOAT
Revenue
on interest
3

4. Corporate Governance practices guided by best standards
27.16%
72.74%
4
Novo Mercado
100% tag along
Dividend distribution: 100% of net income
Only ordinary shares; “one share, one vote”
30% of independent members on Board
Special committee
Committee on Finance, Audit, Governance and
Related Parties
Ownership breakdown:

5. 39.8%
13.9%
12.8%
12.5%
6.9%
5.4%
3.0%
2.4%
1.7%
0.3%
Nectar (UK)
Aeroplan (CAN)
Fly Buys (AUS)
Travel Club (ESP)
Multiplus (BRA)
Smiles (BRA)
Club Premier (MEX)
JAL Mileage (JPN)
AirMiles (CAN)
China Rewards (CHN)
Penetration of loyalty programs in total population (%)
Brazilian loyalty industry is still in early stages
5
Sources: loyalty programs websites and each country statistic data bureau

6. Multiple long term growth drivers
Historical double digit growth in the past years
About 35% of customers understand that they have
enrolled in a bank loyalty program
Crescent demand of air transportation for the
next years
Market in Latin America will grow at a high
single digit pace for the next years
Brazil will be on the top 10 global ranking of
aviation, in number of passengers
Online payments increased more than 45%
since 2010
Loyalty culture still in the early stages in Brazil
A and B classes represents 15% of total
population
More than 60% of Multiplus network consists of A
and B classes
6
Consumption
Source: Abecs (Brazilian Association of Credit Cards and Services
Companies)
Credit card usage Air transportation
Wealth distribution
Source: IBGE and Bacen
Source: IATA
Source: IBGE and internal studies

7. Network growth: track record of impact
7
Note: based on first quarter results – data available on Company’s releases
22.0 21.7 21.0 21.4 20.5
1Q15 2Q15 3Q15 4Q15 1Q16
13.0 13.2 13.5
14.2
14.7
1Q15 2Q15 3Q15 4Q15 1Q16
Members (million) Points issued (billion)
+ 13.1% -6,8%

8. Sales growth: consistent track record
8
Note: based on first quarter results – data available on Company’s releases
638.4 633.4
648.1 645.0 660.8
1Q15 2Q15 3Q15 4Q15 1Q16
534.3
560.6 586.1
580.6
565.9
19.0 19.1 19.3 18.5 17.4
29.2%
30.4% 30.2%
34.6% 33.2%
1Q15 2Q15 3Q15 4Q15 1Q16
Net revenue Gross margin
Gross billings (in R$ million) Net revenue (in R$ million)
Gross margin (%)
Points
Redeemed
(billion)
+ 3.5% + 5.9%
+ 4.0 p.p.
- 8.4%

9. Financial Results
9
Note: based on first quarter results – data available on Company’s releases
100.0
109.2
144.7
125.7
127.0
18.7% 19.5% 24.7% 21.7% 22.4%
1Q15 2Q15 3Q15 4Q15 1Q16
Net income Net margin
150.4
178.7
150.4 144.1
201.2
1Q15 2Q15 3Q15 4Q15 1Q16
Net income (in R$ million)
Net margin (%)
Cash generation (in R$ million)
+ 27.0% + 20.7%
+ 3,7 p.p.

10. Breakage rate and non-air redemptions evolution
10
Note: based on first quarter results – data available on Company’s releases
11.5%
13.1% 13.7%
19.0%
13.6%
1Q15 2Q15 3Q15 4Q15 1Q16
18.0% 17.9% 17.9%
18.2%
18.1%
1Q15 2Q15 3Q15 4Q15 1Q16
Non-air redemptions (%) Breakage rate (%)
+ 2.1 p.p. + 0.1 p.p.

11. 15 years agreement
automatically renewable for additional 5-year periods
Exclusive relationship
Points per seat vary according to flight fare with 100% availability,
improving Multiplus competitive advantage
up to 360 days
before flight date
fee exemptions, lowered points requirement, complimentary upgrades and up to
100% bonus points
High recognition
to premium clients
High flexibility
Superior frequent flyer
program
lower earn-to-burn ratios
redemptions via TAM, LAN and their airline partners
Wide redemption
window
Strategic long-term agreement with TAM Airlines
11

12. New pricing with TAM – transfer price
12
Greater
alignment of
interests -
"win-win“
relationship
Characteristics, fare class, demand, distance/region, season and marketCATEGORIES
Offering directed flights to the profile of each member, using our CRM
intelligence and analytics platforms
THROUGH
Create more value to our shareholders, and alignment of interests with TAMBENEFITS

13. Mobile app
RECORD RESULTS
1.5 million downloads
Record redemptions through the platform
6 times higher than in 1Q15
Notifications of transactions via push
Redemptions in only 3 clicks

14. Redemptions of airline tickets on Multiplus marketplace
13
Allows cross-
selling to our
portfolio of over
550,000
products
Improves
members
awareness
about our
network
Strengthen
our brand
Booking a hotel
Reviews
Car rental
Redemption of
ticket
Increases the
volume of
accesses to
our website

15. Adding value to our partners: sales increase
14
With Black Week warm-up, we leveraged
partner sales with an increase of R$ 10.1
million through the incentive of accrual of
points
Gross billings of points through accrual, during
promotional week in 2015 raised 99%
million reais
Increase of 45% in sales and 12x in number
of points during a week with a special offer

16. bonus points per each new credit card activated1 Activation
bonus points according to the volume of points transferred
segmented offers to engage an specific member group
2 Spending
3 Targeting
Solid relationship with banks
Targeted
redemption offers
15

17. Appendix

18. Income statement (1/2)
17
Income Statement
(R$ thousand) 1Q16 4Q15 Var % 1Q15 Var %
Gross revenue 623,760 638,538 -2.3% 588,988 5.9%
Sale of points 520,359 526,500 -1.2% 492,618 5.6%
TAM Airlines 37,402 39,647 -5.7% 38,658 -3.2%
Banks, Retail, Industry and Services 482,957 486,853 -0.8% 453,960 6.4%
Breakage 103,402 112,038 -7.7% 96,744 6.9%
Hedge - - - (374) -100.0%
Other revenues - - - - -
Taxes on sales (57,834) (57,898) -0.1% (54,622) 5.9%
Net Revenue 565,926 580,640 -2.5% 534,366 5.9%
Cost of the points redeemed (378,317) (380,025) -0.4% (378,263) 0.0%
Air tickets (337,681) (323,323) 4.4% (344,868) -2.1%
Other products / services (40,636) (56,702) -28.3% (33,395) 21.7%
Total cost of services rendered (378,317) (380,025) -0.4% (378,263) 0.0%
Equity Share on Results from Investments - - - - -
Gross Profit 187,609 200,615 -6.5% 156,103 20.2%
Gross Margin 33.2% 34.6% -1.4p.p. 29.2% 3.9p.p.

19. Income statement (2/2)
18
Income Statement
(R$ thousand) 1Q16 4Q15 Var % 1Q15 Var %
Gross revenue 623,760 638,538 -2.3% 588,988 5.9%
Sale of points 520,359 526,500 -1.2% 492,618 5.6%
TAM Airlines 37,402 39,647 -5.7% 38,658 -3.2%
Banks, Retail, Industry and Services 482,957 486,853 -0.8% 453,960 6.4%
Breakage 103,402 112,038 -7.7% 96,744 6.9%
Hedge - - - (374) -100.0%
Other revenues - - - - -
Taxes on sales (57,834) (57,898) -0.1% (54,622) 5.9%
Net Revenue 565,926 580,640 -2.5% 534,366 5.9%
Cost of the points redeemed (378,317) (380,025) -0.4% (378,263) 0.0%
Air tickets (337,681) (323,323) 4.4% (344,868) -2.1%
Other products / services (40,636) (56,702) -28.3% (33,395) 21.7%
Total cost of services rendered (378,317) (380,025) -0.4% (378,263) 0.0%
Equity Share on Results from Investments - - - - -
Gross Profit 187,609 200,615 -6.5% 156,103 20.2%
Gross Margin 33.2% 34.6% -1.4p.p. 29.2% 3.9p.p.
Total cost of services rendered (378,317) (380,025) -0.4% (378,263) 0.0%
Equity Share on Results from Investments - - - - -
Gross Profit 187,609 200,615 -6.5% 156,103 20.2%
Gross Margin 33.2% 34.6% -1.4p.p. 29.2% 3.9p.p.
Shared services (175) (175) 0.0% (767) -77.2%
Personnel expenses (17,464) (17,693) -1.3% (15,843) 10.2%
Marketing (4,430) (9,055) -51.1% (4,706) -5.9%
Depreciation (6,047) (8,132) -25.6% (6,256) -3.3%
Other (14,607) (21,709) -32.7% (16,475) -11.3%
Total Operating Expenses (42,722) (56,765) -24.7% (44,047) -3.0%
Total Costs and Operating Expenses (421,039) (436,790) -3.6% (422,310) -0.3%
Operating Income 144,887 143,850 0.7% 112,056 29.3%
Operating Margin 25.6% 24.8% 0.8p.p. 21.0% 4.6p.p.
Financial Income/Expenses 43,611 43,056 1.3% 36,379 19.9%
Hedge - - - - -
Income before income tax and social contribution 188,498 186,906 0.9% 148,435 27.0%
Income tax and social contribution (61,455) (61,185) 0.4% (48,423) 26.9%
Net Income 127,043 125,722 1.1% 100,012 27.0%
Net Margin 22.4% 21.7% 0.8p.p. 18.7% 3.7p.p.

20. Balance sheet (1/2)
Balance Sheet
(R$ thousand) VA VA VA
Assets 2,136,055 100.0% 1,794,494 100.0% 1,762,295 100.0%
Current assets 2,024,735 94.8% 1,671,863 93.2% 1,646,680 93.4%
Cash and cash equivalentes 13 0.0% 2,575 0.1% 650 0.0%
Financial assets at fair value through profit and loss 1,450,874 67.9% 1,488,874 83.0% 836,724 47.5%
Financial assets held-to-maturity - 0.0% - 0.0% - 0.0%
Accounts receivable 162,392 7.6% 144,408 8.0% 245,856 14.0%
Deferred income tax and social contribution - 0.0% 14,395 0.8% 27,235 1.5%
Related Parties 17,792 0.8% 19,105 1.1% 17,969 1.0%
Current account 17,792 0.8% 19,105 1.1% 17,969 1.0%
Prepaid expenses - 0.0% - 0.0% - 0.0%
Derivative instruments - 0.0% - 0.0% - 0.0%
Advances to suppliers 390,526 18.3% 1,504 0.1% 515,511 29.3%
Other receivables 3,138 0.1% 1,002 0.1% 2,736 0.2%
Non-current assets 111,320 5.2% 122,631 6.8% 115,614 6.6%
Financial assets - bank deposits - 0.0% - 0.0% - 0.0%
Financial assets held-to-maturity - 0.0% - 0.0% - 0.0%
Deferred income tax 713 0.0% 6,331 0.4% 8,129 0.5%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Other accounts receivable 33 0.0% 26 0.0% 74 0.0%
Investments 91 0.0% 91 0.0% 91 0.0%
Property, plant and equipment 14,497 0.7% 15,769 0.9% 12,905 0.7%
Intangible assets 95,986 4.5% 100,414 5.6% 94,415 5.4%
Related Parties - 0.0% - 0.0% - 0.0%
3/31/20153/31/2016 12/31/2015

21. Balance sheet (2/2)
Liabilities and shareholders' equity 2,136,055 100.0% 1,794,494 100.0% 1,762,295 100.0%
Current liabilities 1,890,442 88.5% 1,533,716 85.5% 1,539,023 87.3%
Suppliers 186,007 8.7% 154,950 8.6% 201,962 11.5%
Salaries and payroll taxes 14,854 0.7% 23,427 1.3% 12,622 0.7%
Tax, charges and contributions 205 0.0% 551 0.0% 7,111 0.4%
Income and social contribution tax 4,366 0.2% - 0.0% - 0.0%
Interest on own capital and dividends - 0.0% - 0.0% - 0.0%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Deferred revenue 1,195,491 56.0% 1,147,549 63.9% 1,105,123 62.7%
Breakage liabilities 190,573 8.9% 202,918 11.3% 208,591 11.8%
Advances from customers 293,327 13.7% 3,187 -
Other liabilities 5,620 0.3% 1,134 0.1% 3,612 0.2%
Dividends payable - 0.0% - 0.0% - 0.0%
Non-current liabilities - 0.0% - 0.0% - 0.0%
Related parties - 0.0% - 0.0% - 0.0%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Deferred revenue - 0.0% - 0.0% - 0.0%
Equity 245,613 11.5% 260,778 14.5% 223,272 12.7%
Share capital 107,300 5.0% 107,300 6.0% 107,300 6.1%
Capital reserve 143 0.0% (503) 0.0% (2,356) -0.1%
Shares in treasury (10,902) -0.5% (10,902) (2,864) -0.2%
Earnings reserve 149,072 7.0% 164,883 9.2% 121,471 6.9%
Carrying value adjustments - 0.0% - 0.0% (279) 0.0%
Retained Earnings (loss) - 0.0% - 0.0% - 0.0%
Balance Sheet
(R$ thousand) VA VA VA
Assets 2,136,055 100.0% 1,794,494 100.0% 1,762,295 100.0%
Current assets 2,024,735 94.8% 1,671,863 93.2% 1,646,680 93.4%
Cash and cash equivalentes 13 0.0% 2,575 0.1% 650 0.0%
Financial assets at fair value through profit and loss 1,450,874 67.9% 1,488,874 83.0% 836,724 47.5%
Financial assets held-to-maturity - 0.0% - 0.0% - 0.0%
Accounts receivable 162,392 7.6% 144,408 8.0% 245,856 14.0%
Deferred income tax and social contribution - 0.0% 14,395 0.8% 27,235 1.5%
Related Parties 17,792 0.8% 19,105 1.1% 17,969 1.0%
Current account 17,792 0.8% 19,105 1.1% 17,969 1.0%
Prepaid expenses - 0.0% - 0.0% - 0.0%
Derivative instruments - 0.0% - 0.0% - 0.0%
Advances to suppliers 390,526 18.3% 1,504 0.1% 515,511 29.3%
Other receivables 3,138 0.1% 1,002 0.1% 2,736 0.2%
Non-current assets 111,320 5.2% 122,631 6.8% 115,614 6.6%
Financial assets - bank deposits - 0.0% - 0.0% - 0.0%
Financial assets held-to-maturity - 0.0% - 0.0% - 0.0%
Deferred income tax 713 0.0% 6,331 0.4% 8,129 0.5%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Other accounts receivable 33 0.0% 26 0.0% 74 0.0%
Investments 91 0.0% 91 0.0% 91 0.0%
Property, plant and equipment 14,497 0.7% 15,769 0.9% 12,905 0.7%
Intangible assets 95,986 4.5% 100,414 5.6% 94,415 5.4%
Related Parties - 0.0% - 0.0% - 0.0%
3/31/20153/31/2016 12/31/2015

22. Contact IR
Investor Relations
invest@pontosmultiplus.com.br
www.pontosmultiplus.com.br/ir