Investor Presentation

August 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$ 457.1 mln of Gross Billings in 2Q12 (+28.9% 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

About R$ 7.5 bln Market Cap (Aug/12)

IPO with R$ 2.6 bln Market Cap

(Feb/10)

R$ 974 mln of dividends* already distributed

(Fev/10-Dez/11)

NOTE: * Including Dividends, Interest on Capital and Capital Reduction

8,6 8,9 9,4

9,8 10,1

2Q11 3Q11 4Q11 1Q12 2Q12

4

Number of partners

Members, in R$ million

Multiplus is a growing loyalty network

10.1 mln members can gather

points from several programs in

one single account

207 partners gain a powerful

support acquiring and

retaining clients

Members, in million

161 168

190 200

207

2Q11 3Q11 4Q11 1Q12 2Q12

# of months ~10 0 24

3

2

points selling redemption

unit revenue less unit cost

spread 1

CASH IN CASH OUT ~10 months float

interest income

point expiration

breakage

outsourcing and CRM

services 4

Innovative business model

5

Sources of Profit

(Joint Venture)

Four Sources of Profit

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 Home Centers Groceries Car Rental Group Buying

Cargo

Transportation

Beauty and

Healthy 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?

14%

3%

83%

Current

TAM Retail, Industry and Services Banks

Strategy: to diversify gross billings and redemptions

8

Note: based on 2Q12

Long term target

96%

4%

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

“Non-air” redemptions surpassed

4% of total for the first time

0,2% 0,3% 0,5% 0,5% 0,6%

1,5%

2,6% 2,9%

4,0% 4,3%

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

9

More than R$ 457 million in

gross billings in 2Q12

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

Strong Growth

Delivering Results

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

355

397

434 430

457

2Q11 3Q11 4Q11 1Q12 2Q12

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

1.4291.595

1.7871.980

2.2492.499

2006 2007 2008 2009 2010 2011

40 44 4857

70

81

2006 2007 2008 2009 2010 2011

Multiplus’

target

2014 2003

CAGR +15%

Melhores e Maiores (Best and Largest Companies) Exame Ranking

1st place in Wealth generation per

Employee Ranking

363th place in General Ranking:

climbed 352 positions Page 536 – Exame Magazine, Special Edition Jul/12

21% of members became active through an

coalition partner in 2Q12 vs 8% in 2Q11 and 2% in 2Q10

Almost 300,000 redemptions per month

Achievments and acknowledgments

12

Appendix

Currency Hedge

Income Statement

Balance Sheet and Cash Flow

13

3,1 4,4

7,4 7,4 7,9 7,5

4,4

(3,1)

(1,1)

1,0 1,1 1,7 1,9 2,7

-7,9

-5,0 -3,3 -3,1

-2,1 -0,9

1,2

-15,2

-11,7

-8,9 -8,6 -7,0

-4,7

-0,2

3T12 4T12 1T13 2T13 3T13 4T13 1T14

R$1,80/USD R$1,90/USD R$2,00/USD R$2,10/USD

SENSITIVITY ANALYSIS

Impact on company’s cash flow (Notional: USD 519.0 mln)

R$ million

2012 2013 2014 Total

NOTIONAL 150.0 283.0 18 519.0

PUT* 1.81 1.89 1.97 1.89

CALL* 1.92 2.00 2.07 2.00

* average strike prices (BRL/USD)

Position in June 2012 (USD mln)

Appendix I:

Currency Hedge

14

Appendix II:

Income Statement

(R$ thousand)

Income Statement

Gross revenue 314,568 352,226 12.0% 382,586 -7.9%

Sale of points 224,200 309,715 38.1% 319,572 -3.1%

TAM Airlines 44,821 47,138 5.2% 54,918 -14.2%

Banks, Retail, Industry and Services 179,379 262,577 46.4% 264,655 -0.8%

Breakage 83,621 42,664 -49.0% 62,248 -31.5%

Hedge 3,448 -963 -127.9% -72 1236.9%

Other revenues 3,299 810 -75.4% 837 -3.2%

Taxes on sales -29,505 -32,710 10.9% -35,461 -7.8%

Net Revenue 285,063 319,515 12.1% 347,124 -8.0%

Cost of the points redeemed -174,085 -236,592 35.9% -252,591 -6.3%

Air tickets -171,880 -228,154 32.7% -244,614 -6.7%

Other products / services -2,205 -8,438 282.7% -7,977 5.8%

Total cost of services rendered -174,085 -236,592 35.9% -252,591 -6.3%

Gross Profit 110,978 82,923 -25.3% 94,534 -12.3%

Gross Margin 38.9% 26.0% -13.0p.p. 27.2% -1.3p.p.

Shared services -1,907 -1,907 0.0% -1,907 0.0%

Personnel expenses -6,991 -11,467 64.0% -8,559 34.0%

Marketing -4,175 -3,406 -18.4% -1,943 75.3%

Depreciation -1173 -2,203 87.7% -2,109 4.5%

Other -6,399 -17,089 167.1% -19,152 -10.8%

Total Operating Expenses -20,645 -36,071 74.7% -33,669 7.1%

Total Costs and Operating Expenses -194,730 -272,663 40.0% -286,260 -4.7%

Operating Income 90,333 46,852 -48.1% 60,865 -23.0%

Operating Margin 31.7% 14.7% -17.0p.p. 17.5% -2.9p.p.

Financial Income/Expenses 33,825 21,032 -37.8% 25,561 -17.7%

Hedge 0 -1,004 N.A. 8,504 -111.8%

Income before income tax and social 124,158 66,881 -46.1% 94,929 -29.5%

Income tax and social contribution -42,990 -23,614 -45.1% -33,344 -29.2%

Net Income 81,168 43,267 -46.7% 61,585 -29.7%

Net Margin 28.5% 13.5% -14.9p.p. 17.7% -4.2p.p.

2Q11 2Q12 2Q12 vs 2Q112Q12 vs

1Q121Q12

15

Appendix III:

Balance Sheet and Cash Flow

(R$ thousand)

Cash Flow 2Q11 2Q12 1Q12

Net Income 81,169 43,267 61,585

Depreciation/Amortization 1,173 2,203 2,109

Accounts Receivable -10,208 2,827 313

Accounts Payable -14,712 -8,021 10,093

Taxes 4,882 -8,293 13,023

Deferred Taxes 530 -20,645 15,060

Related Parties 45,822 114 17,383

Prepaid Expenses 0 0 0

Prepaid Expenses Consumption 179,699 30 -355

Deferred Revenue and Breakage liabilities 46,301 104,699 48,612

Derivative Instruments -2,877 55,895 -37,727

Other assets and liabilities -2,714 2,676 599

Operating Cash Flow 329,063 174,752 130,696

Capex -3,672 -8,104 -1,971

Cash Flow from Investing Activities -3,672 -8,104 -1,971

Net proceeds from public offer 0 0 0

Capital -600,014 0 0

Dividendos / Juros sobre Capital Próprio 0 0 -261,420

Capital Reserve 2,300 -35,284 24,830

Legal Reserve 0 0 0

Remuneration Plan 2,300 2,994 2,243

Hedge 0 -38,278 22,587

0 0 0 0

Cash Flow from Financing Activities -597,714 -35,284 -236,589

Increase (Decrease) in Cash -272,323 131,364 -107,865

Cash at beginning of period* 1,096,614 919,865 1,027,730

Cash at end of period* 824,292 1,051,229 919,865

(R$ thousands)

Balance Sheets

Assets 1,013,420 1,324,454 30.7% 1,181,671 12.1%

Current assets 830,818 1,224,355 47.4% 1,031,114 18.7%

Cash and cash equivalentes 23,820 1,188 -95.0% 21,505 -94.5%

Investments 644,884 1,038,175 61.0% 813,250 27.7%

Accounts Receivable 131,529 144,308 9.7% 147,135 -1.9%

Related Parties 22,320 21,928 -1.8% 22,042 -0.5%

Current account 22,320 21,928 -1.8% 22,042 -0.5%

Prepaid expenses 0 0 N.A. 0 N.A.

Deferred income tax and social contribution 1,823 3,388 85.8% 2,725 24.3%

Instrumentos Derivativos 5,540 0 N.A. 8,271 N.A.

Other receivables 901 15,368 1606.6% 16,186 -5.1%

Non-current assets 182,602 100,098 -45.2% 150,556 -33.5%

Prepaid expenses 0 0 N.A. 15,309 N.A.

Long term investments 155,588 11,866 -92.4% 85,110 -86.1%

Deferred income tax and social contribution 268 25,959 9577.8% 5,976 334.4%

Instrumentos Derivativos 0 66 N.A. 2,110 -96.9%

Demais Contas a Receber 0 14,256 N.A. 0 N.A.

Property, plant and equipment 1,127 2,312 105.2% 1,340 72.6%

Intangible 17,900 34,482 92.6% 29,204 18.1%

Intangible assets 7,720 11,158 44.5% 11,507 -3.0%

Liabilities and shareholder’s equity 1,013,420 1,324,454 30.7% 1,181,671 12.1%

Current liabilities 779,941 1,137,577 45.9% 1,019,374 11.6%

Suppliers 3,151 116,956 3611.6% 124,977 -6.4%

Taxes and fees payable 15,465 18,153 17.4% 26,446 -31.4%

Interest on Equity and Payable Dividends 0 0 N.A. 0 N.A.

Deferred revenue 604,173 813,535 34.7% 725,580 12.1%

Breakage liabilities 133,683 134,073 0.3% 117,329 14.3%

Instrumentos Derivativos 2,663 38,498 1345.5% 9,515 304.6%

Other liabilities 20,806 16,362 -21.4% 15,526 5.4%

Non-current liabilities 0 26,091 N.A. 9,494 174.8%

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

Derivative Instruments 0 26,091 N.A. 9,494 174.8%

Equity 233,479 160,786 -31.1% 152,803 5.2%

Capital 69,049 70,401 2.0% 70,401 0.0%

Hedge 0 -49,902 N.A. -11,624 329.3%

Remuneration Plan 6,455 16,690 158.6% 13,696 21.9%

Reserves 5,919 18,745 216.7% 18,745 0.0%

Retained Earnings (loss) 152,056 104,852 -31.0% 61,585 70.3%

2Q12 vs

2Q11

2Q12 vs

1Q122Q11 2Q12 1Q12

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