Investor Presentation

May 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.

Multiplus

Established as separated business unit in 2009

Beginning of operations and IPO in 2010 Network of loyalty programs

Powerful support for partners to acquire

and retain clients

Members can gather all points from

several programs in one single account

Broad portfolio of rewards

More than 8 million members

More than 150 commercial partnerships

About Multiplus

3

TAM Loyalty Program

Launched in 1993 The first airline loyalty program in Brazil

More than 1,000 destinations worldwide

Overview

4

* based on May 5 2011

26,83%73,17%

TAM S.A.

• Scalable business

• Low CAPEX requirement

• Recurring Free Cash Flow

• Market Cap of R$ 5.0 billion*

Shareholders’ Structure Overview

CRM Outsourcing Coalition Redemption

Flexible Business Model

Two-way flow:

exchange of

points, products

and services (buy

and sell) between

Multiplus and

coalition partners

Multiplus

manages the

loyalty program of

the partner

(systems and

operations)

Acúmulo

Partners buy

points from

Multiplus to award

its customers

Multiplus

leverages the

database from its

network and

offers CRM

services

Partners Partners Partners

Partners

Accrual

5

Multiplus buys

points, products

or services from

partners to deliver

to its members

Coalition Partnerships Network (members can earn and redeem points)

6

Apparel Education Travel Agency Gas Stations Bookstore Magazine

Suscriptions Pay-TV Telecom Hotels Airline

Gym

Food

Stock Exchange

Entertainment Furniture and

Decoration e-Commerce Home Centers Groceries

Specialized

Retailers Car rental

Universities

Insurance Pension Plan Beauty and

Healthy

Note: blank slots refer to targeted segments

Drugstore

Retail, Industries and

Services Travel and Entertainment Financial Institutions

Accrual Partnerships* (members can earn points)

7 *non exhaustive

Business Model

8

Note: based on 2010

Sources of Profit

z

Gross Billings of points Costs of rewards

Current

Long Term Target

Air Tickets Others

Current

Long Term Target

TAM

Retail, Industry and Services

Banks

28%

70%

2%

15 to 20%

1%

99%

15 to 20%

Spread (R$ 151,9M | 37%)

Margin between point price and

cost of rewards

Breakage (R$ 182,6M | 45%)

Points expiring without being

redeemed

Interest income on the float (R$ 58,1M | 14%)

Gap between sales and redemptions

of points

Cross-selling of services (R$ 15,4M | 4%)

Outsourcing and CRM

Multiplus sells points …

…and buys rewards

9

Growth Opportunities

*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.

Credit Card Transaction Value (R$ billions)

CAGR +22%

Credit Card Usage

Source: ABECS

Personal Consumption Expenditure (R$ billions)

CAGR +12%

Consumption

Source: IBGE

4044

48

57

70

2006 2007 2008 2009 2010

Passenger Traffic

RPK in Brazil (billions) 23%

Source: ANAC

Wealth Distribution

Social classes* (% of the population)

Source: Research Cetelem- Ipsos 2010

2005

2010

142174

215256

309

2006 2007 2008 2009 2010e

1.4291.594

1.7871.966

2.226

2006 2007 2008 2009 2010

52,8

46,9

35,7

31,0

27,6 27,3

23,7 23,5

21,0

18,0

15,7

13,4 13,0

9,5 9,4

4,4 3,8 2,3

Fly

Buys N

ZL

Fly

Buys A

US

Qanta

s P

rogra

m A

US

AirM

iles C

AN

Necta

r U

K

Fly

ing B

lue F

RA

LA

NP

AS

S C

HL

Sky M

iles U

SA

AA

dvan

tage U

SA

Mile

s&

Mo

re D

EU

JA

L M

ileage B

ank J

PN

Ae

ropla

n C

AN

AirM

iles U

K

Necta

r IT

A

Ve

locity A

US

Mu

ltip

lus B

RA

Sm

iles B

RA

Clu

b P

rem

ier

ME

X

Source: Principal Global Indicators and Companies’ website and reports

Notes:

1. Programs belonging to airlines: Flying Blue to AirFrance/KLM; Sky Miles to Delta Airlines; AAdvantage to American Airlines; Miles&More to Lufthansa; JAL Mileage Bank to Japan Airlines; Velocity to Virgin Blue; Smiles to Gol Airlines; and Club

Premier to AeroMexico

2. Programs associated with airlines: FlyBuys NZL with Air New Zealand; FlyBuys AUS with Jet Set; Aeroplan with AirCanada; AirMiles UK with British Airways; and Multiplus with TAM Airlines.

Loyalty Market Penetration

as % of population

Multiplus member base penetration

as % of population

North

3,6 Northeast

2,5

Central-West

6,4 Southeast

5,2

South

4,5

10

11

Main Strategic Objectives

Customer Experience

Shareholder Return

Branding new partners (and high value added partnerships)

new members new redemptions options (coalition)

friendly interface (new website, new tools, etc)

operational efficiency

marketing the new concept

sharing costs with partners

actions at the point of sale

new services (CRM and outsourcing)

breakage management

cash management

Appendix

13

Appendix I:

Exclusive and Strategic Relationship with TAM

● 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

Operational Agreement Assures the Most Appealing Products to the Members = Air Tickets

Airlines

Appendix II:

Typical Accrual and Redemption Flows

14

MEMBER (consumer)

Points earns Partner’s

Program accumulates converts to

PARTNER WITH STANDALONE PROGRAM

PARTNER WITH NO STANDALONE PROGRAM

Accrual flow: cash in due to sales of points to partners

Redemption flow: cash out due to purchase of points, products and services from partners and suppliers

earns

MEMBER (consumer)

Points

redeems

converts to Partner’s

Program accumulates earns

COALITION AND REDEMPTION PARTNERS

earns

Products and

Services

Products and

Services

earns

Products and

Services

buys

POINTS

POINTS

A

B

C

D

E

MULTIPLUS WEBISITE

15

Appendix III:

Income Statement

(R$ thousand)

1Q10 1Q11 1Q11 vs 1Q10 4T10 1Q11 vs

4Q10 Income Statement

Gross revenue 44,988 266,104 491.5% 225,995 17.7%

Sale of points 32,959 191,749 481.8% 168,899 13.5%

TAM Airlines 1,374 35,883 2,511.6% 32,465 10.5%

Banks, Retail, Industry and Services 31,585 155,866 393.5% 136,434 14.2%

Breakage 11,219 71,145 534.1% 51,223 38.9%

Other revenues 810 3,210 296.3% 5,872 -45.3%

Taxes on sales (4,202) (24,124) 474.1% (20,401) 18.3%

Net Revenue 40,786 241,980 493.3% 205,594 17.7%

Cost of the points redeemed (21,320) (136,226) 539.0% (132,274) 3.0%

Air tickets (21,280) (135,621) 537.3% (131,813) 2.9%

Other products / services (39) (605) 1,433.0% (461) 31.3%

Accounting Adjustments (400) - N.A. - N.A.

Total cost of services rendered (21,719) (136,226) 527.2% (132,275) 3.0%

Gross Profit 19,067 105,754 454.6% 73,319 44.2%

Gross Margin 46.7% 43.7% -3.0p.p. 35.7% 8.0p.p.

Shared services (2,011) (1,907) -5.2% (2,367) -19.4%

Personnel expenses (2,971) (9,256) 211.5% (6,845) 35.2%

Marketing (854) (2,052) 140.3% (9,838) -79.1%

Depreciation (18) (1,032) 5,584.2% (1,026) 0.5%

Other (2,271) (7,948) 249.9% (12,532) -36.6%

Total Operating Expenses (8,126) (22,194) 173.1% (32,608) -31.9%

Total Costs and Operating Expenses (29,846) (158,420) 430.8% (164,882) -3.9%

Operating Income 10,941 83,560 663.8% 40,711 105.2%

Operating Margin 26.8% 34.5% 7.7p.p. 19.8% 14.7p.p.

Financial Income/Expenses 327 25,184 7,610.1% 16,918 48.9%

Income before income tax and social contribution 11,267 108,744 865.1% 57,630 88.7%

Income tax and social contribution (3,788) (37,857) 899.4% (14,354) 163.7%

Net Income 7,479 70,887 847.8% 43,276 63.8%

Net Margin 18.3% 29.3% 11.0p.p. 21.0% 8.2p.p.

16

Appendix IV:

Balance Sheet and Cash Flow

(R$ thousand)

Cash Flow 1Q10

Net Income

7,480

Depreciation/Amortization 18

Accounts Receivable

(62,178)

Accounts Payable

3,590

Taxes

(12,380)

Related Parties

(156,263)

Prepaid Expenses

(606,799)

Deferred Revenue and Breakage liabilities

189,656

Other assets and liabilities

2,542

Operating Cash Flow

(634,334)

Capex

(2,783)

Cash Flow from Investing Activities

(2,783)

Net proceeds from public offer

(23,322)

Capital

692,384

Dividends

-

Capital Reserve

-

Cash Flow from Financing Activities

669,062

Increase (Decrease) in Cash 31,946

Cash at beginning of period*

-

Cash at end of period*

31,946

(R$ thousands)

1Q10 1Q11 1Q11 vs

1Q10 4Q10 1Q11 vs

4Q10 Balance Sheets

Assets 873,283 1,482,205 69.7% 1,403,549 5.6%

Current assets 477,315 1,306,111 173.6% 1,330,844 -1.9%

Cash and cash equivalentes 971 16,868 1636.9% 17,186 -1.9%

Investments 30,975 928,663 2898.1% 851,830 9.0%

Accounts Receivable 62,178 121,321 95.1% 68,699 76.6%

Related Parties 377,952 236,848 -37.3% 388,507 -39.0%

Current account 152,346 57,149 -62.5% 56,629 0.9%

Prepaid expenses 225,606 179,699 -20.3% 331,879 -45.9%

Deferred income tax and social contribution 5,191 1,858 -64.2% 3,769 -50.7%

Other receivables 48 553 1060.8% 852 -35.1%

Non-current assets 395,967 176,094 -55.5% 72,705 142.2%

Prepaid expenses 381,194 0 N.A. 0 N.A.

Long term investments 0 151,083 N.A. 50,280 200.5%

Deferred income tax and social contribution 8,226 763 -90.7% 1,217 -37.3%

Property, plant and equipment 0 1,156 N.A. 935 23.6%

Intangible 6,547 5,097 -22.2% 1,276 299.3%

Intangible assets 0 17,995 N.A. 18,997 -5.3%

Liabilities and shareholder’s equity 873,283 1,482,205 69.7% 11,403,548 5.6%

Current liabilities 196,868 732,181 271.9% 644,946 13.5%

Suppliers 4,442 17,863 302.1% 16,578 7.8%

Taxes and fees payable 1,038 10,583 919.7% 2,328 354.7%

Deferred revenue 124,859 551,709 341.9% 484,055 14.0%

Breakage liabilities 64,797 139,846 115.8% 130,495 7.2%

Other liabilities 1,732 12,180 603.4% 11,490 6.0%

Equity 676,415 750,025 10.9% 758,602 -1.1%

Capital 669,063 669,063 0.0% 669,063 0.0%

Remuneration Plan 0 4,155 N.A. 1,538 170.1%

Reserves 0 5,919 N.A. 5,919 0.0%

Retained Earnings (loss) 7,352 70,887 864.2% 82,082 -13.6%

17

Appendix V:

Adjusted EBITDA

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.

(R$ thousand) 1Q10 1Q11

1Q11 vs 1Q10

4Q10 1Q11 vs

4Q10 Adjusted EBITDA

Operating Income 10,941 83,560 663.8% 40,711 105.2%

Depreciation and Amortization 18 1,032 5,584.2% 1,026 0.5%

EBITDA 10,959 84,592 671.9% 41,738 102.7%

Margin 26.9% 35.0% 8.1p.p. 20.3% 14.7p.p.

Gross Billings of points 230,276 339,885 47.6% 325,247 4.5%

Other Revenues in the period 810 3,210 296.3% 5,872 -45.3%

Tax on Gross Billings (21,375) (31,736) 48.5% (30,629) 3.6%

Net Billings 209,711 311,359 48.5% 300,491 3.6%

Revenue from the sale of points (44,178) (262,894) 495.1% (220,122) 19.4%

Other Revenues in the period (810) (3,210) 296.3% (5,872) -45.3%

Tax on Revenue 4,161 24,615 491.5% 20,905 17.7%

Net Revenue (40,827) (241,490) 491.5% (205,090) 17.7%

Future redemptions costs:

Balance of points to be redeemed variation (113,041) (65,312) -42.2% (77,254) -15.5%

Adjusted EBITDA 66,802 89,150 33.5% 59,885 48.9%

Margin 31.9% 28.6% -3.2p.p. 19.9% 8.7p.p.

Future redemptions costs:

Breakage ratio variation 0 3,513 N.A. 62 5,608.6%

Average cost per 10,000 points variation 0 10,630 N.A. (13,784) -177.1%

Adjusted EBITDA w/ previous period adjustments 66,802 103,293 54.6% 46,162 123.8%

Margin 31.9% 33.2% 1.3p.p. 15.4% 17.8p.p.

Appendix VI: Comunication Online and Offline Actions

18

Appendix VII: Comunication Material in the Point of Sale and Mobile Aplication

Localizador de Parceiros

19

15,3

4,1 6,1

2,1 2,4

5,0 6,6

9,7 10,5

13,3

7,9 6,4

9,5 8,8

19,4

16,87 18,10

19,79 18,77 18,30

20,22

22,59

26,44 28,00

32,66 33,57 33,14

28,84 28,29 29,76

Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11

Average Daily Trade Volume (R$ million)

Average Stock Price

20

Appendix VIII:

Stock Performance

Stock Variation and Average Daily Volume

Thank you. Investor Relations

+55 11 5105 1847

invest@multiplusfidelidade.com.br

www.multiplusfidelidade.com.br/ir