Earnings Release 1Q13

1. 1Q13
Earnings Release
May 10, 2013

2. 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.
2

3. 3
R$
growth in non-air redemptions
vs 1Q12
growth in Gross Billings
vs 1Q12
14.3%
R$ 100 million in cash generetion
in 1Q13
million members
15% growth vs 1Q12
11.3
1Q13 Highlights
3
38.2%
More than

4. 4
We reached 383 partners
(coalition, accrual and redemption)
More than 11.3 million members
200
207
230
369 383
0
50
100
150
200
250
300
350
400
450
1Q12 2Q12 3Q12 4Q12 1Q13
SMEs
Main partners
Total
9,8 10,1
10,5
10,9 11,3
1Q12 2Q12 3Q12 4Q12 1Q13
Number of partners
Members, in mln
Network growth
4
NOTE: SMEs refers to small and medium sized enterprises

5. 5
Recognition as a valuable brand
5
18th place in the Most
Valueable Brands Ranking
Multiplus’ figures in the ranking for three consecutive years
and rose three positions this year
BrandAnalytics Survey released in Apr/2013

6. 6
New campaign: ask, collect, redeem!
6

7. 7
347,1
319,5
378,4
430,9
373,4
15,2
14,5
16,7
19,4
15,9
1Q12 2Q12 3Q12 4Q12 1Q13
Net Revenue Points Redeemed
R$ 373.4 mln in Net RevenueR$ 492.1 mln in Gross Billings
430,4
457,1
491,4 492,0 492,1
1Q12 2Q12 3Q12 4Q12 1Q13
R$ mln & bln pointsR$ mln
Solid Gross Billings growth
7

8. 8
Breakage rate:
gradual decline as expected
12 months average, in %
23,4%
22,5% 22,0%
21,0%
19,9%
1Q12 2Q12 3Q12 4Q12 1Q13
Non-air redemptions kept its
good level in 1Q13
0,6%
1,5%
2,6%
2,9%
4,0%
4,3%
6,3% 6,4%
5,3%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Non-air redemptions, in %
Gradual breakage decline besides non-air redemptions increase
8
Seasonal
promotions
in 3/4Q12

9. 9
R$ 100.8 mln in FCF* R$ 46.8 mln in Net Income
156,1
129,8
124,5
79,0
100,8
1Q12 2Q12 3Q12 4Q12 1Q13
61,6
43,3
66,6
52,9
46,8
1Q12 2Q12 3Q12 4Q12 1Q13
RS mln R$ mln
*Excluding Dividends, Interest on Capital and variations of
Prepaid Expenses and Capital (4Q12 and 1Q13 are
adjusted with R$ 71.3 of anticipated settlement in Accounts
Payable)
Delivering Results
9

10. 10
61,6
40,8
7,3
4,1
3,1
20,2
0,7
2,4
15,6
11,4 9,3
46,9
1Q12 Net
Income
Points sold Breakage
revenue
Hedge Taxes Redemption
costs
SG&A JV Financial
revenue
Hedge
MTM
IR & CSLL 1Q13 Net
Income
Net income analysis
10
+4,3% in points redeemed
+8,1% in unit revenue
+4,3% in points redeemed
+4,3% in unit cost
Change in revenues
Change in Costs &
Expenses
Change in Financial Results

11. 11
DividendsPre-purchase of air tickets
Maximizing Shareholders Return
11
112,3
861,3
222,4
44,5
2010 2011 2012 1Q13
*2011 includes a R$ 600 million capital reduction
R$ 416,4 million
Balance in Mar/2013
Multiplus’ board of directors approved
a R$ 500 million fixed limit for
pre-purchase of air tickets
until 2013

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