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Investor Presentation Investor Presentation November 2011 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 Multiplus is a growing loyalty network Network connecting people and companies around 9 mln 20.0 bln almost170 members points sold in 3Q11 partnerships +17.0% YoY +38.5% YoY +26.3% YoY points from several programs in positive network effect powerful support for partners to one single account generating strong growth acquire and retain clients Multiplus Exclusive and Strategic Relationship with TAM 2009: spin-off from TAM’s loyalty program Long term agreement (15 years + additional 5 year periods) 2010: launched as separated business unit and IPO Most desired airline in Brazil (Ibope Research) and Star Alliance member TAM SA holds 73,2% stake Air tickets: most appealing redemption with high value perception Note: based on 3Q11 3 Innovative business model Strong cash generation Low CAPEX requirement Negative working capital Scalable business Debt free Dividend player Sources of Profit (Joint Venture) outsourcing and CRM $ services points selling redemption unit revenue less unit cost $ spread point expiration $ breakage # of months 0 ~10 24 CASH IN CASH OUT ~10 months float $ interest income 4 Growing coalition network… Magazine Air Travel Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education Suscriptions Others Stock Exchange Members can collect and also redeem points in any coalition partner. Stock Broker Drugstore Real Estate Universities e-Commerce Beauty and Furniture and Gym Food Home Centers Groceries Insurance Car Rental Group Buying Pension Plan Healthy Decoration Note: blank slots refer to targeted segments 5 5 … and strong accrual and growing redemption network* Accrual Redemption Charity Hotels Financial Institutions Leisure Car Rental Retail and others Other Magazines and Newspapers *non exhaustive 6 Strategy: to diversify gross billings and redemptions Gross billings of points what? to diversify gross billings Current Long term target and redemptions 24% why? 3% • Average unit price increase • Average unit cost reduction 15 to 20% 73% • Controlled breakage decline, favoring member experience TAM Retail, Industry and Services Banks and volume growth Costs of rewards Long term margin expansion Current Long term target how? 98% • Expanding partnerships network 2% 15 to 20% • Increasing marketing actions • Improving client experience Air Tickets Others Note: based on 3Q11 7 Expanding partnerships network New partnerships Expanding partnership network # +26.3% +4.3% Drugstore Group buying 166 168 151 161 133 19 20 7 12 15 Pension Plan Car Rental 3Q10 4Q10 1Q11 2Q11 3Q11 Total Coalition NOTE: Some partnerships with bad performance were canceled in 2Q11. Tickets Charity Increasing non-airline redemptions As % of total points redeemed 3,2% 2,0% Roadmap 0,8% 0,8% 0,9% Groceries, entertainment, restaurants, beauty, others. 3Q10 4Q10 1Q11 2Q11 3Q11 NOTE: it includes points issued before 2010 (TAM’s inventory) 8 Increasing marketing actions Media investments Expanding member base Together is so much better. Together is Multiplus. In millions +17.4% +3.7% On board videos TV commercial 8,9 8,3 8,6 7,6 8,0 Press media 3Q10 4Q10 1Q11 2Q11 3Q11 Radio spots, etc Growing gross billings R$ millions 32.4% +12.1% Point-of-sale materials 397,3 339,9 354,6 300,0 325,2 3Q10 4Q10 1Q11 2Q11 3Q11 (collect points here) 9 Improving client experience Point of Sale Accrual and balance checking at the point-of-sale • spread the loyalty concept • speed up the capillarity strategy penetrating new market segments • increase sales in retail market Standard rule: 1 Real ($) = 1 Multiplus point Special rules allowed (such as minimum ticket) adding more value to the partner Multiplus as one product of Redecard’s sales team New website coming soon Other actions Call Center improvements Educational mailings Systems improvements 10 Loyalty market has multiples growth opportunities Expanding credit card usage in Brazil Increasing domestic consumption Credit Card Transaction Value (R$ billions) Personal Consumption Expenditure (R$ billions) CAGR +22% CAGR +12% 2,226 1,966 1,787 314 1,594 256 1,429 215 174 142 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Source: ABECS Source: IBGE Growing passenger traffic (Airline Segment) Improving wealth distribution RPK in Brazil (billions) Social classes in Brazil* (% of the population) 23% Multiplus’ target 70 57 48 44 40 2005 2010 2006 2007 2008 2009 2010 Source: ANAC Source: Research Cetelem- Ipsos 2010 *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. 11 Appendix Appendix I: Business Model Partnerships network Loyalty Marketing Services Accrual Redemption Coalition Outsourcing CRM (Joint Venture) Partners Partners Partners Partners Partners buy Multiplus buys Two-way flow: The JV will points from points, products exchange of The JV will leverage the Multiplus to award or services from points, products manage the database from its its customers partners to deliver and services (buy loyalty program of network and (Ex. banks, parking to its members and sell) between the partner offers CRM and stores) (Ex. donation and Multiplus and (systems and services tickets) coalition partners operations) (Ex. air travel, e-commerce and gas station) Status Status Operational Planning 13 Appendix II: Shareholders’ Structure and Stock Performance Shareholders’ Structure Average Stock Price and Average Daily Trading Volume Average Daily Trade Volume (R$ million) 29,66 28,85 29,28 Average Stock Price 28,32 27,95 27,40 27,54 27,28 26,29 25,80 TAM S.A. 24,74 25,48 24,99 23,36 19,96 17,48 17,87 15,99 16,58 16,17 14,90 19,4 z z 73,14% 26,86% 15,3 13,3 12,3 11,4 10,5 9,7 9,5 8,8 7,9 7,6 8,2 8,2 6,1 6,6 6,4 5,0 5,6 4,1 2,1 2,4 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2010 2011 14 Appendix III: Loyalty Market Penetration as % of population Multiplus member base penetration as % of population North 52,8 3,6 Northeast 2,5 46,9 Central-West 6,4 Southeast 35,7 5,2 31,0 27,6 27,3 South 4,5 23,7 23,5 21,0 18,0 15,7 13,4 13,0 9,5 9,4 4,4 3,8 2,3 NectarUK NectarITA AirMilesUK SmilesBRA FlyBuysNZL VelocityAUS FlyBuysAUS AirMilesCAN MultiplusBRA Aeroplan CAN SkyMiles USA LANPASSCHL FlyingBlue FRA Miles&MoreDEU AAdvantageUSA ClubPremier MEX QantasProgram AUS JAL Mileage BankJPN Source: Principal Global Indicators and Companies’ website and reports Notes: 1. Programs belonging to airlines: Flying Blue to AirFrance/KLM; Sky Miles to Delta Airlines; AAdvantage to American Airlines; Miles&More to Lufthansa; JAL Mileage Bank to Japan Airlines; Velocity to Virgin Blue; Smiles to Gol Airlines; and Club Premier to AeroMexico 2. Programs associated with airlines: FlyBuys NZL with Air New Zealand; FlyBuys AUS with Jet Set; Aeroplan with AirCanada; AirMiles UK with British Airways; and Multiplus with TAM Airlines. 15 Appendix IV: 3Q11 results Operating highlights Item 3Q11 YoY QoY Points issued 20.0 bln +38.5% +7.9% Points redeemed 12.5 bln +171.7% +14.7% Breakage rate 24.0% +140bps +70bps Financial highlights Item 3Q11 YoY QoY Gross Billings of points R$ 397.3 mln +32.4% +12.1% Net Revenue R$ 321.5 mln +147.3% +12.8% EBITDA R$ 78.1 mln +64.5% -14.6% (margin of 24.3%) Adjusted EBITDA R$ 82.3 mln -7.0% +1.3% (margin of 22.2%) Net Income R$ 51.3 mln +15.3% -36.8% (margin of 16.0%) 16 Appendix V: Income Statement (R$ thousand) 3Q11 vs 3Q11 vs 3Q10 3Q11 2Q11 Income Statement 3Q10 2Q11 Gross revenue 143,940 353,652 145.7% 314,568 12.4% Sale of points 105,163 249,834 137.6% 224,200 11.4% TAM Airlines - TLA 13,535 54,605 303.4% 44,821 21.8% Banks, Retail, Industry and Services 91,628 195,229 113.1% 179,379 8.8% Breakage 35,962 93,130 159.0% 83,621 11.4% Hedge 0 7,097 N.A.
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