Investor Presentation

January 2012

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.

points from several programs in

one single account

Multiplus is a growing loyalty network

3

around 9 mln members

almost170 partnerships

+17.0% YoY +26.3% YoY

powerful support for partners to

acquire and retain clients

positive network effect

generating strong growth

20.0 bln points sold in 3Q11

+38.5% YoY

Exclusive and Strategic Relationship with TAM

Long term agreement (15 years + additional 5 year periods)

Most desired airline in Brazil (Ibope Research) and Star Alliance member

Air tickets: most appealing redemption with high value perception

Multiplus

2009: spin-off from TAM’s loyalty program

2010: launched as separated business unit and IPO

TAM SA holds 73,2% stake

Note: based on 3Q11

Network connecting people and companies

# of months ~10 0 24

$

$

points selling redemption

unit revenue less unit cost

spread $

CASH IN CASH OUT ~10 months float

interest income

point expiration

breakage

outsourcing and CRM

services $

Innovative business model

4

Debt free

Negative working capital Scalable business

Strong cash generation Low CAPEX requirement

Dividend player

Sources of Profit

(Joint Venture)

Growing coalition network…

Apparel Education Gas Stations Bookstore Magazine

Suscriptions Pay-TV Telecom Hotels Air Travel

Note: blank slots refer to targeted segments

Drugstore

Members can collect and also redeem points

in any coalition partner.

Travel Agency

Pension Plan Furniture and

Decoration

Beauty and

Healthy Home Centers Car Rental Group Buying Cargo Groceries Gym Food

Universities

Real Estate

Stock Broker

Insurance

e-Commerce

Stock Exchange

5

… and strong accrual and growing redemption network*

Redemption Accrual

*non exhaustive

Financial Institutions

6

Hotels

Car Rental Retail and others

Magazines and Newspapers

Charity

Other

Leisure

how?

24%

3%

73%

Current

TAM Retail, Industry and Services Banks

Strategy: to diversify gross billings and redemptions

7

Note: based on 3Q11

Long term target

98%

2%

Current

Air Tickets Others

Long term target

15 to 20%

15 to 20%

Costs of rewards

Gross billings of points

• Average unit price increase

• Average unit cost reduction

• Controlled breakage decline,

favoring member experience

and volume growth

Long term margin expansion

why?

to diversify gross billings

and redemptions

what?

• Expanding partnerships

network

• Increasing marketing actions

• Improving client experience

133 151

166 161 168

7 12 15 19 20

3Q10 4Q10 1Q11 2Q11 3Q11Total Coalition

Expanding partnerships network

8

Groceries, entertainment, restaurants,

beauty, others.

Drugstore Group buying

Pension Plan Car Rental

NOTE: Some partnerships with bad performance were canceled in 2Q11.

Increasing non-airline redemptions

Expanding partnership network

#

+4.3% +26.3%

As % of total points redeemed

NOTE: it includes points issued before 2010 (TAM’s inventory)

0,8% 0,8% 0,9%

2,0%

3,2%

3Q10 4Q10 1Q11 2Q11 3Q11

New partnerships

Roadmap

Tickets Charity

Increasing marketing actions

9

TV commercial On board videos

(collect points here)

Radio spots, etc

Expanding member base

In millions

7,6 8,0 8,3 8,6 8,9

3Q10 4Q10 1Q11 2Q11 3Q11

+3.7% +17.4%

R$ millions

Growing gross billings

300,0 325,2 339,9 354,6 397,3

3Q10 4Q10 1Q11 2Q11 3Q11

+12.1% 32.4%

Press media

Point-of-sale materials

Media investments Together is so much better. Together is Multiplus.

Improving client experience

10

Accrual and balance checking at the point-of-sale

• spread the loyalty concept

• speed up the capillarity strategy penetrating new market segments

• increase sales in retail market

Standard rule: 1 Real ($) = 1 Multiplus point

Special rules allowed (such as minimum ticket) adding more value to the partner

Multiplus as one product of Redecard’s sales team

Call Center improvements

Educational mailings

Systems improvements

Point of Sale

New website coming soon Other actions

11

Loyalty market has multiples 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%

Expanding credit card usage in Brazil

Source: ABECS

Personal Consumption Expenditure (R$ billions) CAGR +12%

Increasing domestic consumption

Source: IBGE

Growing passenger traffic (Airline Segment)

RPK in Brazil (billions) 23%

Source: ANAC

Improving wealth distribution

Social classes in Brazil* (% of the population)

Source: Research Cetelem- Ipsos 2010

2005

2010

142174

215256

314

2006 2007 2008 2009 2010

1,4291,594

1,7871,966

2,226

2006 2007 2008 2009 2010

4044

48

57

70

2006 2007 2008 2009 2010

Multiplus’

target

Appendix

Two-way flow:

exchange of

points, products

and services (buy

and sell) between

Multiplus and

coalition partners (Ex. air travel,

e-commerce and

gas station)

The JV will design

and manage

loyalty programs.

Partners buy

points from

Multiplus to award

its customers (Ex. banks, parking

and stores)

The JV will offers

CRM services

Partners Partners Partners

Partners

13

Multiplus buys

points, products

or services from

partners to deliver

to its members (Ex. donation and

tickets)

Coalition Redemption Accrual

Partnerships network (core business) Loyalty Marketing Services

Status

Operational

Status

Planning

Appendix I:

Business Model

(Joint Venture)

CRM Outsourcing

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

7.6 8.2

5.6

12.3 11.4

8.2 7.8 9.0

14.84 15.92

17.41 16.51 16.10

17.79

19.87

23.26 24.63

28.73 29.53 29.15

25.37 24.88 26.20

28.20 27.85 27.28 25.68

27.42 27.16

30.20

32.23

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

Average Daily Trade Volume (R$ million)

Average Stock Price

2010 2011

z z 26,86% 73,14%

TAM S.A.

14

Appendix II:

Shareholders’ Structure and Stock Performance

Shareholders’ Structure Average Stock Price and Average Daily Trading Volume

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

Qa

nta

s P

rog

ram

AU

S

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.

Appendix III:

Loyalty Market Penetration

as % of population

as % of population

North

3,6 Northeast

2,5

Central-West

6,4 Southeast

5,2

South

4,5

Multiplus member base penetration

15

16

Operating highlights

Financial highlights

Item 3Q11 YoY QoY

Points issued 20.0 bln +38.5% +7.9%

Points redeemed 12.5 bln +171.7% +14.7%

Breakage rate 24.0% +140bps +70bps

Item 3Q11 YoY QoY

Gross Billings of points R$ 397.3 mln +32.4% +12.1%

Net Revenue R$ 321.5 mln +147.3% +12.8%

EBITDA R$ 78.1 mln

(margin of 24.3%) +64.5% -14.6%

Adjusted EBITDA R$ 82.3 mln

(margin of 22.2%) -7.0% +1.3%

Net Income R$ 51.3 mln

(margin of 16.0%) +15.3% -36.8%

Appendix IV:

3Q11 results

17

Appendix V:

Income Statement

(R$ thousand) 3Q10 3Q11

3Q11 vs 3Q10

2Q11 3Q11 vs

2Q11 Income Statement

Gross revenue 143,940 353,652 145.7% 314,568 12.4%

Sale of points 105,163 249,834 137.6% 224,200 11.4%

TAM Airlines - TLA 13,535 54,605 303.4% 44,821 21.8%

Banks, Retail, Industry and Services 91,628 195,229 113.1% 179,379 8.8%

Breakage 35,962 93,130 159.0% 83,621 11.4%

Hedge 0 7,097 N.A. 3,448 105.8%

Other revenues 2,815 3,591 27.6% 3,299 8.9%

Taxes on sales -13,863 -32,172 132.1% -29,505 9.0%

Net Revenue 130,077 321,480 147.1% 285,063 12.8%

Cost of the points redeemed -69,544 -218,818 213.3% -174,085 25.7%

Air tickets -69,275 -214,890 210.2% -171,880 25.0%

Other products / services -269 -3,928 1360.2% -2,205 78.1%

Accounting Adjustments 420 1,209 187.9% 0 N.A.

Total cost of services rendered -69,124 -217,609 214.8% -174,085 25.0%

Gross Profit 60,953 103,870 70.4% 110,978 -6.4%

Gross Margin 46.9% 32.3% -14.5p.p. 38.9% -6.6p.p.

Shared services -1,482 -1,907 28.7% -1,907 0.0%

Personnel expenses -4,619 -8,750 89.4% -6,991 25.2%

Marketing -1,025 -6,457 529.9% -4,175 54.7%

Depreciation -46 -1,288 2700.0% -1,173 9.8%

Other -6,337 -8,612 35.9% -6,399 34.6%

Total Operating Expenses -13,509 -27,014 100.0% -20,645 30.8%

Total Costs and Operating Expenses -82,633 -244,623 196.0% -194,730 25.6%

Operating Income 47,444 76,856 62.0% 90,333 -14.9%

Operating Margin 36.5% 23.9% -12.6p.p. 31.7% -7.8p.p.

Financial Income/Expenses 12,162 21,286 75.0% 33,825 -37.1%

Hedge - -19,347 N.A. - N.A.

Income before income tax and social contribution 59,606 78,796 32.2% 124,158 -36.5%

Income tax and social contribution -15,105 -27,480 81.9% -42,990 -36.1%

Net Income 44,501 51,316 15.3% 81,168 -36.8%

Net Margin 34.2% 16.0% -18.2p.p. 28.5% -12.5p.p.

18

Appendix VI:

Balance Sheet and Cash Flow

(R$ thousands)

Balance Sheets

Assets 1,257,006 1,140,986 -9.2% 1,013,420 12.6%

Current assets 1,102,918 929,163 -15.8% 830,818 11.8%

Cash and cash equivalentes 19,166 5,372 -72.0% 23,820 -77.4%

Investments 614,647 474,115 -22.9% 644,884 -26.5%

Accounts Receivable 91,647 175,483 91.5% 131,529 33.4%

Related Parties 363,136 267,435 -26.4% 22,320 1098.2%

Current account 30,157 28,916 -4.1% 22,320 29.5%

Prepaid expenses 332,979 238,520 -28.4% 0 N.A.

Deferred income tax and social contribution 14,115 2,298 -83.7% 1,823 26.1%

Derivative Instruments 0 3,712 N.A. 5540 -33.0%

Other receivables 207 747 260.6% 901 -17.0%

Non-current assets 154,088 211,823 37.5% 182,602 16.0%

Prepaid expenses 142,377 0 -100.0% 0 N.A.

Long term investments 0 160,572 N.A. 155,588 3.2%

Deferred income tax and social contribution 755 20,039 2555.0% 268 7371.0%

Derivative Instruments 0 36 0.0% 0 0.0%

Property, plant and equipment 760 1,158 52.3% 1,127 2.7%

Intangible 0 16,852 N.A. 17,900 -5.9%

Intangible assets 10,196 13,166 29.1% 7,720 70.5%

Liabilities and shareholder’s equity 1,257,006 1,140,986 -9.2% 1,013,421 12.6%

Current liabilities 541,993 847,427 56.4% 779,941 8.7%

Suppliers 5,139 3,569 -30.5% 3,151 13.3%

Taxes and fees payable 20,780 10,996 -47.1% 15,465 -28.9%

Deferred revenue 354,302 666,455 88.1% 604,173 10.3%

Breakage liabilities 155,162 124,158 -20.0% 133,683 -7.1%

Derivative Instruments 0 23,514 N.A. 2,663 782.9%

Other liabilities 6,610 18,734 183.4% 20,806 -10.0%

Non-current liabilities 0 33,464 0.0% 0 0.0%

Derivative Instruments 0 33,464 0.0% 0 0.0%

Equity 715,012 260,095 -63.6% 233,479 11.4%

Capital 669,063 69,049 -89.7% 69,049 0.0%

Hedge 0 -27,231 N.A. 0 N.A.

Remuneration Plan 0 8,984 N.A. 6,455 39.2%

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

Retained Earnings (loss) 45,949 203,373 342.6% 152,056 33.7%

3Q11 vs

3Q10

3Q11 vs

2Q113Q10 3Q11 2Q11

(R$ thousand)

Cash Flow 3Q11

Net Income 51.317

Depreciation/Amortization 1.288

Accounts Receivable -43.954

Accounts Payable 418

Taxes -24.715

Related Parties -16.114

Prepaid Expenses Increase -400.000

Prepaid Expenses Reduction 161.480

Deferred Revenue and Breakage liabilities 52.758

Derivative Instruments 56.107

Other assets and liabilities 7.599

Operating Cash Flow -153.815

Investiment -5.717

Cash Flow from Investing Activities -5.717

Net proceeds from public offer 0

Capital 0

Dividends 0

Other -24.701

Cash Flow from Financing Activities -24.701

Increase (Decrease) in Cash -184.233

Cash at beginning of period* 824.292

Cash at end of period* 640.059

19

• Multiplus is exposed to

foreign exchange risk as

most of the agreements with

financial institutions are

denominated in USD.

• These partners represented

approximately 70% of

Multiplus’ gross billings in

3Q11.

• The Financial Risk

Policy determines coverage

limits and the list of eligible

financial instruments

5,4

11,2 11,2 11,9 12,1

15,2 15,2 15,0 13,8

2,5

5,8 5,8 6,0 6,3

9,0 9,0 9,0 8,5

-1,6 -0,7 -0,7

0,1 1,5

3,8 3,8 4,0 3,9

-6,1 -6,6 -6,6 -5,5

-3,1 -1,9 -1,8

-1,1 -0,5

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

R$1,65/USD R$1,75/USD R$1,85/USD R$1,95/USD

SENSITIVITY ANALYSIS

Impact on company’s cash flow (Notional: USD 609.0 mln)

R$ million

4Q11 2012 2013 Total

NOTIONAL 51.0 303.0 255.0 609.0

PUT* 1.75 1.80 1.88 1.83

CALL* 1.85 1.90 1.99 1.93

* average strike prices (BRL/USD)

Fundamentals Position in September 2011 (USD mln)

Appendix VII:

Currency Hedge

Intrinsic Value

recorded in Equity

and Time value in

Financial results.

20

Zero Cost Collar

(purchase of a put

option and the sale of a

call option) or other

instruments.

1 2 3

Balance Sheet

Financial

Results

4

HEDGE

MULTIPLUS

POINTS

Hedge

Construction Mark-to-Market Hedge Expiration

Points

Redemption

Cash results of hedge

operations are

assigned to some

points sold in the same

period (based on first

out rule)

Points

Sale

Balance Sheet

Cash results of hedge

operations are

recorded in operating

results

Operating

Results

NON-CASH

EQUITY

EQUITY AND CASH

COMMENTS

RESULTS

Intrinsic Value

Time Value

IMPORTANT:

The Company does not have any CSA in place

and thus cannot be called for margin in any of its

derivative contracts whichever the scenario.

Item Main variables

Option value Intrinsic value + Time value

Intrinsic value Strike price and Current exchange rate

Time value Maturity, Volatility and Interest Rate Differential (BRL vs USD)

Appendix VIII:

Hedge Accounting in 4 steps

Contact IR team

+55 11 5105 1847

invest@multiplusfidelidade.com.br

www.multiplusfidelidade.com.br/ir Debit free

Negative working capital Scalable business

Strong cash generation Low CAPEX requirement

Dividend player