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
53.9%
25.3% 24.2%
20.9% 20.5%
14.4%
7.3% 6.3% 6.1% 4.8%
2.4%
Penetration of loyalty programs in total population (%)
Sources: loyalty programs websites and each country statistic data bureau (Updated in Jan/2014)
High growth potential
Average (ex-Multiplus): 18%
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. 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
7
8. 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
9. 9
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
Mar/2014
Multiplus mobile
app for IOS and
Android
10. 10
Consistent network growth
9.4
10.9
12.2
12.5
2011 2012 2013 1Q14
Partners
12.5 mn members can gather
points from several programs in
one single account
468 partners gain a powerful
support acquiring and retaining
clients
Members (mn)
190
369
472 468
2011 2012 2013 1Q14
Note: based 1Q14
12. 12
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
13. 13
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
14. 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
16. 16
Cash generation and shareholders’ return
FCF* (BRL mn) Dividends and Interest
on own capital (BRL mn)
589.0
460.6
418.1
452.6
84.0 99.7
2010 2011 2012 2013 1Q13 1Q14
112.3
861.3
222.4 232.0
44.5 70.9
2010 2011 2012 2013 1Q13 1Q14
*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
*
17. 17
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
18. 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
19. 19
Diversification goals
90%
10%
Current
Air Tickets Others
20%
4%
76%
Current
TAM Retail, Industry and Services Banks
Note: LTM based on 1Q14
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
21. 21
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
25. 25
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
26. 26
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
27. 27
Communication from the amount of points to expire
generates engagement
35% increase in the
number of members
who joined the
offers vs control group
28. 1
28
Branding a new concept
Emotional
as of Oct/2012
Functional
Jan/2010 ~ Oct/2012
Strategy
You don't know what
you're winning
30. 30
Income statement (1/2)
(R$ thousand)
Income Statement
Gross revenue 411,951 486,698 18.1% 450,677 8.0%
Sale of points 360,369 426,042 18.2% 398,930 6.8%
TAM Airlines 40,808 36,906 -9.6% 35,980 2.6%
Banks, Retail, Industry and Services 319,561 389,136 21.8% 362,950 7.2%
Breakage 54,983 70,333 27.9% 61,987 13.5%
Hedge (4,211) (9,677) 129.8% (10,240) -5.5%
Other revenues 810 - -100.0% - -
Taxes on sales (38,538) (46,014) 19.4% (42,717) 7.7%
Net Revenue 373,413 440,684 18.0% 407,961 8.0%
Cost of the points redeemed (274,619) (317,080) 15.5% (300,287) 5.6%
Air tickets (264,076) (296,710) 12.4% (277,387) 7.0%
Other products / services (10,544) (20,370) 93.2% (22,900) -11.0%
Total cost of services rendered (274,619) (317,080) 15.5% (300,287) 5.6%
Equity Share on Results from Investments
in JV
(2,431) (2,025) -16.7% (2,098) -3.5%
Gross Profit 96,363 121,578 26.2% 105,575 15.2%
Gross Margin 25.8% 27.6% 1.8p.p. 25.9% 1.7p.p.
1Q13 1Q14
1Q14
vs
1Q13
4Q13
1Q14
vs
4Q13
31. 31
Income statement (2/2)
(R$ thousand)
Income Statement
Gross revenue 411,951 486,698 18.1% 450,677 8.0%
Sale of points 360,369 426,042 18.2% 398,930 6.8%
TAM Airlines 40,808 36,906 -9.6% 35,980 2.6%
Banks, Retail, Industry and Services 319,561 385,769 20.7% 362,768 6.3%
Other products - 3,367 - 182 1745.5%
Breakage 54,983 70,333 27.9% 61,987 13.5%
Hedge (4,211) (9,677) 129.8% (10,240) -5.5%
Other revenues 810 - -100.0% - -
Taxes on sales (38,538) (46,014) 19.4% (42,717) 7.7%
Net Revenue 373,413 440,684 18.0% 407,961 8.0%
Cost of the points redeemed (274,619) (317,080) 15.5% (300,287) 5.6%
Air tickets (264,076) (296,710) 12.4% (277,387) 7.0%
Other products / services (10,544) (20,370) 93.2% (22,900) -11.0%
Total cost of services rendered (274,619) (317,080) 15.5% (300,287) 5.6%
Equity Share on Results from Investments
in JV
(2,431) (2,025) -16.7% (2,098) -3.5%
Gross Profit 96,363 121,578 26.2% 105,575 15.2%
Gross Margin 25.8% 27.6% 1.8p.p. 25.9% 1.7p.p.
1Q13 1Q14
1Q14
vs
1Q13
4Q13
1Q14
vs
4Q13
Shared services (1,907) (811) -57.5% (843) -3.8%
Personnel expenses (10,806) (12,415) 14.9% (10,245) 21.2%
Marketing (1,943) (5,172) 166.2% (6,676) -22.5%
Depreciation (1,861) (3,416) 83.6% (2,457) 39.1%
Other (17,836) (14,854) -16.7% (15,449) -3.9%
Total Operating Expenses (34,353) (36,668) 6.7% (35,670) 2.8%
Total Costs and Operating Expenses (311,403) (355,773) 14.2% (338,055) 5.2%
Operating Income 62,010 84,911 36.9% 69,905 21.5%
Operating Margin 16.6% 19.3% 2.7p.p. 17.1% 2.1p.p.
Financial Income/Expenses 11,788 32,130 172.6% 32,536 -1.2%
Hedge (2,939) (2,113) -28.1% (4,448) -52.5%
Income before income tax and social
contribution
70,859 114,928 62.2% 97,993 17.3%
Income tax and social contribution (24,009) (40,326) 68.0% (32,185) 25.3%
Net Income 46,850 74,602 59.2% 65,807 13.4%
Net Margin 12.5% 16.9% 4.4p.p. 16.1% 0.8p.p.
32. (R$ thousand)
Balance Sheet
Assets 1,426,657 1,615,511 13.2% 1,538,909 5.0%
Current assets 1,349,757 1,511,757 12.0% 1,441,476 4.9%
Cash and cash equivalentes 3,492 3,112 -10.9% 10,577 -70.6%
Financial assets at fair value through profit and loss 709,964 1,288,944 81.6% 1,253,899 2.8%
Financial assets held-to-maturity - (0) - (0) 0.0%
Accounts receivable 170,073 172,666 1.5% 131,081 31.7%
Deferred income tax and social contribution - 10,612 - 8,227 29.0%
Related Parties 433,071 17,662 -95.9% 19,176 -7.9%
Derivative instruments - (0) - (0) 0.0%
Prepaid expenses - 6,376 - 6,409 -0.5%
Other receivables 33,156 12,385 -62.6% 12,107 2.3%
Non-current assets 76,900 103,754 34.9% 97,433 6.5%
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 8,625 1,852 -78.5% 5,974 -69.0%
Derivative financial instruments 550 - -100.0% - -
Other accounts receivable 6,821 24 -99.6% 23 6.6%
Investments 1,937 5,058 161.1% 7,083 -28.6%
Property, plant and equipment 3,208 9,231 187.8% 8,289 11.4%
Intangible assets 55,758 87,589 57.1% 76,064 15.2%
Related Parties - - - - -
1Q14
vs
4Q13
1Q14
vs
1Q13
1Q13 1Q14 4Q13
32
Balance sheet: assets
(R$ thousand)
Balance Sheet
Assets 1,426,657 1,615,511 13.2% 1,538,909 5.0%
Current assets 1,349,757 1,511,757 12.0% 1,441,476 4.9%
Cash and cash equivalentes 3,492 3,112 -10.9% 10,577 -70.6%
Financial assets at fair value through profit and loss 709,964 1,288,944 81.6% 1,253,899 2.8%
Financial assets held-to-maturity - (0) - (0) 0.0%
Accounts receivable 170,073 172,666 1.5% 131,081 31.7%
Deferred income tax and social contribution - 10,612 - 8,227 29.0%
Related Parties 433,071 17,662 -95.9% 19,176 -7.9%
Derivative instruments - (0) - (0) 0.0%
Prepaid expenses - 6,376 - 6,409 -0.5%
Other receivables 33,156 12,385 -62.6% 12,107 2.3%
Non-current assets 76,900 103,754 34.9% 97,433 6.5%
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 8,625 1,852 -78.5% 5,974 -69.0%
Derivative financial instruments 550 - -100.0% - -
Other accounts receivable 6,821 24 -99.6% 23 6.6%
Investments 1,937 5,058 161.1% 7,083 -28.6%
Property, plant and equipment 3,208 9,231 187.8% 8,289 11.4%
Intangible assets 55,758 87,589 57.1% 76,064 15.2%
Related Parties - - - - -
1Q14
vs
4Q13
1Q14
vs
1Q13
1Q13 1Q14 4Q13
33. 33
Balance sheet: liabilities and shareholders' equity
Liabilities and shareholders' equity 1,426,657 1,615,511 13.2% 1,538,909 5.0%
Current liabilities 1,282,334 1,418,313 10.6% 1,352,935 4.8%
Suppliers 122,751 160,053 30.4% 129,887 23.2%
Salaries and payroll taxes 7,979 10,345 29.7% 12,841 -19.4%
Tax, charges and contributions 610 5,423 789.3% 4,243 27.8%
Income and social contribution tax 23,921 14,848 -37.9% 8,309 78.7%
Interest on own capital and dividends - - - - -
Derivative financial instruments 14,823 - -100.0% 3,870 -100.0%
Deferred revenue 964,864 1,072,284 11.1% 1,050,438 2.1%
Breakage liabilities 137,748 152,329 10.6% 132,891 14.6%
Other liabilities 9,639 3,030 -68.6% 10,456 -71.0%
Dividends payable - - - - -
Non-current liabilities - 83 - 91 -8.8%
Related parties - - - - -
Derivative financial instruments - - - (0) -100.0%
Deferred revenue - 83 - 91 -8.8%
Equity 144,323 197,115 36.6% 185,883 6.0%
Share capital 102,887 105,334 2.4% 103,493 1.8%
Capital reserve (2,520) 1,948 -177.3% 1,149 69.5%
Earnings reserve 20,577 95,300 363.1% 94,699 0.6%
Carrying value adjustments (23,472) (5,467) -76.7% (13,458) -59.4%
Retained Earnings (loss) 46,850 - -100.0% - -
(R$ thousand)
Balance Sheet
Assets 1,426,657 1,615,511 13.2% 1,538,909 5.0%
Current assets 1,349,757 1,511,757 12.0% 1,441,476 4.9%
Cash and cash equivalentes 3,492 3,112 -10.9% 10,577 -70.6%
Financial assets at fair value through profit and loss 709,964 1,288,944 81.6% 1,253,899 2.8%
Financial assets held-to-maturity - (0) - (0) 0.0%
Accounts receivable 170,073 172,666 1.5% 131,081 31.7%
Deferred income tax and social contribution - 10,612 - 8,227 29.0%
Related Parties 433,071 17,662 -95.9% 19,176 -7.9%
Derivative instruments - (0) - (0) 0.0%
Prepaid expenses - 6,376 - 6,409 -0.5%
Other receivables 33,156 12,385 -62.6% 12,107 2.3%
Non-current assets 76,900 103,754 34.9% 97,433 6.5%
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 8,625 1,852 -78.5% 5,974 -69.0%
Derivative financial instruments 550 - -100.0% - -
Other accounts receivable 6,821 24 -99.6% 23 6.6%
Investments 1,937 5,058 161.1% 7,083 -28.6%
Property, plant and equipment 3,208 9,231 187.8% 8,289 11.4%
Intangible assets 55,758 87,589 57.1% 76,064 15.2%
Related Parties - - - - -
1Q14
vs
4Q13
1Q14
vs
1Q13
1Q13 1Q14 4Q13
34. Thank you!
Contact IR Team
+55 11 5105-1847
invest@pontosmultiplus.com.br
www.pontosmultiplus.com.br/ir
Ronald Domingues
Filipe Scalco
Fernanda Camiña
