Multiplus reported its 4Q11 results. Operating highlights included points issued increasing 28.4% and points redeemed increasing 126.2% versus prior year. Financial highlights included gross billings increasing 33.3%, net revenue increasing 93.8%, and EBITDA increasing 46.2% versus prior year. Multiplus also recognized lower breakage revenue in 4Q11 and 2012 due to a change in accounting methodology, but this did not impact cash flow or adjusted EBITDA. Multiplus continued its strategy of network expansion, marketing investments, and controlled breakage decline to drive strong growth and margins.

1. 4Q11
Earnings Release
February 10, 2012

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. 4Q11 Results
4Q11 Results in Brief
Breakage Revenue Recognition
Air tickets pricing model
3

4. 4Q11 Results Summary
Operating Highlights
Item 4Q11 vs 4Q10 vs 3Q11
Points issued 20.6 billion +28.4% +3.2%
Points redeemed 17.4 billion +126.2% +39.9%
Breakage ratio 24.1% +150bps +10bps
Financial Highlights
Item 4Q11 vs 4Q10 vs 3Q11
Gross Billings of points R$433.6 million +33.3% +9.1%
Net Revenue R$398.3 million +93.8% +23.9%
EBITDA R$61.0 million +46.2% -21.9%
(15.3% margin)
Adjusted EBITDA R$92.8 million +55.0% +12.8%
(23.2% margin)
Net Income R$70.9 million +63.8% +38.1%
(17.8% margin)
4

5. Breakage Revenue Recognition
Accounting Effect Lower Breakage Revenue in 4Q11 and 2012:
(non-cash) with no impacto to FCF or Adjusted EBTIDA
Same methodology since Company’s IPO
- improvements to this methodology as systems and controls has permitted
- simplified version of the formula has been available on IR website for more than one year
Breakage Revenue recognition is distributed over the quarters following
the speed of redemptions of points
Breakage revenue
speed of redemption revenue recognition Breakage liabilities in the following periods
higher faster tends to zero lower (eg: Banks)
lower slower persistent more stable (eg: TAM)
5

6. Air tickets princing model
Flights with Flights with
Simple and high load factor low load factor
robust model
Unit cost = [Revenue Displacement + Marginal Cost] / # of points
Unit cost of standard redemptions
DEC/11: periodic review
FEB/10: R$622M prepayment (~10% reduction)
(~13% discount)
Unit Cost (R$)
AUG/10: R$400M prepayment
(~4% discount)
Jan
Jun
Jul
Jan
Jun
Jul
Jan
Jun
Jul
Aug
Feb
Aug
Sep
Feb
May
Aug
Sep
Feb
Sep
Apr
May
Oct
Nov
Dec
Apr
Oct
Nov
Dec
Apr
May
Oct
Nov
Dec
Mar
Mar
Mar
2010 2011 2012
Contractual cost (model) Cost after commercial discounts (prepayments)
NOTE: assuming current unit cost for 2012
6

7. Delivering Results
Strong cash generation and maximization of
shareholders return
Strong Growth
Consistent Strategy
7

8. Delivering Results
Strong cash generation and maximization of
shareholders return
More than
Cash balance at the end of 2011
R$ 1 billion
Total Dividends, Interest on Capital and More than
Capital Reduction paid in 2011 R$ 680 million
Total Dividends and Interst on Capital More than
already approved to be paid in 2012 R$ 261 million
8

9. Delivering Results
Strong Growth
1.5 million new 190 partners in the network
members in 2011 (coalition, accrual and redemption)
Members, in R$ million Number of partners
9,4 190
8,9
8,6 168
8,0 8,3 166 161
7,6 151
6,9 7,2
133
121 125
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
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10. Delivering Results
Strong Growth
More than R$ 1.5 billion in “Non-air” redemptions:
gross billings in 2011 almost 1.2 billion points of 2011
Gross Billings, R$ million “Non-air” redemptions, in million of points
434
397 564
355
340
325 425
300
264
230
248
89 101
57 73
33
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
NOTE: it includes points issued before 2010 (TAM’s inventory)
10

11. Delivering Results
Consistent Strategy
Growth Margins
Network expansion
Higher share of retail
(members and partnerships)
segments in points
accrual
marketing and IT
investments
Higher share of non-air
redemptions
Controlled Breakage
decline
11

12. Delivering Results
Consistent Strategy
• Established methodologies and good
• Brand equity and strength of Multiplus
track record in loyalty programs
and TAM Group
management
• Know-how on Brazilian environment
• Expertise in data analytics tools
and relationships network
• Experience in greenfield
• Major loyalty “currency” in the market
• Know-how on data privacy
• Expertise in loyalty programs
(key for clients from financial services
management from TAM’s loyalty program
segment)
Joint Venture
Main services: designing, developing, managing
and consulting on data analytics services for third-
party loyalty and incentive programs
Status: startup
12

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