Raymond James 2012 Global Airline Conference

February 2nd 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

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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

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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)

Values updated for 2010 Source: Social Policies Center of FGV-Rio

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

2014 2003

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

Thank you.