1) Multiplus saw increases in points issued and redeemed in 4Q10 compared to 3Q10, along with higher gross billings. 2) They improved their breakage accounting methodology to better reflect a 12-month average ratio, lowering breakage liability and raising deferred revenue. 3) While points issued and gross billings grew, adjusted EBITDA declined in 4Q10 due to the breakage methodology change and higher points to be redeemed.

1. 4Q10
Earnings Release
February 14, 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. 4Q10 Highlights
OPERATING HIGHLIGHTS 4Q10 vs 3Q10
• 16.1 bln points issued, a growth of 11.2%
• 7.7 bln points redeemed, an increase of 68.0%
• Average Breakage ratio (12 months) remained in 22.6%
FINANCIAL HIGHLIGHTS 4Q10 vs 3Q10
• Gross Billings of points of R$ 325.2 mln, an increase of 8.4%
• Net Revenue of R$ 205.6 mln, representing an growth of 58.2%
• Adjusted EBITDA of R$ 46.2 mln, a reduction of 51.4% (15.4% margin)
• Net Income of R$ 43.3 mln, a reduction of 2.8% (21.0% margin)
3

4. Operating Performance (1/2)
MEMBERS PARTNERSHIPS
million Quantity
+5.3%
151
8,0
7,6 133
7,2 121 125
6,9
7 7 7 12
1Q10 2Q10 3Q10 4Q10 1Q10 2Q10 3Q10 4Q10
Accrual Coalition
4

5. Coalition Partnerships Network
(members can earn and redeem points)
2009
Airline Travel Agency Gas Stations Bookstore Supermarket
2011 2010
E-Commerce Hotels
Entertainment Telecom
Stock Exchange Magazine Subscriptions
Drugstore Education Apparel Pay-TV
5

6. Change of Methodology
IMPROVEMENT ON THE BREAKAGE ACCOUNTING METHODOLOGY
Item Previous New Advantage
Breakage 24 months
12 months average more accurate ratio
Ratio average
the balance is reverted,
the balance were recalculating the
Provision for Balance of Breakage
added to the accumulated provision
Breakage Lialibilty gets closer to
monthly considering the
Liability fair value
provision percentage of the most
recent Breakage
Main Impacts
• Balance Sheet: lower Breakage Liability and higher Deferred Revenue
• Income Statement: higher Breakage Revenue
• Other: higher balance of points to be redeemed (consequently lower Adjusted EBITDA)
6

7. Operating Performance (2/2)
BREAKAGE RATIO (24 MONTHS AVERAGE) BREAKAGE RATIO (24 MONTHS AVERAGE)
% %
29,5% 28,7%
26,9% 25,7%
22,6% 23,0% 22,6% 22,6%
1Q10 2Q10 3Q10 4Q10 1Q10 2Q10 3Q10 4Q10
7

8. Points Issued and Gross Billings
POINTS ISSUED GROSS BILLINGS OF POINTS
In billions R$ million
2010: 53.2 billion 2010: R$ 1,119.5 millin
+8.4%
+11.2%
325,2
16,1 300,0
14,4 264,0
230,3
12,2
10,5
1Q10 2Q10 3Q10 4Q10 1Q10 2Q10 3Q10 4Q10
8

9. Financial Performance
POINTS REDEEMED NET REVENUE
In billions 2010: 16.8 billion R$ million 2010: R$ 469.8 million
+68.0% +58.2%
205,6
7,7
130,0
4,6 93,5
3,2
1,3 40,8
1Q10 2Q10 3Q10 4Q10 1Q10 2Q10 3Q10 4Q10
COSTS OF SERVICES RENDERED (COGS) OPERATING EXPENSES (SG&A)
R$ million 2010: 274.3 million R$ million 2010: R$ 65.3 million
+141.4%
+91.6% 32,6
132,3 6,1
9,8
69,0 13,5
11,1 +33.6%
51,2 8,1 1,0
0,3
21,7 0,8 16,7
10,8 12,5
7,3
1Q10 2Q10 3Q10 4Q10 1Q10 2Q10 3Q10 4Q10
Recurring Marketing Extraordinary
9

10. Net Income and Adjusted EBITDA
NET INCOME ADJUSTED EBITDA
R$ million R$ million
2010: 118.4 million 2010: R$ 290.1 million
-2,8%
44,5 43,3 -51,4%
101,2
91,2 95,0
80,7 82,1 80,4
23,1 66,8 64,5 62,1
46,2
7,5
Margin 18,3% 24,7% 34,2% 21,0% Margin 35,0% 31,9% 34,5% 33,8% 33,7% 34,6% 19,8% 15,4% 24,7% 20,7%
1Q10 2Q10 3Q10 4Q10 1Q10 2Q10 3Q10 4Q10 4Q10*
Old methodology (24 months average Breakage)
New methodology (12 months average Breakage)
______
NOTE: 4Q10* shows Adjusted EBITDA indicator if extraordinary
expenses of R$ 6.1 million and marketing expenses of R$ 9.8 million
were disregarded (see slide 9).
10

11. Marketing Actions
POINT OF SALE AIRPORT AND ONBOARD
promotion sinalization
videos and onboard
panels
magazines
PRESS ONLINE AND MOBILE
Adds on websites,
sponsored links and Partners locator for
actions on social networks iPhone and Blackberry
Adds with cases
11

12. 2010 Highlights
• Initial Public Offering of R$ 692 mln
• Inauguration of new head office
• Implementation and stabilization of operational systems
• New areas and structuring of the management team
• Stock Options Plan approval
• Closing with 8.0 mln members
• Reaching 151 partnerships (12 coalition partnerships)
• Gross Billings of Points of R$ 1.1 bln
• Adjusted EBITDA of R$ 290.1 mln (28,2% margin)
• Net Income of R$ 118.4 mln
• Proposal of 95% of Net Income Pay-out as Dividends and Interest on Equity
12’

13. Main Strategic Objectives
Customer
Experience
friendly interface
(new website, new tools, etc)
operational efficiency
Shareholder
Branding
Return new partners
(and high value added partnerships)
cash management new redemptions options
(coalition)
new members
marketing the new concept
Breakage management
actions at the point of sale
new services
(CRM and outsourcing)
sharing costs with partners
13

14. Appendix

15. Appendix: Ajusted EBITDA Reconciliation
(R$ thousand)
OLD NEW COMMENTS
Adjusted EBITDA
Operating Income 40,711 40,711
Depreciation and Amortization 1,026 1,026
EBITDA 41,737 41,737
Margin 20.3% 20.3%
Gross Billings of points 325,247 325,247
Other Revenues in the period N/A 5,872 included to have total billings (not only points)
Tax on Gross Billings -30,085 -30,629 9,5% applied to the two lines above
Net Billings 295,162 300,491
Revenue from the sale of points -220,122 -220,122
Other Revenues in the period N/A -5,872 included to have total revenue (not only points)
Tax on Revenue 20,361 20,905 9,5% applied to the two lines above
Net Revenue -205,09 -205,09
Future redemptions costs:
Breakage ratio variation N/A 62 new breakage var. impact (note below)
Balance of points to be redeemed variation -72,637 -77,254 difference mainly due the new breakage method
Average cost per 1,000 points variation N/A -13,784 new average unit price var. impact (note below)
Total future redemption costs -72,637 -90,976
Adjusted EBITDA 64,501 46,161
Margin 19.8% 15.4% Aj EBITDA as % of Net Billings (not Gross)
Note: A spreadsheet with a calculation log of the cost of future redemptions is available on the Company’s IR website
(www.multiplusfidelidade.com.br/ri). Below is a short description of the main lines:
• Change in the breakage ratio: represents the impact of the breakage ratio on total number of points issued in the previous 24 months
(Multiplus points mature in 2 years).
• Change in the balance of points to be redeemed: the impact of the change in the balance of points to be redeemed (excluding points
already redeemed and breakage points) considering the average cost in the last 12 months.
• Average cost per 1,000 points variation: the impact of variation of average cost on the balance of points to be redeemed in the previous
period.

16. Thank you.
Investor Relations
+55 11 5105 1847
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir