The document is an investor presentation by Multiplus S.A., a Brazilian loyalty coalition network. It provides an overview of Multiplus, including its business model, partnerships, growth opportunities, and strategic objectives. Key points are that Multiplus has over 8 million members and 151 partnerships, with a unique scalable business model generating recurring free cash flow. The presentation also highlights 2010 financial and operating highlights such as an IPO of R$692 million and adjusted EBITDA of R$290.1 million.

1. Investor Presentation
February 2011

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. What is Multiplus?
1
The Leading Loyalty Coalition Network in Brazil
• Originated from TAM Fidelidade Program
• 8.0 million members
• 151 partnerships
2
Unique Business Model
• Scalable business with low CAPEX requirement
• Recurring and solid Free Cash Flow
• High returns
3
Market Cap of R$ 4.8 billion
• Free float of R$ 1.3 billion
• Controlled by TAM S.A. (73.2% stake)
• BM&FBovespa “Novo Mercado” listed
Note: based on Feb 16 2011 data
3

4. Coalition Partnerships Network
(members can earn and redeem points)
2009
Airline Travel Agency Gas Stations Bookstore
2011 2010
E-Commerce Hotels
Entertainment Telecom
Stock Exchange Magazine Subscriptions
Drugstore Education Apparel Pay-TV
4

5. Accrual Partnerships*
(members can earn points)
Financial Institutions Travel and Entertainment Retail, Industries and Services
*non exhaustive
5

6. Sources of Profit
Gross Billings Redemption Costs
Sources of Profit
Spread Airline Tickets
TAM (Margin between point price and 99%
28% redemption cost)
Breakage
(points expiring before being
redeemed)
Interest income
on the float
(gap between sales points and the
redemptions of products and services)
Banks, Retail, Cross-selling Other products
Industry and of services and services
Services (outsourcing and CRM) 1%
72%
Note: based on LTM Dec 2010
6

7. 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% A and B
52.0% 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.
7

8. Main Strategic Objectives
Customer
Experience
friendly interface
(new website, new tools, etc)
operational efficiency
Shareholder
Branding
Return new partners
(and high value added partnerships)
new members
new redemptions options
(coalition)
breakage management
actions at the point of sale
cash management
marketing the new concept
new services
(CRM and outsourcing)
sharing costs with partners
8

9. Appendix IV:
2010 Highlights
• Initial Public Offering of R$ 692 mln
• Inauguration of new head office
• Implementation and stabilization of operational systems
• New areas and structuring of the management team
• Stock Options Plan approval
• Closing with 8.0 mln members
• Reaching 151 partnerships (12 coalition partnerships)
• Gross Billings of Points of R$ 1.1 bln
• Adjusted EBITDA of R$ 290.1 mln (28,2% margin)
• Net Income of R$ 118.4 mln
• Proposal of 95% of Net Income Pay-out as Dividends and Interest on Equity
9

10. Appendix

11. Appendix I:
Exclusive and Strategic Relationship with TAM
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
11

12. Appendix II:
Typical Accrual and Redemption Flows
Accrual flow: cash in due to sales of points to partners
PARTNER WITH STANDALONE PROGRAM
POINTS
A earns accumulates Partner’s converts to
Points
Program
MEMBER buys Products
and PARTNER WITH NO STANDALONE PROGRAM
(consumer) Services
B earns
Redemption flow: cash out due to purchase of points, products and services from partners and suppliers
POINTS COALITION PARTNER
C converts to accumulates Partner’s earns
Points Products
Program
and
MEMBER redeems
Services
D earns
(consumer)
E earns Multiplus
Catalogue
12

13. Appendix III:
4Q10 Highlights
OPERATING HIGHLIGHTS 4Q10 vs 3Q10
• 16.1 bln points issued, a growth of 11.2%
• 7.7 bln points redeemed, an increase of 68.0%
• Average Breakage ratio (12 months) remained in 22.6%
FINANCIAL HIGHLIGHTS 4Q10 vs 3Q10
• Gross Billings of points of R$ 325.2 mln, an increase of 8.4%
• Net Revenue of R$ 205.6 mln, representing an growth of 58.2%
• Adjusted EBITDA of R$ 46.2 mln, a reduction of 51.4% (15.4% margin)
• Net Income of R$ 43.3 mln, a reduction of 2.8% (21.0% margin)
13

14. Appendix IV:
Balance Sheet
(R$ thousands)
Balance Sheet 3Q10 4Q10 4Q10 vs 3Q10
Assets 1,257,006 1,403,549 11.7%
Current assets 1,102,918 1,330,844 20.7%
Cash, cash equivalents and Investments 633,813 869,016 37.1%
Other receivables 91,647 68,699 -25.0%
Related parties 363,136 388,507 7.0%
Current account 30,157 56,629 87.8%
Prepaid expenses 332,979 331,879 -0.3%
Deferred income tax and social contribution 14,115 3,769 -73.3%
Other assets 207 852 311.5%
Non-current assets 154,088 72,705 -52.8%
Prepaid expenses 142,377 0 N.A.
Long Term Investments 0 50,280 N.A.
Deferred income tax and social contribution 755 1,217 61.3%
PP&E and Intangible assets 10,956 21,208 93.6%
Liabilities and shareholders' equity 1,257,006 1,403,548 11.7%
Current liabilities 541,993 644,946 19.0%
Suppliers 5,139 16,579 222.6%
Taxes and fees payable 20,780 2,328 -88.8%
Deferred revenue 354,302 484,055 36.6%
Breakage liabilities 155,162 130,495 -15.9%
Other liabilities 6,610 11,490 73.8%
14

15. Appendix V:
Income Statement
(R$ thousand)
3T10 4T10 4T10 vs 3T10 2010
Income Statement
Gross revenue 143,941 225,995 57.00% 517,875
Sale of points 105,163 168,899 60.60% 382,271
TAM Airlines 13,534 32,465 139.90% 54,686
Banks, Retail, Industry and Services 91,628 136,434 48.90% 327,585
Breakage 35,964 51,223 42.40% 122,645
Other revenues 2,815 5,872 108.60% 12,960
Taxes on sales -13,947 -20,401 46.30% -48,032
Net Revenue 129,994 205,594 58.20% 469,843
Cost of the points redeemed -69,460 -132,274 90.40% -274,258
Air tickets -69,190 -131,813 90.50% -273,370
Coalition Partners and Multiplus Catalogue -269 -461 71.20% -888
Accounting Adjustments 420 0 N.A. 0
Total cost of services rendered -69,040 -132,275 91.60% -274,258
Gross Profit 60,954 73,319 20.30% 195,585
Gross Margin 46.90% 35.70% -11.2p.p. 41.60%
Shared services -1,482 -2,367 59.70% -7,871
Personnel expenses -4,619 -6,845 48.20% -17,693
Marketing -1,025 -9,838 859.70% -11,987
Depreciation -46 -1,026 N.A. -1,091
Other -6,337 -12,532 97.80% -26,672
Total Operating Expenses -13,509 -32,608 141.40% -65,313
Total Costs and Operating Expenses -82,548 -164,882 99.70% -339,571
Operating Income 47,446 40,711 -14.20% 130,272
Operating Margin 36.50% 19.80% -16.7p.p. 27.70%
Financial Income/Expenses 12,162 16,918 39.10% 33,259
Income before income tax and social 59,607 57,630 -3.30% 163,531
Income tax and social contribution -15,106 -14,354 -5.00% -45,145
Net Income 44,501 43,276 -2.80% 118,386
Net Margin 34.20% 21.00% -13.2p.p. 25.20%
15

16. Appendix VI:
Adjusted EBITDA
(R$ thousand) 4Q10 vs
1Q10 2Q10 3Q10 4Q10 2010
Adjusted EBITDA 3Q10
Operating Income 10,941 31,174 47,446 40,711 -14.20% 130,272
Depreciation and Amortization 18 0 46 1,026 N.A. 1,091
EBITDA 10,959 31,174 47,492 41,737 -12.10% 131,363
Margin 26.90% 33.40% 36.50% 20.30% -16.2 p.p. 28.00%
Gross Billings of points 230,276 263,968 299,984 325,247 8.40% 1,119,475
Other Revenues in the period 810 3,462 2,815 5,872 108.60% 12,960
Tax on Gross Billings -21,375 -24,737 -28,009 -30,629 9.40% -104,750
Net Billings 209,711 242,693 274,790 300,491 9.40% 1,027,685
Revenue from the sale of points -44,178 -99,489 -141,126 -220,122 56.00% -504,915
Other Revenues in the period -810 -3,462 -2,815 -5,872 108.60% -12,960
Tax on Revenue 4,161 9,523 13,315 20,905 57.00% 47,903
Net Revenue -40,827 -93,428 -130,627 -205,090 57.00% -469,972
Future redemptions costs:
Breakage ratio variation 0 706 -1,369 62 -104.50% -602
Balance of points to be redeemed variation -113,041 -101,514 -103,109 -77,254 -25.10% -394,917
Average cost per 1,000 points variation 0 2,456 7,870 -13,784 -275.20% -3,459
Total future redemption costs -113,041 -98,352 -96,608 -90,976 -5.80% -398,977
Adjusted EBITDA 66,802 82,088 95,047 46,161 -51.40% 290,098
Margin 31.90% 33.80% 34.60% 15.40% -19.2 p.p. 28.20%
Note: A spreadsheet with a calculation log of the cost of future redemptions is available on the Company’s IR website
(www.multiplusfidelidade.com.br/ri). Below is a short description of the main lines:
• Change in the breakage ratio: represents the impact of the breakage ratio on total number of points issued in the previous 24
months (Multiplus points mature in 2 years).
• Change in the balance of points to be redeemed: the impact of the change in the balance of points to be redeemed (excluding points
already redeemed and breakage points) considering the average cost in the last 12 months.
• Average cost per 1,000 points variation: the impact of variation of average cost on the balance of points to be redeemed in the
previous period.
16

17. Thank you.
Investor Relations
+55 11 5105 1847
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir