1. 1Q12
Earnings Release
May 03, 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.
2

3. 1Q12 Highlights
24.5% growth in Points Issued
vs 1Q11
R$ 430 mln in Gross Billings
(26.6% growth vs 1Q11)
R$ 261 mln in Dividends paid
(including interest on capital)
400 thousand new Members
vs 4Q11, reaching 9.8 million members
3

4. Our members and partnerships network
is continuously growing
400 thousand new members We reached 200 partners
vs 4Q11 (coalition, accrual and redemption)
Members, in mln 9,8 Number of partners 200
9,4 190
8,9
8,6 168
8,3 166 161
1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12
4

5. Billings growing a 26.6% YoY, driving bigger revenues…
R$ 430.4 mln in gross billings Net revenue of R$ 347.1 million
R$ mln 398,3
433,6 430,4 R$ mln & mln points
397,3
347,1
354,6 321,5
339,9
285,1
17,4
242,0
15,2
12,5
10,9
9,0
1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12
Net revenue Points Redeemed
5

6. … following Marketing and CRM initiatives
Raia Drugstore
Luigi Bertolli
Movida
Livraria Cultura
6

7. Non-air redemptions is on track
Some important and new partners for redemptions
More than 600 mln points used
for “non-air” redemptions
in 1Q12
609
564
425
248
101
1Q11 2Q11 3Q11 4Q11 1Q12
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8. Breakage rate is under control
Breakage rate is stable at about 23%
● Breakage management as
24,0% 24,1%
23,0% 23,3% 23,4% part of company’s pricing strategy
● We monitor each vintage of points
in order to forecast redemption
curves and breakage rates
1Q11 2Q11 3Q11 4Q11 1Q12
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9. Delivering Net Income and solid Adjusted EBITDA
R$ 61.6 mln in Net Income Adjusted EBITDA of R$ 91.6 mln
R$ mln R$ mln
81,2 92,8
91,6
70,9 70,9
61,6 89,1
51,3
82,3
81,3
1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12
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10. Investor Relations
+55 11 5105 1847
Thank you! invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir