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.
3. Innovative business model
Multiple growth drivers
Diversification goals
Driving value to members and partners
Branding, innovation and knowledge
Investment case
4. Coalition model: an evolution from traditional loyalty scheme
Single loyalty scheme Coalition loyalty scheme
Commercial partners
• access to consumer bases from other segments
• possibility of promotional actions with other partners
Members
• better accumulation power
• more redemption options
4
6. Created from TAM Fidelidade, Multiplus has already
expanded its network in the last two years…
Apr/2012
Dez/2012 Multiplus
Multiplus reaches 10 mn
becomes one of members
Out/2011 TOP 100 most
Multiplus liquid stocks
present its in Bovespa
new brand
Feb/2010
Multiplus’ IPO
1993
Creation of
Sep/2012
TAM Fidelidade
Non-air redemptions
Mar/2012 surpasses 6% for the
Multiplus first time in a quarter
Nov/2011 reaches 200
Announcement partners
of JV with AIMIA
Aug/2010
New headquarters
2009 and IT loyalty platform
Spin-off from
TAM Fidelidade
8
7. Much more than points…
Brazilian largest loyalty Designs, builds and
network, with more than manages customer and
10.5 million members and employee loyalty programs
over 200 partners for individual clients
9
8. Coalition
THREE SOURCES OF PROFIT
points selling redemption
unit revenue less unit cost
1 spread
point expiration
3 breakage
# of months 0 ~10 24
CASH IN CASH OUT
~10 months float
2 interest income
10
9. Analytics and Proprietary Loyalty
50% 50%
Design and develop loyalty scheme for third-party
Manage and perform on data analytics services
Create incentive campaigns for third-party
The consolidation of Prismah’s results is being done by the accounting process called equity method
11
10. A young company with great track record
Solid growth 491,4
Gross Billings (BRL mn) 457,1
433,6 430,4
397,3
354,6
339,9
325,2
300,0
264,0
230,3
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
More than R$650 million in FCF* Almost 100% dividend payout
*Sep/2012 LTM
12
11. Innovative business model
Multiple growth drivers
Diversification goals
Driving value to members and partners
Branding, innovation and knowledge
Investment case
12. Domestic consumption growth
399
377
365
Retail Net Sales in Brazil (USD bn) 352
328
312
240 241
202
163
132
2005 2006 2007 2008 2009 2010 2011 2012e 2013e 2014e 2015e
Estimates point to 7.3% growth in net sales for 2013
Source: Euromonitor
14
13. Brazil’s wealth distribution improve
Social classes in Brazil (% of the population)
A and B
C
7%
15% Multiplus’
D and E focus
38%
56%
55% 29%
2003 2014
Note: Average income of classes D and E - R$ 6,126/year; class C - R$13,944/year; and classes A and B - R$ 75,942 /year.
A and B social classes will reach 15% of Brazilian population by 2014
Source: Social Policies Center of FGV-Rio
15
14. Credit card usage increase
622
Credit Card Transaction Value in Brazil (BRL bn) 550
485
426
386
314
256
215
174
142
115
95
2004 2005 2006 2007 2008 2009 2010 2011 2012e 2013e 2014e 2015e
In 2015, credit card transaction value may exceed R$600 bilion
Sources: ABECS and LCA Consultores/Valor
16
15. Air transportation growth
Trips per capta
(as of 2011)
Board pax in domestic flights (mn)
96 Argentina 0,39
92
89
85
81 Peru 0,40
70 Mexico 0,46
57 Brazil 0,46
50
46 Colombia 0,47
41
36
29 Ecuador 0,49
Chile 0,76
USA 2,56
UK 2,74
2004 2005 2006 2007 2008 2009 2010 2011 2012e 2013e 2014e 2015e
Latin America is the second fastest growing region in RPK
Sources: ANAC, Bain & Company and LCA Consultores
17
16. Brazilian loyalty industry in early stages
Penetration of loyalty programs in total population (%)
60,7%
43,8%
37,7%
28,9% 28,6%
24,1%
21,9%
19,5%
14,0% 12,9%
8,9%
5,2% 4,1% 3,5% 2,5%
Sources: loyalty programs websites and each country statistic data bureau (Updated in Dec/2012)
18
17. Innovative business model
Multiple growth drivers
Diversification goals
Driving value to members and partners
Branding, innovation and knowledge
Investment case
18. Long term goals
Gross billings
Current Long term target Increased retail
12% share will help to
sustain margins and
3%
make members to
15 to 20% better understand
85% the concept
TAM Retail, Industry and Services Banks
Costs of redemptions
Current Non-air
Long term target
redemptions growth
95% supports unit cost
control and member
5%
15 to 20%
experience
improvement
Air Tickets Others
Note: based 3Q12
20
19. Breakage rate is declining slowly as expected while non-air
redemptions become robust
1,06
24,0% 24,1% 23,4%
23,0% 23,0% 23,3%
22,6% 22,6% 22,6% 22,5% 22,0%
Non-air redemptions x breakage rate (bn & %) 0,61 0,62
0,56
0,43
0,25
0,07 0,09 0,10
0,03 0,06
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
Non-air redemptions surpassed 6% of total for the first time in 3Q12
21
20. Innovative business model
Multiple growth drivers
Diversification goals
Driving value to members
and partners
Branding, innovation and knowledge
Investment case
21. Two side market: members and partners
10.5
Members, in R$ million mn members can gather 230 partners gain a powerful
points from several programs in support acquiring and retaining
one single account clients
Members (mn) 10,5 230
9,8 10,1 Partners
9,4 200 207
8,9 190
168
3Q11 4Q11 1Q12 2Q12 3Q12 3Q11 4Q11 1Q12 2Q12 3Q12
23
22. Generate value to members and partners will sustain
growth
Adding value to partners Creating a good member experience
• sales increase • broad network
• lower retention costs • targeted offers
• vacancy management • fair pricing
• new business insights based on client • recognition
data and behavior
Branding, Innovation and Knowledge
Sustainable
Growth
24
26. Creating a good member experience: fair pricing
32-Inch LED TV
Multiplus Program B Program C Program D Program E
69,400 75,647 81,800 98,400 115,800
Dec/2012
Wine cellar
Program C Program B Multiplus
71,700 48,600 35,900
Dec/2012
28
28. Creating a good member experience
redemption
Sample A members collect
Sample A
about 60% more points
Sample B
than Sample B members
no redemption during 12 months following
redemption date
Sample A and B members Measuring accrual gap after
with same accrual behavior redemption date
Note: CRM analysis based on Multiplus‘ 2011-2012 data
30
29. Innovative business model
Multiple growth drivers
Diversification goals
Driving value to members and partners
Branding, innovation and
knowledge
Investment case
30. Branding a very new concept
Strategy
Functional Emotional
Jan/2010 ~ Oct/2012 as of Oct/2012
Using Multiplus you can accumulate Redeem your points to have moments
points from different loyalty programs you would never put on sale
in a single account
Channels
Online media Radio spots Press media Partner channels
32
35. Innovation
We are here
Best next offer
Evolution
Loyalty program Points based Strong
Coalition Coaliton to partner,
based on # of loyalty increase in
network expansion member and
flights program # of offers
Multiplus
IT Focus
Free tickets Multi-partners Multi-channel
issuance platform e-commerce
platforms
Integration with Point of sales Advanced
alliances and banks features analytics tools
37
36. Knowledge: finding the next best offer
Member Portfolio map
segmentation
Profile Product
data category
Transac-
tion Product
behavior cost
Next best offer
Engage- Partner
ment maximizes needs
member experience, value
added to partner and
Multiplus profitability
Accrual Member
volume behavior
Product
Breakage seasona-
rate lity
Expected
Profitabi-
breakage
lity
impact
38
37. Innovative business model
Multiple growth drivers
Diversification goals
Driving value to members and partners
Branding, innovation and knowledge
Investment case
38. High corporate governance standards
Novo Mercado (New Market)
Ordinary share only
100% tag along rights
Audit committee and Fiscal Counsel
Independent board member
40
39. Good results
R$491,4 million in Gross Billings in the 3Q12, a 23,7%
High Growth
growth vs same quarter of 2011
Strong cash More than R$650 million in FCF
generation (Sep 12, last 12 months)
Attractive More than R$1 billion in dividends and interest on
dividend payout capital since IPO
Improving MPLU3 is one of top 100 most liquid Brazilian
stock liquidity stocks (average of R$15 million per trading session)
41
40. Contact IR Team
+55 11 5105 1847
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir
