This investor presentation provides an overview of Multiplus, a leading loyalty coalition network in Brazil. Key points include: 1) Multiplus has over 8 million members through partnerships with 151 companies in various industries. 2) Multiplus has a unique business model with recurring revenue, low capital expenditures, and high returns. 3) Growth opportunities exist in increasing credit card usage, passenger traffic, and wealth distribution in Brazil. 4) Multiplus' main strategic objectives are improving the customer experience, increasing shareholder return, and strengthening their brand.

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.
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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
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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
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5. Accrual Partnerships*
(members can earn points)
Financial Institutions Travel and Entertainment Retail, Industries and Services
*non exhaustive
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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
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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.
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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
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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
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10. Thank you.
Investor Relations
+55 11 5105 1847
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir