Conference Call | 1Q16

2. 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.

3. 3
+27.0%
Net income
R$ 127.0 million
+27.0% vs 1Q15
+ 1.1% vs 4Q15
+3.5%
Gross billings
R$ 660.8 million
+3.5% vs 1Q15
+ 2.4% vs 4Q15
+5.9%
Net revenue
R$ 565.9 million
+5.9% vs 1Q15
-2.5% vs 4Q15
4
months
Transfer price
Leading to financial
growth and
benefits for our
members, in just 4
months
6
times
Mobile app
New record for
downloads and a
6-fold increase in
the number of
redemptions vs
1Q15

4. 4
1.5 million downloads
Record redemptions through the platform
6 times higher than in 1Q15
Notifications of transactions via push
Redemptions in only 3 clicks
Increase of 19% on the number of redemption of air tickets
(directed to Multiplus marketplace)

5. 5
*Points collector day
*Womens day

6. 6
Super promotion “Fasten your seatbealts”

7. 7

8. 8

9. 22.0 21.7 21.0 21.4 20.5
1Q15 2Q15 3Q15 4Q15 1Q16
13.0 13.2 13.5
14.2
14.7
1Q15 2Q15 3Q15 4Q15 1Q16
Members (million) Points issued (billion)
9
+ 13.1% -6,8%

10. 11.5%
13.1% 13.7%
19.0%
13.6%
1Q15 2Q15 3Q15 4Q15 1Q16
18.0% 17.9% 17.9%
18.2%
18.1%
1Q15 2Q15 3Q15 4Q15 1Q16
10
Non-air redemptions (%) Breakage rate (%)
+ 2.1 p.p. + 0.1 p.p.

11. 638.4 633.4
648.1 645.0 660.8
1Q15 2Q15 3Q15 4Q15 1Q16
534.3
560.6 586.1
580.6
565.9
19.0 19.1 19.3 18.5 17.4
29.2%
30.4% 30.2%
34.6% 33.2%
1Q15 2Q15 3Q15 4Q15 1Q16
Net revenue Gross margin
11
Gross billings (in R$ million) Net revenue (in R$ million)
Gross margin (%)
Points
Redeemed
(billion)
+ 3.5% + 5.9%
+ 4.0 p.p.
- 8.4%

12. 100.0
109.2
144.7
125.7
127.0
18.7% 19.5% 24.7% 21.7% 22.4%
1Q15 2Q15 3Q15 4Q15 1Q16
Net income Net margin
150.4
178.7
150.4 144.1
201.2
1Q15 2Q15 3Q15 4Q15 1Q16
12
Net income (in R$ million)
Net margin (%)
Cash generation (in R$ million)
+ 27.0% + 20.7%
+ 3,7 p.p.