2. 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.
3. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 3
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case
4. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 3
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case
5. Brazilian loyalty industry is still in early stages
60,7%
43,8%
37,7%
28,9% 28,6%
24,1%
21,9%
19,5%
14,0% 12,9%
8,9%
5,2% 4,1% 3,5% 2,5%
Penetration of loyalty programs in total population (%)
Sources: loyalty programs websites and each country statistic data bureau (Updated in Dec/2012)
High growth potential
Average (ex-Multiplus): 22.2%
5
6. Multiple long term growth drivers
Credit Card usage
Expected double digit growth for next 3 years
Only 35% of customers understands that they have
enrolled in a bank loyalty program (vs. 31% in
2011)
Consumption
Possible high single digit growth for next 3 years
Loyalty culture still in the early stages
Air transportation
Latin America is the second fastest growing
region in RPK
Average trips per capita is only 0.5in
Brazil vs more than 3.0 in mature markets
Wealth distribution
A/B classes expected to reach 15% in 2014 (vs
7% in 2003)
Multiplus network focus on A, B and C+
6
7. Coalition model: an evolution from traditional loyalty
scheme
7
Single Loyalty Scheme Traditional Coalition Loyalty Flexible Coalition Loyalty
Commercial partners
• Limited number of partners
Members
• Low accumulation power
• Redemption option limited to airline
tickets
Commercial partners
• Access to a broader consumer base
• Limited capacity to attract new partners
(loyalty program managed by Coalition
Co.)
Members
• Better accumulation power
• More redemption options
Commercial partners
• Access to a broader consumer base
• More flexible structure is more
appealing for new partners (especially
those who already have an own loyalty
program)
Members
• Better accumulation power
• More redemption options
Loyalty program managed by Coalition Co
Loyalty program managed by Coalition Co
Loyalty program managed by Partner
8. Sources of profit: coalition
# of months ~100 24
3
2
points selling redemption
unit revenue less unit cost
spread1
CASH IN CASH OUT
~10 months float
interest income
point expiration
breakage
THREE SOURCES OF PROFIT
8
9. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 3
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case
10. 10
1993
Creation of
TAM Fidelidade
2009
Spin-off from
TAM Fidelidade
Feb/2010
Multiplus’ IPO
Oct/2011
Multiplus
presents its
new brand
Nov/2011
Announcement
of JV with AIMIA
Dez/2012
Multiplus
becomes one of
TOP 100 most
liquid stocks
in Bovespa
Aug/2010
New headquarters
and IT loyalty platform
Mar/2012
Multiplus
reaches 200
partners
Apr/2012
Multiplus
reaches 10 mn
members
Mai/2013
launched the
new‖ campaign
on several
media vehicles
Jun/2013
Non-air redemptions
reached 8% for the
first time in a quarter
Oct/2013
Improved corporate
governance
structure
Created from TAM Fidelidade, Multiplus has already
three years of track record
11. 11
Consistent network growth
8,0
9,4
10,9
11,9
2010 2011 2012 2013
Partners
Members, in R$ million11.9 mn members can gather
points from several programs in
one single account
466 partners gain a powerful
support acquiring and retaining
clients
Members (mn)
151
190
369
466
2010 2011 2012 2013
SMEs
Main partners
Total
Note: based 3Q13
13. 13
Strategic long-term agreement with TAM Airlines
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
14. 14
Solid relationship with banks
bonus points per each new credit card activated
Targeted redemption
offers
1 Activation
bonus points according to the volume of points transferred
segmented offers to engage an specific member group
2 Spending
3 Targeting
15. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 3
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case
17. 17
Cash generation and shareholders’ return
FCF* (BRL mn) Dividends and Interest
on own capital (BRL mn)
589,0
460,6
489,4
387,8
2010 2011 2012 LTM Sep 13
112,3
861,3
222,4 225,2
2010 2011 2012 LTM Sep 13
*Excluding Dividends, Interest on Capital and variations of
Prepaid Expenses and Capital (2012 and 2013 are adjusted
with R$ 71.3 of anticipated settlement in Accounts Payable) More than BRL 1.4 billion already distributed since the IPO
*Including a BRL 600 million capital reduction
*
18. 18
High corporate governance standards
If rejected
The proposal needs
unanimity Board approval
Special Committee
Independent members
Related Parties Subjects
If approved
The proposal needs
majority Board approval
Novo Mercado (New Market)1
100% tag along rights2
Ordinary share only3
30% of independent board
members4
Special Committee5
Special Committee: Audit, Finance, Governance and Related Parties Committee
19. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 3
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case
20. 20
Diversification goals
92%
8%
Current
Air Tickets Others
19%
3%
78%
Current
TAM Retail, Industry and Services Banks
Note: based on LTM Sep/13
Long term target
Long term target
10 to 15%
20 to 25%
Points redeemed
Points sold
Increased retail
share will help to
sustain margins and
improve members
engagement
Non-air
redemptions growth
supports unit cost
control and member
experience
improvement
22. 22
Generate value to members and partners will sustain
growth
Branding, Innovation and Knowledge
Sustainable
Growth
Adding value to partners
• sales increase
• lower retention costs
• vacancy management
• new business insights based on client
data and behavior
• develop loyalty schemes
• data analytics services
• Incentive campaigns
Creating a good member experience
• broad network
• targeted offers
• fair pricing
• recognition
• user friendly e-commerce platform
• mobile applications
26. 26
Redemptions turn people more interested in
collecting points
Sample A members collect
about 60% more points
than Sample B members
during 12 months following
redemption date
Sample A
Sample B
redemption
no redemption
Sample A and B members
with same accrual behavior
Measuring accrual gap after
redemption date
Note: CRM analysis based on Multiplus‘ 2011-2012 data
27. 27
Creating a good member experience: fair pricing
Multiplus
69,400
Program B
75,647
Program C
81,800
Program D
98,400
Program E
115,800
32-Inch LED TV
Dec/2012
Program C
71,700
Program B
48,600
Multiplus
35,900
Wine cellar
Dec/2012
28. 28
Segmented offers by a balance of points generates
attractiveness
sending offers increases in
approximately 30%the amount of
points redeemed within 3 days following
the sending (vs. average)
And contributes to the
activation rate
of members
29. 29
Communication from the amount of points to expire
generates engagement
35% increase in the
number of members
who joined the
offers vs control group
30. 30
Branding the emotional concept
Using Multiplus you can accumulate
points from different loyalty programs
in a single account
Redeem your points to have moments
you would never put on sale
Emotional
as of Oct/2012
Functional
Jan/2010 ~ Oct/2012
Online media
Channels
Strategy
Radio spots Partner channelsPress media
33. 33
New air-ticket redemption model:
Member experience and business sustainability
4 Attractiveness of the redemption offers
360 days window and more promotional offers
1 Stability of unit cost
The cap and floor ensure a maximum variation of 5% in unit cost
3 Natural hedge
The international airline tickets are denominated in U.S. dollars
2 Alignment of interests with the airline
Number of points per seat based on classes
Effective since June 2013
34. 34
New pricing model methodologyUnitcost(R$)
Jun/2013 ~Aug/2014
Cap
Floor
Previous model Setup period New pricing model
Today
• Multiplus pays discounted
market price per seat
• 5% cap and floor protect margin
and guarantee business
sustainability
• Data gathering of
fares available
at redemption
moment
• Discount
measurement
• Unit cost set according to a
combination of TAM’s
marginal cost and revenue
displacement
• Short term fluctuations due to
TAM’s promotional activity
Average
Air tickets market price
Discounted market price
Long haul and South America flights priced in USD
12 months data gathering
Multiplus` implicit discount
ILLUSTRATIVE
35. 35
Income statement (1/2)
(R$ thousand)
Income Statement
Gross revenue 417,668 520,027 24.5% 439,332 18.4%
Sale of points 364,984 469,120 28.5% 379,447 23.6%
TAM Airlines 52,619 43,456 -17.4% 40,838 6.4%
Banks, Retail, Industry and Services 312,365 425,664 36.3% 338,609 25.7%
Breakage 57,829 60,893 5.3% 64,532 -5.6%
Hedge (5,956) (10,661) 79.0% (5,457) 95.4%
Other revenues 810 675 -16.7% 810 -16.7%
Taxes on sales (39,226) (49,155) 25.3% (40,767) 20.6%
Net Revenue 378,442 470,872 24.4% 398,565 18.1%
Cost of the points redeemed (274,669) (356,697) 29.9% (286,634) 24.4%
Air tickets (261,853) (321,120) 22.6% (270,388) 18.8%
Other products / services (12,816) (35,577) 177.6% (16,246) 119.0%
Total cost of services rendered (274,669) (356,697) 29.9% (286,634) 24.4%
Equity Share on Results from Investments
in JV
(1,081) (2,082) 92.6% (1,703) 22.2%
Gross Profit 102,692 112,093 9.2% 110,228 1.7%
Gross Margin 27.1% 23.8% -3.3p.p. 27.7% -3.9p.p.
3Q12 3Q13
3Q13
vs
3Q12
2Q13
3Q13
vs
2Q13
36. 36
Income statement (2/2)
(R$ thousand)
Income Statement
Gross revenue 417,668 520,027 24.5% 439,332 18.4%
Sale of points 364,984 469,120 28.5% 379,447 23.6%
TAM Airlines 52,619 43,456 -17.4% 40,838 6.4%
Banks, Retail, Industry and Services 312,365 425,664 36.3% 338,609 25.7%
Breakage 57,829 60,893 5.3% 64,532 -5.6%
Hedge (5,956) (10,661) 79.0% (5,457) 95.4%
Other revenues 810 675 -16.7% 810 -16.7%
Taxes on sales (39,226) (49,155) 25.3% (40,767) 20.6%
Net Revenue 378,442 470,872 24.4% 398,565 18.1%
Cost of the points redeemed (274,669) (356,697) 29.9% (286,634) 24.4%
Air tickets (261,853) (321,120) 22.6% (270,388) 18.8%
Other products / services (12,816) (35,577) 177.6% (16,246) 119.0%
Total cost of services rendered (274,669) (356,697) 29.9% (286,634) 24.4%
Equity Share on Results from Investments
in JV
(1,081) (2,082) 92.6% (1,703) 22.2%
Gross Profit 102,692 112,093 9.2% 110,228 1.7%
Gross Margin 27.1% 23.8% -3.3p.p. 27.7% -3.9p.p.
3Q12 3Q13
3Q13
vs
3Q12
2Q13
3Q13
vs
2Q13
Shared services (1,907) (882) -53.7% (473) 86.4%
Personnel expenses (10,367) (11,806) 13.9% (11,964) -1.3%
Marketing (4,394) (8,027) 82.7% (6,404) 25.3%
Depreciation 119 (2,308) -2036.6% (1,978) 16.7%
Other (14,955) (17,047) 14.0% (16,539) 3.1%
Total Operating Expenses (31,503) (40,070) 27.2% (37,359) 7.3%
Total Costs and Operating Expenses (307,253) (398,849) 29.8% (325,695) 22.5%
Operating Income 71,189 72,023 1.2% 72,869 -1.2%
Operating Margin 18.8% 15.3% -3.5p.p. 18.3% -3.0p.p.
Financial Income/Expenses 20,972 25,977 23.9% 17,880 45.3%
Hedge 9,691 (4,142) -142.7% (7,972) -48.0%
Income before income tax and social
contribution
101,852 93,858 -7.8% 82,777 13.4%
Income tax and social contribution (35,274) (31,662) -10.2% (25,342) 24.9%
Net Income 66,578 62,196 -6.6% 57,434 8.3%
Net Margin 17.6% 13.2% -4.4p.p. 14.4% -1.2p.p.
37. 37
Balance sheet: assets
(R$ thousand)
Balance Sheet
Assets 1,470,506 1,533,838 4.3% 1,529,342 0.3%
Current assets 1,367,809 1,452,130 6.2% 1,437,166 1.0%
Cash and cash equivalentes 791 5,399 582.6% 3,410 58.3%
Financial assets at fair value through profit and loss 1,004,160 954,572 -4.9% 747,623 27.7%
Financial assets held-to-maturity 164,700 13,072 -92.1% 12,782 2.3%
Accounts receivable 157,084 162,310 3.3% 215,802 -24.8%
Deferred income tax and social contribution 3,302 4,264 29.1% 5,269 -19.1%
Related Parties 20,592 299,676 1355.3% 429,630 -30.2%
Derivative instruments - - N.A. - N.A.
Prepaid expenses 5,089 - -100.0% - N.A.
Other receivables 12,091 12,837 6.2% 22,650 -43.3%
Non-current assets 102,697 81,708 -20.4% 92,176 -11.4%
Financial assets - bank deposits - - N.A. - N.A.
Financial assets held-to-maturity 12,113 - -100.0% - N.A.
Deferred income tax 19,562 10,067 -48.5% 16,008 -37.1%
Derivative financial instruments 68 - -100.0% - N.A.
Other accounts receivable 12,754 532 -95.8% 5,293 -89.9%
Investments 5,491 9,181 67.2% 11,263 -18.5%
Property, plant and equipment 2,370 6,942 192.9% 3,951 75.7%
Intangible assets 50,339 54,986 9.2% 55,661 -1.2%
Related Parties - - N.A. - N.A.
3Q13
vs
2Q13
3Q13
vs
3Q12
3Q12 3Q13 2Q13
38. 38
Balance sheet: liabilities and shareholders' equity
(R$ thousand)
Balance Sheet
Assets 1,470,506 1,533,838 4.3% 1,529,342 0.3%
Current assets 1,367,809 1,452,130 6.2% 1,437,166 1.0%
Cash and cash equivalentes 791 5,399 582.6% 3,410 58.3%
Financial assets at fair value through profit and loss 1,004,160 954,572 -4.9% 747,623 27.7%
Financial assets held-to-maturity 164,700 13,072 -92.1% 12,782 2.3%
Accounts receivable 157,084 162,310 3.3% 215,802 -24.8%
Deferred income tax and social contribution 3,302 4,264 29.1% 5,269 -19.1%
Related Parties 20,592 299,676 1355.3% 429,630 -30.2%
Derivative instruments - - N.A. - N.A.
Prepaid expenses 5,089 - -100.0% - N.A.
Other receivables 12,091 12,837 6.2% 22,650 -43.3%
Non-current assets 102,697 81,708 -20.4% 92,176 -11.4%
Financial assets - bank deposits - - N.A. - N.A.
Financial assets held-to-maturity 12,113 - -100.0% - N.A.
Deferred income tax 19,562 10,067 -48.5% 16,008 -37.1%
Derivative financial instruments 68 - -100.0% - N.A.
Other accounts receivable 12,754 532 -95.8% 5,293 -89.9%
Investments 5,491 9,181 67.2% 11,263 -18.5%
Property, plant and equipment 2,370 6,942 192.9% 3,951 75.7%
Intangible assets 50,339 54,986 9.2% 55,661 -1.2%
Related Parties - - N.A. - N.A.
3Q13
vs
2Q13
3Q13
vs
3Q12
3Q12 3Q13 2Q13
Liabilities and shareholders' equity 1,470,506 1,533,838 4.3% 1,529,342 0.3%
Current liabilities 1,219,161 1,365,449 12.0% 1,378,760 -1.0%
Suppliers 122,222 154,240 26.2% 151,022 2.1%
Salaries and payroll taxes 9,415 12,187 29.4% 9,509 28.2%
Tax, charges and contributions 3,767 4,113 9.2% 3,963 3.8%
Income and social contribution tax 24,104 9,870 -59.1% 12,523 -21.2%
Interest on own capital and dividends - - N.A. - N.A.
Derivative financial instruments 32,522 16,294 -49.9% 34,870 -53.3%
Deferred revenue 875,464 1,031,089 17.8% 1,022,699 0.8%
Breakage liabilities 140,801 134,054 -4.8% 136,676 -1.9%
Other liabilities 10,866 3,602 -66.9% 7,498 -52.0%
Dividends payable - - N.A. - N.A.
Non-current liabilities 9,595 99 -99.0% 107 -7.5%
Related parties - - N.A. - N.A.
Derivative financial instruments 9,464 - -100.0% - N.A.
Deferred revenue 131 99 -24.4% 107 -7.5%
Equity 241,750 168,290 -30.4% 150,475 11.8%
Share capital 100,555 102,886 2.3% 102,886 0.0%
Capital reserve (4,956) 333 -106.7% (996) -133.4%
Earnings reserve 18,744 20,577 9.8% 20,577 0.0%
Carrying value adjustments (44,024) (22,718) -48.4% (31,570) -28.0%
Retained Earnings (loss) 171,431 67,212 -60.8% 59,578 12.8%
39. Thank you!
Contact IR Team
+55 11 5105-1847
invest@pontosmultiplus.com.br
www.pontosmultiplus.com.br/ir
Ronald Domingues
Ivan Bonfanti
Filipe Scalco
Fernanda Camiña
