Investor Presentation

February 2012

2

Disclaimer

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

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

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

estimates are subject to changes without prior notice.

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

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

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

and are not guarantees of future performance. They are based on management’s expectations that

involve a number of business risks and uncertainties, any of each could cause actual financial condition

and results of operations to differ materially from those set out in Multiplus’ forward-looking statements.

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

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

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

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

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

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

herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment.

About Multiplus

3

R$ 1.5 bln of Gross Billings in 2011 (+36% YoY)

26,86% 73,14%

TAM S.A.

Shareholders’ Structure

Debt free

Negative working capital Scalable business

Strong cash generation Low CAPEX requirement

Dividend player

Innovative Business Model

R$ 5 bln Market Cap (Feb/12)

IPO with R$ 2.6 bln Market Cap

(Feb/10)

R$ 974 mln of dividends* already distributed

(Fev/10-Dez/11)

4

121 125 133

151 166 161

168

190

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

6,9 7,2 7,6

8,0 8,3 8,6

8,9 9,4

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

Number of partners

Members, in R$ million

Multiplus is a growing loyalty network

9.4 mln members can gather

points from several programs in

one single account

190 partners gain a powerful

support acquiring and

retaining clients

Members, in million

# of months ~10 0 24

$

$

points selling redemption

unit revenue less unit cost

spread $

CASH IN CASH OUT ~10 months float

interest income

point expiration

breakage

outsourcing and CRM

services $

Innovative business model

5

Sources of Profit

(Joint Venture)

Growing coalition network…

Apparel Education Gas Stations Bookstore Magazine

Suscriptions Pay-TV Telecom Hotels Air Travel

Note: blank slots refer to targeted segments

Drugstore

Members can collect and also redeem points

in any coalition partner.

Travel Agency

Pension Plan Furniture and

Decoration

Beauty and

Healthy Home Centers Car Rental Group Buying

Cargo

Transportation Groceries Gym Food

Universities

Real Estate

Stock Broker

Insurance

e-Commerce

Stock Exchange

6

Exclusive and Strategic

Relationship with TAM

Long term agreement (15 years

+ additional 5 year periods)

Most desired airline in Brazil

(Ibope Research) and Star

Alliance member

Air tickets: most appealing

redemption with high value

perception

… and strong accrual and growing redemption network*

Redemption Accrual

*non exhaustive

Financial Institutions

7

Hotels

Car Rental Retail and others

Magazines and Newspapers

Charity

Other

Leisure

how?

21%

3%

76%

Current

TAM Retail, Industry and Services Banks

Strategy: to diversify gross billings and redemptions

8

Note: based on 4Q11

Long term target

97%

3%

Current

Air Tickets Others

Long term target

15 to 20%

15 to 20%

Points redeemed

Points sold

• Average unit price increase

• Average unit cost reduction

• Controlled breakage decline,

favoring member experience

and volume growth

Long term margin expansion

why?

to diversify gross billings

and redemptions

what?

• Expanding partnerships

network

• Increasing marketing actions

• Improving client experience

9

“Non-air” redemptions:

almost 1.2 billion points of 2011

More than R$ 1.5 billion in

gross billings in 2011

33 57 73 89 101

248

425

564

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

230

264

300

325 340

355

397

434

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

“Non-air” redemptions, in million of points Gross Billings, R$ million

Strong Growth

Delivering Results

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

10

Loyalty market has multiples growth opportunities

*Note: Average income of classes D and E - R$ 6,126/year; class C - R$13,944/year; and classes A and B - R$ 75,942 /year.

Credit Card Transaction Value (R$ billions)

CAGR +22%

Expanding credit card usage in Brazil

Source: ABECS

Personal Consumption Expenditure (R$ billions)

CAGR +12%

Increasing domestic consumption

Source: IBGE

Growing passenger traffic (Airline Segment)

RPK in Brazil (billions)

Source: ANAC

Improving wealth distribution

Social classes in Brazil* (% of the population)

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

142174

215256

314

386

2006 2007 2008 2009 2010 2011

1,4291,594

1,7871,966

2,226

2006 2007 2008 2009 2010

40 44 4857

70

81

2006 2007 2008 2009 2010 2011

Multiplus’

target

2014 2003

CAGR +15%

11

Appendix

4Q11 Results in Brief

Breakage Revenue Recognition

Air tickets pricing model

Currency Hedge

Income Statement

Balance Sheet and Cash Flow

12

Appendix I:

4Q11 results in brief

Operating Highlights

Financial Highlights

Lower Breakage Revenue in 4Q11 and 2012:

with no impacto to FCF or Adjusted EBTIDA

Appendix II:

Breakage Revenue Recognition

13

Same methodology since Company’s IPO

Breakage Revenue recognition is distributed over the quarters following

the speed of redemptions of points

- improvements to this methodology as systems and controls has permitted

- simplified version of the formula has been available on IR website for more than one year

Accounting Effect

(non-cash)

higher faster tends to zero lower (eg: Banks)

lower slower persistent more stable (eg: TAM)

speed of redemption revenue recognition Breakage liabilities

Breakage revenue

in the following periods

Simple and

robust model

Appendix III:

Air tickets pricing model

14

Ja

n

Feb

Ma

r

Ap

r

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n

Feb

Ma

r

Ap

r

May

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n

Feb

Ma

r

Ap

r

Ma

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Ju

n

Ju

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Aug

Se

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Oct

No

v

De

c

Contractual cost (model) Cost after commercial discounts (prepayments)

FEB/10: R$622M prepayment

(~13% discount)

AUG/10: R$400M prepayment

(~4% discount)

DEC/11: periodic review

(~10% reduction)

Un

it C

ost (R

$)

NOTE: assuming current unit cost for 2012

Unit cost of standard redemptions

Flights with

low load factor

Unit cost = [Revenue Displacement + Marginal Cost] / # of points

Flights with

high load factor

2010 2011 2012

15

• Multiplus is exposed to

foreign exchange risk as

most of the agreements with

financial institutions are

denominated in USD.

• These partners represented

approximately 70% of

Multiplus’ gross billings in

4Q11.

• The Financial Risk

Policy determines coverage

limits and the list of eligible

financial instruments

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

16,2 16,2 16,0 14,8

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

9,7 9,7 9,7 9,2

-0,7 -0,7

0,1 1,5

4,1 4,2 4,3 4,2

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

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

-1,0 -0,4

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

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

SENSITIVITY ANALYSIS

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

R$ million

2012 2013 Total

NOTIONAL 303.0 267.0 570.0

PUT* 1.80 1.89 1.84

CALL* 1.90 1.99 1.95

* average strike prices (BRL/USD)

Fundamentals Position in December 2011 (USD mln)

Appendix IV:

Currency Hedge

16

Appendix V:

Income Statement

(R$ thousand) 3Q10 3Q11

3Q11 vs 3Q10

2Q11 3Q11 vs

2Q11 Income Statement

Gross revenue 225,996 439,123 94.3% 353,652 24.2%

Sale of points 168,898 360,671 113.5% 249,834 44.4%

TAM Airlines - TLA 32,464 68,240 110.2% 54,605 25.0%

Banks, Retail, Industry and Services 136,434 292,431 114.3% 195,229 49.8%

Breakage 51,225 70,851 38.3% 93,130 -23.9%

Hedge 0 -804 N.A. 7,097 -111.3%

Other revenues 5,872 8,406 43.1% 3,591 134.1%

Taxes on sales -20,485 -40,834 99.3% -32,172 26.9%

Net Revenue 205,510 398,289 93.8% 321,480 23.9%

Cost of the points redeemed -132,190 -312,940 213.3% -218,818 43.0%

Air tickets -131,729 -306,036 132.3% -214,890 42.4%

Other products / services -461 -6,904 1396.9% -3,928 75.8%

Accounting Adjustments 0 -1,209 N.A. 1,209 -200.0%

Total cost of services rendered -132,190 -314,149 137.6% -217,609 44.4%

Gross Profit 73,320 84,139 14.8% 103,870 -19.0%

Gross Margin 35.7% 21.1% -14.6p.p. 32.3% -11.2p.p.

Shared services -2,367 -1,907 -19.4% -1,907 0.0%

Personnel expenses -6,845 -7,642 11.6% -8,750 -12.7%

Marketing -9,838 -6,564 -33.3% -6,457 1.7%

Depreciation -1,026 -1,529 48.9% -1,288 18.7%

Other -12,531 -7,001 -44.1% -8,612 -18.7%

Total Operating Expenses -32,607 -24,642 -24.4% -27,014 -8.8%

Total Costs and Operating Expenses -164,798 -338,791 105.6% -244,623 38.5%

Operating Income 40,713 59,498 46.1% 76,856 -22.6%

Operating Margin 19.8% 14.9% -4.9p.p. 23.9% -9.0p.p.

Financial Income/Expenses 16,918 21,421 26.6% 21,286 0.6%

Hedge - 12,763 N.A. (19,347) -166.0%

Income before income tax and social contribution 57,631 93,682 62.6% 78,796 18.9%

Income tax and social contribution -14,355 -22,809 58.9% -27,480 -17.0%

Net Income 43,276 70,872 63.8% 51,316 38.1%

Net Margin 21.1% 17.8% -3.3p.p. 16.0% 1.8p.p.

17

Appendix VI:

Balance Sheet and Cash Flow

(R$ thousand)

Cash Flow 4Q11

Net Income 81,169

Depreciation/Amortization 1,173

Accounts Receivable -10,208

Accounts Payable -14,712

Taxes 5,412

Related Parties 45,822

Prepaid Expenses Increase 0

Prepaid Expenses Reduction 179,699

Deferred Revenue and Breakage liabilities 46,301

Derivative Instruments -2,877

Other assets and liabilities -2,714

Operating Cash Flow 329,063

Investiment -3,672

Cash Flow from Investing Activities -3,672

Net proceeds from public offer 0

Capital -600,014

Dividends 0

Other 2,300

Cash Flow from Financing Activities -597,714

Increase (Decrease) in Cash -272,323

Cash at beginning of period* 1,096,614

Cash at end of period* 824,292

(R$ thousands)

Balance Sheets

Assets 1,403,549 1,308,434 -6.8% 1,140,986 14.7%

Current assets 1,330,844 1,093,202 -17.9% 929,163 17.7%

Cash and cash equivalentes 17,186 9,186 -46.5% 5,372 71.0%

Investments 851,830 880,535 3.4% 474,115 85.7%

Accounts Receivable 68,699 147,449 114.6% 175,483 -16.0%

Related Parties 388,507 39,425 -89.9% 267,435 -85.3%

Current account 56,629 39,425 -30.4% 28,916 36.3%

Prepaid expenses 331,879 0 N.A. 238,520 N.A.

Deferred income tax and social contribution 3,769 5,219 38.5% 2,298 127.1%

Derivative Instruments 0 2,465 N.A. 3712 -33.6%

Other receivables 852 8923 946.7% 747 1094.4%

Non-current assets 72,705 215,232 196.0% 211,823 1.6%

Prepaid expenses 0 16,416 N.A. 0 N.A.

Long term investments 50,280 138,009 174.5% 160,572 -14.1%

Deferred income tax and social contribution 1,217 18,542 1423.3% 20,039 -7.5%

Derivative Instruments 0 77 N.A. 36 113.9%

Property, plant and equipment 935 1,381 47.7% 1,158 19.3%

Intangible 18,997 10,010 -47.3% 16,852 -40.6%

Intangible assets 1,276 30,797 2313.0% 13,166 133.9%

Liabilities and shareholder’s

equity1,407,471 1,308,434 -7.0% 1,140,986 14.7%

Current liabilities 648,869 1,020,888 57.3% 847,427 20.5%

Suppliers 20,502 114,884 460.4% 3,569 3118.6%

Taxes and fees payable 2,328 13,423 476.7% 10,996 22.1%

Deferred revenue 484,055 666,371 37.7% 666,455 0.0%

Breakage liabilities 130,495 127,926 -2.0% 124,158 3.0%

Derivative Instruments 0 20,489 N.A. 23,514 -12.9%

Other liabilities 11,490 77,795 577.1% 18,734 315.3%

Non-current liabilities 0 28,408 N.A. 33,464 -15.1%

Related Parties 0 0 N.A. 0 N.A.

Derivative Instruments 0 28,408 N.A. 33,464 -15.1%

Equity 758,602 259,138 -65.8% 260,095 -0.4%

Capital 669,063 70,401 -89.5% 69,049 2.0%

Hedge 0 -34,211 N.A. -27,231 25.6%

Remuneration Plan 1,538 11,453 644.5% 8,984 27.5%

Reserves 5,919 211,495 3472.9% 5,919 3472.9%

Retained Earnings (loss) 82,082 0 -100.0% 203,373 -100.0%

4Q11 vs

4Q10

4Q11 vs

3Q114Q10 4Q11 3Q11

Contact IR team

+55 11 5105 1847

invest@multiplusfidelidade.com.br

www.multiplusfidelidade.com.br/ir Debit free

Negative working capital Scalable business

Strong cash generation Low CAPEX requirement

Dividend player