This investor presentation by Multiplus S.A. provides an overview of the company as the leading loyalty coalition network in Brazil. It has 7.6 million members through partnerships with 133 companies. Multiplus has a unique business model that is scalable with low capital expenditures and generates recurring free cash flow and high returns. The company aims to improve customer experience, operational efficiency, and shareholder return through strategies like acquiring new members and partners, managing breakage, offering new redemption options, and co-marketing with partners.

1. Investor Presentation
January 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. What is Multiplus?
1
The Leading Loyalty Coalition Network in Brazil
• Originated from TAM Fidelidade Program
• 7.6 million members
• 133 partnerships
2
Unique Business Model
• Scalable business with low CAPEX requirement
• Recurring and solid Free Cash Flow
• High returns
3
Market Cap of R$ 5.7 billion
• Free float of R$ 1.5 billion
• Controlled by TAM S.A. (73.2% stake)
• BM&FBovespa “Novo Mercado” listed
Note: based on Dec 7 2010 data
3

4. Accrual Partnerships*
(members can earn points)
Financial Institutions Travel and Entertainment Retail, Industries and Services
*non exhaustive
4

5. Coalition Partnerships Network
(members can earn and redeem points)
Travel Agency Gas Stations
Airline Hotels
Bookstore
to be
announced
Telecom
to be
announced
Magazine Subscriptions
to be
announced
to be
announced
Pay-TV
E-Commerce Clothing
Entertainment Education
Stock Exchange Drugstore
5

6. Sources of Profit
Gross Billings Redemption Costs
Sources of Profit
Spread Airline Tickets
TAM (Margin between point price and 99%
27% redemption cost)
Breakage
(points expiring before being
redeemed)
Interest income
on the float
(gap between sales points and the
redemptions of products and services)
Banks, Retail, Cross-selling Other products
Industry and of services and services
Services (outsourcing and CRM) 1%
73%
Note: based on Sep10 YTD
6

7. Growth Opportunities
Credit Card Usage Consumption
Credit Card Transaction Value (R$ billions) Personal Consumption Expenditure (R$ billions)
CAGR +22%
CAGR +11%
256
215
174
142 1,812 1,972
1,429 1,594
2006 2007 2008 2009 2006 2007 2008 2009
Source: ABECS Source: IBGE
Passenger Traffic Wealth Distribution
RPK in Brazil (billions) Social classes* (% of the population)
17%
56 14.0% 14.7% 15.3% 15.6%
48 50.0% 52.0%
A and B
53.8% 53.6%
44
C
40
D and E
36.0% 33.2% 30.9% 30.8%
2006 2007 2008 2009 2006 2007 2008 2009
Source: ANAC Source: Ministry of Finance and FVG
*Note: classes D and E - less than R$13,380/year; class C - from R$13,380/year to R$57,684/year; and classes A and B - above R$ 57,684/year.
7

8. Main Strategic Objectives
Customer
Experience
friendly interface
(new website, new tools, etc)
operational efficiency
Shareholder
Branding
Return new partners
(and high value added partnerships)
new members
new redemptions options
(coalition)
breakage management
actions at the point of sale
cash management
marketing the new concept
new services
(CRM and outsourcing)
sharing costs with partners
8

9. Appendix

10. Appendix I:
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
10

11. Appendix II:
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
POINTS COALITION PARTNER
C converts to accumulates Partner’s earns
Points Products
Program
and
MEMBER redeems
Services
earns
(consumer) D
E earns Multiplus
Catalogue
11

12. Appendix III:
3Q10 Highlights
OPERATING HIGHLIGHTS 3Q10 vs 2Q10
• 7.6 mln members, an increase of 6.0% (20.8% versus 3Q09)
• 14.4 bln points issued, a growth of 17.9%
• 4.6 bln points redeemed, an increase of 44.2%
• Breakage ratio (24 months average) of 26.9%, compared to 28.7%
FINANCIAL HIGHLIGHTS 3Q10 vs 2Q10
• Gross Billings of points of R$ 300.0 mln, an increase of 13.6%
• Net Revenue of R$ 130.0 mln, representing a growth of 39.1%
• Adjusted EBITDA of R$ 101.2 mln, a growth of 12.2% (33.7% margin)
• Net Income of R$ 44.5 mln, an increase of 92.4% (34.2% margin)
12

13. Appendix IV:
Balance Sheet
(R$ thousands)
Balance Sheet 2Q10 3Q10 3Q10 vs 2Q10
Assets 1.062.523 1.257.006 18,3%
Current assets 789.208 1.102.918 39,8%
Cash, cash equivalents and Investments 336.265 633.813 88,5%
Other receivables 64.638 91.647 41,8%
Related parties 382.919 363.136 -5,2%
Current account 95.126 30.157 -68,3%
Prepaid expenses 287.793 332.979 15,7%
Deferred income tax and social contribution 5.025 14.115 180,9%
Other assets 361 207 -42,7%
Non-current assets 273.315 154.088 -43,6%
Prepaid expenses 265.610 142.377 -46,4%
Deferred income tax and social contribution 568 755 32,9%
PP&E and Intangible assets 7.137 10.956 53,5%
Liabilities and shareholders' equity 1.062.523 1.257.006 18,3%
Current liabilities 362.979 541.993 49,3%
Suppliers 3.107 5.139 65,4%
Taxes and fees payable 6.002 20.780 246,2%
Deferred revenue 239.671 354.302 47,8%
Breakage liabilities 110.938 155.162 39,9%
Other liabilities 3.261 6.610 102,7%
Equity 699.544 715.012 2,20%
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14. Thank you.
Investor Relations
+55 11 5105 1847
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir