1. 2Q13
Earnings Release
August 9, 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 2Q12
growth in Gross Billings
vs 2Q12
R$57.4
9.6%
million in net income
33% growth vs 2Q12
million members
15% growth vs 2Q12
11.6
2Q13 Highlights
3
84.4%

4. 4
We reached 446 partners
(coalition, accrual and redemption)
More than 11.6 million members
207
230
369
383
446
0
50
100
150
200
250
300
350
400
450
2Q12 3Q12 4Q12 1Q13 2Q13
SMEs
Main partners
Total
10,1
10,5
10,9
11,3 11,6
2Q12 3Q12 4Q12 1Q13 2Q13
Number of partners
Members, in mln
Network growth
4
NOTE: SMEs refers to small and medium sized enterprises

5. 5
5
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
New model: member experience and business sustainability

6. 6
6
40 days earlier
vs 28 days in old model
Bra
80 days earlier
vs 45 days in old model
S.
Am
100 days earlier
vs 60 days in old model
Int.
New model: positive member reaction
*Data from may 2103 vs jun 2013

7. 7
7
Domestic flights
jun/2012 jun/2013
~10%
International flights
jun/2012 jun/2013
~20%
New model: positive member reaction
Number of redemptions

8. 8
319,5
378,4
430,9
373,4
398,6
14,5
16,7
19,4
15,9 16,4
2Q12 3Q12 4Q12 1Q13 2Q13
Net Revenue Points Redeemed
R$ 398.6 mln in Net Revenue
R$ 500.9 mln in Gross Billings
457,1
491,4 492,0 492,1 500,9
2Q12 3Q12 4Q12 1Q13 2Q13
R$ mln & bln points
R$ mln
Solid Gross Billings growth
8

9. 9
Breakage rate:
gradual decline as expected
12 months average, in %
22,5% 22,0%
21,0%
19,9% 19,6%
2Q12 3Q12 4Q12 1Q13 2Q13
Non-air redemptions reached
a record level in 2Q13
0,6%
1,5%
2,6%
2,9%
4,0%
4,3%
6,3% 6,4%
5,3%
7,0%
1Q11 4Q11 3Q12 2Q13
Non-air redemptions, in %
Gradual breakage decline besides non-air redemptions increase
9

10. 10
R$ 91.6 mln in FCF* R$ 57.4 mln in Net Income
129,8
124,5
79,0
100,8
91,6
2Q12 3Q12 4Q12 1Q13 2Q13
43,3
66,6
52,9
46,8
57,4
2Q12 3Q12 4Q12 1Q13 2Q13
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
10

11. 11
Dividends
Pre-purchase of air tickets
Maximizing Shareholders Return
11
112,3
861,3
222,4
99,1
2010 2011 2012 1H13
*2011 includes a R$ 600 million capital reduction
R$ 408.9 million
Balance in Jun/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