This investor presentation by Multiplus S.A. provides an overview of the company and its recent financial results. Multiplus is the leading loyalty coalition network in Brazil with over 7 million members and 125 partnerships. In Q2 2010, Multiplus saw increases in members, points issued and redeemed, and partnerships. Financial highlights included a 14.6% increase in gross billings and a 209.2% increase in net income. The presentation also outlines Multiplus' strategy for growth, margins, members, and branding as well as its relationship with major partner TAM Airlines.

1. Investor Presentation
October, 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.
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3. 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$ 4.4 billion
• Free float of R$ 1.2 billion
• Free float of R$ 1.2 billion
• Controlled by TAM S.A. (73.2% stake)
• Controlled by TAM S.A. (73.2% stake)
• BM&FBovespa “Novo Mercado” listed
• BM&FBovespa “Novo Mercado” listed
Note: based on Oct 1 2010 data
3

4. 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
4

5. Gross Billings and Redemption breakdown
Gross Billings
Gross Billings Sources of Profit Redemption Costs
Redemption Costs
Spread
Spread Airline Tickets
TAM (Margin between point price and
(Margin between point price and 99%
26% redemption cost)
redemption cost)
Breakage revenue
Breakage revenue
(points expiring before being
(points expiring before being
redeemed)
redeemed)
Interest income
Interest income
on the float
on the float
(gap between sales points and the
(gap between sales points and the
redemptions of products and services)
redemptions of products and services)
Banks, Retail, Cross-selling
Cross-selling Other products
Industry and Services of services and services
of services
74% (outsourcing and CRM)
(outsourcing and CRM) 1%
Note: based on 1H10 data
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6. 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
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7. Broad Partnership Network*
Travel and
Travel and Retail, Industries and
Retail, Industries and
Coalition
Coalition Financial Institutions
Financial Institutions Entertainment
Entertainment Services
Services
*non exhaustive
High penetration potential in several other industries: financial, retail,
clothing, education, public sector, corporate programs, etc.
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8. 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.
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9. 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
● 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
9

10. Strategy
Growth Margins
Partnerships Revenue
Expansion of the loyalty concept to new Targeting high value added partnerships
segments New services (outsourcing and CRM)
New business with current partners
Costs
Members New reward options with lower cost
Higher penetration in the partners’ client base Breakage management
Increasing activation
New markets
Structure Branding
People New Concept Creation
Corporate Governance Actions at the Point of Sale
Systems Sharing costs with partners
10

11. 2Q10
Results

12. 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)
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13. 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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14. Thank you.
Investor Relations
+55 11 5105 1847
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir