Investor Presentation January 2014

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.

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

Brazilian loyalty industry is still in early stages

60,7%

43,8%

37,7%

28,9% 28,6%

24,1% 21,9%

19,5%

14,0% 12,9% 8,9%

5,2% 4,1% 3,5% 2,5%

Penetration of loyalty programs in total population (%)

Sources: loyalty programs websites and each country statistic data bureau (Updated in Dec/2012)

High growth potential

Average (ex-Multiplus): 22.2%

5

Multiple long term growth drivers

Credit Card usage

Expected double digit growth for next 3 years

Only 35% of customers understands that they have

enrolled in a bank loyalty program (vs. 31% in

2011)

Consumption

Possible high single digit growth for next 3 years

Loyalty culture still in the early stages

Air transportation

Latin America is the second fastest growing

region in RPK

Average trips per capita is only 0.5 in

Brazil vs more than 3.0 in mature markets

Wealth distribution

A/B classes expected to reach 15% in 2014 (vs

7% in 2003)

Multiplus network focus on A, B and C+

6

Coalition model: an evolution from traditional loyalty

scheme

7

Single Loyalty Scheme Traditional Coalition Loyalty Flexible Coalition Loyalty

Commercial partners • Limited number of partners Members

• Low accumulation power

• Redemption option limited to airline tickets

Commercial partners

• Access to a broader consumer base • Limited capacity to attract new partners (loyalty program managed by Coalition

Co.) Members

• Better accumulation power • More redemption options

Commercial partners

• Access to a broader consumer base • More flexible structure is more

appealing for new partners (especially those who already have an own loyalty program)

Members

• Better accumulation power • More redemption options

Loyalty program managed by Coalition Co Loyalty program managed by Coalition Co

Loyalty program managed by Partner

Sources of profit: coalition

# 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

THREE SOURCES OF PROFIT

8

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

10

1993 Creation of TAM Fidelidade

2009 Spin-off from TAM Fidelidade

Feb/2010 Multiplus’ IPO

Oct/2011 Multiplus presents its new brand

Nov/2011 Announcement of JV with AIMIA

Dez/2012 Multiplus becomes one of TOP 100 most liquid stocks in Bovespa

Aug/2010 New headquarters and IT loyalty platform

Mar/2012 Multiplus reaches 200 partners

Apr/2012 Multiplus reaches 10 mn members

Mai/2013 launched the new‖ campaign on several media vehicles

Jun/2013 Non-air redemptions reached 8% for the first time in a quarter

Oct/2013 Improved corporate governance structure

Created from TAM Fidelidade, Multiplus has already

three years of track record

11

Consistent network growth

8,0

9,4

10,9

11,9

2010 2011 2012 2013

Partners

Members, in R$ million 11.9 mn members can gather

points from several programs in

one single account

466 partners gain a powerful

support acquiring and retaining

clients

Members (mn)

151

190

369

466

2010 2011 2012 2013

SMEs

Main partners

Total

Note: based 3Q13

12

Strong partnership network

Accrual partners Coalition partners Redemption partners

13

Strategic long-term agreement with TAM Airlines

15 years agreement automatically renewable for additional 5-year periods

Exclusive relationship

Points per seat vary according to flight fare with 100% availability,

improving Multiplus competitive advantage

up to 360 days before flight date

fee exemptions, lowered points requirement, complimentary

upgrades and up to 100% bonus points

High recognition to premium clients

High flexibility

Superior frequent flyer program

lower earn-to-burn ratios redemptions via TAM, LAN and their airline partners

Wide redemption window

14

Solid relationship with banks

bonus points per each new credit card activated

Targeted redemption offers

1 Activation

bonus points according to the volume of points transferred

segmented offers to engage an specific member group

2 Spending

3 Targeting

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

16

Gross Billings (BRL mn) Points issued (bn)

1.119

1.525

1.871 2.021

2010 2011 2012 LTM Sep 13

53,2

76,2

85,2 85,2

2010 2011 2012 LTM Sep 13

Sales growth: consistent track record

17

Cash generation and shareholders’ return

FCF* (BRL mn) Dividends and Interest

on own capital (BRL mn)

589,0

460,6 489,4

387,8

2010 2011 2012 LTM Sep 13

112,3

861,3

222,4 225,2

2010 2011 2012 LTM Sep 13

*Excluding Dividends, Interest on Capital and variations of Prepaid Expenses and Capital (2012 and 2013 are adjusted with R$ 71.3 of anticipated settlement in Accounts Payable)

More than BRL 1.4 billion already distributed since the IPO

*Including a BRL 600 million capital reduction

*

18

High corporate governance standards

If rejected

The proposal needs unanimity Board approval

Special Committee

Independent members

Related Parties Subjects

If approved

The proposal needs majority Board approval

Novo Mercado (New Market) 1

100% tag along rights 2

Ordinary share only 3

30% of independent board members 4

Special Committee 5 Special Committee: Audit, Finance, Governance and Related Parties Committee

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

20

Diversification goals

92%

8%

Current

Air Tickets Others

19%

3%

78%

Current

TAM Retail, Industry and Services Banks

Note: based on LTM Sep/13

Long term target

Long term target

10 to 15%

20 to 25%

Points redeemed

Points sold

Increased retail share will help to sustain margins and improve members engagement

Non-air redemptions growth supports unit cost control and member experience improvement

21

Breakage rate: gradual decline as expected while

non-air redemptions becomes robust

0,03 0,06 0,07 0,09 0,10

0,25

0,43

0,56 0,61 0,62

1,06

1,25

0,84

1,15

2,85

22,6% 23,0% 22,6% 22,6% 23,0% 23,3% 24,0% 24,1% 23,4% 22,5% 22,0%

21,3% 19,9% 19,6% 19,1%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

Non-air redemptions x breakage rate (bn points & %)

22

Generate value to members and partners will sustain

growth

Branding, Innovation and Knowledge

Sustainable Growth

Adding value to partners

• sales increase • lower retention costs • vacancy management • new business insights based on client

data and behavior • develop loyalty schemes • data analytics services • Incentive campaigns

Creating a good member experience

• broad network • targeted offers • fair pricing • recognition • user friendly e-commerce platform • mobile applications

23

Adding value to partners: sales increase

24

Adding value to partners: vacancy management

25

Adding value to partners: vacancy management

26

Redemptions turn people more interested in

collecting points

Sample A members collect

about 60% more points

than Sample B members during 12 months following

redemption date

Sample A

Sample B

redemption

no redemption

Sample A and B members with same accrual behavior

Measuring accrual gap after redemption date

Note: CRM analysis based on Multiplus‘ 2011-2012 data

27

Creating a good member experience: fair pricing

Multiplus 69,400

Program B 75,647

Program C 81,800

Program D 98,400

Program E 115,800

32-Inch LED TV

Dec/2012

Program C 71,700

Program B 48,600

Multiplus 35,900

Wine cellar

Dec/2012

28

Segmented offers by a balance of points generates

attractiveness

sending offers increases in

approximately 30% the amount of

points redeemed within 3 days following the sending (vs. average)

And contributes to the

activation rate of members

29

Communication from the amount of points to expire

generates engagement

35% increase in the

number of members who joined the offers vs control group

30

Branding the emotional concept

Using Multiplus you can accumulate points from different loyalty programs

in a single account

Redeem your points to have moments you would never put on sale

Emotional as of Oct/2012

Functional Jan/2010 ~ Oct/2012

Online media

Channels

Strategy

Radio spots Partner channels Press media

31

Campaign: “Points you collect, moments you will

never forget”

Appendix

33

New air-ticket redemption model:

Member experience and business sustainability

4 Attractiveness of the redemption offers 360 days window and more promotional offers

1 Stability of unit cost The cap and floor ensure a maximum variation of 5% in unit cost

3 Natural hedge The international airline tickets are denominated in U.S. dollars

2 Alignment of interests with the airline Number of points per seat based on classes

Effective since June 2013

34

New pricing model methodology U

nit

co

st (

R$

)

Jun/2013 ~Aug/2014

Cap

Floor

Previous model Setup period New pricing model

Today

• Multiplus pays discounted

market price per seat

• 5% cap and floor protect margin

and guarantee business

sustainability

• Data gathering of

fares available

at redemption

moment

• Discount

measurement

• Unit cost set according to a

combination of TAM’s

marginal cost and revenue

displacement

• Short term fluctuations due to

TAM’s promotional activity

Average

Air tickets market price

Discounted market price

Long haul and South America flights priced in USD

12 months data gathering

Multiplus` implicit discount

ILLUSTRATIVE

35

Income statement (1/2)

(R$ thousand)

Income Statement

Gross revenue 417,668 520,027 24.5% 439,332 18.4%

Sale of points 364,984 469,120 28.5% 379,447 23.6%

TAM Airlines 52,619 43,456 -17.4% 40,838 6.4%

Banks, Retail, Industry and Services 312,365 425,664 36.3% 338,609 25.7%

Breakage 57,829 60,893 5.3% 64,532 -5.6%

Hedge (5,956) (10,661) 79.0% (5,457) 95.4%

Other revenues 810 675 -16.7% 810 -16.7%

Taxes on sales (39,226) (49,155) 25.3% (40,767) 20.6%

Net Revenue 378,442 470,872 24.4% 398,565 18.1%

Cost of the points redeemed (274,669) (356,697) 29.9% (286,634) 24.4%

Air tickets (261,853) (321,120) 22.6% (270,388) 18.8%

Other products / services (12,816) (35,577) 177.6% (16,246) 119.0%

Total cost of services rendered (274,669) (356,697) 29.9% (286,634) 24.4%

Equity Share on Results from Investments

in JV(1,081) (2,082) 92.6% (1,703) 22.2%

Gross Profit 102,692 112,093 9.2% 110,228 1.7%

Gross Margin 27.1% 23.8% -3.3p.p. 27.7% -3.9p.p.

3Q12 3Q13

3Q13

vs

3Q122Q13

3Q13

vs

2Q13

36

Income statement (2/2)

(R$ thousand)

Income Statement

Gross revenue 417,668 520,027 24.5% 439,332 18.4%

Sale of points 364,984 469,120 28.5% 379,447 23.6%

TAM Airlines 52,619 43,456 -17.4% 40,838 6.4%

Banks, Retail, Industry and Services 312,365 425,664 36.3% 338,609 25.7%

Breakage 57,829 60,893 5.3% 64,532 -5.6%

Hedge (5,956) (10,661) 79.0% (5,457) 95.4%

Other revenues 810 675 -16.7% 810 -16.7%

Taxes on sales (39,226) (49,155) 25.3% (40,767) 20.6%

Net Revenue 378,442 470,872 24.4% 398,565 18.1%

Cost of the points redeemed (274,669) (356,697) 29.9% (286,634) 24.4%

Air tickets (261,853) (321,120) 22.6% (270,388) 18.8%

Other products / services (12,816) (35,577) 177.6% (16,246) 119.0%

Total cost of services rendered (274,669) (356,697) 29.9% (286,634) 24.4%

Equity Share on Results from Investments

in JV(1,081) (2,082) 92.6% (1,703) 22.2%

Gross Profit 102,692 112,093 9.2% 110,228 1.7%

Gross Margin 27.1% 23.8% -3.3p.p. 27.7% -3.9p.p.

3Q12 3Q13

3Q13

vs

3Q122Q13

3Q13

vs

2Q13

Shared services (1,907) (882) -53.7% (473) 86.4%

Personnel expenses (10,367) (11,806) 13.9% (11,964) -1.3%

Marketing (4,394) (8,027) 82.7% (6,404) 25.3%

Depreciation 119 (2,308) -2036.6% (1,978) 16.7%

Other (14,955) (17,047) 14.0% (16,539) 3.1%

Total Operating Expenses (31,503) (40,070) 27.2% (37,359) 7.3%

Total Costs and Operating Expenses (307,253) (398,849) 29.8% (325,695) 22.5%

Operating Income 71,189 72,023 1.2% 72,869 -1.2%

Operating Margin 18.8% 15.3% -3.5p.p. 18.3% -3.0p.p.

Financial Income/Expenses 20,972 25,977 23.9% 17,880 45.3%

Hedge 9,691 (4,142) -142.7% (7,972) -48.0%

Income before income tax and social

contribution101,852 93,858 -7.8% 82,777 13.4%

Income tax and social contribution (35,274) (31,662) -10.2% (25,342) 24.9%

Net Income 66,578 62,196 -6.6% 57,434 8.3%

Net Margin 17.6% 13.2% -4.4p.p. 14.4% -1.2p.p.

37

Balance sheet: assets

(R$ thousand)

Balance Sheet

Assets 1,470,506 1,533,838 4.3% 1,529,342 0.3%

Current assets 1,367,809 1,452,130 6.2% 1,437,166 1.0%

Cash and cash equivalentes 791 5,399 582.6% 3,410 58.3%

Financial assets at fair value through profit and loss 1,004,160 954,572 -4.9% 747,623 27.7%

Financial assets held-to-maturity 164,700 13,072 -92.1% 12,782 2.3%

Accounts receivable 157,084 162,310 3.3% 215,802 -24.8%

Deferred income tax and social contribution 3,302 4,264 29.1% 5,269 -19.1%

Related Parties 20,592 299,676 1355.3% 429,630 -30.2%

Derivative instruments - - N.A. - N.A.

Prepaid expenses 5,089 - -100.0% - N.A.

Other receivables 12,091 12,837 6.2% 22,650 -43.3%

Non-current assets 102,697 81,708 -20.4% 92,176 -11.4%

Financial assets - bank deposits - - N.A. - N.A.

Financial assets held-to-maturity 12,113 - -100.0% - N.A.

Deferred income tax 19,562 10,067 -48.5% 16,008 -37.1%

Derivative financial instruments 68 - -100.0% - N.A.

Other accounts receivable 12,754 532 -95.8% 5,293 -89.9%

Investments 5,491 9,181 67.2% 11,263 -18.5%

Property, plant and equipment 2,370 6,942 192.9% 3,951 75.7%

Intangible assets 50,339 54,986 9.2% 55,661 -1.2%

Related Parties - - N.A. - N.A.

3Q13

vs

2Q13

3Q13

vs

3Q123Q12 3Q13 2Q13

38

Balance sheet: liabilities and shareholders' equity

(R$ thousand)

Balance Sheet

Assets 1,470,506 1,533,838 4.3% 1,529,342 0.3%

Current assets 1,367,809 1,452,130 6.2% 1,437,166 1.0%

Cash and cash equivalentes 791 5,399 582.6% 3,410 58.3%

Financial assets at fair value through profit and loss 1,004,160 954,572 -4.9% 747,623 27.7%

Financial assets held-to-maturity 164,700 13,072 -92.1% 12,782 2.3%

Accounts receivable 157,084 162,310 3.3% 215,802 -24.8%

Deferred income tax and social contribution 3,302 4,264 29.1% 5,269 -19.1%

Related Parties 20,592 299,676 1355.3% 429,630 -30.2%

Derivative instruments - - N.A. - N.A.

Prepaid expenses 5,089 - -100.0% - N.A.

Other receivables 12,091 12,837 6.2% 22,650 -43.3%

Non-current assets 102,697 81,708 -20.4% 92,176 -11.4%

Financial assets - bank deposits - - N.A. - N.A.

Financial assets held-to-maturity 12,113 - -100.0% - N.A.

Deferred income tax 19,562 10,067 -48.5% 16,008 -37.1%

Derivative financial instruments 68 - -100.0% - N.A.

Other accounts receivable 12,754 532 -95.8% 5,293 -89.9%

Investments 5,491 9,181 67.2% 11,263 -18.5%

Property, plant and equipment 2,370 6,942 192.9% 3,951 75.7%

Intangible assets 50,339 54,986 9.2% 55,661 -1.2%

Related Parties - - N.A. - N.A.

3Q13

vs

2Q13

3Q13

vs

3Q123Q12 3Q13 2Q13

Liabilities and shareholders' equity 1,470,506 1,533,838 4.3% 1,529,342 0.3%

Current liabilities 1,219,161 1,365,449 12.0% 1,378,760 -1.0%

Suppliers 122,222 154,240 26.2% 151,022 2.1%

Salaries and payroll taxes 9,415 12,187 29.4% 9,509 28.2%

Tax, charges and contributions 3,767 4,113 9.2% 3,963 3.8%

Income and social contribution tax 24,104 9,870 -59.1% 12,523 -21.2%

Interest on own capital and dividends - - N.A. - N.A.

Derivative financial instruments 32,522 16,294 -49.9% 34,870 -53.3%

Deferred revenue 875,464 1,031,089 17.8% 1,022,699 0.8%

Breakage liabilities 140,801 134,054 -4.8% 136,676 -1.9%

Other liabilities 10,866 3,602 -66.9% 7,498 -52.0%

Dividends payable - - N.A. - N.A.

Non-current liabilities 9,595 99 -99.0% 107 -7.5%

Related parties - - N.A. - N.A.

Derivative financial instruments 9,464 - -100.0% - N.A.

Deferred revenue 131 99 -24.4% 107 -7.5%

Equity 241,750 168,290 -30.4% 150,475 11.8%

Share capital 100,555 102,886 2.3% 102,886 0.0%

Capital reserve (4,956) 333 -106.7% (996) -133.4%

Earnings reserve 18,744 20,577 9.8% 20,577 0.0%

Carrying value adjustments (44,024) (22,718) -48.4% (31,570) -28.0%

Retained Earnings (loss) 171,431 67,212 -60.8% 59,578 12.8%

Thank you! Contact IR Team +55 11 5105-1847 invest@pontosmultiplus.com.br www.pontosmultiplus.com.br/ir

Ronald Domingues Ivan Bonfanti Filipe Scalco

Fernanda Camiña