Investor Presentation

November 2011

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.

points from several programs in

one single account

Multiplus is a growing loyalty network

3

around 9 mln members

almost170 partnerships

+17.0% YoY +26.3% YoY

powerful support for partners to

acquire and retain clients

positive network effect

generating strong growth

20.0 bln points sold in 3Q11

+38.5% YoY

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

Multiplus

2009: spin-off from TAM’s loyalty program

2010: launched as separated business unit and IPO

TAM SA holds 73,2% stake

Note: based on 3Q11

Network connecting people and companies

# 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

4

Debt free

Negative working capital Scalable business

Strong cash generation Low CAPEX requirement

Dividend player

Sources of Profit

Growing coalition network…

5

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 Insurance Groceries Gym Food

Universities

Real Estate

Stock Broker

Others

e-Commerce

Stock Exchange

… and strong accrual and growing redemption network*

Redemption Accrual

*non exhaustive

Financial Institutions

6

Hotels

Car Rental Retail and others

Magazines and Newspapers

Donation

Other

Leisure

26%

3%

71%

Current

TAM Retail, Industry and Services Banks

Strategy: to diversify gross billings and redemptions

7

Note: based on 3Q11

Long term target

98%

2%

Current

Air Tickets Others

Long term target

15 to 20%

15 to 20%

Costs of rewards

Gross billings of points

• Average unit price increase

• Average unit cost reduction

• Controlled breakage decline,

favoring member experience

and volume growth

Long term margin expansion

why?

Strategy: to diversify

gross billings and

redemptions

Diversifying gross billings and redemptions

8

Expanding

partnerships network

Increasing

marketing actions

how?

Groceries, entertainment,

restaurants, beauty, others

Some recent partnerships

Roadmap

Drugstore Group buying

Pension Plan Car Rental

TV commercial

Videos on board

Point-of-sale

materials

Mailings

Improving

client experience

(collect points here)

New website

Capillarity

project

Call Center

improvements

Accrual,

balance

checking, and

redemption at the

point-of-sale

1 2 3

Media investments

Radio spots

Newspapers,

Magazines, etc.

9

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) 23%

Source: ANAC

Improving wealth distribution

Social classes in Brazil* (% of the population)

Source: Research Cetelem- Ipsos 2010

2005

2010

142174

215256

314

2006 2007 2008 2009 2010

1,4291,594

1,7871,966

2,226

2006 2007 2008 2009 2010

4044

48

57

70

2006 2007 2008 2009 2010

Multiplus’

target

Appendix

Appendix I:

Typical Accrual and Redemption Flows

11

MEMBER (consumer)

Points earns Partner’s

Program accumulates converts to

PARTNER WITH STANDALONE PROGRAM

PARTNER WITH NO STANDALONE PROGRAM

Accrual flow: cash in due to sales of points to partners

Redemption flow: cash out due to purchase of points, products and services from partners and suppliers

earns

MEMBER (consumer)

Points

redeems

converts to Partner’s

Program accumulates earns

COALITION AND REDEMPTION PARTNERS

earns

Products and

Services

Products and

Services

earns

Products and

Services

buys

POINTS

POINTS

A

B

C

D

E

MULTIPLUS WEBISITE

z z 26,86% 73,14%

TAM S.A.

12

Appendix II:

Shareholders’ Structure and Stock Performance

Shareholders’ Structure Average Stock Price and Average Daily Trading Volume

15,3

4,1

6,1

2,1 2,4

5,0 6,6

9,7 10,5

13,3

7,9 6,4

9,5 8,8

19,4

7,6 8,2

5,6

12,8 11,4

14,90 15,99

17,48 16,58 16,17

17,87

19,96

23,36 24,74

28,85 29,66 29,28

25,48 24,99 26,29

28,32 27,95 27,40 25,80

27,54

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

Average Daily Trade Volume (R$ million)

Average Stock Price

2010 2011

52,8

46,9

35,7

31,0

27,6 27,3

23,7 23,5

21,0

18,0

15,7

13,4 13,0

9,5 9,4

4,4 3,8 2,3

Fly

Buys N

ZL

Fly

Buys A

US

Qanta

s P

rogra

m A

US

AirM

iles C

AN

Necta

r U

K

Fly

ing B

lue F

RA

LA

NP

AS

S C

HL

Sky M

iles U

SA

AA

dvan

tage U

SA

Mile

s&

Mo

re D

EU

JA

L M

ileage B

ank J

PN

Ae

ropla

n C

AN

AirM

iles U

K

Necta

r IT

A

Ve

locity A

US

Mu

ltip

lus B

RA

Sm

iles B

RA

Clu

b P

rem

ier

ME

X

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.

Appendix IV:

Loyalty Market Penetration

as % of population

as % of population

North

3,6 Northeast

2,5

Central-West

6,4 Southeast

5,2

South

4,5

Multiplus member base penetration

13

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