Annual and Sustainability Report 2014ri.pontosmultiplus.com.br/arquivos/MPLU3_RA_2014_ENG.pdf ·...

2014 Annual and Sustainability Report 1

2014Annual and Sustainability Report


SummARy

To The reader

TIMeLINe

MuLTIpLus IN NuMbers

Message froM The ChaIrMaN of The board of dIreCTors

Message froM The Ceo

our busINess

MuLTIpLus

BuSineSS model

ouR pRoductS

CorporaTe goverNaNCe

RiSk mAnAgement

3

4

5

7

8

9

12

13

17

19

26

1

2

3

4

5

6

7

our sTraTegy

We inveSt in technology

poINT by poINT

aLoNgsIde sTakehoLders

ouR people

ouR pARtneRS

ouR memBeRS

our respoNsIbILITIes

Ibase soCIaL baLaNCe sheeT

how we reporT

CorporaTe INforMaTIoN

27

29

30

39

41

47

49

51

67

74

81


multiplus’ 2014 Annual and Sustainability Report aimed to evolve in the approach to the information it provides. in this document, we show how all of multiplus’ efforts are geared at increasing member engagement towards accumulating and redeeming their points, as well as strengthening and expanding the partners network. We will also show, the progress made in 2014, as well as the releases and economic and financial results.

We also compiled the report based on the new global Reporting initiative (gRi) methodology – an international organization of reference for the preparation of sustainability reports – g4 version.

For more information about the content in this report, please contact the chief Financial and the investor Relations officers by email [email protected] or by phone +55 (11) 5105-1847. g4-31

enjoy your reading!

All of multiplus’ efforts are

geared at increasing member

engagement towards

accumulating and redeeming their

points, as well as strengthening

and expanding the

partners network

to the ReAdeR

To The reader


timeline

2012

evolvement and consolidation of the three essential pillars to multiplus business: brand, people and technology, adding more value to participant. the company recorded 369 partners and over 10 million participants, offering more than 120,000 services and products for redemption, in different segments.

2009

multiplus, spun-off from tAm Fidelidade, became the first coalition program in Brazil. With the mission of connecting businesses and people through a wide relationship network, several strategic partnerships were made with tAm viagens, ipiranga, Accor, Walmart, amongst others.

2010

multiplus became a publicly-held company and its shares are traded at the Bm&FBovespa. Shares were sold at R$16 and ended the year quoted at R$33.75. in 2010, the company recorded eight million participants, 151 partnerships and sales of R$1.1 billion.

2011

launch of the new vision and mission. multiplus joins the Brazil index (iBrX 100). the company ended the year with 9.4 million participants, 190 partnerships, points sales of R$1.5 billion and net income of R$274.2 million.

2013

in a continued evolvement, multiplus’ partnership network recorded more than 400 relevant partners. the company approved multiplus’ technology investment program to enhance participant’s experience and launched the first version of the multiplus’ mobile app. the company also improved its corporate governance practices.

2014

the company launched innovative products, such as Pontos + Dinheiro (points + cash), Resgates Incríveis (Amazing Redemptions), Missão Multiplus (multiplus mission). Additionally, the company created alternatives to access the multiplus account via mobile phones and announced its first e-commerce store, market place. the company recorded 13.8 million participants and added exclusive and innovative partnerships to its network. Sales totaled R$2,126.8 million and the net income totaled R$325 million.

TIMeLINe


multipluS in numBeRSThe main operational, financial and social results of the last three years.

operaTIoNaL INdICaTors

Members(million)

2012 2013 2014

13.8

12.2

10.9

partnerships

2012 2013 2014

416

472

369

201420132012

17.918.2

21.3

average annual breakage1 rate (%)

1Breakage: points issued but not redeemed,

which generate cost free revenue. All points

accumulated with multiplus partners have

an expiration period of 24 months. After this

period, the points expire and become breakage.


17.4

67.7

2012

points issued (bn)

points issued to banks, retail,

industry and services* (bn)

points issued to tAm

linhas Aéreas (bn)

85.1 85.388.6

16.3

69.0

16.4

72.2

2013 2014

points redeemed for airline tickets* (bn)

201420132012

70.969.665.9


fINaNCIaL INdICaTors

gross billings (r$ million)

201420132012

2,126.82,009.0

1,871.0

equity (r$ million)

149.2

185.9

220.5

2014201320122012 2013 2014

325

Net income (r$ million) and net margin (%)

232224

15.2%14.1%

17.9%

distribution of added value dva (r$ million)g4-eC1

536.689

593.218*

735.102

201420132012

soCIaL INdICaTors

Number of employees

150

183

217

201420132012

Investments in social projects (r$ thousand)

1,500

1,800

4,615

201420132012

*After interest adjustment.


1,8191,651

1,476

25.8%25.7%

29.0%

201420132012

Net revenue (r$ million) and gross margin (%)


CoNsIsTeNT MaNageMeNT aNd sTraTegy

2014 was marked by the consolidation of the company’s business and governance models, the implementation of a broad investment program in technology and innovation, as well as the improvement of our management structure, focusing on value creation.

We started the year with the strengthening of our management team with the hiring of a new ceo, and a cFo and investor Relations officer - professionals who brought relevant experience to our business and, together with the commercial and the operations and information technology directors, strategically contributed to the focus on multiplus’ sustainability and profitability.

the full operation of the Finance, Audit, governance and Related parties committees allowed us to eliminate any possible conflict of interest, making the decision process safer and, at the same time, showing more confidence to the market. our directors’ activities have been restructured, with the reunification of the teams by processes and synergy flow, building a more sustainable and adherent structure to our business.

At the end of 2013, we also strengthened the presence of independent members on the Board of directors, representing 30% of the Board, which ensures greater transparency and independence in decision making. it is important to emphasize that the decisions of the Board of directors has been unanimous.

in 2014, multiplus’ strategic plan was revised, and its decisions will guide our actions to lead the company in the coming years. therefore, we seek, from a business consolidation and value proposition, to bring our members a strong technology platform, various loyalty programs, easy transactional process and simplification of the redemption process. For this, we launched innovative products such as Resgates incríveis and missão multiplus. We also created alternative access to the multiplus account via mobile devices.

our goal is to always provide the best experience to the members, with high-value offers, making them want to bring their points to multiplus.

meSSAge FRom the chAiRmAn oF the BoARd oF diRectoRS g4-1

the partner network is another strong point of our strategy. through a long-term agreement with tAm and strong partnerships with over 400 retail companies, industry and services, we offer a well diversified portfolio to members, with more than 550,000 redemption options. We also intensified the actions taken with partner banks to raise the activation fees of credit cards and increase the average spending per card.

the adoption of efficient management and a consistent strategy is reflected in our financial performance. our cash generation, for example, continues to grow and our margins are improving every year. We are a company that wants to be sustainable over the long term and we continually work towards this goal. Regarding our employees, we have developed programs focused on leadership, encouraging people to participate in the company’s growth.

For the coming years, our challenge is to find business opportunities in new segments, but within our core business. in addition to strengthening our activities in the segments we operate, we intend to position our accrual and redemptions platform in several business sectors of our economy, where encouraging consumer loyalty adds value to partners, members and multiplus.

i appreciate the support, effort, dedication and the time of all the people who make up our business: employees, investors who believe in the company, our partners, the long term ones and those who joined in 2014, and the members. We are working, investing and striving to unite you all. together we can do much more.

antonio Luiz rioschairman of the Board of directors

Message from the Chairman of the board of directors

2014 Annual and Sustainability Report 8Message froM The Ceo

fIve years of suCCess

We celebrated five years of activity, achieving important goals and significant results. the number of members increased by 12.9% compared to the previous year – today, we have more than 13.8 million increasingly engaged members, accumulating and redeeming points. our more than 400 partners are selected with a high level of quality perceived by the members. Within the airline sector, we have tAm as our main partner, along with lAn, with which we add 45 routes with direct flights, thanks to the alliance with oneWorld. in 2014, we closed partnerships with peugeot, Apple, Brazilian soccer clubs in Serie A, and others.

our efforts are mainly focused on the members, so they can have even more redemption options in the airline and the retail sectors. For this, we developed an application for cellphones, within both the Android and the ioS systems, making access to the multiplus account faster. We launched a new website, with friendlier and faster navigation and also launched several products that facilitate and stimulate the accrual and redemption of points, such as the missão multiplus, Resgates incríveis, and pontos + dinheiro platforms.

it is part of our strategy to use more and more technology to identify members’ behavior, by age group, gender and consumption habits. it is technology that supports our decisions of making appropriate offers. members are very demanding consumers who need to be treated with special care and attention.

All these actions contributed to improving the value perception of the points, strengthening the sustainability of the business. therefore, we ended 2014 with growth of 5.9% in the gross billings of points, compared to 2013, totaling R$2,126.8 million. our net revenues increased 10.2% compared to 2013. We also recorded a significant net income, which grew 40% compared to the previous year, reaching a total of R$325 million, contributing to a better net margin of 17.9% in 2014.

For 2015, we will continue with the goal of expanding our member base and making partnerships that create value. the loyalty segment is still very young

meSSAge FRom the ceo g4-1

in Brazil, which gives us a huge range of integration opportunities in the market and member engagement, bringing their points to multiplus. in late 2014, we successfully launched our first e-commerce store, the market place in which the first partner to join was casas Bahia. this platform offers very sophisticated features that facilitate the buying process, since all products are accessible in an open environment. our goal is to add other partners to the platform, and that is how we will continue to be a leader in this segment.

our daily mission is to understand how to best serve the members, constantly seeking their satisfaction and promoting actions that will amaze them. And it is with this mission we will continue in 2015.

roberto Medeiros g4-39ceo


our busINess

1

multiplus has a strong business model based on information technology and brand building. therefore, we have low need for investments in fixed capital. Based on a system of partnerships, this model generates a growing barrier to entry for any new competitors, with the expansion and consolidation of the partnerships network. its growth is mainly associated with expanding sectors in Brazil, such as credit cards, consumer and airlines.


busINess

Brazil’s largest coalition program,

with a network of loyalty

programs, allowing the

accrual and redemption

of points in various

partners

and loyalty

programs

We invest in leadership development,

culture management and employee

engagement

We want to raise understanding and

employee satisfaction (measured by

annual organization climate surveys)

We reinforce the commitment of

our employees and the sharing of the

company’s valuesWe improved the

actions of recruitment and selection

to attract c committed, ethical and

entrepreneurial professional

We have a qualified, innovative,

committed and motivated team, with

high expertise always pursuing and

achieving a high level of knowledge for

the company

democratic organizational culture

with team spirit

coaching-based management, with

inspiring leadership always acting to

develop a culture of excellence and

fostering quality relationship amongst

all stakeholders.

CapITaL sToCk aNd reLaTIoNshIp CapITaL

increase number of active members,

percentage of sales to new segments

and redemption percentage outside the

airline sector

improve the spread: the difference

between the sale price of points and the

cost to redeem them

improve efficiency (Sg&A/net

revenue, in %)

improve financial applications profitability

(increase the income from float revenue)

increase the number of partners and

products, with better profitability for

the company

We work to offer an attractive value

proposition to consumers, offering

solutions according to the needs of

each of our partners

We offer access to a extensive

portfolio of awards

We seek simplified redemption,

with quicker and easier accrual and

redemption of points

We want to strengthen our relationship

with our culture oriented member

satisfaction and partners network

huMaN CapITaL

INTeLeCTuaL CapITaL

aCTIvITIes

we manage the members’ accrual and redemption of points

we sell points to our partners to reward their customers

we purchase awards (products and/or services) from the partners to offer our members as redemption options in the network

we create products to facilitate and improve the member’s experience

we seek to expand the network of partners

we develop information technology, explore the transactional behavior of our members and offer CrM services

fINaNCIaLCapITaL

g4 – dMa Training and education

ChapTer 1 - our busINess

2014 Annual and Sustainability Report 11ChapTer 1 - our busINess

how To add vaLue

strategic pillars our differential

• diversify the network; • partnership with tAm;

• broaden the experience and the engagement of members;; • more retail partners;

• anticipate the behavior of the members, through customer profile analysis; • technology focused on improving our platforms;

• focus on adding value to partners; • analytics (profile analysis of members);

• diversify redemptions, seeking higher margin; • cRm (costumer relationship management);

• prioritize the business segments.• exclusive partnerships; more than 550,000 products and services, which can be redeemed

with multiplus points;

• unique and innovative partnerships in Brazil; an extensive portfolio of awards

goaLs 2015

continue raising

the participation

of redemptions

outside the

airline sector

Achieve level of

member satisfaction

(measured by npS)

higher than the

record set in 2014

expanding the

base of active

members

deliver shareholder return, measured by annual net profit

hIghLIghTs 2014

gross billing

r$2,126.8 million

(5.9% variation over

the previous year)

Net revenue:

r$325 million

(40% variation over

the previous year)

Investment

(new products

and maintenance):

r$46.9 million

we ended 2014 with

12.9% more members,

and more than 400

partners


MuLTIpLus

2


multiplus was launched five years ago with a mission to connect companies and people through a network of relationships where everyone wins. thus, members accumulate points from different programs into a single account and the partners have the opportunity to increase their sales from customer feedback. We are, therefore, the largest coalition network (where the member accumulates points with different partners and exchange within the network) of loyalty programs in Brazil, comprising several companies and loyalty programs, offering innovative products and services, adding value for partners and members.

currently, our network consists of more than 400 partners – retailers, industry, and services – and gathered more than 13.8 million members, who can earn multiplus points directly or indirectly (through a partner program transfer) in more than 13 thousand commercial establishments. Furthermore, it is possible to redeem points for more than 550 thousand options of products and services. g4-8

multiplus’ strategic partnerships include large companies such as tAm Airlines, tAm viagens, pontofrio.com, ipiranga, netshoes, dafiti, oi, Accor, trip Advisor, Booking.com, pBkidS, editora Abril, Atlantica hotels, droga Raia, among others. in 2014, we closed partnerships with peugeot (automobile sector), Fast Shop (household appliances and electronics), lupo Store (clothing), Sonoma (wines), glambox (beauty products), Apple and Brazilian soccer clubs in Serie A (read more on page. 47).

We maintain a long-term strategic agreement with tAm – 15 years, starting in 2010, automatically renewed for periods of 5 years – which allows us to ensure the best award redemptions deals. proof of this is that the total redemption, 88.4% were for tAm flights (about 40% international). At the same time, we seek to increase the participation of non-airline redemptions, which reached 11.6% in 2014, up from

BuSineSS modelIN peopLe’s aNd CoMpaNIes’ everyday LIves

9.2% in the previous year. this is the result of the work developed with the goal of offering more redemptions options and having a more competitive portfolio of products and services.

launched in June 2009 as a tAm group business unit, multiplus S.A. was legally established as an independent operation in october 2009. currently, the company is a subsidiary of tAm S.A., which holds 72.74% of its shares. g4-3; g4-9

We operate throughout the country, based in São paulo, with 217 employees. in 2014, the gross billings of points totaled R$2,126.8 million and net profit rose 40%, reaching R$325 million. g4-6; g4-9

suppLIers

our business model is highly dependent on information technology systems to manage and analyze members’ database and award redemptions processes. As our core business comes from the issuance of multiplus points to commercial partners and members’ accrual and redemption of points, we are a service company, the result of the junction of two existing models: individual programs and coalition networks. therefore, it is not possible to estimate the number of suppliers in the supply chain in our sector, and there are no formal sources that do so.

our direct suppliers totaled 1,439 in 2014. the ten biggest accounted for 60% of total expenditures and, the majority of them are it services providers and from other areas such as marketing and shared services. in 2014, we spent a total of R$96.9 million in expenses with suppliers. g4-3; g4-9

We offer innovative products and services,

adding value to partners and participants

ChapTer 2 - MuLTIpLus

2014 Annual and Sustainability Report 14ChapTer 2 - MuLTIpLus

TraNsaCTIoNs fLow

the points can be

redeemed for many

products or services

at coalition partners

reTaIL parTNersredeMpTIoN

the points are redeemed

for an airline tickets

TaM airlinesredeMpTIoN

More than 15 million

airline tickets were

redeemed during the

last five years

the custumers

accumulate points

buying products

from our partners

& flying with tAm

and one WoRd

airline com-panies.

they can convert

the points in their

loyalty programmes

to multiplus

More ThaN 400 parTNers

the points are acumulated in the

credit card. they can then choose

to transfer the points to multiplus

or other loyalty programmes

aLL baNks IN brazIL

transfering

points

transfering

points

Redeeming

Redeeming

13.8 MLN MeMbers

the largest coalition network of loyalty programs in Brazil

2014 Annual and Sustainability Report 15ChapTer 2 - MuLTIpLus

13.8 MILLIoN MeMbers IN 2014

how To aCCuMuLaTe poINTs:

1. retail: today, we have over 400 partners. network participants can accumulate points with our partners and convert points of other loyalty programs into multiplus points.

2. TaM Linhas aéreas and oneworld alliance: Being registered in the tAm Fidelidade program automatically guarantees membership with multiplus. Additionally, members can accumulate and redeem points on airline tickets with oneWorld’s companies.

3. banks: points are accumulated on a credit card within all banks in Brazil. the participant can choose to transfer the points to multiplus or other loyalty programs.

4. Co-branded card: every BRl spent is transformed into multiplus points automatically with the co-branded card.

how To redeeM poINTs:

1. TaM Linhas aéreas and oneworld alliance: points are redeemed for airline tickets. more than 15 million airline tickets were redeemed in the last five years.

2. retail: points can be redeemed for products and services from coalition partners.

CoMMuNICaTIoN:

our communication strategy is based on three pillars: commercial (partnerships with tAm and other airline companies, retail, industry and services); marketing (focus on building the digital brand, communication with members, including mobile phones and social networks); and products/CrM (functionality to partners and members and analyzing their buying habits). the goal of this strategy is to expand the member base, increase its level of activation (raising interest in the brand) and make it clear to members how multiplus works.

in 2014, we launched a new tv campaign, which aimed to reinforce the fact that multiplus is already part of people’s everyday lives, and how it’s easy to accumulate and redeem points. the result of this and other marketing campaigns was the substantial increase in visits to our website, surpassing other communication channels. For the first time in our history, the generation of new members’ registrations via the multiplus website exceeded the number of registrations through the airline sector.

vIsIoNtogether we can do much more.

hIghLIghT

MIssIoNconnecting companies and people through a

relationships network where everyone wins.

vaLuesSimplicity, Agility, Reliability, Fun and innovation.

g4-56

awards

our work reCogNIzed

best & biggest: Awarded by exame magazine, winning first place among the top 50 payers of dividends. We won third place among the most profitable companies in the country (return on equity). in the Services category, we were second in the classification of companies by points earned. Among the top ten in the Services sector, we were also the first in profitability ranking and the second best company that creates wealth per employee.

Credit Cards National survey: developed by the medida certa institute in partnership with cardmonitor, specialized in analysis for the electronic payment market, multiplus was elected as Brazil’s best coalition program for credit cards users from different Brazilian financial institutions.

socially devoted Title: multiplus’ Facebook page received the title of Socially devoted Brand, a global indicator of customer service quality in social networks. during the evaluation period (second quarter of 2014), the page showed a response rate of 90%, with comments and complaints also made through the channel.

security Leaders award: granted by conteúdo editorial, the award has two phases; the first aims to value the work of Security information and Risk’s professionals and leaders. the second evaluates a success story. our entrant’s project was the “Segundo

Fator de Autenticação” (2FA) – the mobile application token that generates a password upon redemption by phone, so there is no need to use wi-fi or SmS – in the mobile category, with which won first place.

The best Companies for Interns: Awarded by the Business-School integration center (ciee – centro de integração empresa-escola) in partnership with the São paulo section of the Brazilian Association of human Resources (ABRh-Sp – Associação Brasileira de Recursos humanos) and the toledo & Associados consultancy firm, we were ranked among the top 15 companies for the first time, winning third place in the category. the award recognizes the quality of the training programs of organizations investing in the practice preparation of students for the job market.

The Most Innovative Companies in brazil: granted by consumidor moderno magazine, the award was a special on innovation, introducing the exclusive study conducted by dom Strategy partners, which reveals the top 50 innovative companies, evaluating 16 sectors. the study, with active focus generated by these companies, as perceived by the public and how it is translated into business models, awarded multiplus as the most innovative company in the loyalty sector.

ChapTer 2 - MuLTIpLus 2014 Annual and Sustainability Report 16


g4-4in 2014, we took important steps in the strategy of offering increasingly attractive options to all members’ profiles, complementing the many already existing facilities.

the main features of our products and facilities are:

ouR pRoductS

Multiplus points simulator: allows the members to see how many points they are able to accumulate from multiplus partners and which awards they will be able to redeem for at the end of one year. With this tool, the members can tangibly see how easy it is to turn everyday purchases into points to redeem products and services from our partners.

points renewal: launched in 2014, it allows the renewal of expired points in the last 180 days, so that the members are able to complement their balance and take advantage of the network even more, redeeming products and services from any of multiplus’ more than 400 partners.

points purchase: since december 2013, the possibility of buying points complements the facilities and benefits package that multiplus wants to offer its members. therefore, members can purchase extra points to complement their balance and get the desired award. through our website, it is possible to buy between 1,000 to 50,000 points, in lots of 1,000 points.

points Transfer: launched in 2014, it allows receiving and transferring between 1,000 to 50,000 points per year, in lots of 1,000 points, to another member by means of a transaction made on the multiplus website. the points transfer is automatic after confirmation of payment. every point transferred is valid for two years.



LauNChes

resgates Incríveis: launched in 2014, this platform allows the exchange of points for unique and exclusive experiences and had as its first offer one vip entry to the carnaval party, generating great impact on social networks. these are held sporadically throughout the year.

pontos + dinheiro: launched in 2014, it allows the purchase of tickets for domestic and international destinations operated by tAm, such as the united States, europe and mexico, using the combination of multiplus points and money (BRl). there are opportunities from 1,000 multiplus points among the redemption possibilities and, with each available offer, three combination options of points plus cash are given. this was made possible thanks to a partnership between multiplus, tAm Fidelidade and tAm viagens.

in addition to our products, to redeem or to accumulate points, as the missão multiplus, and to have access to a network of over 400 partners, several facilities and our mobile application, our members have now, from 2014, new online access for the redemption of tAm airline tickets. the redemption password is no longer required – the member just needs to login on the tAm website with his/her electronic signature and the tAm Fidelidade number and enter the multiplus authorization code, sent to the member’s phone number at the time of issue. if the member wishes to issue a ticket to his or herself, the access is even simpler: without the need for the redemption password and the authorization code.

to increase the members’ engagement, in 2014 we created an unprecedented platform in the loyalty market: missão multiplus. it is simple and fun, allowing members to accumulate points as they complete tasks. it works like a competition and each goal reached results in the accrual of a number of points. With this platform, which will be constantly updated, we have developed an innovative initiative in the segment and also in the relationship with our members, encouraging the engagement with the network mechanics, with our partners and with a number of facilities we already offer. in late december, we reached 95,000 members.

Some of the tasks to be fulfilled are:

invite friends to join the network;

watch an informative video about accrual and redemption of points;

download multiplus’ mobile phone application;

accumulate points from three different partners;

redeem products and services from at least one partner;

transfer kms from the partner ipiranga to multiplus;

redeem at least one product from pontofrio.com.

MIssão MuLTIpLus

to increase the members’ engagement, in 2014

we created an unprecedented platform in the

loyalty market: missão multiplus



CorporaTe goverNaNCe

3

2014 Annual and Sustainability Report 20ChapTer 3 - CorporaTe goverNaNCe

multiplus’ decisions are made by the Board of directors, with the support of two committees that assist in the strategic decisions of issues related to ethics, management of people and operations involving related parties, and by the executive Board, responsible for representing and managing the company’s business.

in a process of improvement, a new governance model was approved at the end of 2013. the highlight was the inclusion of related parties in the Audit and Finance committee, whose main mission was to ensure that all operations between multiplus and tAm pass through this committee before being forwarded to the Board of directors, and are beneficial for both companies. With that, the decision-making process became safer for shareholders and at the same time, we are able to show more confidence to the market.

Additionally, we restructured the activities of the executive Board, regrouping the teams by processes and synergies flow, building a more sustainable and adherent structure to our business. We also strengthened the presence of

ouR deciSion-mAking pRoceSSNew goverNaNCe ModeL Made deCIsIoN-MakINg proCess safer independent members on the Board of directors, representing 30% of the

Board, which ensures more transparency in the decision-making process.

As a publicly traded company, multiplus’ shares are listed on the novo mercado index of the Bm&FBovespa stock exchange, under the mplu3 code. multiplus follows established governance practices, including that the company can only issue common shares, guaranteeing the right to vote to all shareholders, and provides 100% tag along2, among other requirements. g4-7

We also performed two types of audits: internal, which monitors the controls for the constant improvement of processes, and external, conducted by kpmg Auditores independentes, which analyzes all of our financial statements.

2Source: http://www.bmfbovespa.com.br/ – the tag along is required by Brazilian corporate law (Article 254-A)

and ensures that the sale, directly or indirectly, of control of a company only may occur under the condition that

the acquiring shareholder agrees to conduct a public offer to acquire the remaining common shares, in order to

ensure their holders the minimum price of 80% of the amount paid for the shares of the controlling block.


multiplus adopts the basic principles listed by the Brazilian institute of corporate governance (iBgc), as guides of good governance practices, covering: transparency, equality, accountability and corporate responsibility. Among these best practices are:

issue common shares exclusively;

“one share one vote” policy;

hiring of independent auditing firm to analyze balance sheets and financial statements, and that do not provide other services that may compromise its independence;

clear definition in the company’s Bylaws of how to: (e) call general meetings; and (b) to elect, remove and define the term of office of members of theBoard of directors and the executive Board;

transparency in the public disclosure of the management’s annual reports;

meeting calls and relevant documentation available from the first call date, with details of the issues on the agenda, always aiming at the conduction of meetings at times and locations that allow the presence of the largest possible number of shareholders;

record, when asked, dissenting votes in the minutes of meetings or meetings;

existence of a disclosure of relevant information policy;

statutory provision for arbitration as a means of resolving any conflicts between the company, its shareholders, managers and members of the Fiscal council;

directors with experience in operational and financial issues;

statutory provision that forbids access to information and the right to vote for directors in situations of conflict of interest;

share purchase offerings that result in transfer of control should be directed to all shareholders, who will have the option to sell their shares under the same conditions as the controller. in the case of sale of all the controlling stake, the acquirer must make a public offer to all shareholders under the same conditions as the controller (tag along);

number of members of the Board of directors varying between five and nine;

maintenance and disclosure of record containing the number of shares of each partner, identifying them by name;

non election of alternate members;

free access to information and to the company’s facilities by members of the Board of directors;

disclosure of transactions with related parties;

provision of non-financial information every quarter, for example, the number of shares held by the company’s management and the number of outstanding shares.

therefore, multiplus is included in the following indexes:

Stock index with differentiated tag Along for granting tag along above the applicable law, which requires that publicly-traded companies must offer to minority common shares tag along of 80%

Stock index with differentiated corporate governance, to be part the novo mercado

Brazil index , to be among the top 100 most widely traded companies on the stock exchange

multiplus adopts the basic principles listed by

the Brazilian institute of corporate governance

(iBgc), as guides of good governance practices,

covering: transparency, equality, accountability and

corporate responsibility


share buybaCk prograM

our Board of directors approved, on march 18, 2015, the buyback of up to 86,371 common shares, representing about 0.2% of total outstanding shares (44,226,578), which will remain in treasury or for sale to the Restricted Stock beneficiaries, based on the approval of the Restricted Stock option plan at an extraordinary general meeting of multiplus, held on 21 may 2014. this buyback program will not reduce the company‘s capital and respects the cvm instruction no. 10/80, as amended. the acquisition will be held on the Bm&FBovespa within one year from that date, at market price, being the company’s executive Board’s duty to decide the moment and the amount of shares to be acquired, either in a single or in a series of operations, within the limits laid down by the applicable law.

orgaNIzaTIoNaL CharT g4-34

shareholders Meeting

Committee on ethics and people

Management

executive board

administrative Council

Internal audit

external audit

Committee on finance, audit, governance and

related parties


goverNINg bodIes respoNsIbILITIes CoMposITIoN

general shareholders' Meeting

Act based on proposals by the Board of directors on issues such as capital increase, selection of a specialized company to prepare the appraisal report of the shares, change of company's corporate purpose and delisting from the novo mercado.

ordinarily meet once a year, and extraordinarily when necessary. in 2014, there were two egms (02/04/2014 and 05/21/2014) and ogm (05/05/2014).

board of directors*

provides strategic guidance to the business. it is responsible for the establishment of trade policies and the election and supervision of executive directors, for the authorization for issuance, purchase, amortization and/or redemption of shares and for the committees’ institution, among other topics. the positions of president of the Board of directors and the ceo, or the company's chief executive, may not be held by the same person.

Seven members, two independent and five representatives of the controlling block, elected for a period of two years, re-election allowed. the group meets every month or whenever requested by any of the members. the members of the Board of directors shall be elected by the general Shareholders’ meeting.

executive board*

it is responsible for the general management of the company's business, and may perform all acts necessary or convenient to do so, except those for which the corporations law or the Bylaws assign the general Shareholders' meeting or the Board of directors.

A minimum of two and a maximum of five members, shareholders or not, resident in Brazil, elected and dismissed at any time by the Board of directors. the term is three years, re-election allowed.

our structure g4-34

*to learn more about the composition of the Board of directors and executive Board, visit the corporate governance page at http:// pontosmultiplus.com.br/ir.

CoMMITTees g4-34

finance, audit, governance and related parties Committee: it has an advisory role and it is permanent, whose suggestions and opinions are reviewed by the Board of directors. it consists of three members, being two independent directors. At least one member must have proven qualification of expertise in the areas of accounting, auditing or finance. All proposals involving operations between related parties must be approved in this forum before being forwarded to the Board of directors. the proposal requires majority and unanimous approval of the committee members. in 2014, the members of this committee met nine times.

Among the functions of the committee are:

analyze financial statements;discuss and recommend the adoption of the annual budget proposed by the executive Board;monitor the budget and the compliance with the targets set for the company and areas of responsibility;

monitor the development of financial indicators, with emphasis on cash flow and cash position;evaluate and recommend risk policy and define risk acceptance levels;ensure that the executive Board develop reliable mechanisms of internal control;supervise the audit’s work and evaluate the implementation of recommendations made by the internal and external audit, and also those made by the committee itself;promote and monitor the adoption of good corporate governance practices as well as the effectiveness of its processes, proposing updates and improvements where necessary;request, whenever deemed necessary for evaluation, operations between related parties, the elaboration of a independent evaluation carried out by a specialized company to verify and, if necessary, revise the terms and conditions of the proposed contract and its adaptation to conditions and market practices of the operations.


ethics and people Management Committee: composed of three members, it is responsible for subsidizing the Board of directors in making decisions on strategies, policies and regulations of people management, as referred to organizational development, succession planning, development and retention of people through compensation and employee benefits.

it is also responsible for monitoring and compliance with the ethical principles set by national and international legislation in force, for the company’s internal documents and its ethical guidelines and code in any business or professional relationships established by the company. in addition, this committee can resolve conflicts of ethics and compliance that are not solved by the chain of command or that are not covered in our ethical guidelines and code. this committee met three times during 2014. g4-56

to learn more about the committee, visit the corporate governance/charters page at http:// http://pontosmultiplus.com.br/ir.

fiscal Council: according to article 31, of multiplus’ Bylaws, the company has a Fiscal council, on a non-permanent basis, with five members and five alternates, which is only installed by deliberation at a general meeting, as provided by law. the general meeting that resolves the establishment of the Fiscal council must also elect its members and determine compensation.

to learn more about the committee, visit the corporate governance/Baylaws / policies/charters pages at http://pontosmultiplus.com.br/ir.

eThICaL guIdeLINes Code g4-56

We created the ethical guidelines code in 2012 to guide our employees and members of the Board of directors in adopting an ethical and responsible stance for making decisions and conducting business. the document also indicates the ethics channel, through which employees can submit their doubts and complaints about inappropriate attitudes, anonymously and confidentially.

this code applies to all company employees, trainees and apprentices, as well as to our Board of directors. it includes a series of guidelines, including on Anti-money laundering, privacy, Relationships with Suppliers, the government as a customer, Antitrust laws, environment, health and Safety, labor practices, conflict of interests, Financial and Business Responsibility, Securities trading and insider information, intellectual property and information Security.

the new employees receive training on integration and then sign the document. All staff were trained in 2014 and will participate in annual refresher training from 2015, as well as specific actions to be carried out regarding certain guidelines that are considered relevant to our management. partners and suppliers also receive the communication about the code of ethics, as well as information about the available confidential channel.

We have an area responsible for the code, which is the legal-compliance department and the ethics and people management committee, consisting of an advisory committee installed by resolution of the Board of directors. the code is available in two languages – portuguese and english – and was approved by our Board of directors.

ethics Channel g4-56in 2014, we implemented a new channel to ensure a direct and reliable communication with employees, customers, partners and suppliers regarding the guidelines established in the code of ethics. Before, we used tAm’s ethics channel. through the www.eticamultiplus.com.br website, it is possible to, anonymously or not, make suggestions, complaints, clarify doubts or ask questions.


CoMbaTINg CorrupTIoN g4-dMa Combating Corruption, g4-so4

Brazilian society requires new ethics, new management, with more responsibility, more transparency and focused on achievements. in this sense, we have a code of ethics that establishes a uniform approach to ethical issues in the conduct of our business, and provides for the control and mitigation of risks related to conflicts of interest, focusing on combating Fraud , corruption and money laundering, based on the laws and legal systems on the subject.

our policy establishes a guideline stipulating the standards of conduct and practices to be observed regarding certain types of payment, entertainment and public contributions, as well as guidance on improper payments where it is impossible to obtain an improper advantage in selling goods or services, in conducting financial transactions or representing multiplus’ interests to public authorities. Any initiative related to donations and/or sponsorships is assessed by the legal-compliance department to ensure compliance, integrity and transparency. this way, we act strongly on risk identification and establishment of preventive controls on financial and business issues, maintaining the company’s risks governance. We adopt transparency and security as key points in the calculation of financial information. each identified risk is assessed and measured and ways of dealing and monitoring are established through risk indicators.

our processes and internal controls department acts preventively within the business areas in the identification of risks and evaluation of controls. We also perform processes cycle tests in order to identify possible deviations and treat them. Also, we have an internal Audit department focused on identifying deficiencies, reporting directly to the Finance, Audit governance and Related parties committee, maintaining the independence required. We maintain an independent external audit, for the Sox certification, and for the audit of our Financial Statements.

therefore, we keep all of our 217 employees informed about the anti-corruption policies and procedures, including senior management members. Regarding our more than 400 business partners, 98 of them (23.6%) were reported in our anticorruption policies and procedures.

MeMbershIps IN assoCIaTIoNs g4-16

We maintain relationships with a number of sectoral institutions which we discuss issues relevant to our business. our Ceo, roberto Medeiros, holds the position of president in the brazilian association of Loyalty Market

Companies (abemf – associação brasileira das empresas do Mercado de fidelização), which unites and represents the loyalty of companies in brazil. other institutions are:

Brazilian Association of direct marketing (Abemd – Associação Brasileira de marketing direto)

interactive media Association (Ami – Associação de mídia interativa)

São paulo’s Association of higher education (Apes – Associação paulista de ensino Superior)

Brazilian Association of publicly-traded companies (Abrasca – Associação Brasileira das companhias Abertas)

campinas’ Association of commercial industrial (Acic – Associação comercial industrial campinas)

institute of Accounting, Actuarial and Financial Reserch (Fipecafi – Fundação instituto de pesquisas contábeis, Atuariais e Financeiras)

institute of education and Research (insper – instituto de ensino e pesquisa)

Brazilian institute of Finance executives (iBeF – instituto Brasileiro dos executivos de Finanças)

Brazilian institute of experts on electronic commerce (instituto Brasileiro de peritos em comércio eletrônico)

Brazilian institute of internal Auditors (instituto dos Auditores internos do Brasil)

Brazilian institute of Banking Science (instituto Brasileiro de ciência Bancária)

Worker union of independent trading Agents and consulting, evaluation, information and Research companies and Financial Services companies in the State of São paulo (Sindicato dos empregados de Agentes Autônomos do comércio e em empresas de Assessoramento, perícias, informações e pesquisas e de empresas de Serviços contábeis no estado de São paulo)


our risk management is monitored by the Audit, Finance, governance and Related parties committee that is responsible for, among other things:

monitor compliance with the risk policy;

manage and control risk exposure;

decide on the increase in percentage levels of protection within the limits set out in the Financial Risk policy, based on strategic issues;

monitor the comparison between budgeted scenarios and the market.

We also monitor a number of indicators and track macroeconomic aspects, in order to anticipate possible impacts on business results. For this, we adopt appropriate policies and actions to mitigate the risks to which we are exposed, and we seek to improve internal processes to enhance our operations and ensure its continuity.

the main risks are:

financial – exchange, interest, credit and liquidity ratesthe company is subject to treasury policy, which is based on the policy of its parent company latam S.A. and approved by the Audit and Finance committee. this committee defines the rules for cash management and financial risks and allows the treasury department to make hedging operations previously approved by the committee. Risk management is monitored by the company.

For the control of fluctuations in interest rates on the cash balance, we have the support of a third party firm, which monitors investment portfolios of exclusive funds, checking if the exposure to fixed or post-fixed interest rates are in accordance with the investment policy and the terms of the fund managers. to manage the risks involved in investments or fluctuations in interest rates, we use reports to monitor the degree of fluctuation, leverage and type of investment concentration risks and issuers of bonds comprising the fund’s portfolio.

RiSk mAnAgement operational – technology, fraud and processesWe adopt the latest systems and it infrastructure technologies, keeping assets updated and seeking to minimize risks exposure caused by technological obsolescence. to reduce fraud risk, the company has adopted a strong responsibilities policy and access rights to employees and partners. Audit trails and information cross-check in the systems and business process are used, among others.

Regarding processes risk, the company adopts a strict change control, which provides for production, approval and integration environments, segregated and replicated between each other. Furthermore, multiplus has strict documentation, approval and acceptance test processes of documentation systems.

information security is also ensured by multiplus. in 2014, we created the information Security policy, which aims to ensure that information is used properly, with confidentiality, integrity and availability criteria. its purpose is to establish the guidelines to be followed by the company’s employees, trainees, apprentices and service providers with regard to the adoption of procedures and mechanisms related to information security.

Commercial – risks related to the redemption of points and competitorspart of our income comes from expired points that were not redeemed by the members, known as the breakage. the company expects to offset the expected reduction of breakage through its pricing policy of points sold to commercial partners.

more information about the risks is available on the Risk management page at http://ri.pontosmultiplus.com.br.

ChapTer 3 - CorporaTe goverNaNCe


our sTraTegy

4

2014 Annual and Sustainability Report 28ChapTer 4 - our sTraTegy

looking At the FutuRe

guidelines can generate value for partners and

expand engagement of members

multiplus’ strategic plan was revised in 2014, establishing the guidelines that will support the sustainable growth of our business in the coming years. therefore, we focus our efforts on delivering a unique experience to our members and generating value for our business partners, with offers that meet the needs of their business.

For our members, for example, we simplified award redemptions processes, creating alternative ways to access the multiplus account via mobile devices. We also launched Resgates incríveis, a platform that enables the redemption of points (read more on page 18).

Another strong point of our business is the partner network. A long-term strategic agreement with tAm – 15 years from 2010 and automatically renewable for periods of five years – ensures revenues for multiplus and at the same time provides benefits to the members, as the best frequent flyer program3 and high flexibility in redeeming airline tickets in advance of up to 360 days.

our retail, industry and services partners also have a strategic function, which has a goal to always expand the exchange or accumulation of points options by the members. it is a network of more than 400 companies, a competitive portfolio of products and services (read more on page 47).

in 2014, we intensified actions held together with the banks to raise credit cards’ activation fees and increase the average spending per card, which are critical to the success of these business partners.

the results of this strategy can be evidenced by the growth in gross billings and profits and the greater involvement of partners and members with the network.

in 2015, we will continue to introduce novelties and direct our efforts to the development of a completely new e-commerce platform, where the more than 550,000 products and services that are already available to be redeemed with multiplus points can be easily viewed by network members and added to a single cart. in addition, each member will visualize personalized content according to his or her preferences, location, browsing history and past transactions, engaging them to our network.

braNd

the publicity of the multiplus’ brand is crucial to the success of our business model. the big challenge is to promote a new concept, the multi-loyalty building, among consumers and other stakeholders. the marketing investments are usually targeted at actions at the point of sale. in addition, resources are optimized by sharing costs with business partners. it is also challenging to be a well-positioned brand and to increase the loyalty of the Brazilian members.

goals diversification

points issued: the increase of the points issued in the retail sector will help sustain margins and improve members’ engagement.

points redeemed: growth in the number of points redeemed outside the airline sector will enhance the members’ experience.

3Source: https://www.usingmiles.com/programs/tAm+Airlines+Fidelidade/detail – tAm Fidelidade is the tAm

Airlines’ frequent flyer program. through tAm Fidelidade, you can collect and use your points in a variety of ways,

such as flying, shopping, meals, hotel accommodations and car rentals. Special offers to accumulate bonus points

or discount on airfare are also possible when you are a tAm Fidelidade member.

2014 Annual and Sustainability Report 29ChapTer 4 - our sTraTegy

the focus of most of our investments is in technology. multiplus’ program for investments in technology, approved in 2013, establishes a series of initiatives to improve the member’s experience. in this sense, in 2014, we redesigned our website, with a new layout, providing an easier and more user-friendly navigation. We also developed a mobile application, a segment with high level of security. through mobile, the participant has available a set of awards for redemption; the application has been downloaded over 660,000 times.

Focusing on improving the member’s experience, in 2014, a large project enhanced the automated response (ivR) of our call center. therefore, we totally redesigned the customer care department, offering new services, such as sending passwords through a link (the member creates his or her own password), introducing a new voice, aligned with multiplus’ image, new language, ability to access more services without the need to enter the password, among others. this project converges with our goal to constantly improve members’ experience and to be able to reduce our costs with customer care.

in 2015, we will enter the third year of this program, with the implementation of the market place, which allows the partner to have a new visualization of our website, providing better experience for members, easier search of products and customizing business that is more aligned with the consumer interests or buying habits. We were very pleased to launch the market place in december 2014 with one of our partners: casas Bahia. With a different application, the market place will also be developed for tablets and mobile phones, for Android and Apple systems.

We inveSt in technology

Flexible business model, solid cash flow and several business partners, who share their expenditure on loyalty marketing, allow multiplus to offer a compelling value proposition to consumers, who may accumulate points quickly and have access to a comprehensive awards portfolio.

value generation can also be seen for the following reasons:

adds value to partners;

increased sales;

lower retention cost;

vacancy management;

new insights based on members’ behavior;

data analysis services;

incentive campaigns;

extensive network;

targeted offers;

fair pricing;

user friendly e-commerce platform;

mobile applications.

geNeraTIoN vaLue

Focusing on improving the member’s experience,

in 2014, a large project enhanced the automated

response (ivR) of our call center


poINT by poINT

5


initiatives such as release of highly competitive products and important new partnerships helped improve the perception of the point’s value, strengthening the sustainability of the business.

We ended 2014 with an increase of 12.9% in the number of members and more than 400 partners, which increased the points’ redemption options. We also invest more in technology, creating a friendlier website while launching products and services to our customers, such as Resgates Incríveis and Missão Multiplus, which provided increased member engagement. All of these are an increasing effect of our strategic planning, culminating in the economic and financial performance, being a highlight of the company’s net income in the year, which had a significant growth.

gross bILLINgs

gross billing from the sale of points totaled R$2,126.8 million in 2014, a 5.9% increase over the previous year.

gross billing from banks, retail, industry and services grew by 6.3%, mainly due to the 4.6% increase in the number of points sold; the depreciation of 8.59% in average real price versus dollar; and lower average unit price due to certain specific actions with some of our financial partners.

gross billing through TaM airlines – TLa showed an increase of 2.2% mainly due to growth of 0.2% in total points issued and periodic price adjustment.

conSiStent gRoWth

the goveRnAnce pRActiced And the

StRAtegy Adopted ReFlect multipluS’

good FinAnciAl ReSultS

gross billing from the sale of points (r$ million)

201420132012

2,126.82,009.0

1,871.0

ChapTer 5 - poINT by poINT

gross billing in 2014 by origin (%)

10%

90%

gross billing from tAm

gross Billings from banks,

retail, industry and services


NuMber of poINTs Issued

in 2014, points issued amounted to 88.5 billion, an increase of 3.8% over the previous year, considering the issuance of bonus points (points unbilled). this performance is explained by a greater number of points issued to the retail sector, aiming to engage potential and current members. We continued to strengthen our solid relationship with our main financial and retail partners. By offering differentiated and highly valued products and services, we were able to issue to banks and other partners 4.6% more points than in 2013.

2012 2013 2014

88.5

points issued (billion)

85.385.2

NeT reveNue

our net revenue grew by 10.2% in 2014 to R$1,819.4 billion, calculated as the difference between the sale price of points and the cost to redeem them. most of our revenues come from the sale of multiplus points for our business partners, including tAm linhas Aéreas. their recognition in accounting records occurs at the time of redemption of goods and services by the members.

Another source of our net revenue is the breakage revenue. All points accumulated with multiplus partners have an expiration period of 24 months. After this period, the points expire and become breakage. the breakage revenue consists of three components:

breakage provision – breakage liability provision is made up of 24 months of sales + average of 12 months of breakage % + breakage recognition curve;

+effective revenue – valuation of expired points;

-provision reversal – reversal of provisions made for 24 months of expired points.

diversification redeemed products (non-airfare redemptions x airfare)

11.6%

88.4%

Airline tickets

other products/services*

in 2014, points issued

amounted to 88.5 billion,

an increase of 3.8% over

the previous year


*most redeemed items: external hard drive, chromecast streaming, pulse blood pressure device, multiprocessors,

smartphone, tvs, e-reader, tablet, wine.

2014 Annual and Sustainability Report 33ChapTer 5 - poINT by poINT

2014 2013 2012

Redeemed points 1,707.6 1,607.9 1,425.1

hedge of points revenue* (16.6) (30.6) (14.4)

Breakage 316.0 242.4 214.3

other revenue - 2.3 3.2

gross revenue 2,007.0 1,822.0 1,628.1

taxes and other deductions 187.6 (171.2) (152.1)

Net revenue 1,819.4 1,650.8 1,476.0

Net revenue breakdown (rs million)

*hedge: expense due to the recognition of expired contracts (hedge accounting).

NeT INCoMe

our net income reached a total of R$325 million in 2014, a significant growth of 40% over the previous year, which contributed to a better net margin of 17.9% in the period, 3.8 percentage points higher than 2013.

Net Income (r$ million) and Net margin (%)

2012 2013 2014

325.0

232.1224.3

15.2%14.1%

17.9%

sharehoLder reMuNeraTIoN

over the last five years, we have focused on shareholder return, with high dividend payouts. Furthermore, we are continually improving our corporate governance structure, following market best practices.

our dividend distribution policy is equivalent to 25% of net income. to maximize shareholder return, in 2014 we distributed 95% of income as dividends and interest on own capital – 5% being held as legal reserve, as established by law.

2014 2013

net income for the fiscal year 325,016 232,089

(-) legal reserve - 5% (i) (762) (121)

profit to be distributed 324,254 231,968

minimum mandatory dividends - 25% 81,063 57,992

total distribution 324,254 231,968

(-) prepaid dividends (219,759) (149,745)

(-) prepaid interest on own capital (8,113) (6,989)

(-) Withholding income tax on interest on own capital

(1,430) (1,233)

profit retained - proposed additional dividends 94,952 74,001

profit reserves to be distributed - proposed additional dividend (ii)

94,952 74,001

(i) the legal reserve was constituted of up to a limit of 20% of the share capital.

(ii) Refers to the retained result proposed by the administration to the general Assembly for approval of the

surplus amount and the minimum mandatory dividend in the Bylaws.

dividends payable were calculated as follows:


2014

deliberationdate ofpayment

Type ofrevenue

grossvalue

gross valueper share

Netvalue

Net valueper share

Bdm - 2/27/2014 - Ref. 2013

3/20/2014 dividends 71,051 0.43857 71,051 0.43857

3/20/2014 ioc 2,950 0.01821 2,508 0.01548

Bdm - 5/8/2014 - Ref. 2014

5/23/2014 dividends 67,908 0.41886 67,908 0.41886

5/23/2014 ioc 2,964 0.01741 2,518 0.0148

Bdm - 8/4/2014 - Ref. 2014

8/20/2014 dividends 72,860 0.44929 72,860 0.44929

8/20/2014 ioc 3,190 0.01968 2,712 0.01673

Bdm - 11/3/2014 - Ref. 2014

11/18/2014 dividends 78,991 0.4871 78,991 0.4871

11/18/2014 ioc 3,389 0.0209 2,883 0.0178

303,303 301,431


dIsTrIbuTIoN of dIvIdeNds aNd INTeresT oN owN CapITaL paId (“IoC”)

during the fiscal year ended december 31, 2014 the company made the following payments of dividends and interest on capital:

on February 27, 2014, the Board of directors approved the full distribution of, subject to ratification by the Annual general meeting, the profit reserve for the year ended december 31, 2013, made after the legal deductions and deductions from dividends and interest on own capital paid in advance being distributed as dividends the amount of R$71,051, corresponding to R$0.43857 per share, and interest on own capital in the amount of R$2,950, corresponding to R$0.01821 per share, or R$2,508, net of withholding income tax, corresponding to R$0.1548 per share.

on may 8, 2014, the Board of directors approved the payment of interim dividends in the amount of R$67,908, corresponding to R$0.41876 per share, and interest on own capita in the amount of R$2,964, corresponding to R$ 0.01827 per share, or R$2,518, net of withholding income tax, corresponding to R$0.1553 per share.


on August 4, 2014, the Board of directors approved the payment of interim dividends in the amount of R$72,860, corresponding to R$0.44929 per share, and interest on own capita in the amount of R$3,190, corresponding to R$0.01968 per share, or R$2,712, net of withholding income tax, corresponding to R$0.1673 per share.

on november 3, 2014, the Board of directors approved the payment of interim dividends in the amount of R$78,991, corresponding to R$0.4871 per share, and interest on own capita in the amount of R$3,389, corresponding to R$0.0209 per share, or R$2,883, net of withholding income tax, corresponding to R$0.0178 per share.

Cash generation*(rs thousand)

201420132012

309.8453.8

418.1

Cash fLow

in 2014, cash flow totaled R$309.8 million, excluding effects of dividends, ioc and variation of prepayments to suppliers and capital. this result represented a variation of (-) 31.7% over the previous year, due to increased capital expenditure in 2014 and advances to suppliers.


*excludes effects of dividends, ioc and variations in anticipated

expenditures and capital (2012 excludes and 2013 includes

R$71.3 million related to advances to suppliers).

dIsTrIbuTed eCoNoMIC vaLue g4-dMa economic performance, g4-eC1

in 2014, the distributed added value totaled R$735.1 million, 24% higher than in 2013. government remuneration amounted to R$363.7 million, equal to 49% of total added value in 2014. the remuneration of shareholders’ equity totaled R$325.0 million, representing 44% of total added value in 2014, with significant growth of 40% compared to 2013. employees’ remuneration totaled R$40.0

million, an increase of 2 % over the previous year. Remuneration of third party capital totaled R$6.3 million, 78% lower than that distributed in 2013, due to reduced losses on derivatives designated as hedge accounting.

2014 (brL thousand) % 2013 (brL thousand) %

employees 40 5% 39.1 7%

government 363.7 50% 293.7 49%

third parties 6.3 1% 28.3 5%

Shareholders 325 44% 232.1 39%

total 735.1 100% 593.2 100%

g4-eC1

325

6

364

40

232

28

294

39

2013 2014

added value statement g4-eC1

employees

government

third parties

Shareholders

R$ 593.1R$ 735.1


2014 2013 Chg. 2012

Total added value to be distributed 735,102 593,218 24% 536,689

personnel 40,039 39,122 2% 35,218

direct remuneration 36,895 34,502 7% 31,758

Benefits 774 2,718 -72% 2,019

employees government Severance Fund – FgtS 2,370 1,902 25% 1,441

Taxes and contributions 363,710 293,674 24% 272,801

Federal 363,710 293,552 24% 272,482

municipal - 122 319

remuneration of third party capital 6,336 28,333 -78% 4,365

interest 3,404 24,243 -86% 2,663

Rent 2,932 4,090 -28% 1,702

other - - - -

remuneration of shareholders’ equity 325,017 232,089 40% 224,305

dividends 219,759 149,745 47% 146,810

interest on own capital 9,544 8,222 16% 8,526

profit retained for the fiscal year 95,714 74,122 29% 67,136

dIsTrIbuTIoN of added vaLue (r$ ThousaNd) g4-eC1



CapITaL MarkeTs

Based on the final share price on december 31, 2014 (R$32.00), the multiplus’ shares appreciated 13.7% in the year, resulting in an equivalent market value of R$5,191.9 million. outstanding shares totaled 162,246,573.

NuMber of shares %

controlling shareholder 118,019,995 72.74

Board of directors 2 0

other 44,226,576 27.26

Total 162,246,573 100

ownership breakdown*

* Base date: 2/28/2015.

Corporate structure

lAtAm Airlines group

73 %

11% 89%

domestic investmentFunds

Foreign investment Funds

free fLoaT 27 %


daily trading volume by quarter (r$ million)

1Q14 2Q14 4Q143Q14

13.1

15.8

8.6

11.2

share performance – MpLu3 x Ibov (2014)

140.00

120.00

100.00

80.00

mplu 3 iBov

2-j

an

2-f

eb

2-m

ar

2-a

pr

2-m

ay

2-j

un

2-j

ul

2-a

ug

2-s

ep

2-o

ct

2-n

ov

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60.00

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aLoNgsIde sTakehoLders

6

2014 Annual and Sustainability Report 40ChapTer 6 - aLoNgsIde sTakehoLders

The IMporTaNCe of eaCh sTakehoLder To our busINess

the sustainability of our business is based on diversification of partnerships, on engaging and delivering value to our members. to achieve this goal, we have a team of professionals committed to multiplus’ values and culture.

our network of relationships includes suppliers, society, government, the media and capital markets. We have a specific communication channel for each stakeholder.

how we communicate

sTakehoLdersreLaTIoNshIpfreQueNCy

CoMMuNICaTIoN ChaNNeLs

Members dailymultiplus website, social media, e-mail marketing e tAm website and partners website https://www.multiplusfidelidade.com.br/home/

partners dailyinteraction with the commercial department or e-mail to present potential partnerships [email protected]

suppliers daily interaction among all areas of the company [email protected]

government and society daily Website, annual report of public meetings

employees dailyinternal communication held by the people management department regarding to the guidelines established in the code of ethics. through the www.eticamultiplus.com.br website, it is possible to, anonymously or not, make suggestions, complaints, clarify doubts or ask questions

Media Weekly interaction with the marketing department

Capital market: investors, market players

dailypublic meetings, conference calls, iR website, roadshows, conferences, meetings and phone calls, e-mail: [email protected]

togetheR We cAn do much moRe


ouR people g4-dMa employment

people management is considered a strategic area for multiplus, with the department having a seat on the executive committee and the ethics and people management committee, consisted of the company’s directors.

in our first five years of activity, we have as a priority leadership development, culture management and employee engagement. We believe that our professionals need to have a purpose, to be engaged and share our values. therefore, culture management and engagement are important, as they may impact the pace required for the implementation of our business strategy. multiplus is a young company with young teams and leaders. therefore, managers need good preparation to lead their teams with inspiration and a lot of planning to ensure they are prepared for the challenges that lie ahead.

the consolidation of several implemented actions was achieved during 2014. We made progress in some management processes, such as performance and potential evaluation, and calibration meetings with all managers, contributing to the development of employees. We also implemented an executive mapping, helping us to develop our leaders in a deep and customized manner, as well as planning for succession in a more structured way. We have implemented recruitment and selection actions, which gave us a lot of speed and assertiveness to go with the company’s growth.

in addition, in order to streamline and adapt our hR processes to its services, some processes – formerly tAm’s responsibility – were internalized in 2014 by multiplus’ people management department.

the main changes are:

payroll processing;

launch of the new hR Services online portal, which enables online monitoring and management.

We still have a lot of challenges to accomplish, such as maintaining a high level of hiring, always be attractive and providing professional training. We also need to strengthen leadership to meet the challenges of our business, as well as having a value proposition for our employees, so that they are engaged and inspired, allowing our journey to be performed to a high standard, but also to be fun.

We also need to formalize our policies and practices. We have already defined several formal guidelines for our main processes, such as performance evaluation, benefits, working hours, etc. in 2015, our goal is to structure all of this in a single format.

in 2015, we also want to reshape the way we monitor employee engagement, making it even more effective, capturing a more accurate vision of culture. Based on the changes we made in 2014 in talent management, we will implement an even stronger leadership development circuit.

in our first five years of activity,

we have as a priority leadership

development, culture management

and employee engagement


benefits granted in 2014

health insurance*

dental insurance*

life insurance

embarque Já (Boarding now) – discounts of up to 85% on tAm’s flights to employees, employees’ parents, children, siblings, partners, in-laws, stepchildren and three other*

Free childcare – for children of up to two years old

meal vouchers*

transportation vouchers*

Food vouchers

parking allowance*

programa equilíbrio (Balance program) – 50% subsidy for a group sports practice (minimum of five people) and discounts in associated places*

gRetAm membership – 0.3% of the monthly salary entitled to discounts with partners from all over Brazil, such as graduate course at eSpm, language course, etc.

* For all employees and trainees.

multiplus now has a major attraction, retention and alignment of goals tool for its executives, the Restricted Stock option plan, established in 2014 and aimed at encouraging the expansion and the success of our business, aligning the interests of the company’s shareholders to those of our professionals, as well as attracting and retaining our talent.

the granting of restricted shares – 800,000 shares, at most, representing 0.42% of our total stock capital – is performed by Stock option Agreements between the company and the beneficiaries. each year, the people management committee makes recommendations concerning employees who have excelled with high performance in the business during that period. After approval by the Board of directors, the beneficiary will receive, at no cost, one or more restricted stock after fulfilling two requirements: achieve the performance goal set by the Board of directors; and remain continually bound as managers or employees of the company for a predetermined period.

to learn more about the Restricted Stock option plan, please click on the link below:http://ri.pontosmultiplus.com.br/conteudo_pt.asp?idioma=0&tipo=41694&conta=28&id=154518

TaLeNT reTeNTIoN

2014 Annual and Sustainability Report 43ChapTer 6 -aLoNgsIde sTakehoLders

eMpLoyee profILe

the company has 217 employees, all contracted for an indefinite period, based at headquarters in São paulo, and covered by collective bargaining agreements. We do not maintain outsourced or temporary employees. in 2014, we hired 74 new employees. g4-10; g4-11; g4-La1

Analyst 139

Specialist 30

coordinator 22

manager 22

director 4

Total 217

Total employees by job category g4-10

hIrINgs Layoffs

by gender

men (41) 55% (14) 35%

Women (33) 45% (26) 65%

by age

18-35 (57) 77% (31) 77%

36-45 (14) 19% (8) 20%

46-60 (3) 4% (1) 3%

Total number and new hires and employee turnover rates* g4-La1

* All 74 new employees are based at Multiplus’ headquarters in São Paulo.by gender g4-10

49% 51%

by age g4-10

36-4418-35 45-60

21%

75%

4%

2014 Annual and Sustainability Report 44ChapTer 6 -aLoNgsIde sTakehoLders

eNgageMeNT g4-dMa work relations

every year, we conducted a survey with all employees to identify ways to improve the organizational climate and people’s engagement. Based on this survey, we developed a series of actions:

we conducted focus groups with analysts, consultants and specialists from different areas to gain a greater understanding of the improvement points and discussion of potential action plans;

we created forums with managers to agree on priority action plans, with at least two corporate themes and three issues for the area;

we implemented and communicated the actions continuously (through a weekly newsletter and connected communication channels);

we followed – hR team and managers – the actions defined in the action plans, according to the deadlines and the established criteria.

From the results obtained, we continued to strengthen some actions, such as the Programa Equilíbrio (Balance program) on quality of life, based on four pillars: health & Wellness, Balancing personal and professional life, citizenship and Family Support. We also created recognition and appreciation actions of people’s contribution to the business, such as the monthly prize Be my guest, through which employees are selected as highlights of the month.

We also have an informal and easy access to the company’s directors and the people management department, so that employees can handle the day-to-day issues in a more transparent way.

in 2014, 84% of our employees took part in the organizational climate survey. Five dimensions were considered: credibility, Respect, Fairness, pride and Fellowship.

According to our employees, the main factors that contribute to their permanence at multiplus are: “The fact that the Company gives me balance between my personal and professional life”; “Salaries and benefits offered by the Company”; “Managers are honest and ethical in conducting the business”; and “The opportunity I have to grow and develop professionally”. 83% of the 183 employees who participated in the survey consider multiplus a great place to work.

Among the company’s strengths, employees emphasized:

managers are honest and ethical in conducting the business

i am proud to tell other people that work here

We always celebrate special events

orgaNIzaTIoNaL CLIMaTe MaNageMeNT

in early 2015, we launched the organizational climate management program, in order to: identify the impact of different organizational factors, such as organizational climate and level of employee satisfaction; strengthen the positive aspects of the company; work on points that need improvement; and maximize people’s energy, motivation and engagement.

the program is based on the axes performance management, which includes skills, feedback and recognition and results, and talent management, which involves climate and engagement, talent map, structure and development and succession.

With the duration of one year, the organizational climate management cycle has as activities the realization of climate survey, results processing, the committee formation, and definition and approval of the action plan and implementation and monitoring of actions.

in this context, we created the organizational climate committee, which has a goal of creating greater proximity and synergy between the company’s departments and defining, adopting and implementing a corporate action plan related to improving the organizational climate. led by the people management department, the committee is composed of three representatives of the Business development Board (ddn), two members of the operations & it/Finance department and a representative of the presidency.

the actions to be developed will be chosen after analyzing the results of the latest survey and prioritized according to the “favorable” factor and the “impact” of it on the company’s business.


LeadershIp deveLopMeNT

this is a pillar that provides the basis for everything. We have an annual performance evaluation cycle that includes not only the results but also our skills to achieve them. We do this for all employees. leaders are evaluated by specific skills. Based on this analysis, we took feedback and built the individual development plan (idp). We also have a leadership development cycle that begins on the first level of management and covers all leaders.

TraININg aNd eduCaTIoN g4-dMa Training and education, g4-La11

We believe it is important to stimulate, maintain and develop the skills necessary for employees to contribute to the business success, master the concepts, action models and tools to achieve the expected outcome of the task, and create self-development opportunities and dissemination of knowledge for all of the company’s levels, in line with the market and tAm group’s practices.

From the analysis of training & development, training established during the learning process, gaps mapped in the performance Assessment cycle and technical needs of the business areas, training is subject to the approval of the people management department, which also manages the annual budget.

employees who undergo treatment need to demonstrate the applicability of what has been learned to the business and must replicate the content to their peers. therefore, we are able to increase the size of the financial resources used and reinforce the learning from those who received the content.

All employees are eligible for training. When the business area calls for specific training, it is only necessary to prove the need and applicability of the content for the business.

NuMber of eMpLoyees perCeNTage (%)

by gender

men 111 51.1

Women 106 48.8

by job category

Analyst 139 64.1

Specialist 30 13.8

coordinator 22 10.1

manager 22 10.1

director 4 1.8

percentage of employees receiving performance training and career development g4-La11


aLIgNINg CuLTure aNd vaLues

We carefully choose our teams not only based on technical evaluation and skills, but also evaluating the candidate’s profile in accordance with our values and culture. We believe this is a key success factor for the future permanence of that candidate in the company.

in 2013, we started an analysis of our cultural archetypes and we have plans to consistently focus on the improvement of our actions in 2015, enhancing the candidate’s behavior to our culture and values: Simplicity, Agility, Reliability, Fun and innovation.

reMuNeraTIoN g4-dMa Market presence, g4-eC5, g4-dMa equal remuneration for women and men

in addition to promoting a safe and healthy environment, multiplus supports fair procedures, such as ensuring diversity, equal remuneration and sustaining freedom of association. Because of this, we have established a career and salary policy, which is considered as criteria for job evaluation, employee performance and seniority in the position. Based on this policy, we define the remuneration of our employees, not making any wage differentiation between men and women in order to achieve gender equality. in 2014, the proportion of the lowest salary paid by multiplus for men was 0.36% higher than the minimum wage. For women, it was 0.40%.

ChapTer 6 - aLoNgsIde sTakehoLders

base salary ratio between men and women by job category g4-La13

ouTsourCed eMpLoyees

Some activities require the hiring of outsourced employees, as these activities are not part of our core business. in this case, we choose our suppliers consistently to ensure that we are compliant with their labor and social security rights. g4-10; g4-12

base saLary raTIo beTweeN MeN aNd woMeN

Analyst 74.62

Specialist 100.17

coordinator 99.20

manager 88.16

director -*

*in this case, the ratio does not apply because multiplus’ directors are all male.


ouR pARtneRS

With over 400 partners, our network includes retail, industry and services businesses, sharing their loyalty marketing expenditures. We work to create value to the network, providing our partners with solutions according to the needs of each business. its cost is directly related to the type of partnership (accrual, redemption or coalition) and what they offer to their customers using multiplus points.

An example of solution that can be used by small and medium businesses is the mobile platform, which allows the accumulationof multiplus points through QR-code, when there is no online integration costs between platforms.

our strategic partners include major companies such as tAm (airline); tAm viagens (tourism); ipiranga (gas stations); livraria cultura (bookstore); Accor and hilton hhonors (hotels); oi (telecommunication); editora globo (publisher); pontofrio.com (e-commerce); luigi Bertolli, cori and emme (clothing); pBkidS (toys); Xp educação, microlins and Wizard (education); drogaria Rosário, extrafarma, panvel and droga Raia (pharmacy); Bm& FBovespa (stock exchange); new, Favorita and dell Anno (furniture); icatu Seguros (insurance); groupon (local e-commerce), movida and lokamig (car rental); and grupo muffato (supermarkets). We also have partnerships with all retail banks.

the control of accumulated and redeemed points by each of the partners is carried out daily by our commercial department, which follows the corporate portal, showing all partners’ movements.

our main marketing strategy is the promotion of business partners. All contracts are reviewed on average every two years, and the deals are done so that the two parties always benefit over the medium and long term. We constantly keep in touch with these partners for possible actions during the contract period.

in 2014, from the alliance of tAm with oneWorld, we added 45 destinations to europe, Africa and Asia, from which redemptions may be made on tAm’s website.

We also extended our partnership with netshoes in 2014. in addition to the possibility of redeeming their products with multiplus points, the members can now accumulate points on netshoes’ online shop, with promotions of specific items that will generate even more points if acquired. in less than a year, our agreement proved quite beneficial for both companies. during this period, more than 28 million multiplus points were redeemed for netshoes’ products.

our partners’ network included new companies in 2014, as the home appliances and electronics store Fast Shop, lupo Store (clothing), the Sonoma (wine) and glambox (beauty products).

the company also signed a new partnership with Brazilian soccer clubs in Serie A, an initiative that strengthens our goal of offering more attractive redemption options, since soccer is Brazil’s great passion.

With over 400 partners, our network

includes retail, industry and services

businesses, sharing their loyalty

marketing expenditures


in a pioneering initiative with the automotive industry, we closed a loyalty partnership with peugeot in 2014. therefore, multiplus’ consumers and members can use their points to redeem car parts, services and accessories at peugeot dealerships, or accumulate up to 100,000 points through car shopping.

With peugeot in our network, we are able to retain and bring new members and consumers for both companies.

aN uNpreCedeNTed parTNershIp wITh peugeoT


the partnership also ensures the accumulation of multiplus points with the purchase of new vehicles to “loyalty customers”, that is, customers who have purchased a brand new model from the peugeot dealership network in the last five years.

We entered into a partnership with Apple, bringing together two brands that are references in their markets. For Apple products, consumers can accumulate multiplus points and also learn more about the advantages of our loyalty network.

purchases made by members must be at the hotsite specially developed by both companies (http://multipl.us/Apple) – it does not include Apple’s physical stores. For every R$1 spent on purchases of items such as iphones, ipads, computers and laptops, ipod and accessories, the customer will earn 1 multiplus point. the hotsite also offers other benefits such as free shipping throughout Brazil, installment purchases of up to 12 months (interest free), custom assembly of laptops and laser engraving messages on ipads and ipods.

appLe

the company made a

partnership with Apple,

combining two brands

which are benchmarks

in the markets where

they operate.


ouR memBeRS

With more than 13.8 million members, multiplus continually works to make the experience of each member more attractive, easy and fast when accumulating or redeeming points.

throughout 2014, we implemented a series of actions. We invested in new ways to redeem points, as Resgates Incríveis, and accumulate points, such as the launch of an innovative platform, Missão Multiplus. We also launched the Pontos + Dinheiro, allowing redemptions from 1,000 points, with access to all tAm’s promotions, and the points transfer, allowing members to receive or transfer to another member between 1,000 to 50,000 points per year (read more on page 17). All of this led to a greater stakeholder engagement.

We continue to enrich the members’ experience by increasing their level of satisfaction with the service of our call center, simplifying the process of authentication during redemption, and allowing it to be done through social networks.

our main communication channel with members is the website, through which we show offers and registration information, as well as provide multiplus’ Regulations, with the rules and conditions regarding the membership of the network. We also have a team dedicated to answering questions concerning the accumulation and redemption of points.

in social networks, we have over 2 million fans on Facebook and 21,000 twitter followers, strengthening our relationship with stakeholders, clarifying doubts and offering information about the network. We also send emails with deals and offers to members weekly.

in 2014, we implemented new registration pages. With a new layout, the new account page provides easier forms to be filled and better understanding of the network, with fewer required fields, more effective checks, assistance for any questions, incentives for the download of the mobile application and instructions for data access after registration.



seCure daTa g4-dMa Customer privacy

By connecting with different companies and loyalty programs, we have a responsibility with information security and to preserve the personal data of our members. in 2011, we established a specific department in order to have an active management of it. Since then, the department is developing and implementing improvements in processes and systems for the availability, confidentiality and integrity of information, which incorporate the data of our members.

Among the processes in place, we analyze of corporate projects, products and campaigns, in which the Security information department takes part from design to implementation, advising, guiding and evaluating the results. All accesses of our internal users is controlled from their admission until their dismissal. We have segregation of duties, which allow or restrict access to the systems as the position/role of the users. these controls, access permission and active members are audited by internationally renowned companies. in addition, as our shares are traded on the stock exchange, multiplus is audited by the Sarbanes & oxley law, have been approved in all audits. We conduct tests periodically in order to find both external and internal vulnerabilities.

our members have direct communication channels with multiplus, as the call center, the website (on the “contact us” page), social networks (Facebook and twitter) as well as Reclame Aqui, consumidor.gov, through which they can make complaints. in 2014, and in previous years, we did not detect or receive complaints related to violation of privacy. our systems are managed by one of the world’s largest companies (iBm), and audited annually by a world-sized auditing firm (ernst & young). g4-pr8


saTIsfaCTIoN survey g4-dMa Labeling of products and services g4-pr5

our actions focusing on the constant search to improve members’ experience can be measured by the satisfaction survey we conduct annually: the net promoter Score (npS). in 2014, we managed to nearly triple the satisfaction of our members over the previous year, using the online interview methodology, carried out in all regions of Brazil, considering the representation of each segment of multiplus active base. to achieve this result, we followed those initiatives:

improvement of the call center indicators; quality partnerships; communication; development of other channels; better targeting; creation of the Facilidades channel and its communication.


our respoNsIbILITIes

7

2014 Annual and Sustainability Report 52ChapTer 7 - our respoNsIbILITIes

We always contribute to various

projects of several institutions

through sponsorships,

contributions and donations,

meeting incentive laws, with

income tax funds

As part of our Social Responsibility program, we developed initiatives for the community, such as incentive laws and contributions to associations, as well as engaging our members and employees in volunteer activities. through multiplus points, for example, our members have the option to make donations to various charities. the redemption is made through our website and the members can choose the products they want to donate (the donation is not converted into reais). members can buy, for example: “two clown visits to 10 children hospitalized every day” or “two clown visits to 15 hospitalized children every day”.

in 2014, the following were redeemed:

Doutores de Alegria (doctors of Joy): 6,966,700 points – clown visits to hospitalized children (https://www.multiplusfidelidade.com.br/store/doutoresdaalegria)

SOS Mata Atlântica (sos atlantic forest): 1,327,100 points – planting trees (https://www.multiplusfidelidade.com.br/store/sosmataatlantica)

unicef: 329,600 points – education, antibiotics purchase and health treatments (https://www.multiplusfidelidade.com.br/store/unicef)

ayrton senna Institute: 7,305,200 points – provides education for six months for children and youngsters (https://www.multiplusfidelidade.com.br/store/institutoayrtonsenna)

Make a wish: 1,225,600 points – help fulfill dreams (https://www.multiplusfidelidade.com.br/store/makeawish)

We also performed specific actions, such as christmas donations, when we select two institutions: philadelphia care home & Brooklyn Association of Friends of disabled individuals. our employees voluntarily collaborated with two gifts for each one and visited the institutions to deliver them, benefiting 175 children. g4-15

We always contribute to various projects of several institutions through sponsorships, contributions and donations, meeting incentive laws, with income tax funds. We contributed with a total of R$4.6 million in 2014.

As an institutional action, contributions and/or donations were directed to: the national oncology care Support program (pronon – programa nacional de Apoio à Atenção oncológica); the national Support program for the health care of disabled individuals (pronas – programa nacional de Apoio à Atenção da Saúde da pessoa com deficiência); Rights of children and Adolescents municipal Fund (FumcAd – Fundo municipal dos direitos das crianças e Adolescentes) and the elderly municipal Fund. g4-15

Actions developed by the marketing department contemplated brand positioning, relationship and institutional areas, being carried out by the Rouanet law (culture and audiovisual) and the Sports incentive Federal law.

SociAl ReSponSiBility g4-dMa Customer’s privacy

our INITIaTIves aLso INCLude The parTICIpaTIoN of eMpLoyees aNd MeMbers


2014 contributions

assoCIaTIoN/INsTITuTIoN aCTIoN reasoN

Aventura entretenimentoSponsorship of the musical performances “Se eu fosse você”, “o velho guerreiro” and “chacrinha”

cultural incentive (Rouanet law)

Brazilian golf confederation Sponsorship of the “imix” event Sports incentive (Sports incentive Federal law)

pio Xii Fundation donation to the Barretos’ cancer hospital health care incentive (pronon)

t4F entretenimentos Sponsorship of the “Fuerza Bruta” event cultural incentive (Rouanet law)

elderly municipal Fund donation Social incentive (elderly Statute)

Rights of children and Adolescents municipal Fund donation Social incentive (children and Adolescents Statute)

tAm museum 2015 Sponsorship cultural incentive (Rouanet law)

cooper – Work cooperative Society of Athletes and Sports professionals Racing Sponsorship: pedalar, city Walk and night Run Sports incentive (Sports incentive Federal law)

ChapTer 7 - our respoNsIbILITIes


asseTs 2014 2013 LIabILITIes 2014 2013

cash and cash equivalents (note 7) 373 10,577 trade accounts payable 140,150 129,887

Financial investments (note 8) 1,185,354 1,253,899 Salaries and payroll charges 17,398 12,841

trade accounts receivable (note 9) 246,578 150,257 taxes, fees and contributions (note 16) 2,514 4,243

taxes recoverable (note 13) 19,505 8,227 income tax and social contribution payable - 8,309

Advances to suppliers (note 10) 95,456 6,409 derivatives (note 12) - 3,870

other receivables 6,301 12,107 deferred revenue (note 17) 1,284,054 1,183,329

other accounts payable 10,803 10,547

Total current assets 1,553,567 1,441,476 Total current liabilities 1,454,919 1,353,026

Long-term assets

court deposits 28 23

deferred income tax and social contribution (note 13)

7,957 5,974

equity

7,985 5,997 capital stock 107,300 103,493

cost of issuing shares (23,322) (23,322)

investments (note 14) - 7,083 Share-based compensation (note 19) 20,770 24,471

property and equipment 13,660 8,289 profit reserve 116,412 94,699

intangible assets (note 15) 100,209 76,064 equity valuation adjustments (658) (13,458)

Total noncurrent assets 121,854 97,433 Total equity 220,502 185,883

Multiplus s.a.statement of financial position as at december 31(Amounts in thousands of Brazilian reais)


Total assets 1,675,421 1,538,909 Total liabilities and equity 1,675,421 1,538,909

the accompanying notes are an integral part of these financial statements.


Multiplus s.a.Income statementyears ended december 31(Amounts in thousands of Brazilian reais)

2014 2013

net revenue (note 20) 1,819,442 1,650,810

costs of services rendered and redemption of points (note 21) (1,280,761) (1,218,238)

gross profit 538,681 432,572

Selling expenses (note 21) (50,968) (38,550)

general and administrative expenses (note 21) (120,181) (109,099)

equity in the earnings(losses) of joint ventures (note 14) (10,504) (8,314)

earnings before net financial income (expenses)

and taxes 357,028 276,609

Financial revenues (note 23) 139,343 92,921

Financial expenses (note 23) (1,291) (4,741)

derivatives allocated as cash flow hedge (note 23) (2,113) (19,502)



2014 2013

Net financial revenues (expenses) 135,939 68,678

Income before income tax and social contribution 492,967 345,287

income tax and social contribution (note 13) (167,951) (113,198)

Net income for the period 325,016 232,089

Net earnings per share - in r$

Basic - (note 24) 2,0045 1,4329

diluted - (note 24) 2,0003 1,4277


Multiplus s.a.statement of Comprehensive Incomeyears ended december 31(Amounts in thousands of Brazilian reais)

2014 2013

Net income for the year 325,016 232,089

other components of the comprehensive income items to be reclassified into profit or loss

cash flow hedge 6,767 47,033

cash flow hedge - realized 12,627 (10,396)

deferred income tax and social contribution (6,594) (12,457)

12,800 24,180

Total comprehensive income for the year 337,816 256,269




Multiplus s.a.statement of changes in the equity periods ended december 31(Amounts in thousands of Brazilian reais)

profIT reserves

capital stockcost of issuing shares

Share-based remuneration

legal reserve

profit retention

Retained earnings

equity valuation adjustments

total

as at december 31, 2013 103,493 (23,322) 24,471 20,698 74,001 - (13,458) 185,883

net income for the year - - - - - 325,016 - 325,016

other comprehensive income

cash flow hedge - - - - - - 6,767 6,767

cash flow hedge - realized - - - - - - 12,627 12,627

deferred income tax and social contribution

- - - - - - (6,594) (6,594)

Total comprehensive income - - - - - 325,016 12,800 337,816

Share-based compensation plan - - (3,701) - - - - (3,701)

Allocation of income for the year:

legal reserve - - - 762 - (762) - -



profIT reserves



legal reserve

profit retention

Retained earnings


total

payment of dividends and interest on equity (ii), as per the Board of directors' meeting (i) of February 27, 2014, made on march 20, 2014

- - - (74,001) - - (74,001)

payment of dividends and inter-est on equity (ii), as per the Board of directors' meeting (i) of may 08, 2014, made on may 23, 2014

- - - - (70,872) - (70,872)

payment of dividends and interest on equity (ii), as per the Board of directors' meeting (i) of August 04, 2014, made on August 20, 2014

- - - - - (76,050) - (76,050)

payment of dividends and interest on equity (ii), as per the Board of directors' meeting (i) of november 03, 2014, made on november 18, 2014

- - - - - (82,380) - (82,380)

capital increase 3,807 - - - - - 3,807

profit reserve to distribute - - - - 94,952 (94,952) - -

total contribution of shareholders and payment to shareholders

3,807 - (3,701) 762 20,951 (325,016) - (303,197)

as at december 31, 2014 107,300 (23,322) 20,770 21,460 94,952 - (658) 220,502

(i) Board of directors' meeting

(ii) interest on equity


profIT reserves



legal reserve

profit retention

Retained earnings


total

as at december 31, 2012 102,886 (23,322) 19,608 20,577 67,136 - (37,639) 149,246

net income for the year - - - - - 232,089 - 232,089

other comprehensive income

cash flow hedge - - - - - - 47,033 47,033

cash flow hedge - realized - - - - - - (10,396) (10,396)

deferred income tax and social contribution

- - - - - - (12,456) (12,456)

Total comprehensive income - - - - - 232,089 24,181 256,270

contributions and distributions

payment of dividends and inter-est on equity as per Board of directors' meeting of February 27, 2013, made on march 18, 2013

- - - - (67,136) - - (67,136)

Share-based compensation plan - - 4,863 - - - - 4,863

Allocation of income for the year:



profIT reserves



legal reserve

profit retention

Retained earnings


total

legal reserve - - - 121 - (121) - -

payment of interim dividends and interest on equity as per Board of directors' meeting of may 08, 2013, made on may 22, 2013

- - - - - (44,508) - (44,508)

payment of interim dividends and interest on equity as per Board of directors' meeting of August 07, 2013, made on August 20, 2013

- - - - - (54,563) - (54,563)

payment of interim dividends and interest on equity as per Board of directors' meeting of november 06, 2013, made on november 22, 2013

- - - - - (58,896) - (58,896)

capital increase 607 - - - - - - 607

profit reserve to distribute - - - - 74,001 (74,001) - -

total contribution of shareholders and payment to shareholders

607 4,863 121 6,865 (232,089) - (219,633)

as at december 31, 2013 103,493 (23,322) 24,471 20,698 74,001 - (13,458) 185,883




2014 2013

Cash flows from operating activities

net income for the year 325,016 232,089

Adjustments to reconcile net income and cash and cash equivalents

provision for profit sharing 11,467 7,882

deferred income tax and social contributions (note 13) (8,577) (2,420)

depreciation and amortization (note 21) 17,436 8,604

Share-based compensation plan (3,701) 4,863

provisions for costs to be incurred (703) (3,547)

provision for costs to be incurred with the closure of Jv (2,213) -

Allowance for doubtful accounts (note 9) 4,067 (424)

non-effective portion of hedge transactions (note 23) 2,113 19,502

equity in the earnings(losses) of subsidiaries (note 14) 10,504 8,314

income tax and social contribution expenses (note 13) 176,528 115,618

531,937 390,481


Multiplus s.a.statement of cash flow - indirect method periods ended december 31(Amounts in thousands of Brazilian reais)


2014 2013

Changes in assets and liabilities

Financial investments 68,545 (404,029)

trade accounts receivable (100,388) 5,561

taxes recoverable (11,278) (4,447)

Advances to suppliers (89,047) 14,808

court deposits (5) (18)

derivatives 13,411 (10,114)

other receivables 5,806 (10,570)

trade accounts payable 10,263 70,063

Salaries and payroll charges (6,910) (5,255)

taxes, fees and contributions (1,729) 404

deferred income 100,725 157,377

other payables 959 4,093

income tax and social contribution on profit paid (184,837) (119,028)

Net cash generated by operating activities 337,452 89,326

Cash flows from investing activities

capital increase - prismah (1,208) (11,028)

Acquisition of property and equipment (4,635) (6,517)



2014 2013

Acquisition of intangible assets (note 15) (42,317) (26,947)

Assets held to maturity - 150,426

Net cash generated by (used in) investing activities (48,160) 105,934

Cash flows from financing activities

capital increase 3,807 607

dividends paid (note 18) (290,810) (213,811)

interests on equity paid (note 18) (12,493) (11,290)

Net cash used in financing activities (299,496) (224,494)

decrease in cash and cash equivalents (10,204) (29,234)

opening balance 10,577 39,811

closing balance 373 10,577

changes in cash and cash equivalents (10,204) (29,234)




to the management and Shareholders ofmultiplus S.A.São paulo - Sp

We have reviewed the financial statements of multiplus S.A (“company”) comprising the statement of financial position as at december 31, 2014 and related statements of income, comprehensive income, changes in the equity and cash flows for the year then ended, as well as a summary of the main accounting practices and other notes to the financial statements.

Management’s responsibility over the financial statementsthe company’s management is responsible for the preparation and fair presentation of this interim financial information in accordance with the accounting practices adopted in Brazil, and pursuant to the international Financial Reporting Standards (iFRS) issued by the international Accounting Standards Board – iASB, as well as for the internal controls the management deemed necessary to allow the preparation of the financial statements free from any relevant misstatement, whether due to fraud or error.

Independent auditor’s responsibilityour responsibility is to express an opinion on these financial statements based on our review, which is conducted in accordance with Brazilian and international auditing standards. these standards require us to comply with ethical requirements and that review is planned and executed aiming at obtaining reasonable assurance that the financial statements are free from any relevant misstatement.

An audit involves performing selected procedures to obtain audit evidence about the amounts and disclosures presented in the financial statements. the procedures selected depend on the auditor’s judgment, including the assessment of the risks of relevant misstatement in the financial statements, regardless if due to fraud or error. When assessing the risk, the auditor considers the relevant internal controls to prepare and fairly report the company’s financial statements in order to design audit procedures which are appropriate under the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal

independent AuditoRS’ RepoRt on the FinAnciAl StAtementS


controls. An audit also includes to evaluating the adequacy of the accounting practices adopted and the reasonableness of the management’s accounting estimates also evaluating the overall presentation of the financial statements taken as a whole.

We believe that the audit evidence obtained is sufficient and appropriate to substantiate our opinion. reportin our opinion, the aforementioned financial statements fairly present, in all their material respects, the equity and financial position of multiplus S.A. on december 31, 2014, the performance of its operations and the related cash flows for the fiscal year then ended, in accordance with the accounting practices adopted in Brazil and the international Financial Reporting Standards (iFRS) issued by the international Accounting Standards Board – iASB.

emphasis of matterWe draw attention to the fact that most of the company’s operations are conducted with related party, as described in note 11 to the financial statements. therefore, the aforementioned financial statements must be read within this context. Regarding this matter, our opinion is unqualified.

other matters

Audit of previous year amountsthe amounts referring to the fiscal year ended december 31, 2013, reported for comparison purposes, were previously audited by other independent auditors who issued an unqualified report on February 27, 2014.

Statements of value addedWe have also reviewed the statement of value added (dvA) for the fiscal year ended december 31, 2014, prepared under the management’s responsibility, the presentation of which is required by the Brazilian corporation laws for listed companies and considered as supplementary information under the iFRS, which does not require the presentation of a dvA. these statements


were subject to the same review procedures described above and based on our review, they are fairly prepared, in all material respects consistently with the overall interim financial information.

São paulo, February 24, 2015

kpmg Auditores independentescRc 2Sp014428/o-6

orlando octávio de Freitas JúniorAccountant cRc 1Sp178871/o-4

mAnAgement’S StAtement By this instrument, the chief executive officer and other executive officers of multiplus SA, a publicly-held company, with head offices at Rua ministro Jesuíno cardoso, 454, in the city of São paulo, corporate taxpayer’s id (cnpJ) 11.094.546/0001-75, in compliance with provisions of cvm Rule 480/09, states that:

(i) they reviewed, discussed and agreed with the opinion issued in the independent auditors’ report on the financial statements of multiplus for the fiscal year ended december 31, 2014, and

(ii) reviewed, discussed and agreed with the financial statements of multiplus for the fiscal year ended december 31, 2014.

São paulo, February 24, 2015.

Roberto José maris medeiroschief executive officer

Jaime Augusto da cunha Rebelochief Financial and investor Relations officer

RelAtionShip With AuditoRSAs per material fact of may 12, 2014, the Board of directors approved the hiring of kpmg Auditores independentes (“kpmg”) to provide external independent audit services in the company’s financial statements, by reviewing the interim financial information (“itR”) for the period starting on April 1, 2014.

pursuant to cvm Rule 381/2003, we inform that, as of the date the auditors were hired, the company declares that it did not execute with the independent auditors works rather than those related to external audit, referring to the review of ancillary tax liabilities.


iBASe SociAl BAlAnce Sheet


2014 (r$ ThousaNd) 2013 (r$ ThousaNd) 2012 (r$ ThousaNd)

1 –Calculation basis

net Revenues (nR) 1,819,442 1,650,810 1,476,014

operating income (oi) 367,532 276,609 235,404

gross payroll (gpR) 47,880 45,121 34,525

total Added value (tAv) 735,102 588,669 536,689

2014 2013 2012

2 – Internal social

Indicators

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

meals 1,441 3.0% 0.08% 201.24 1,185 2.6% 0.07% 0.2% 787 2.3% 0.05% 0.1%

compulsory social charges

10,211 22.6% 0.62% 1,314.48 7,738 17.1% 0.5% 1.3% 6,118 17.7% 0.4% 1.1%

private pension 564 1.2% 0.03% 63.45 374 0.8% 0.0% 0.1% 340 1.0% 0.0% 0.1%

health 1,742 3.8% 0.11% 88.37 520 1.2% 0.0% 0.1% 108 0.3% 0.0% 0.0%

occupational health and Safety

6 0.0% 0.0% 1.83 11 0.0% 0.0% 0.0% 5 0.0% 0.0% 0.0%

education - 0.0% 0.0% 0.00 - 0.0% 0.0% 0.0% - 0.0% 0.0% 0.0%

culture - 0.0% 0.0% 0.00 - 0.0% 0.0% 0.0% - 0.0% 0.0% 0.0%

professional training and development

630 1.4% 0.0% 94.73 558 1.2% 0.0% 0.1% 762 2.2% 0.1% 0.1%

2014 Annual and Sustainability Report 68Ibase soCIaL baLaNCe sheeT

2014 2013 2012

2 – Internal social

Indicators

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

daycare or daycare assistance

18 0,0% 0,0% 3,14 18 0,0% 0,0% 0,0% - 0,0% 0,0% 0,0%

Sport 5 0,0% 0,0% 0,67 4 0,0% 0,0% 0,0% 3 0,0% 0,0% 0,0%

profit sharing 11,467 25,4% 0,7% 1,316,39 7,749 17,2% 0,5% 1,3% 5,708 16,5% 0,4% 1,1%

transportations 76 0,2% 0,0% 13,55 80 0,2% 0,0% 0,0% 40 0,1% 0,0% 0,0%

others -3,692 -8,2% -0,2% 7,13 42 0,1% 0,0% 0,0% - 0,0% 0,0% 0,0%

total – internal Social indicators

22,465 0,0% 0,0% 3,104,98 18,278 40,5% 1,1% 3,1% 13,870 40,2% 0,9% 2,6%

3 – external social

Indicators

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

education 0 0 0.00 0.00 0.00 0 0.00 0.00 0.00

culture 2,713 5.7% 0.1% 0.4% 900 2.0% 0.1% 0.2% 1,500 4.3% 0.1% 0.3%

health and sanitation 1,224 2.6% 0.1% 0.2% 360 0.8% 0.0% 0.1% 15 0.0% 0.0% 0.0%

Sport 679 1.4% 0.0% 0.1% 217 0.5% 0.0% 0.0% - 0.0% 0.0% 0.0%

Fight against hunger and food security

0 0 0.00 0.00 0.00 - 0.0% 0.0% 0.0%

Sector indicator 0 0 0.00 0.00 0.00 - 0.0% 0.0% 0.0%

others 0 0 0.00 0.00 0.00 - 0.0% 0.0% 0.0%

total contributions to society

4,616 9.6% 0.3% 0.6% 1,477 3.3% 0.1% 0.3% 1,515 4.4% 0.1% 0.3%


2014 2013 2012

3 – external social

Indicators

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

taxes (excluding social charges)

355,871 743.3% 19.6% 48.4% 202,482 448.8% 12.3% 34.4% 182,257 527.9% 12.3% 34.0%

total – external Social indicators

360,487 752.9% 19.8% 49.0% 203,960 452.0% 12.4% 34.6% 183,772 532.3% 12.5% 34.2%

2014 2013 2012

4 –environmental

Indicators

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

R$

thousand

% over

gpR

% over

nR

% over

tAv

4.1 – Investments related to the production/operation of the Company

- - - - - - - - - - - -

Total investment related to the production/operation of the Company

- - - - - - - - - - - -


5. workforce Indicators 2014 2013 2012

number of employees at the end of the period 217 183 150

number of new hires in the period 75 76 54

number of dismissals in the period 37 30 31

number of outsourced employees 0 - -

number of interns 23 23 3

number of employees over 45 9 4 0

Number of employees by age group 2014 2013 2012

under 18 - - -

From 18 to 35 162 148 126

From 36 to 45 46 31 28

From 45 to 60 9 4 6

over 60 0 - -



Number of employees by education level 2014 2013 2012

illiterate 0 0 0

elementary education 0 0 0

high school education 2 5 22

higher education 171 144 100

postgraduate 44 34 36

number of women working at the company 106 98 94

percentage of management positions held by women 49% 44% 49%

number of men working at the company 111 85 64

percentage of management positions held by men 51% 56% 51%

number of black people working at the company 3 2 1

percentage of management positions held by black people 0 0 0

number of handicapped or special needs employees 2 2 4

gross remuneration by employment category 2014 2013 2012

employees 21,053,297 35,652,932 24,193,899

managers 5,845,553 9,467,591 10,331,113

difference between the lowest salary paid in the company and the minimum wage (national or regional)

- - -

difference between the lowest salaries paid in the company and the minimum wage (%) 149% 170% 159%


2014 2013 2012

6. relevant corporate citizenship information R$ thousand % over total R$ thousand % over total R$ thousand % over total

distribution of Added value 735,102 100% 588,669 100% 536,689 100%

government 363,710 49% 293,674 50% 272,801 51%

employees 40,040 5% 39,122 7% 35,218 7%

Shareholders 229,303 31% 157,967 27% 155,336 29%

third parties 6,336 1% 23,784 4% 4,365 1%

Retained 95,714 13% 74,122 13% 68,969 13%

6. relevant corporate citizenship information 2014 2013 2012

Ratio of highest to lowest salary at the company 5824% 9333% 8438%

total on-the-job accidents 0 0 0

the social and environmental projects implemented by the company were decided upon by:

( ) directors ( ) directors ( ) directors

( ) directors and management ( ) directors and management ( ) directors and management

(x) All staff (x) All staff (x) All staff

Risk and safety standards in the workplace were decided upon by:


( ) All staff ( ) All staff ( ) All staff

(x) All staff + cipa (x) All staff + cipa (x) All staff + cipa


6. relevant corporate citizenship information 2014 2013 2012

Regarding labor unions, right for collective bargain and internal representation of workers, the company:

( ) does not get involved ( ) does not get involved ( ) does not get involved

( ) Follows ilo rules ( ) Follows ilo rules ( ) Follows ilo rules

(x) encourages and follows ilo (x) encourages and follows ilo (x) encourages and follows ilo

private pension arrangements contemplate:

( )directors ( )directors ( )directors


(x ) All staff (x ) All staff (x ) All staff

profit sharing contemplates:

( )directors ( )directors ( )directors


(x ) All staff (x ) All staff (x ) All staff

Regarding the selection of suppliers, the same ethical and social and environmental responsibility standards adopted by the company:

( ) Are not considered ( ) Are not considered ( ) Are not considered

( ) Are suggested ( ) Are suggested ( ) Are suggested

( x) Are required ( x) Are required ( x) Are required

Regarding the participation of employees in volunteer activities, the company:

( ) does not get involved ( ) does not get involved ( ) does not get involved

( ) Supports ( ) Supports ( ) Supports

(x) organizes and encourages (x) organizes and encourages (x) organizes and encourages



hoW We RepoRt

how we reporT

For the fifth consecutive year, we publish multiplus’ Annual and Sustainability Report, covering the period from January 1 to december 31, 2014, involving the company’s single business unit at our headquarters. We adopted the new methodology of the global Reporting initiative (gRi), the g4, and chose the essential option for this report. the indicators are identified throughout the text and can also be found in the gRi Summary (between pages 76 and 80). g4-17; g4-28; g4-30; g4-32

We maintain our purpose of adopting the best practices to present to the market our accounts, using Brazilian institute of Social and economic Analysis (ibase – instituto Brasileiro de Análises Sociais e econômicas) criteria, the Brazilian Association of publicly held companies (Abrasca – Associação Brasileira das companhias Abertas) and of the Statement no. 13 of the guidance of the disclosure of information to the market committee (codim – comitê de orientação para divulgação de informação ao mercado). the financial data follows the international standard of the international Financial Reporting Standards (iFRS), in accordance with the instruction of the Securities and exchange commission (cvm) no 457. Following the practice of changing the external audit firm every five years, in 2014, our economic and financial data was audited by kpmg. g4-33

MaTerIaLITy MaTrIx

the content defining process of this document was based on considered relevant issues, according to the evaluation made by stakeholders consulted in the elaboration of our materiality matrix, with the support of external consultants. g4-18

to build materiality, we consulted our stakeholders, looking at criteria such as: random members; the participation of all employees; the most relevant partners for our business; and investors with whom we have the most contact. By sending questionnaires, we consulted 6 members, 47 employees, 4 partners and 4 investors. g4-18; g4-24; g4-25; g4-26

throughout this report, all material aspects have been addressed and the text was validated by the Finance and investor Relations officer and the executive committee. g4-20

the indicators were prioritized according to their relevance to multiplus and the stakeholders with whom the company engages regularly – employees, investors, partners and members. these stakeholders participated in an online query in which they could choose from “very Satisfied”, “Relevant” and “irrelevant” among those that make up the gRi methodology. in total, 61 people expressed their opinion. the crossover between these stakeholders’ preferred themes with multiplus’ perception of their importance and applicability to its business and its sector highlighted the aspects effectively relevant for the organization at this time (topics that may reflect economic and environmental impacts or which can significantly influence the evaluations and decisions of stakeholders). this process led to the materiality matrix, which is reproduced below. the issues classified as “very relevant” and “Relevant” are being addressed in the report. the answers to the indicators below include multiplus S.A., and all issues raised in the materiality matrix are considered relevant to the company. g4-20; g4-27

2014 Annual and Sustainability Report 75how we reporT

1. economic performance

2. market presence

3. employment

4. Work relations

5. training and education

6. equal remuneration for women and men

7. combating corruption

8. labeling of products and services

9. customer privacy

Materiality Matrix

1 e 2

3

4

56

7

8

9

Relevance of the economic, environmental and social impacts on the sector

Sta

keh

old

ers

’ pe

rce

pti

on

very relevant

Relevant

relevant issues Those impacted within the Company Those impacted outside the Company Indicators grI-g4

employment employees - lA1

labeling of products and services employees network members, business partners and investors pR5

customer privacy employees network members and business partners pR8

economic performance employees network members, business partners and investors ec1

market presence employees - ec5

Work relations employees - lA4

training and education employees - lA11

equal remuneration for women and men

employees - lA13

combating corruption employees network members, business partners and investors So4

aspects related to key issues g4-19; g4-20; g4-21; g4-27


gRi SummARy

grI suMMary

geNeraL CoNTeNT

strategy and analysis

description omission external verification page/answer

g4-1 message from the ceo 7 e 8

perfil organizacional

g4-3 organization name 13

g4-4 main brands, products and/or services 17

g4-5 headquarters location 81

g4-6countries where the main operating units or the most relevant to aspects of

the report’s sustainability are13

g4-7 type and legal nature of the ownership 20

g4-8 markets in which the organization operates -

g4-9 Size of organization 13

g4-10 employees’ profile 43 e 46

g4-11 percentage of employees covered by collective bargaining agreements 43

g4-12 description of the organization’s supply chain 46

g4-13 Significant changes regarding size, structure, shareholding and supply chain

there were no significant

changes regarding size,

structure, shareholding,

and supply chain during

the period of this report.

2014 Annual and Sustainability Report 77grI suMMary

g4-14description of how the organization adopts the approach or the

precautionary principle

not applicable to the

company’s business. our

activities do not generate

significant impacts on the

environment

g4-15 letters, principles and other externally developed initiatives 52

g4-16 participation in associations and national and international organizations 25

Identified material aspects and limits


g4-17entities included in the consolidated financial statements and entities

not covered by the report74

g4-18 content definition process for this report 74

g4-19 list of material issues 75

g4-20 limit within the organization of each material respect 74 e 75

g4-21 limit outside the organization of each material respect 75

g4-22 Reformulations of information provided in earlier reportsin 2014, there were no

reformulations.

g4-23Significant changes in the scope and limits of material respects in relation

to previous reports

there were no significant

changes, and the inclusion

of the materiality test and

the change to the g4

version of the gRi.

engajamento de stakeholders


g4-24 list of engaged stakeholder groups 74

g4-25Basis used for the identification and selection of stakeholders for

engagement74

2014 Annual and Sustainability Report 78grI suMMary

g4-26 Stakeholders engagement approach 74

g4-27key topics and concerns raised during the engagement by stakeholders

group74 e 75

report profile


g4-28 Reporting period 74

g4-29 most recent reporting datethe last report was published in 2014.

g4-30 Reporting cycle 74

g4-31 contact for questions about the report or its content 3

g4-32 option of applying the guidelines and location of the gRi table 74

g4-33 policy and current practice regarding external verification of the report 74

governance


g4-34 organization's governance structure 22 e 23

g4-39 chairman of the highest governance body 8

ethics and integrity


g4-56 values, principles, regulations and organizational behavior standards 15 e 24


speCIfIC CoNTeNT

eCoNoMIC CaTegory


economic performance

g4-dmA Management approach 35

g4-ec1 direct economic value generated and distributed 6, 35 e 36

Market presence


g4-ec5Ratio between the lowest salary at the company and the local minimum wage, by gender

46

soCIaL CaTegory – Labor praCTICes aNd deCeNT eMpLoyMeNT


employment


g4-lA1 total number of new hires and employee turnover rates 43

work relations


g4-lA4 minimum notice period of operational changesSo far, we did not go through this kind of situation.

grI suMMary


Training and education

g4-dmA Management approach 10 e 45

g4-lA11 percentage of employees receiving regular performance reviews 45

equal remuneration for women and men


g4-lA13Ratio between base-salary of men and women by job category and relevant operating units

46

social category – society


Combating corruption


g4-So4 percentage of employees trained in anti-corruption policies and procedures 25

social category – product responsibility


Labeling of products and services


g4-pR5 Survey results measuring customer satisfaction 50

Customer privacy

g4-dmA Management approach 50 e 52

g4-pR8total proven complaints regarding breaches of customer privacy and losses of customer data

50

grI suMMary

2014 Annual and Sustainability Report 81CorporaTe INforMaTIoN

coRpoRAte inFoRmAtion

MuLTIpLus s.a.pontosmultiplus.com.br/ir

headquarters address g4-5Rua ministro Jesuíno cardoso, 454 – 2º andar – vila olímpiacep 04544-051 – São paulo – Sp

INforMaTIoN To sharehoLders aNd INvesTors

Investor relationsphone: +55 (11) 5105-1847e-mail: [email protected]

stock exchange where Multiplus’ shares are tradedSão paulo’s Securities, commodities and Futures exchange (Bm&FBovespa)code: mplu3

Custodian financial institutionitaú corretora de valores S.A.

Independent auditorskpmg Auditores

Information disclosure newspapersdiário oficial do estado de São paulo and valor econômico

cReditS

general Coordination

Investor relationsFernanda camiña, katarzyna doho and Filipe Scalco

CredITs:We would like to specially thank our internal partners of the human resources, legal, procurement and accounting departments.

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BouRBon AdminiStRAdoRA de

cARtÕeS de cRÉdito, comÉRcio e

pARticipAÇÕeS ltdA.

BRASilcARd AdminiStRAdoRA de

cARtÕeS ltdA.

Bv FinAnceiRA S/A

c e c m dos magistrados memb mp e prof

dir cat ltda (unicRed coomARc ) -

compRA AntecipAdA

cAiXA economicA FedeRAl

cARdiF do BRASil SeguRoS e

gARAntiAS S.A. - compRA AntecipAdA

cARdiF do BRASil vidA e pRevidenciA

S.A - compRA AntecipAdA

cARtÃo BRB S/A

ciSi conSultoRiA Admin coRRet

SeguR ltdA

clASSic coRRetoRA de SeguRoS

ltdA (BRASil inSuRAnce) - AindA nÃo

entRou em pRoduÇÃo

ecAR coRRetoRA de SeguRoS ltdA

FAi - FinAnceiRA AmeRicAnAS itAÚ

S.A cRÉdito, FinAnciAmento e

inveStimento

FinAnceiRA itAÚ cBd S.A - cRÉdito,

FinAnciAmento e inveStimento

hSBc BAnk BRASil S.A. - BAnco

multiplo

mcA SeRviÇoS ltdA - empReStimo

FAcil

nuneS & gRoSSi

octo coRRetoRA de tÍtuloS e

vAloReS moBiliÁRioS S/A

petRoBRÁS diStRiBuidoRA S.A

poRtoSeg S.A cRÉdito,

FinAnciAmento e inveStimento

SAFeBoAt ASSeSSoRiA e coRRetoRA

de SeguRoS ltdA

SAFecARe AdminiStRAdoRA e

coRRetoRA de SeguRoS e plAnoS

de SAÚde ltdA

SARAivA e SiciliAno S.A

unipRime oeSte do pARAnÁ -

cAScAvel

ASSiSt-cARd do BRASil ltdA

icAtu cApitAliZAÇÃo S.A

icAtu SeguRoS S.A.

omnion

Banco itaú unibanco Brasil

lego

pB kidS

cARol diStRiBuidoRA de tÍtuloS e

vAloReS moBiliÁRioS

mAXimA S.A. coRRetoRA de cÂmBio,

tÍtuloS e vAloReS moBiliÁRioS

neWlAnd veiculoS

ipiRAngA

eXpeRimento inteRcAmBio cultuRAl

iBdp

plAnediA

ci - centRAl inteRcAmBio

eF

Xp educAÇÃo ASSeSSoRiA

empReSARiAl e pARticipAÇÕeS ltdA.

eFoliA

loJA doS nAtuRAiS

lAvAndeRiA evolution

vAle pReSente

ApAe

doutoReS dA AlegRiA

FundAÇÃo ABRinQ

gRAAc

hope

inStituto AyRton SennA

mAke A WiSh

SoS mAtA AtlÂnticA


uniceF

Apple

cASAnieR

compRA ceRtA

conSul / BRAStemp

dAFiti

FASt Shop

FloReS online

giuliAnA FloReS

JÁ cotei

mAgAZine luiZA

melhoR tAXA

SkyBoX

WAlmARt.com

cASASBAhiA.com

cAtho

diRectShopping

lupo

phooto BRASil

pontoFRio.com

poRtAl dAS mAlAS

coldAR

RXco

unyco cAmARoteS

vivA eXpeRiÊnciAS

centRAl do cARnAvAl

hopi hARi

imuSicA

AeRo pARk

ciRcuS pARking eStAcionAmento

eStApAR congonhAS

eStApAR lAgoA SAntA

Fly pARk eStAcionAmento

gRAnd pARking congonhAS

onde pARAR

Stop e pARk eStAcionAmentoS

voe pARk cumBicA

AiRpoRt pARk

multipARk

pARkimetRo

dRogA RAiA

eXtRAFARmA

pAnvel

AtlAnticA hotelS inteRnAtionAl

Booking.com

BouRBon hoteiS e ReSoRtS

cAStRo hoteiS e tuRiSmo

eStAnplAZA

FoRtune e lAndmARk ReSidence

gJp hoteiS

golden tulip

gRAn mARQuiSe hotel

hotel luZeiRoS FoRtAleZA

hotel luZeiRoS SAo luiS

hotel SAlinAS mAceio

hotel SAlinAS mARAgogi

hotel SonAtA de iRAcemA

hyAtt

mABu hoteiS e ReSoRtS

mAkSoud plAZA hotel

mont BlAnc

ouRo minAS

pointS hound

RoyAl toWeRS hoteiS

SheRAton (Wtc)

tRAnSAmeRicA FlAtS

tRip AdviSoR

veRdegReen hotel

voilA

AccoR

hilton

ciA city

cyRelA moinho

elite ReAlty

FeRnAndeZ meRA - lAvie SAntAnA

FeRnAndeZ meRA - nAthAlie

FeRnAndeZ meRA - upStyle

FeRnAndeZ meRA Add vilA mARiAnA

FeRnAndeZ meRA AStuRiAS

FeRnAndeZ meRA RJ

FeRnAndeZ meRA SAB

FeRnAndeZ meRA Sp

nASSAl

vivA imoveiS

vivA imÓveiS

icAp do BRASil coRRetoRA de

tÍtuloS e vAloReS moBiliÁRioS ltdA.

livRARiA cultuRA

livRARiA cuRitiBA

centeR cAStilho

celi mAll decoR

d&d

emily AtuAl

SAccARo

moBly

Sonho doS BichoS

incAo cluBe cAnino

incAo cluBe cAnino itAim

incAo cluBe cAnino vilA novA

conceiÇÃo

SmARt pet

BR tAXi

ecAR deSpAchAnte

eoticA

netoticA

cASA AmÉRicA

eASy tAXi

imAginARium

mAde in BRAZil

oi

peppeR

Fom

ingReSSo.com

iStick

A FigueiRA RuBAiyAt

Aec SuShi

AntoniettA

BABiloniA

BABy BeeF RuBAiyAt

BeeF RuBAiyAt BRASiliA

BiStRo FARiA limA

BRAdo BiStRo

BRAvo BiStRo

cAFÉ moinho Jd. SÃo luiZ

cASA tuA BAR e gRill

cASuAl mil

ceRvAnteS

choWA SuShi

chuRRAScARiA eSteio

chuRRAScARiA ponteio

cloS

coStello

coZZi RiStoRAnte

dinhoS plAce

dinhoS SteAk houSe

diveRSitA BiStRo

donA cARmelA

empoRio cARlSSon

empoRio guSto

empoRium BeeR Rock cluB

eStAcion SuR JARdinS

eStAcion SuR moRumBi

Fu-gu iZAkAyA

geneRAlle FAuSto FeRRAZ

hideki SuShi BAR e ReStAuRAnte

JoAQuinA BAR

kAWA SuShi

kAWA SuShi AlAmedA loRenA

kiichi JARdim pAuliStA

kiichi vilA clementino

kiichi vilA olimpiA

kimochii

l oSteRiA del geneRAle

lA cABAlleRiZA

lA cABAnA pARRillA

lA pAillote

lA piAdinA cucinA itAliAnA

lelliS tRAtoRiA cAmpinAS

lelliS tRAttoRiA

lillo ReStAuRAnte e piZZARiA

mAJeStAde ReStAuRAnte e piZZARiA

mAnekineko

mAnekineko BARRA dA tiJucA

mAnekineko centRo

mAnekineko ipAnemA

mAnekineko itAnhAngA

mAnekineko leBlon

open kitchen


oZuShi coZinhA JAponeSA

pAtRiA minAS

pecoRelle

pecoRino

pelÉ ARenA cAFÉ

piZZARiA meRceARiA BReSSeR

piZZARiA RAvelle

poRteno gRill

pRiSmA cAFe e BiStRo

Red SteAk & BuRgeR

Rock in Roll BuRgueR

RuBAiyAt AlAmedA SAntoS

RuBAiyAt FARiA limA

SAntinho

SeRAFinA BAlneARio cAmBoRiu

SiRi mole & ciA

SnAck point BuRgeR

SpeRAnZA BeXigA

SpeRAnZA moemA

SR miniStRo

templo dA cARne

the oRiginAl cupcAke BoulevARd

tAtuApe

the oRiginAl cupcAke centeR 3

the oRiginAl cupcAke ipiRAngA

the oRiginAl cupcAke itAQueRA

the oRiginAl cupcAke metRo

tAtuApe

the oRiginAl cupcAke metRo

tucuRuvi

the oRiginAl cupcAke Shopping

light


moocA


SAntA cRuZ

tutti BRASA

Xodo dA mAmÃe

ZAAtAR

AgAmAt ReStAuRAnte

Ale tedeSco

Angeline itAim BiBi

Angeline BeRRini

Angeline novA idenpendÊnciA

BRAScAttA

BReJA Boy e SAntA entRegA

ÇA vA cAFÉ

cheFS cluB

deck 484

doJo ReStAuRAnte

gAleteRiA gARotA cARiocA

ReStAuRAnte AlmodovAR

ReStAuRAnte ARABiA

ReStAuRAnte AtRium

ReStAuRAnte don cuRRo

ReStAuRAnte gigetto

ReStAuRAnte mAmAggioRe

ReStAuRAnte SuShimASA

Rock´n Roll BuRgeR

tAntRA

tRilhA dA coStelA

AlmAnAQue BRASil

cARtA editoRiAl

editoRA cReSÇA BRASil

editoRA eSFeRA

editoRA euRopA

JoRnAl dci

vAloR econÔmico

cARtA cApitAl

editoRA ABRil

editoRA gloBo

editoRA tReS

eStAdo de SÃo pAulo

inFomoney

o gloBo

cASA pRAdo

lillA kA

loJAS viSAo

lookBook

my ShoeS

StAlkeR

totem

tvZ

chic outlet

cnS

inovAthi

lupo

pASSARelA modAS

puket

Shop2getheR

SWARoviSk

StAR point

AngelS eSteticA e Bem eStAR

BARBeR Shop

BmR medicAl

BoutiQue dA BeleZA e eSteticA

BuddhA SpA

BuddhA SpA iBiRApueRA

clinicA de pele

clinicA peRSonAlitte

depillAh BARRA dA tiJucA

depillAh RecReio

deRmolASeR

deRmolASeR SAntoS

diolASeR SoRocABA

dpil ARuJA

dpil goiAniA

dpil lucAS do Rio veRde

dpil pAmplonA

dpil Sinop

dpil tAtuApe

edivAldo mAZZi cABelo eSteticA e

diA dA noivA

eSmAlteRiA nAcionAl nilopoliS

eSpAco coRpo

eSpAco mAhARA

eSpAco mAXimA FiSioteRApiA

FÓRmulA e AÇÃo

Funny hAiR Belem

Funny hAiR goiAniA

Funny hAiR moemA

Funny hAiR peRdiZeS

Funny hAiR SAnto AndRe

Funny hAiR SAo luiS

hipeRodonto

kABAnAh Bem eStAR

lipocenteR

mARiliA muniZ eSteticA

mR mARtin

nAtuRA

Reop odontologiA

SoRRiSo BRilhAnte odontologiA

SpA do pe FlAmengo

SpA do pe Shopping cAXiAS

SpA do pe vilA vAlQueiRe

vAle SAÚde

WeRneR coiFFeuR BARRA

WeRneR coiFFeuR centRo

AnnA pegovA

BuddhA SpA higienÓpoliS

eStAcio de SÁ

glAmBoX

the BeAuty BoX

yelo SpA

Sup muFFAto

Sup y yAmAdA

tRAnScootouR

ginteR

gRAneRo

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