Investor Presentation August 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 About Multiplus TAM’s Loyalty Program Launched in 1993 The first airline loyalty program in Brazil More than 1,000 destinations worldwide Multiplus Powerful support for partners to acquire and Established as separated business unit in 2009 retain clients Beginning of operations and IPO in 2010 Members can gather all points from several programs in one single account Broad portfolio of rewards More than 8 million members More than 160 commercial partnerships • Scalable business • Low CAPEX requirement • Recurring Free Cash Flow • Market Cap of R$ 4.2 billion* *based on August 3rd 2011 3 Flexible Business Model AcúmuloAccrual Redemption Coalition Outsourcing CRM Partners Partners Partners Partners Partners buy Multiplus buys Two-way flow: Multiplus Multiplus points from points, products exchange of manages the leverages the Multiplus to award or services from points, products loyalty program of database from its its customers partners to deliver and services (buy the partner network and to its members and sell) between (systems and offers CRM Multiplus and operations) services coalition partners 4 Coalition Partnerships Network (members can earn and redeem points) Magazine Air Travel Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education Suscriptions Universities Stock Exchange Gym Drugstore Food Beauty and Furniture and Home Centers Groceries Car Rental Insurance Group buying Pension Plan e-Commerce Healthy Decoration Note: blank slots refer to targeted segments 5 Accrual and Redemption Partnerships* Accrual Redemption Financial Institutions *non exhaustive 6 Business Model Gross Billings of points Multiplus sells points … Costs of rewards TAM Air Tickets Retail, Industry and Services …and buys rewards Others Banks Current Current 26% Sources of Profit 98% Spread Margin between point price and 3% cost of rewards 2% 71% Breakage z Points expiring without being redeemed Long Term Target Interest income on the float Long Term Target Gap between sales and redemptions of points Cross-selling of services Outsourcing and CRM 15 to 20% 15 to 20% Note: based on 2Q11 7 Growth Opportunities Credit Card Usage 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 Passenger Traffic (Airline Segment) Wealth Distribution Social classes* (% of the population) RPK in Brazil (billions) 23% 70 57 48 44 40 2006 2007 2008 2009 2010 2005 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. 8 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 Nectar UK Nectar Nectar ITA Nectar AirMiles UK AirMiles Smiles BRA Smiles FlyBuys NZL FlyBuys Velocity AUS Velocity FlyBuys AUS FlyBuys AirMiles CAN AirMiles Multiplus BRA Multiplus Aeroplan CAN Aeroplan Sky Miles USA Miles Sky LANPASS CHL LANPASS Flying Blue FRA Blue Flying Miles&More DEU Miles&More AAdvantage USA AAdvantage Club Premier MEX Club Premier Qantas Program AUS Program Qantas JAL Mileage Bank JPN Bank Mileage JAL 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. 9 Main Strategic Objectives User-friendly Interface (new website, new tools, etc.) New Partners Customer (and partnerships of higher added value) New redemption options Experience (coalition) Operational Efficiency Shareholder Brand Return Publicity New members Breakage Management Cash Management Publicity of new concept New services Actions at sales outlet (CRM and outsourcing) Costs sharing with partner Appendix Appendix I: 2Q11 Highlights OPERATING HIGHLIGHTS • 18.5 bln points issued, a growth of 51.4% versus 2Q10 and of 9.2% versus 1Q11 • 10.9 bln points redeemed, compared to 3.2 bln points in 2Q10 and 9.0 bln points in 1Q11 • Average Breakage rate (12 months) of 23.3%, versus 23.0% in both periods 2Q10 and 1Q11 FINANCIAL HIGHLIGHTS • Gross Billings of points of R$ 354.6 mln, an growth of 34.3% versus 2Q10 and of 4.3% compared to 1Q11 • Net Revenue of R$ 285.1 mln, compared to R$ 93.5 mln in 2Q10 and R$ 242.0 mln in 1Q11 • Net Income of R$ 81.2 mln, versus R$ 23.1 mln in the 2Q10 and R$ 70.9 mln in 1Q11 (margin of 28.5%) • Adjusted EBITDA of R$ 81.2 mln, 2.8% higher than 2Q10 and 7.9% lower than 1Q11 (margin of 24.8%) 12 Appendix II: Exclusive and Strategic Relationship with TAM Operational Agreement Assures the Most Appealing Products to the Members = Air Tickets Airlines ● Leading airline in the Brazilian market and largest airline in Latin America ● Only Brazilian company with long haul flights ● Most Desired Airline in Brazil – Ibope Research ● High penetration in South American flights ● There is no restriction to redeem points in domestic and within South America flights ● Access to Star Alliance benefits ● 15 years tenor Operational Agreement (automatically extended for additional five-year periods ) Detachment from cost and perceived value with the most appealing product to the public 13 Appendix III: Typical Accrual and Redemption Flows Accrual flow: cash in due to sales of points to partners PARTNER WITH STANDALONE PROGRAM POINTS earns Partner’s A Points accumulates converts to Program MEMBER buys Products and PARTNER WITH NO STANDALONE PROGRAM (consumer) Services B earns Redemption flow: cash out due to purchase of points, products and services from partners and suppliers POINTS COALITION AND REDEMPTION PARTNERS converts to Partner’s C Points accumulates earns Program Products and Services MEMBER redeems D earns (consumer) MULTIPLUS WEBISITE Products and E earns Services 14 Appendix IV: Income Statement (R$ thousand) 2Q10 2Q11 2Q11 vs 2Q10 1Q11 2Q11 vs 1Q11 Income Statement Gross revenue 102.951 314.567 205,6% 266.104 18,2% Sale of points 75.250 224.200 197,9% 191.749 16,9% TAM Airlines - TLA 7.312 44.821 513,0% 35.883 24,9% Banks, Retail, Industry and Services 67.938 179.379 164,0% 155.866 15,1% Breakage 24.239 83.621 245,0% 71.145 17,5% Hedge 0 3.448 N.A. 0 N.A. Other revenues 3.462 3.299 -4,7% 3.210 2,8% Taxes on sales -9.482 -29.505 211,2% -24.124 22,3% Net Revenue 93.469 285.063 205,0% 241.980 17,8% Cost of the points redeemed -51.205 -174.085 240,0% -136.226 27,8% Air tickets -51.087 -171.880 236,4% -135.621 26,7% Other products / services -118 -2.205 1762,2% -605 264,4% Accounting Adjustments -20 - -100,0% 0 N.A. Total cost of services rendered -51.225 -174.085 239,8% -136.226 27,8% Gross Profit 42.244 110.978 162,7% 105.754 4,9% Gross Margin 45,2% 38,9% -6,3p.p. 43,7% -4,8p.p. Shared services -2.012 -1.907 -5,2% -1.907 0,0% Personnel expenses -3.257 -6.991 114,6% -9.256 -24,5% Marketing -269 -4.175 1449,5% -2.052 103,4% Depreciation 0 -1.173 N.A. -1.032 13,7% Other -5.532 -6.399 15,7% -7.948 -19,5% Total Operating Expenses -11.070 -20.645 86,5% -22.194 -7,0% Total Costs and Operating Expenses -62.295 -194.730 212,6% -158.420 22,9% Operating Income 31.174 90.333 189,8% 83.560 8,1% Operating Margin 33,4% 31,7% -1,7p.p.