This investor presentation summarizes Multiplus S.A., a loyalty program company. It discusses Multiplus' growth in gross billings and market capitalization. Multiplus has an innovative business model with strong cash generation, low capital expenditures, and scalability. The presentation outlines Multiplus' strategy to diversify its sources of points sold and redemptions to different industry partners to control costs and breakage while improving the member experience.

1. Investor Presentation
February 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. About Multiplus
R$ 1.5 bln of Gross Billings in 2011 Shareholders’ Structure
(+36% YoY)
TAM S.A.
R$ 5 bln Market Cap (Feb/12)
IPO with R$ 2.6 bln Market Cap 73,14% 26,86%
(Feb/10)
R$ 974 mln of dividends* already distributed
(Fev/10-Dez/11)
Innovative Business Model
Strong cash generation Low CAPEX requirement
Negative working capital Scalable business
Debt free Dividend player
3

4. Multiplus is a growing loyalty network
9.4 mln members can gather 190 partners gain a powerful
Members, in R$ million
points from several programs in support acquiring and
one single account retaining clients
Members, in million 9,4 Number of partners 190
8,6 8,9
8,3 166 168
8,0 161
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
4

5. Innovative business model
Sources of Profit
(Joint Venture)
outsourcing and CRM
points selling
$ services
redemption
unit revenue less unit cost
$ spread
point expiration
$ breakage
# of months 0 ~10 24
CASH IN CASH OUT
~10 months float
$ interest income
5

6. Growing coalition network… Members can collect and also redeem points
in any coalition partner.
Magazine
Air Travel Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education
Suscriptions
Insurance Stock Exchange
Exclusive and Strategic
Relationship with TAM
Stock Broker Drugstore
Long term agreement (15 years
+ additional 5 year periods)
Most desired airline in Brazil
(Ibope Research) and Star
Real Estate Alliance member
Air tickets: most appealing
redemption with high value
perception
Universities e-Commerce
Beauty and Cargo Furniture and
Gym Food Home Centers Groceries Car Rental Group Buying Pension Plan
Healthy Transportation Decoration
Note: blank slots refer to targeted segments
6

7. … and strong accrual and growing redemption network*
Accrual Redemption
Charity
Hotels Financial Institutions
Leisure
Car Rental Retail and others
Other
Magazines and Newspapers
*non exhaustive
7

8. Strategy: to diversify gross billings and redemptions
Points sold what?
to diversify gross billings
Current Long term target
21% and redemptions
why?
3%
• Average unit price increase
• Average unit cost reduction
15 to 20%
76%
• Controlled breakage decline,
favoring member experience
TAM Retail, Industry and Services Banks and volume growth
Points redeemed
Long term margin expansion
Current Long term target
how?
97%
• Expanding partnerships
network
3%
15 to 20%
• Increasing marketing actions
• Improving client experience
Air Tickets Others
Note: based on 4Q11
8

9. 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)
9

10. Loyalty market has multiples growth opportunities
Expanding credit card usage in Brazil Increasing domestic consumption
Credit Card Transaction Value (R$ billions) Personal Consumption Expenditure (R$ billions)
CAGR +22% CAGR +12%
2,226
386 1,966
1,787
314 1,594
1,429
256
215
174
142
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010
Source: ABECS Source: IBGE
Growing passenger traffic (Airline Segment) Improving wealth distribution
RPK in Brazil (billions) Social classes in Brazil* (% of the population)
Multiplus’
target
CAGR +15%
81
70
57
44 48
40
2006 2007 2008 2009 2010 2011 2003 2014
Source: ANAC Values updated for 2010 Source: Social Policies Center of FGV-Rio
*Note: Average income of classes D and E - R$ 6,126/year; class C - R$13,944/year; and classes A and B - R$ 75,942 /year.
10

11. Appendix
4Q11 Results in Brief
Breakage Revenue Recognition
Air tickets pricing model
Currency Hedge
Income Statement
Balance Sheet and Cash Flow
11

12. Appendix I:
4Q11 results in brief
Operating Highlights
Financial Highlights
12

13. Appendix II:
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)
13

14. Appendix III:
Air tickets pricing 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
Oct
Nov
Dec
Apr
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
14

15. Appendix IV:
Currency Hedge
Fundamentals Position in December 2011 (USD mln)
2012 2013 Total
• Multiplus is exposed to NOTIONAL 303.0 267.0 570.0
foreign exchange risk as PUT* 1.80 1.89 1.84
most of the agreements with
CALL* 1.90 1.99 1.95
financial institutions are * average strike prices (BRL/USD)
denominated in USD.
• These partners represented SENSITIVITY ANALYSIS
approximately 70% of Impact on company’s cash flow (Notional: USD 609.0 mln)
R$ million 16,2 16,2 16,0
Multiplus’ gross billings in 14,8
11,9 12,1
4Q11. 11,2 11,2
9,7 9,7 9,7 9,2
• The Financial Risk 5,8 5,8 6,0 6,3
4,1 4,2 4,3 4,2
Policy determines coverage 1,5
0,1
limits and the list of eligible
-0,7 -0,7 -1,0 -0,4
financial instruments -3,1
-1,9 -1,8
-5,5
-6,6 -6,6
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
R$1,65/USD R$1,75/USD R$1,85/USD R$1,95/USD
15

16. Appendix V:
Income Statement
(R$ thousand) 3Q11 vs 3Q11 vs
3Q10 3Q11 2Q11
Income Statement 3Q10 2Q11
Gross revenue 225,996 439,123 94.3% 353,652 24.2%
Sale of points 168,898 360,671 113.5% 249,834 44.4%
TAM Airlines - TLA 32,464 68,240 110.2% 54,605 25.0%
Banks, Retail, Industry and Services 136,434 292,431 114.3% 195,229 49.8%
Breakage 51,225 70,851 38.3% 93,130 -23.9%
Hedge 0 -804 N.A. 7,097 -111.3%
Other revenues 5,872 8,406 43.1% 3,591 134.1%
Taxes on sales -20,485 -40,834 99.3% -32,172 26.9%
Net Revenue 205,510 398,289 93.8% 321,480 23.9%
Cost of the points redeemed -132,190 -312,940 213.3% -218,818 43.0%
Air tickets -131,729 -306,036 132.3% -214,890 42.4%
Other products / services -461 -6,904 1396.9% -3,928 75.8%
Accounting Adjustments 0 -1,209 N.A. 1,209 -200.0%
Total cost of services rendered -132,190 -314,149 137.6% -217,609 44.4%
Gross Profit 73,320 84,139 14.8% 103,870 -19.0%
Gross Margin 35.7% 21.1% -14.6p.p. 32.3% -11.2p.p.
Shared services -2,367 -1,907 -19.4% -1,907 0.0%
Personnel expenses -6,845 -7,642 11.6% -8,750 -12.7%
Marketing -9,838 -6,564 -33.3% -6,457 1.7%
Depreciation -1,026 -1,529 48.9% -1,288 18.7%
Other -12,531 -7,001 -44.1% -8,612 -18.7%
Total Operating Expenses -32,607 -24,642 -24.4% -27,014 -8.8%
Total Costs and Operating Expenses -164,798 -338,791 105.6% -244,623 38.5%
Operating Income 40,713 59,498 46.1% 76,856 -22.6%
Operating Margin 19.8% 14.9% -4.9p.p. 23.9% -9.0p.p.
Financial Income/Expenses 16,918 21,421 26.6% 21,286 0.6%
Hedge - 12,763 N.A. (19,347) -166.0%
Income before income tax and social contribution 57,631 93,682 62.6% 78,796 18.9%
Income tax and social contribution -14,355 -22,809 58.9% -27,480 -17.0%
Net Income 43,276 70,872 63.8% 51,316 38.1%
Net Margin 21.1% 17.8% -3.3p.p. 16.0% 1.8p.p. 16

17. Appendix VI:
Balance Sheet and Cash Flow
(R$ thousands) 4Q11 vs 4Q11 vs
4Q10 4Q11 3Q11 (R$ thousand)
Balance Sheets 4Q10 3Q11
Cash Flow 4Q11
Assets 1,403,549 1,308,434 -6.8% 1,140,986 14.7%
Net Income 81,169
Current assets 1,330,844 1,093,202 -17.9% 929,163 17.7%
C ash and cash equivalentes 17,186 9,186 -46.5% 5,372 71.0% Depreciation/Amortization 1,173
Investments 851,830 880,535 3.4% 474,115 85.7%
Accounts Receivable 68,699 147,449 114.6% 175,483 -16.0% Accounts Receivable -10,208
Related Parties 388,507 39,425 -89.9% 267,435 -85.3%
Accounts Payable -14,712
C urrent account 56,629 39,425 -30.4% 28,916 36.3%
Prepaid expenses 331,879 0 N.A. 238,520 N.A. Taxes 5,412
Deferred income tax and social contribution 3,769 5,219 38.5% 2,298 127.1%
Related Parties 45,822
Derivative Instruments 0 2,465 N.A. 3712 -33.6%
Other receivables 852 8923 946.7% 747 1094.4% Prepaid Expenses Increase 0
Non-current assets 72,705 215,232 196.0% 211,823 1.6% Prepaid Expenses Reduction 179,699
Prepaid expenses 0 16,416 N.A. 0 N.A.
Deferred Revenue and Breakage liabilities 46,301
Long term investments 50,280 138,009 174.5% 160,572 -14.1%
Deferred income tax and social contribution 1,217 18,542 1423.3% 20,039 -7.5% Derivative Instruments -2,877
Derivative Instruments 0 77 N.A. 36 113.9%
Property, plant and equipment 935 1,381 47.7% 1,158 19.3%
Other assets and liabilities -2,714
Intangible 18,997 10,010 -47.3% 16,852 -40.6% Operating Cash Flow 329,063
Intangible assets 1,276 30,797 2313.0% 13,166 133.9%
Liabilities and shareholder’s
1,407,471 1,308,434 -7.0% 1,140,986 14.7% Investiment -3,672
equity
Cash Flow from Investing Activities -3,672
Current liabilities 648,869 1,020,888 57.3% 847,427 20.5%
Suppliers 20,502 114,884 460.4% 3,569 3118.6%
Taxes and fees payable 2,328 13,423 476.7% 10,996 22.1% Net proceeds from public offer 0
Deferred revenue 484,055 666,371 37.7% 666,455 0.0%
Breakage liabilities 130,495 127,926 -2.0% 124,158 3.0% C apital -600,014
Derivative Instruments 0 20,489 N.A. 23,514 -12.9%
Dividends 0
Other liabilities 11,490 77,795 577.1% 18,734 315.3%
Other 2,300
Non-current liabilities 0 28,408 N.A. 33,464 -15.1%
Related Parties 0 0 N.A. 0 N.A.
Cash Flow from Financing Activities -597,714
Derivative Instruments 0 28,408 N.A. 33,464 -15.1%
Equity 758,602 259,138 -65.8% 260,095 -0.4% Increase (Decrease) in Cash -272,323
C apital 669,063 70,401 -89.5% 69,049 2.0%
Hedge 0 -34,211 N.A. -27,231 25.6%
Remuneration Plan 1,538 11,453 644.5% 8,984 27.5% C ash at beginning of period* 1,096,614
Reserves 5,919 211,495 3472.9% 5,919 3472.9%
Retained Earnings (loss) 82,082 0 -100.0% 203,373 -100.0%
C ash at end of period* 824,292
17

18. Strong cash generation Low CAPEX requirement Contact IR team
+55 11 5105 1847
Negative working capital Scalable business invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir
Debit free Dividend player