March 10, 2010

1Q10 Results Release

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Disclaimer

● This material is a presentation of general background information about Multiplus S.A. (“Multiplus") as of the date of this presentation. Information contained herein has been summarized and does not purport to be complete. This presentation shall not be considered to be investment advice by potential investors. This presentation is strictly confidential and may not be disclosed to any third person. There are no representations or warranties, express or implied, regarding the accuracy, fairness, or completeness of the information presented herein, and such information shall not support any investment decision.

● This presentation contains statements and information that are forward-looking pursuant to Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements and information are only predictions and cannot assure Multiplus's future performance. Investors have been cautioned that any such forward-looking statements and information are subject to many risks and uncertainties relating to the operations and business of Multiplus and its subsidiaries. As a result of such risks and uncertainties, the actual results of Multiplus and its subsidiaries may be materially different from any future result expressed or implied in the forward-looking statement or information contained herein.

● Although Multiplus believes that the expectations and assumptions reflected in the forward-looking statements and information are reasonable and have been based on data currently available to its officers and directors, Multiplus cannot guarantee future results or events. Multiplus does not assume the commitment of update any of the forward-looking statement or information.

● Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of 1933, as amended. Any offering of securities to be made in the United States will be made by means of an offering memorandum that may be obtained from the underwriters. Such offering memorandum will contain, or incorporate by reference, detailed information about Multiplus and its subsidiaries, their business and financial results, as well as its financial statements.

● This material is for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This material is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this material relates is available only to relevant persons and will be engaged in only with relevant persons.

● This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.

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Highlights

• Total number of shares issue: 43,274,000

• Price per share: R$ 16.00

• Free Float: 26.83%

Initial public offering - IPO

• Total value: R$ 692 million

• Net value: R$ 662 million

• Use of funds:

Advance payment for purchase of TAM Airlines tickets for future delivery: R$ 622 million

Variação da Ação

90

95

100

105

110

115

120

125

4-fe

b

8-fe

b

10-fe

b

12-fe

b

18-fe

b

22-fe

b

24-fe

b

26-fe

b

2-m

ar

4-m

ar

8-m

ar

10-m

ar

12-m

ar

16-m

ar

18-m

ar

22-m

ar

24-m

ar

26-m

ar

30-m

ar

%

0102030405060708090

R$ (million)VolumeMPLUIBOV 116.81116.81

110.07110.07

Multiplus: Corporatization Movement of TAM Group

● Unlocking value on TAM

● Management focus

− Management focusing in drivers of business significantly different than the ones from the airline

● Increase loyalty of less frequent travelers

● Offer the loyalty program experience to the commercial partners

● To reach the economic C class consumers, who are beginning to fly

● Increase load factor in flights with lower demand

Corporatization of TAM S.A. Rational for Spin Off and IPO

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Loyalty Programs Coalition

Passengers Transportation

Airlines

Tourism Operator

Maintenance

MRO

Air Cargo

Cargo

Company

Business Line

Exposure to the Consumer

market, Payment industry and Air Transportation

Sectors

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Flexible Business Model

with High Growth Potential

1

Broad and Diversified Partnership

Network with Leading

Companies

2

High Corporate Governance Standards

4

Exclusive and Strategic

Relationship with the Largest Airline in Latin

America

5

Investment Highlights

5

Higher Value Added

Flexible Business Model Allows for Multiples Growth Opportunities

● Flexibility to reach more

sectors and companies

● Increases the

attractiveness of partners’

loyalty program by

connecting it to Multiplus

● Flexibility to reach more

sectors and companies

● Increases the

attractiveness of partners’

loyalty program by

connecting it to Multiplus

Business Model Advantages

Accrual Coalition CRMOutsourcing

Partner A

PartnerA

Program

Partner A

PartnerC

Partner D

Partner B

PartnerA

ProgramA

Partners buy points from Multiplus to

award its customers

Two-way flow: exchange of

points (buy and sell) between Multiplus and

coalition partners

Multiplus as the loyalty program of the partner

Multiplus leverages the

database from its network and offers CRM

services

CRM

Flexible business model that boosts growth opportunities through the creation and connection of loyalty programs

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Multiplus’ Business Model

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redeemConvertProducts

and services

Partners with standalone programs

Partners without program

Points Product

andServices

Buy Earn Standalone Program

Accrual Convert

Buy Earn

Catalogue

Points of the programs from coalition

partners

redeem

redeem

Products or services

from coalition partners

AccrualCash In (sales of points to partners)

RedemptionCash Out (purchase of points, products and services from partners and suppliers)

Productand

Services

Client

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Broad and Diversified Partners Network

Other partnersOther partnersTravel partnersTravel partnersFinancial Institution Partners

Financial Institution PartnersCoalition PartnersCoalition Partners

High penetration potential in several other industries: financial, retail, clothing, education, public sector, corporate programs, etc

High penetration potential in several other industries: financial, retail, clothing, education, public sector, corporate programs, etc

Airlines

NON EXHAUSTIVE

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Growth Opportunities

Final consumption (R$ billions) Credit Card Expenditures (R$ billions)

CAGR 11%CAGR 22%

Credit Card Usage ExpansionIncreasing Consumer Market with Growing Income and Consumption

Source: IBGE Source: ABECS

Passengers Domestic Market (Brazil)GDP per capita

RPK’s000’ US$ per capita, 2009E

Growth (%YoY) 10% 9% 17%12%

1,904 2,1332,401 2,500

2006 2007 2008 2009

142174

215256

309

2006 2007 2008 2009 2010

4044

48

56

2006 2007 2008 2009

7.7 8.416.4

35.742.1 46.4

Brazil Turkey South Korea UK France USA

Source: ANAC

Source: FMI

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● 15-year operational agreement with TAM Airlines, contractually assuring the economic-financial equilibrium between the parties:

Multiplus is responsible for the exclusive management and operation of the TAM Fidelidadeloyalty program

● Market regulation – mutual dependency between Multiplus and TAM Airlines

Multiplus is the largest client of TAM Airlines, whereas TAM Airlines is the Multiplus’ largest supplier

Shared services agreement

● Exchange ratio between points and TAM’s Airlines air tickets

IncentivesIncentives

Highest Corporate Governance StandardsHighest Corporate Governance Standards

Operational AgreementOperational Agreement

High Corporate Governance Standards

● Novo Mercado listed in Bovespa

Regulates minority rights

● 100% tag along to all shareholders

● Multiplus executives’ compensation is only linked to Multiplus’ results

● A stock option plan to employees will be established according to market practices

1

4

3

Sale and Purchase Agreement of Air Tickets in Advance

Sale and Purchase Agreement of Air Tickets in Advance

● The technical reserve of its main redemption product enhances the Multiplus’ corporate governance

2

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Exclusive and Strategic Relationship with TAM Leads to Significant Competitive Advantage

● 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 (over 1,000 destinations)

● 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 publicDetachment from cost and perceived value with the most appealing product to the public

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

Airlines

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Income Statement

Gross revenue 44,989 Taxes on sales (4,202)

Net revenue 40,787

Cost of the points redemptions (21,719)Operating Expenses (8,126)

Total Operating Expenses (29,846)

Operating Income 10,942 Operating Margin 26.8%

Financial Income/Expenses 326

Income before Income tax and socialcontribution

11,268

Income tax and social contribution (3,788)

Net Income 7,480 Net Margin 18.3%

R$ thousand

1st Quarter 2010

Income before Income tax and socialcontribution

10,942

Depreciation and Amortization 0

Change in deferred revenue:

Gross billings from the sale of points 230,276Taxes Sales Discount (17,214)Revenue from the sale of Points (44,179)

Change in Future Redemption Costs (99,126)

Adjusted EBITDA 80,699 Adjusted EBITDA Margin 35.0%

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Adjusted EBITDA

R$ thousand

1st Quarter 2010

5.8

6.9

1Q09 1Q10

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Quantity of Participants

Operational and Financial Highlights Pro Forma (1/3)

Number of Points RedeemedNumber of Points Issued

In billions In billions

Multiplus Participants (mm)

Breakage Rate

%

9.1

10.5

1Q09 1Q10

15%

31%30%

1Q09 1Q10

1 p.p.20%

6.6 6.6

1Q09 1Q10

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Total Costs and Operating Expenses Adjusted EBITDA

Operational and Financial Highlights Pro Forma (2/3)

Net RevenuesGross Billings

R$ million R$ million

R$ million R$ million

Redemptions costs

-6%

-8% 2%

-8%

208.3 212.1

1Q09 1Q10

250.9 230.3

1Q09 1Q10

122.2

115.0

0.4

1Q09 1Q10Air tickets Other partners

134.1

123.5

1Q09 1Q10

100

73.1

1T09 1T10

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Operational and Financial Highlights Pro Forma (3/3)

Net Income Adjusted EBITDA and Adjusted EBITDA Margin

R$ milhões R$ milhões

48.9

58.7

1Q09 1Q10

24% 28%Margin 38% 31%

20% -27%

Cash Reconciliation

R$ millionCash Reconciliation

118

249

30

86

62

69

2

Cash andcash

equivalents1Q10

Investments AmountsReceived inApril 2010

Net Cash Flow AccountReceivables

RelatedParties

receivable

Total Receivedand

Receivable

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Multiplus Growth Strategy

Expand Our Commercial Partners Network, Attracting Additional Members and Broadening Targeted Social Classes Expand Our Commercial Partners Network, Attracting Additional Members and Broadening Targeted Social Classes

Expand Redemption Options, Focusing on Higher Margin GoodsExpand Redemption Options, Focusing on Higher Margin Goods

Enhance Partners Database and Expand Our Products Offer with Differentiated Services Enhance Partners Database and Expand Our Products Offer with Differentiated Services

Develop Multiplus’ Capacity to Award and Allow Redemption at the Partners’ Point of Sales, Creating an “Alternative Payment Solution”

Develop Multiplus’ Capacity to Award and Allow Redemption at the Partners’ Point of Sales, Creating an “Alternative Payment Solution”

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Thank you