Investor Presentation - March 2016

2. Our history
1993
Creation of
TAM Fidelidade
1993
2010
Multiplus’ IPO
2010
2012
Multiplus reaches 10
mln members
2012
2014
• TAM makes part of Oneword
• Launch of mobile app for IOS and
Android e
• Multiplus launches "Points +
Money“ and Multiplus Challenge
(gamification)
• Non-air redemptions reached
record 15 % in a quarter
2014
2009
Spin-off from TAM
Fidelidade
2009
2011
Multiplus becomes
one of TOP 100 most
liquid stocks in
Bovespa
2011
2013
• Improved corporate
governance structure (new
Committee of Related
Parties)
• Two independent members
on Board
• Non-air redemptions
reached record 8% in a
quarter
2013
2015
• Multiplus implements
changes to its
operting model with
TAM
• Redemption of air
tickets on Multiplus
marketplace
2015
2

3. # of
months
~100
24
Points selling
CASH IN CASH OUT
3 sources of profit
Redemption
1.SPREAD
Unit revenue
minus unit cost
3.BREAKAGE
Points expired:
No cost
Expiration
2.FLOAT
Revenue
on interest
3

4. Corporate Governance practices guided by best standards
27.16%
72.74%
4
Novo Mercado
100% tag along
Dividend distribution: 100% of net income
Only ordinary shares; “one share, one vote”
30% of independent members on Board
Special committee
Committee on Finance, Audit, Governance and
Related Parties
Ownership breakdown:

5. 39.8%
13.9%
12.8%
12.5%
6.9%
5.4%
3.0%
2.4%
1.7%
0.3%
Nectar (UK)
Aeroplan (CAN)
Fly Buys (AUS)
Travel Club (ESP)
Multiplus (BRA)
Smiles (BRA)
Club Premier (MEX)
JAL Mileage (JPN)
AirMiles (CAN)
China Rewards (CHN)
Penetration of loyalty programs in total population (%)
Brazilian loyalty industry is still in early stages
5
Sources: loyalty programs websites and each country statistic data bureau

6. Multiple long term growth drivers
Historical double digit growth in the past years
About 35% of customers understand that they have
enrolled in a bank loyalty program
Crescent demand of air transportation for the
next years
Market in Latin America will grow at a high
single digit pace for the next years
Brazil will be on the top 10 global ranking of
aviation, in number of passengers
Online payments increased more than 45%
since 2010
Loyalty culture still in the early stages in Brazil
A and B classes represents 15% of total
population
More than 60% of Multiplus network consists of A
and B classes
6
Consumption
Source: Abecs (Brazilian Association of Credit Cards and Services
Companies)
Credit card usage Air transportation
Wealth distribution
Source: IBGE and Bacen
Source: IATA
Source: IBGE and internal studies

7. Network growth: track record of impact
151
190
369
472
416 406
2010 2011 2012 2013 2014 2015
6.9
8.3
9.7
11.0
12.6
14.2
2010 2011 2012 2013 2014 2015
Members (million) Partners (#)
7
Note: based on fourth quarter results – data available on Company’s releases

8. Sales growth: consistent track record
1,119.5
1,523.3
1,871.0
2,009.0
2,126.8
2,565.0
566.8
648.1
645.0
2010 2011 2012 2013 2014 2015 4Q14 3Q15 4Q15
53.2
76.3
85.2 85.3 88.5 86.1
23.1 21.0 21.4
2010 2011 2012 2013 2014 2015 4Q14 3Q15 4Q15
Gross billings (BRL million) Points issued (million)
8
Note: based on fourth quarter results – data available on Company’s releases

9. Financial Results
Net revenues (BRL million), and
gross margin (%)
Net income (BRL million) and
net margin (%)
118.4
274.2
224.3 232.1
325.0
479.7
83.6
144…
125.7
25.2% 22% 15.2% 14.1% 17.9% 21,2% 17,6% 24,7%
21,7%
2010 2011 2012 2013 2014 2015 4Q14 3Q15 4Q15
469.8
1,246.8
1,476.0
1,650.8
1,819.4
2,261.8
476.1
586.2 580.6
41,6% 32,5% 25.8% 25.7% 29.0% 31.1% 28.0% 30.2% 34.6%
2010 2011 2012 2013 2014 2015 4Q14 3Q15 4Q15
9
Note: based on fourth quarter results – data available on Company’s releases

10. Breakage rate and non-air redemptions evolution
0.4%
2.1%
5.4%
9.3%
11.6%
14.3%
15.6%
13.7%
19.0%
2010 2011 2012 2013 2014 2015 4Q143Q154Q15
22.6%
24.1%
21.3%
18.2% 17.8% 18.2%
2010 2011 2012 2013 2014 2015
Non-air redemptions (%) Breakage rate (%)
10
Note: based on fourth quarter results – data available on Company’s releases

11. 15 years agreement
automatically renewable for additional 5-year periods
Exclusive relationship
Points per seat vary according to flight fare with 100% availability,
improving Multiplus competitive advantage
up to 360 days
before flight date
fee exemptions, lowered points requirement, complimentary upgrades and up to
100% bonus points
High recognition
to premium clients
High flexibility
Superior frequent flyer
program
lower earn-to-burn ratios
redemptions via TAM, LAN and their airline partners
Wide redemption
window
Strategic long-term agreement with TAM Airlines
11

12. New pricing with TAM – transfer price
12
Greater
alignment of
interests -
"win-win“
relationship
Characteristics, fare class, demand, distance/region, season and marketCATEGORIES
Offering directed flights to the profile of each member, using our CRM
intelligence and analytics platforms
THROUGH
Create more value to our shareholders, and alignment of interests with TAMBENEFITS

13. Redemptions of airline tickets on Multiplus marketplace
13
Allows cross-
selling to our
portfolio of over
550,000
products
Improves
members
awareness
about our
network
Strengthen
our brand
Booking a hotel
Reviews
Car rental
Redemption of
ticket
Increases the
volume of
accesses to
our website

14. Adding value to our partners: sales increase
14
With Black Week warm-up, we leveraged
partner sales with an increase of R$ 10.1
million through the incentive of accrual of
points
Gross billings of points through accrual, during
promotional week in 2015 raised 99%
million reais
Increase of 45% in sales and 12x in number
of points during a week with a special offer

15. bonus points per each new credit card activated1 Activation
bonus points according to the volume of points transferred
segmented offers to engage an specific member group
2 Spending
3 Targeting
Solid relationship with banks
Targeted
redemption offers
15

16. Appendix

17. Income statement (1/2)
17
Income Statement
(R$ thousand) 4Q15 3Q15 Var % 4Q14 Var % 2015 2014 Var %
Gross revenue 638,538 649,145 -1.6% 524,870 21.7% 2,494,482 2,007,024 24.3%
Sale of points 526,500 544,377 -3.3% 442,080 19.1% 2,078,581 1,707,599 21.7%
TAM Airlines 39,647 41,695 -4.9% 35,611 11.3% 158,712 144,701 9.7%
Banks, Retail, Industry and Services 486,853 502,682 -3.1% 406,469 19.8% 1,919,869 1,562,898 22.8%
Breakage 112,038 105,085 6.6% 83,951 33.5% 416,885 316,037 31.9%
Hedge - (318) -100.0% (827) -100.0% (984) (16,613) -94.1%
Other revenues - - - (334) -100.0% - - -
Taxes on sales (57,898) (62,989) -8.1% (48,759) 18.7% (232,729) (187,582) 24.1%
Net Revenue 580,640 586,156 -0.9% 476,110 22.0% 2,261,753 1,819,442 24.3%
Cost of the points redeemed (380,025) (409,212) -7.1% (337,319) 12.7% (1,557,419) (1,280,761) 21.6%
Air tickets (323,323) (362,579) -10.8% (295,810) 9.3% (1,381,755) (1,154,838) 19.6%
Other products / services (56,702) (46,633) 21.6% (41,509) 36.6% (175,665) (125,923) 39.5%
Total cost of services rendered (380,025) (409,212) -7.1% (337,319) 12.7% (1,557,419) (1,280,761) 21.6%
Equity Share on Results from
Investments
- - - (5,333) -100.0% - (10,504) -100.0%
Gross Profit 200,615 176,943 13.4% 133,458 50.3% 704,333 528,176 33.4%
Gross Margin 34.6% 30.2% 4.4p.p. 28.0% 6.5p.p. 31.1% 29.0% 2.1p.p.
Shared services (175) (233) -25.0% (767) -77.2% (1,687) (3,136) -46.2%
Personnel expenses (17,693) (18,955) -6.7% (9,426) 87.7% (69,390) (47,544) 45.9%
Marketing (9,055) (6,888) 31.5% (4,675) 93.7% (26,578) (28,061) -5.3%

18. Income statement (2/2)
18
Income Statement
(R$ thousand) 4Q15 3Q15 Var % 4Q14 Var % 2015 2014 Var %
Gross revenue 638,538 649,145 -1.6% 524,870 21.7% 2,494,482 2,007,024 24.3%
Sale of points 526,500 544,377 -3.3% 442,080 19.1% 2,078,581 1,707,599 21.7%
TAM Airlines 39,647 41,695 -4.9% 35,611 11.3% 158,712 144,701 9.7%
Banks, Retail, Industry and Services 486,853 502,682 -3.1% 406,469 19.8% 1,919,869 1,562,898 22.8%
Breakage 112,038 105,085 6.6% 83,951 33.5% 416,885 316,037 31.9%
Hedge - (318) -100.0% (827) -100.0% (984) (16,613) -94.1%
Other revenues - - - (334) -100.0% - - -
Taxes on sales (57,898) (62,989) -8.1% (48,759) 18.7% (232,729) (187,582) 24.1%
Net Revenue 580,640 586,156 -0.9% 476,110 22.0% 2,261,753 1,819,442 24.3%
Cost of the points redeemed (380,025) (409,212) -7.1% (337,319) 12.7% (1,557,419) (1,280,761) 21.6%
Air tickets (323,323) (362,579) -10.8% (295,810) 9.3% (1,381,755) (1,154,838) 19.6%
Other products / services (56,702) (46,633) 21.6% (41,509) 36.6% (175,665) (125,923) 39.5%
Total cost of services rendered (380,025) (409,212) -7.1% (337,319) 12.7% (1,557,419) (1,280,761) 21.6%
Equity Share on Results from
Investments
- - - (5,333) -100.0% - (10,504) -100.0%
Gross Profit 200,615 176,943 13.4% 133,458 50.3% 704,333 528,176 33.4%
Gross Margin 34.6% 30.2% 4.4p.p. 28.0% 6.5p.p. 31.1% 29.0% 2.1p.p.
Shared services (175) (233) -25.0% (767) -77.2% (1,687) (3,136) -46.2%
Personnel expenses (17,693) (18,955) -6.7% (9,426) 87.7% (69,390) (47,544) 45.9%
Marketing (9,055) (6,888) 31.5% (4,675) 93.7% (26,578) (28,061) -5.3%
Other products / services (56,702) (46,633) 21.6% (41,509) 36.6% (175,665) (125,923) 39.5%
Total cost of services rendered (380,025) (409,212) -7.1% (337,319) 12.7% (1,557,419) (1,280,761) 21.6%
Equity Share on Results from
Investments
- - - (5,333) -100.0% - (10,504) -100.0%
Gross Profit 200,615 176,943 13.4% 133,458 50.3% 704,333 528,176 33.4%
Gross Margin 34.6% 30.2% 4.4p.p. 28.0% 6.5p.p. 31.1% 29.0% 2.1p.p.
Shared services (175) (233) -25.0% (767) -77.2% (1,687) (3,136) -46.2%
Personnel expenses (17,693) (18,955) -6.7% (9,426) 87.7% (69,390) (47,544) 45.9%
Marketing (9,055) (6,888) 31.5% (4,675) 93.7% (26,578) (28,061) -5.3%
Depreciation (8,132) (15,245) -46.7% (4,956) 64.1% (35,918) (17,436) 106.0%
Other (21,709) (14,051) 54.5% (22,187) -2.2% (73,837) (74,970) -1.5%
Total Operating Expenses (56,765) (55,373) 2.5% (42,011) 35.1% (207,410) (171,147) 21.2%
Total Costs and Operating Expenses (436,790) (464,585) -6.0% (384,663) 13.6% (1,764,830) (1,462,413)
Operating Income 143,850 121,570 18.3% 91,447 57.3% 496,923 357,029 39.2%
Operating Margin 24.8% 20.7% 4.0p.p. 19.2% 5.6p.p. 22.0% 19.6% 2.3p.p.
Financial Income/Expenses 43,056 97,562 -55.9% 37,447 15.0% 220,502 138,052 59.7%
Hedge - - - - - - (2,113) -100.0%
Income before income tax and social
contribution
186,906 219,132 -14.7% 128,894 45.0% 717,426 492,968 45.5%
Income tax and social contribution (61,185) (74,379) -17.7% (45,257) 35.2% (237,685) (167,951) 41.5%
Net Income 125,722 144,753 -13.1% 83,637 50.3% 479,741 325,017 47.6%
Net Margin 21.7% 24.7% -3.0p.p. 17.6% 4.1p.p. 21.2% 17.9% 3.3p.p.

19. Balance sheet (1/2)
19
Balance Sheet
(R$ thousand) VA VA VA
Assets 1,794,494 100.0% 1,945,998 100.0% 1,675,421 100.0%
Current assets 1,671,863 93.2% 1,832,499 94.2% 1,553,567 92.7%
Cash and cash equivalentes 2,575 0.1% 236 0.0% 373 0.0%
Financial assets at fair value through profit and loss 1,488,874 83.0% 1,596,573 82.0% 1,185,354 70.7%
Financial assets held-to-maturity - 0.0% - 0.0% - 0.0%
Accounts receivable 144,408 8.0% 179,415 9.2% 211,874 12.6%
Deferred income tax and social contribution 14,395 0.8% 12,700 0.7% 19,505 1.2%
Related Parties 19,105 1.1% 42,219 2.2% 34,704 2.1%
Current account 19,105 1.1% 42,219 2.2% 34,704 2.1%
Prepaid expenses - 0.0% - 0.0% - 0.0%
Derivative instruments - 0.0% - 0.0% - 0.0%
Advances to suppliers 1,504 0.1% 160 0.0% 95,456 5.7%
Other receivables 1,002 0.1% 1,196 0.1% 6,301 0.4%
Non-current assets 122,631 6.8% 113,499 5.8% 121,854 7.3%
Financial assets - bank deposits - 0.0% - 0.0% - 0.0%
Financial assets held-to-maturity - 0.0% - 0.0% - 0.0%
Deferred income tax 6,331 0.4% 11,443 0.6% 7,957 0.5%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Other accounts receivable 26 0.0% 31 0.0% 28 0.0%
Investments 91 0.0% 91 0.0% - 0.0%
Property, plant and equipment 15,769 0.9% 14,735 0.8% 13,660 0.8%
Intangible assets 100,414 5.6% 87,199 4.5% 100,209 6.0%
Related Parties - 0.0% - 0.0% - 0.0%
Liabilities and shareholders' equity 1,794,494 100.0% 1,945,997 100.0% 1,675,421 100.0%
Current liabilities 1,533,716 85.5% 1,674,671 86.1% 1,454,919 86.8%
Suppliers 154,950 8.6% 204,889 10.5% 140,150 8.4%
Salaries and payroll taxes 23,427 1.3% 10,301 0.5% 17,398 1.0%
Tax, charges and contributions 551 0.0% 441 0.0% 2,514 0.2%
12/31/201412/31/2015 9/30/2015

20. Balance sheet (2/2)
20
Deferred income tax 6,331 0.4% 11,443 0.6% 7,957 0.5%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Other accounts receivable 26 0.0% 31 0.0% 28 0.0%
Investments 91 0.0% 91 0.0% - 0.0%
Property, plant and equipment 15,769 0.9% 14,735 0.8% 13,660 0.8%
Intangible assets 100,414 5.6% 87,199 4.5% 100,209 6.0%
Related Parties - 0.0% - 0.0% - 0.0%
Liabilities and shareholders' equity 1,794,494 100.0% 1,945,997 100.0% 1,675,421 100.0%
Current liabilities 1,533,716 85.5% 1,674,671 86.1% 1,454,919 86.8%
Suppliers 154,950 8.6% 204,889 10.5% 140,150 8.4%
Salaries and payroll taxes 23,427 1.3% 10,301 0.5% 17,398 1.0%
Tax, charges and contributions 551 0.0% 441 0.0% 2,514 0.2%
Income and social contribution tax - 0.0% - 0.0% - 0.0%
Interest on own capital and dividends - 0.0% - 0.0% - 0.0%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Deferred revenue 1,147,549 63.9% 1,141,726 58.7% 1,093,260 65.3%
Breakage liabilities 202,918 11.3% 202,440 10.4% 190,794 11.4%
Advances from customers 3,187 0.2% 113,740 -
Other liabilities 1,134 0.1% 1,134 0.1% 10,803 0.6%
Dividends payable - 0.0% - 0.0% - 0.0%
Non-current liabilities - 0.0% - 0.0% - 0.0%
Related parties - 0.0% - 0.0% - 0.0%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Deferred revenue - 0.0% - 0.0% - 0.0%
Equity 260,778 14.5% 271,326 13.9% 220,502 13.2%
Share capital 107,300 6.0% 107,300 5.5% 107,300 6.4%
Capital reserve (503) 0.0% (1,455) -0.1% (2,552) -0.2%
Shares in treasury (10,902) -0.6% (11,227) - 0.0%
Earnings reserve 164,883 9.2% 176,708 9.1% 116,412 6.9%
Carrying value adjustments - 0.0% - 0.0% (658) 0.0%
Retained Earnings (loss) - 0.0% - 0.0% - 0.0%
Balance Sheet
(R$ thousand) VA VA VA
Assets 1,794,494 100.0% 1,945,998 100.0% 1,675,421 100.0%
Current assets 1,671,863 93.2% 1,832,499 94.2% 1,553,567 92.7%
Cash and cash equivalentes 2,575 0.1% 236 0.0% 373 0.0%
Financial assets at fair value through profit and loss 1,488,874 83.0% 1,596,573 82.0% 1,185,354 70.7%
Financial assets held-to-maturity - 0.0% - 0.0% - 0.0%
Accounts receivable 144,408 8.0% 179,415 9.2% 211,874 12.6%
Deferred income tax and social contribution 14,395 0.8% 12,700 0.7% 19,505 1.2%
Related Parties 19,105 1.1% 42,219 2.2% 34,704 2.1%
Current account 19,105 1.1% 42,219 2.2% 34,704 2.1%
Prepaid expenses - 0.0% - 0.0% - 0.0%
Derivative instruments - 0.0% - 0.0% - 0.0%
Advances to suppliers 1,504 0.1% 160 0.0% 95,456 5.7%
Other receivables 1,002 0.1% 1,196 0.1% 6,301 0.4%
Non-current assets 122,631 6.8% 113,499 5.8% 121,854 7.3%
Financial assets - bank deposits - 0.0% - 0.0% - 0.0%
Financial assets held-to-maturity - 0.0% - 0.0% - 0.0%
Deferred income tax 6,331 0.4% 11,443 0.6% 7,957 0.5%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Other accounts receivable 26 0.0% 31 0.0% 28 0.0%
Investments 91 0.0% 91 0.0% - 0.0%
Property, plant and equipment 15,769 0.9% 14,735 0.8% 13,660 0.8%
Intangible assets 100,414 5.6% 87,199 4.5% 100,209 6.0%
Related Parties - 0.0% - 0.0% - 0.0%
Liabilities and shareholders' equity 1,794,494 100.0% 1,945,997 100.0% 1,675,421 100.0%
Current liabilities 1,533,716 85.5% 1,674,671 86.1% 1,454,919 86.8%
Suppliers 154,950 8.6% 204,889 10.5% 140,150 8.4%
Salaries and payroll taxes 23,427 1.3% 10,301 0.5% 17,398 1.0%
Tax, charges and contributions 551 0.0% 441 0.0% 2,514 0.2%
12/31/201412/31/2015 9/30/2015

21. Thank you!
Contact IR Team
invest@pontosmultiplus.com.br
www.pontosmultiplus.com.br/ir