- Multiplus reported strong financial results for 4Q15 and full year 2015, with gross billings up 20.6% and 13.8% respectively. - Net income increased 47.6% for 4Q15 and 50.3% for the full year, driven by growth in redemptions and partnerships. - Multiplus continued expanding its loyalty program through new partnerships with Pão de Açúcar, Vivo, and launching an insurance brokerage.

1. EARNINGS RELEASE
4th quarter
2015

2. 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.
Disclaimer
2

3. Highlights
4th quarter 2015
Gross billings of R$ 2.5 billion, an increase of 20.6% vs. 2014
Net revenues totaled R$ 2.2 billion, an increase of 24.3% vs. 2014
Net income totaled R$ 479 million, up 47.6% vs. 2014
2015 Consolidated
3
Gross billings up 13.8% vs. 4Q14, to R$ 645.0 million
Net revenues totaled R$ 580.6 million, an increase of 22.0% vs. 4Q14
Net income of R$ 125.7 million, up 50.3% vs. 4Q14

4. BLACK WEEK WARM-UP
Incentive for points accrual at banks and retail outlets with
differentiated conditions
BLACK WEEK
with seasonable offers under competitive conditions
CYBER MONDAY with electronic goods
Deals with 60% discount
Special offers, seasonable offers under competitive conditions:
RECORD REDEMPTIONS ON RETAIL PRODUCTS
+ 115%
accrual of
points in
retail
+ 66%
redemptions
on retail
+ 55% increase
in the transfer
of points from
banks
*Comparison with the same campaign in 2014 4

5. New company "MULTIPLUS CORRETORA de Seguros Ltda.“
Multiplus Insurance Broker
Part of our digital platform
Great potential: an additional source of accrual of Multiplus points
Direct earn of Multiplus points
Contributes to Multiplus’ growth
5

6. New partnership between MULTIPLUS and GRUPO PÃO DE
AÇÚCAR, the largest retailer in the country
Transfer of points to the loyalty programs Clube Extra and Pão de Açúcar Mais
Redemption of Multiplus points for vouchers to purchase products such as
electronic goods and furniture all over the country
More than 2000 stores in the Casas Bahia, Extra, Pão de Açúcar and Pontofrio chains
6

7. MULTIPLUS and VIVO: unique partnership for transferring
points between loyalty programs
Transferring Vivo Valoriza points to Multiplus
Redemption of products or services at Vivo using Multiplus points
Agreement with the Telecom leader in country
Potential to increase Multiplus member base
7

8. New pricing with TAM – transfer price
Greater
alignment of
interests -
"win-win“
relationship
8
Characteristics, fare class, demand, distance/region, season and marketCATEGORIES
Offering tailored flights to each member’s need, using our CRM intelligence
and analytics platforms
THROUGH
Creating more value for our shareholders, and alignment of interests with
TAM
BENEFITS

9. Redemptions of airline tickets on Multiplus marketplace
9
Allows cross-
selling to our
portfolio of over
550,000
products
Improves
members
awareness
about our
partners
Strengthen
our brand
Booking a hotel
Reviews
Car rental
Redemption of
ticket
Increases the
volume of
accesses to
our
marketplace

10. 416 425 406
4Q14 3Q15 4Q15
12.6
13.5
14.2
4Q14 3Q15 4Q15
Network growth
Members (million) Partners (#)
+12.9%
+5.1%
10

11. 11.6%
14.3%
15.6%
13.7%
19.0%
2014 2015 4Q14 3Q15 4Q15
17.8% 17.9% 18.2%
4Q14 3Q15 4Q15
Breakage rate and evolution of non-air redemptions
Breakage rate (%)Non-air redemptions (%)
+3.4 p.p.
+5.3 p.p.
+2.7 p.p.
+0.4 p.p.
+0.3 p.p.
11

12. 2,126.0
2,565.0
566.8 648.1 645.0
2014 2015 4Q14 3Q15 4Q15
1,819.4
2,261.8
476.1
586.2 580.6
2014 2015 4Q14 3Q15 4Q15
Financial performance
Net revenues (in R$ million),
Gross margin (%) and Points redeemed (billion)
Gross billings (in R$ million)
Points sold (billion)
+20.6%
34.6%28.0%
+13.8%
30.2%
+24.3%
+22.0%
29.0% 31.1%
-0.5% -0.9%
88.5 86.1 23.1 21.0 21.4 70.9 76.0 18.5 19.3 18.5
Points
sold
Points
redeemed
12

13. 309.8
639.9
46.7
150.4 144.1
2014 2015 4T14 3T15 4T15
325.0
479.7
83.6
144.8 125.7
2014 2015 4Q14 3Q15 4Q15
Cash generation
(in R$ million)
Net income and net margin
(in R$ million and %)
+47.6%
+50.3%
21.7%17.6% 24.7%21.2%17.9%
-13.1%
Financial performance
13
+208.0%
-4.2%
+106.5%

14. Thank you!
Investor Relations
invest@pontosmultiplus.com.br
www.pontosmultiplus.com.br/ir