4Q12

Earnings Release March 1, 2013

2

Disclaimer

This notice may contain estimates for future events. These estimates merely reflect the expectations

of the Company’s management, and involve risks and uncertainties. The Company is not responsible

for investment operations or decisions taken based on information contained in this communication.

These estimates are subject to changes without prior notice.

This material has been prepared by Multiplus S.A. (“Multiplus“ or the “Company”) includes certain

forward-looking statements that are based principally on Multiplus’ current expectations and on

projections of future events and financial trends that currently affect or might affect Multiplus’

business, and are not guarantees of future performance. They are based on management’s

expectations that involve a number of business risks and uncertainties, any of each could cause

actual financial condition and results of operations to differ materially from those set out in Multiplus’

forward-looking statements. Multiplus undertakes no obligation to publicly update or revise any

forward looking statements.

This material is published solely for informational purposes and is not to be construed as a solicitation

or an offer to buy or sell any securities or related financial instruments. Likewise it does not give and

should not be treated as giving investment advice. It has no regard to the specific investment

objectives, financial situation or particular needs of any recipient. No representation or warranty, either

express or implied, is provided in relation to the accuracy, completeness or reliability of the

information contained herein. It should not be regarded by recipients as a substitute for the exercise of

their own judgment.

2

3

growth in non-air redemptions vs 4Q11

growth in Gross Billings vs 4Q11

13,5%

141%

Partners vs 190 in 4Q11

369

million members 16% growth vs 4Q11

10,9

4Q12 Highlights

3

4

We reached 369 partners (coalition, accrual and redemption)

More than 10,9 million members

190 200 207

230

369

0

50

100

150

200

250

300

350

400

450

4Q11 1Q12 2Q12 3Q12 4Q12

SMEs

Main partners

Total

9.4 9.8

10.1 10.5

10.9

4Q11 1Q12 2Q12 3Q12 4Q12

Number of partners Members, in mln

Network growth

4

+40% growth

in active base

5

Creating a good member experience: targeted offers

5

6

Adding value to partners: sales offers

6

7

Using Multiplus you can accumulate

points from different loyalty

programs in a single account

Branding a very new concept

7

Redeem your points to have moments

you would never put on sale

Emotional as of Oct/2012

Functional Jan/2010 ~ Oct/2012

Online media

Channels

Strategy

Radio spots Partner channels Press media

8

.

Credit Card usage

Expected double digit growth for next 3 years

Only 35% of customers understands that they have

enrolled in a bank loyalty program (vs 31% in 2011)

Business drivers remain robust

8

Consumption

Possible high single digit growth for next 3

years

Loyalty culture still in the early stages

Air transportation

Latin America is the second fastest

growing region in RPK

Average trips per capita is only 0.5 in

Brazil vs more than 2.0 in mature markets

Wealth distribution

A/B classes expected to reach 15% in 2014 (vs 7% in 2003)

Multiplus network focus on A, B and C+

Sources: Multiplus, Ernst&Young Global Consumer Banking Survey 2012, LCA Consultores, Euromonitor and FGV-Rio

9

398.3

347.1 319.5

378.4

430.9

17.4

15.2 14.5

16.7

19.4

4Q11 1Q12 2Q12 3Q12 4Q12

Net Revenue Points Redeemed

R$ 430,9 mln in Net Revenue R$ 492,0 mln in Gross Billings

433.6 430.4 457.1

491.4 492.0

4Q11 1Q12 2Q12 3Q12 4Q12

R$ mln & bln points R$ mln

Solid Gross Billings growth

9

10

Breakage rate:

gradual decline as expected 12 months average, in %

24.1% 23.4%

22.5% 22.0% 21.0%

4Q11 1Q12 2Q12 3Q12 4Q12

Non-air redemptions reached

1.3 bn points in 4Q12

0.0 0.1

0.2

0.3

0.5

0.6 0.6

1.1

1.3

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Non-air redemptions, in bn points

Stable breakage rate besides non-air redemptions ramp-up

10

11

R$ 130,5 mln in FCF* R$ 52,9 mln in Net Income

151.1 156.1

129.8 124.5

79.0

4Q11 1Q12 2Q12 3Q12 4Q12

70.9

61.6

43.3

66.6

52.9

4Q11 1Q12 2Q12 3Q12 4Q12

RS mln R$ mln

* Excluding Dividends, Interest on Capital and variations of

Prepaid Expenses and Capital (4Q12 excludes also

anticipated settlement of R$71.3 mln of Accounts Payable)

Delivering Results

11

12

Net income analysis

12

70.9

70.1

14.4

19.3

18.9

20.1

10.5

4.8

52.9

4Q11 NetIncome

Points sold Redemptioncosts

Breakageprovision

Hedge SG&A Others* Taxes 4Q12 NetIncome

*Equity method, Financial Income and Other Revenues

+11.5% in points redeemed

+7.1% in unit revenue

+11.5% in points redeemed

-5.8% in unit cost

Marketing

and IT

13

Dividends

Interest on capital

Total

R$ 210,9 mn

R$ 11,6 mn

R$ 222,5 mn

Dividends

R$ 500 mn fixed limit for

pre-purchase of TAM Airline seats

with additional discount

Pre-purchase of air tickets

Better return for our

cash investments

Maximizing Shareholders Return

13

* based on current number of shares

More than 99%

Dividend Payout ratio

Recent developments ● Financial industry dynamics

● TAM Fidelidade improvement

● 11th Amendment to Operational Agreement

● Competitive environment

15

Financial industry dynamics

15

Sources: Multiplus, Ernst&Young Global Consumer Banking Survey 2012

66%

of total members have transferred points from non-financial

partners or from at least two banks in the last 24 months

65% of Brazilians have at least two banking providers

20%

29% of customers have changed their main banking provider in 2012

of Brazilians plan to switch their bank

16

TAM Fidelidade main improvements

16

Improved

flexibility

Points per seat will vary according to flight fare, improving

Multiplus competitive advantage

Air tickets redemptions window increased from 90 or 180

to 360 days before flight date

Several benefits such as some fee exemptions,

lowered points requirement and complimentary upgrades

Wider redemption

window

Premium members will collect up to 100% bonus points

Better recognition

to premium clients

Much more

bonus points

Effective from June 1st 2013

17

11th Amendment to Operational Agreement

17

New unit cost

From June 1st 2013 Multiplus’ unit cost will be only 3% higher than 2012

New unit price

From June 1st 2013, the unit price of points sold to TAM will be similar to current levels

as a result of new unit cost, breakage change and economic equilibrium rule

New transfer price methodology

From June 1st 2013, Multiplus and TAM Airlines start the setup phase to the new model

based on discounted air ticket market price

18

New pricing model methodology

18

Unit c

ost (R

$)

Jun/2013 ~Aug/2014

Cap

Floor

Previous model Setup period New pricing model

3% increase

Today

• Multiplus pays discounted

market price per seat

• 5% cap and floor protect margin

and guarantee business

sustainability

• Data gathering of

fares available

at redemption

moment

• Discount

measurement

• Unit cost set according to a

combination of TAM’s

marginal cost and revenue

displacement

• Short term fluctuations due to

TAM’s promotional activity

Average

Air tickets market price

Discounted market price

Long haul and South America flights priced in USD

ILLUSTRATIVE

12 months data gathering

Multiplus` implicit discount

19

Competitive environment

19

Four main reasons to be confident in

Multiplus case in a more

competitive environment

1

Early stages

Loyalty penetration in

Brazil is very low. In this

phase, new entrants

should help industry

growth

2

4 3

First mover

Multiplus has advantage

of an already established

network, now starting

more advanced moves

on data analytics

services and member

experience

Track record

Multiplus has 3 years of

proven focus on

shareholders

return with steady unit

prices, efficient breakage

management,

conservative cash

investments, and

high dividend payouts

LATAM Group

TAM Fidelidade program

is positioned

as the superior

loyalty program in

Brazil by offering the

most valued attributes to

our members: a lower

earn-to-burn ratios and

the larger network for

redemptions via TAM,

LAN and their airliner

partners

Thank you!

Contact IR Team

+55 11 5105 1847

invest@multiplusfidelidade.com.br

www.multiplusfidelidade.com.br/ir