This investor presentation provides an overview of Multiplus S.A., a leading loyalty coalition network in Brazil. Key highlights include: 1) Multiplus has over 7 million members and partnerships with 125 companies across multiple industries. 2) Multiplus has a unique business model that is scalable with low capital requirements and generates recurring free cash flow and high margins. 3) Recent financial results show growth in gross billings, revenues, EBITDA and net income compared to prior periods.

1. Investor Presentation
August, 2010

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. Investment Highlights
and Strategy

4. What is Multiplus?
1 The Leading Loyalty Coalition Network in Brazil
• Originated from TAM Fidelidade Program
• Originated from TAM Fidelidade Program
• 7.2 million members
• 7.2 million members
• 125 partnerships
• 125 partnerships
2 Unique Business Model
• Scalable business with low CAPEX requirement
• Scalable business with low CAPEX requirement
• Recurring and solid Free Cash Flow
• Recurring and solid Free Cash Flow
• High margins and high returns
• High margins and high returns
3 Market Cap of R$ 3.8 billion
• Free float of R$ 1.0 billion
• Free float of R$ 1.0 billion
• Controled by TAM S.A. (73.2% stake)
• Controled by TAM S.A. (73.2% stake)
• BM&FBovespa “Novo Mercado” listed
• BM&FBovespa “Novo Mercado” listed
based on Aug 19 2010 data
4

5. Investment Highlights
Flexible
Business 1
Model
Exclusive
and Broad
Strategic 5 Partnership 2
Relationship Network
with TAM
High
Corporate High growth
4 3
Governance potential
Standards
5

6. Flexible Business Model
ACCRUAL
ACCRUAL COALITION
COALITION OUTSOURCING
OUTSOURCING CRM
CRM
Partner
C
Partner Partner
D B
CRM
Program Program
A
Partner Partner Partner Partner
A A A A
Partners buy points Two-way flow: Multiplus as the loyalty Multiplus leverages
from Multiplus to exchange of points program of the partner the database from its
award its customers (buy and sell) between network and offers
Multiplus and coalition CRM services
partners
increases the attractiveness of
reaches more sectors and growth
partners’ loyalty program by
companies opportunities connecting them to Multiplus
6

7. Typical Accrual and Redemption Flows
Accrual flow: cash in due to sales of points to partners
Accrual flow: cash in due to sales of points to partners
PARTNER WITH STANDALONE PROGRAM POINTS
earns Partner’s
Points accumulates converts to
Program
MEMBER buys
Products
and
(consumer) Services PARTNER WITH NO STANDALONE PROGRAM
earns
Redemption flow: cash out due to purchase of points, products and services from partners and suppliers
Redemption flow: cash out due to purchase of points, products and services from partners and suppliers
POINTS COALITION PARTNER
converts to Partner’s
Points accumulates earns Products
Program
and
MEMBER redeems
Services
earns
(consumer)
earns Multiplus
Catalogue
7

8. Broad Partnership Network*
COALITION
COALITION FINANCIAL
FINANCIAL TRAVEL
TRAVEL OTHER PARTNERS
OTHER PARTNERS
PARTNERS
PARTNERS INSTITUTIONS
INSTITUTIONS
*non exhaustive
High penetration potential in several other industries: financial, retail,
clothing, education, public sector, corporate programs, etc.
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9. Growth Opportunities
INCREASING CONSUMPTION STILL LOW GDP PER CAPITA
Personal Consumption Expenditure (R$ billions) 000’ US$ per capita, 2009E
CAGR +11%
46,4
42,1
1972 35,7
1812
1429 1594
1294
16,4
7,7 8,4
2005 2006 2007 2008 2009 Brazil Turkey South Korea UK France USA
Source: IBGE Source: FMI
CREDIT CARD USAGE EXPANSION INCREASING PASSENGER TRAFFIC
Credit Card Transaction Value (R$ billions) RPK in Brazil (billions)
CAGR +22% 56
309
48
256 44
215 40
174
142
2006 2007 2008 2009
Growth
(%YoY)
12% 10% 9% 17%
2006 2007 2008 2009 2010E
Source: ABECS Source: ANAC
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10. Exclusive and Strategic Relationship with TAM
Leads to Significant Competitive Advantage
Operational Agreement Assures the Most Appealing Products to the Members = Air Tickets
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 (over 1,000 destinations)
● 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
Detachment from cost and perceived value with the most appealing product to the public
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11. Strategy
PARTNERSHIPS
• Expansion of the loyalty concept to new segments
• New business with current partners
GROWTH
MEMBERS
• Higher penetration in the partners’ client base
• Increasing activation
REVENUE
• Targeting high value added partnerships
• Increasing offer of new services (outsourcing and CRM)
MARGINS
COSTS
• New reward options with lower cost
• Breakage management
11

12. 2Q10
Results

13. 2Q10 Highlights
OPERATING HIGHLIGHTS 2Q10 vs 1Q10
• 7.2 mln members, an increase of 4.1% (19.7% versus 2Q09)
• 12.2 bln points issued, a growth of 16.8%
• 3.2 bln points redeemed, an increase of 143.3%
• 125 accrual partnerships, representing an net increase of 4 partnerships
• 7 coalition partnerships, including the most recent partnership with Oi (telecom company)
• Breakage ratio of 28.7%, compared to 29.5%
FINANCIAL HIGHLIGHTS 2Q10 vs 1Q10
• Gross Billings of points of R$ 264.0 mln, an increase of 14.6%
• Net Revenue of R$ 93.5 mln, representing a growth of 129.2%
• Adjusted EBITDA of R$ 90,2 mln, a growth of 11,8% (34,2% margin)
• Net Income of R$ 23,1 mln, an increase of 209,2% (24,7% margin)
13

14. Promised and Delivered
CORPORATE GOVERNANCE SIEBEL LOYALTY
• New CEO Implementation will allow:
• New head office as the first step • Simultaneous operation of different loyalty programs
for Multiplus’ values and culture
• Improvement of commercial capacity through
Customer Portal and Customer Service
• Own marketing structure focused on retail • Agility in the inclusion of new partners and faster
segment transaction processing
• Migration of TAM’s agreements to Multiplus • Increase of data storage capacity
DIVIDENDS AND INTEREST ON EQUITY
• Total amount: R$ 29.0 mln (R$ 0.18 per share)
• Dividends: R$ 13.9 mln (R$ 0.086 per share)
95% dividend Pay-out in
• Interest on Equity: R$ 15,2 mln (R$ 0.094 per share) the 1st semester of 2010
• Ex-date: August 5, 2010
• Payment date: August 18, 2010
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15. Thank you.
Investor Relations
+55 11 5582 9890
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir