Investor Presentation
May 2011

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

About Multiplus
TAM Loyalty Program
Launched in 1993 The first airline loyalty program in Brazil
More than 1,000 destinations worldwide
Multiplus
Established as separated business unit in 2009
Beginning of operations and IPO in 2010 Network of loyalty programs
Powerful support for partners to acquire
and retain clients
Members can gather all points from
several programs in one single account
Broad portfolio of rewards
More than 8 million members
More than 150 commercial partnerships
3

Overview
Shareholders’ Structure Overview
• Scalable business
TAM S.A.
• Low CAPEX requirement
• Recurring Free Cash Flow
73,17% 26,83%
• Market Cap of R$ 5.0 billion*
* based on May 5 2011
4

Flexible Business Model
Acúmulo
Accrual Redemption Coalition Outsourcing CRM
Partners
Partners Partners Partners
Partners buy Multiplus buys Two-way flow: Multiplus Multiplus
points from points, products exchange of manages the leverages the
Multiplus to award or services from points, products loyalty program of database from its
its customers partners to deliver and services (buy the partner network and
to its members and sell) between (systems and offers CRM
Multiplus and operations) services
coalition partners
5

Coalition Partnerships Network
(members can earn and redeem points)
Magazine
Airline Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education
Suscriptions
Universities Stock Exchange
Gym Drugstore
Food
Beauty and Specialized Furniture and
Home Centers Groceries Pension Plan Insurance Car rental e-Commerce Entertainment
Healthy Retailers Decoration
Note: blank slots refer to targeted segments
6

Accrual Partnerships*
(members can earn points)
Retail, Industries and
Financial Institutions Travel and Entertainment Services
*non exhaustive
7

Business Model
Gross Billings of points Multiplus sells points … Costs of rewards
Current Current
…and buys rewards
99%
28%
Sources of Profit
2%
70% Spread
(R$ 151,9M | 37%)
1%
Margin between point price and
cost of rewards
Long Term Target Breakage
z (R$ 182,6M | 45%)
Long Term Target
Points expiring without being
redeemed
Interest income on the float
(R$ 58,1M | 14%)
Gap between sales and redemptions
15 to 20% of points
15 to 20%
Cross-selling of services
(R$ 15,4M | 4%)
Outsourcing and CRM
TAM
Retail, Industry and Services Air Tickets Others
Banks Note: based on 2010
8

Growth Opportunities
Credit Card Usage Consumption
Credit Card Transaction Value (R$ billions) Personal Consumption Expenditure (R$ billions)
CAGR +22% CAGR +12%
2.226
1.966
1.787
309 1.594
256 1.429
215
174
142
2006 2007 2008 2009 2010e 2006 2007 2008 2009 2010
Source: ABECS Source: IBGE
Passenger Traffic Wealth Distribution
RPK in Brazil (billions) Social classes* (% of the population)
23%
70
57
48
44
40
2006 2007 2008 2009 2010 2005 2010
Source: ANAC Source: Research Cetelem- Ipsos 2010
*Note: Average income of classes D and E - R$ 6,126/year; class C - R$13,944/year; and classes A and B - R$ 75,942 /year.
9

Loyalty Market Penetration
as % of population
Multiplus member base penetration
as % of population
North
52,8 3,6
Northeast
2,5
46,9
Central-West
6,4 Southeast
35,7 5,2
31,0
27,6 27,3 South
4,5
23,7 23,5
21,0
18,0
15,7
13,4 13,0
9,5 9,4
4,4 3,8
2,3
Club Premier MEX
AirMiles UK
Velocity AUS
JAL Mileage Bank JPN
Miles&More DEU
FlyBuys AUS
Flying Blue FRA
Aeroplan CAN
Multiplus BRA
Smiles BRA
AirMiles CAN
Nectar UK
Nectar ITA
LANPASS CHL
Sky Miles USA
FlyBuys NZL
AAdvantage USA
Qantas Program AUS
Source: Principal Global Indicators and Companies’ website and reports
Notes:
1. Programs belonging to airlines: Flying Blue to AirFrance/KLM; Sky Miles to Delta Airlines; AAdvantage to American Airlines; Miles&More to Lufthansa; JAL Mileage Bank to Japan Airlines; Velocity to Virgin Blue; Smiles to Gol Airlines; and Club
Premier to AeroMexico
2. Programs associated with airlines: FlyBuys NZL with Air New Zealand; FlyBuys AUS with Jet Set; Aeroplan with AirCanada; AirMiles UK with British Airways; and Multiplus with TAM Airlines.
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Main Strategic Objectives
Customer
Experience
friendly interface
(new website, new tools, etc)
operational efficiency
Shareholder
Branding
Return new partners
(and high value added partnerships)
new members
new redemptions options
(coalition)
breakage management
actions at the point of sale
cash management
marketing the new concept
new services
(CRM and outsourcing)
sharing costs with partners
11

Appendix

Appendix I:
Exclusive and Strategic Relationship with TAM
Operational Agreement Assures the Most Appealing Products to the Members = Air Tickets
Airlines
● Leading airline in the Brazilian market and largest airline in Latin America
● Only Brazilian company with long haul flights
● Most Desired Airline in Brazil – Ibope Research
● High penetration in South American flights
● There is no restriction to redeem points in domestic and within South America flights
● Access to Star Alliance benefits
● 15 years tenor Operational Agreement (automatically extended for additional five-year periods )
Detachment from cost and perceived value
with the most appealing product to the public
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Appendix II:
Typical Accrual and Redemption Flows
Accrual flow: cash in due to sales of points to partners
PARTNER WITH STANDALONE PROGRAM
POINTS
A earns accumulates Partner’s converts to
Points
Program
MEMBER buys Products
and PARTNER WITH NO STANDALONE PROGRAM
(consumer) Services
B earns
Redemption flow: cash out due to purchase of points, products and services from partners and suppliers
COALITION AND REDEMPTION PARTNERS
POINTS
C converts to accumulates Partner’s earns
Points Products
Program
and
MEMBER redeems
Services
D earns
(consumer)
MULTIPLUS WEBISITE Products
and
E earns
Services
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Appendix III:
Income Statement
(R$ thousand)
1Q11 vs
Income Statement 1Q10 1Q11 1Q11 vs 1Q10 4T10 4Q10
Gross revenue 44,988 266,104 491.5% 225,995 17.7%
Sale of points 32,959 191,749 481.8% 168,899 13.5%
TAM Airlines 1,374 35,883 2,511.6% 32,465 10.5%
Banks, Retail, Industry and Services 31,585 155,866 393.5% 136,434 14.2%
Breakage 11,219 71,145 534.1% 51,223 38.9%
Other revenues 810 3,210 296.3% 5,872 -45.3%
Taxes on sales (4,202) (24,124) 474.1% (20,401) 18.3%
Net Revenue 40,786 241,980 493.3% 205,594 17.7%
Cost of the points redeemed (21,320) (136,226) 539.0% (132,274) 3.0%
Air tickets (21,280) (135,621) 537.3% (131,813) 2.9%
Other products / services (39) (605) 1,433.0% (461) 31.3%
Accounting Adjustments (400) - N.A. - N.A.
(21,719) (136,226) 527.2% (132,275) 3.0%
Total cost of services rendered
Gross Profit 19,067 105,754 454.6% 73,319 44.2%
Gross Margin 46.7% 43.7% -3.0p.p. 35.7% 8.0p.p.
Shared services (2,011) (1,907) -5.2% (2,367) -19.4%
Personnel expenses (2,971) (9,256) 211.5% (6,845) 35.2%
Marketing (854) (2,052) 140.3% (9,838) -79.1%
Depreciation (18) (1,032) 5,584.2% (1,026) 0.5%
Other (2,271) (7,948) 249.9% (12,532) -36.6%
Total Operating Expenses (8,126) (22,194) 173.1% (32,608) -31.9%
(29,846) (158,420) 430.8% (164,882) -3.9%
Total Costs and Operating Expenses
Operating Income 10,941 83,560 663.8% 40,711 105.2%
Operating Margin 26.8% 34.5% 7.7p.p. 19.8% 14.7p.p.
Financial Income/Expenses 327 25,184 7,610.1% 16,918 48.9%
11,267 108,744 865.1% 57,630 88.7%
Income before income tax and social contribution
Income tax and social contribution (3,788) (37,857) 899.4% (14,354) 163.7%
Net Income 7,479 70,887 847.8% 43,276 63.8%
Net Margin 18.3% 29.3% 11.0p.p. 21.0% 8.2p.p.
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Appendix IV:
Balance Sheet and Cash Flow
(R$ thousands) 1Q11 vs 1Q11 vs (R$ thousand)
Balance Sheets 1Q10 1Q11 1Q10 4Q10 4Q10
Cash Flow 1Q10
Assets 873,283 1,482,205 69.7% 1,403,549 5.6%
Net Income 7,480
Current assets 477,315 1,306,111 173.6% 1,330,844 -1.9% Depreciation/Amortization 18
Cash and cash equivalentes 971 16,868 1636.9% 17,186 -1.9%
Accounts Receivable (62,178)
Investments 30,975 928,663 2898.1% 851,830 9.0%
Accounts Receivable 62,178 121,321 95.1% 68,699 76.6% Accounts Payable 3,590
Related Parties 377,952 236,848 -37.3% 388,507 -39.0%
Taxes (12,380)
Current account 152,346 57,149 -62.5% 56,629 0.9%
Prepaid expenses 225,606 179,699 -20.3% 331,879 -45.9% Related Parties (156,263)
Deferred income tax and social contribution 5,191 1,858 -64.2% 3,769 -50.7%
Prepaid Expenses (606,799)
Other receivables 48 553 1060.8% 852 -35.1%
Deferred Revenue and Breakage liabilities 189,656
Non-current assets 395,967 176,094 -55.5% 72,705 142.2%
Other assets and liabilities 2,542
Prepaid expenses 381,194 0 N.A. 0 N.A.
Long term investments 0 151,083 N.A. 50,280 200.5% Operating Cash Flow (634,334)
Deferred income tax and social contribution 8,226 763 -90.7% 1,217 -37.3%
Property, plant and equipment 0 1,156 N.A. 935 23.6%
Capex (2,783)
Intangible 6,547 5,097 -22.2% 1,276 299.3%
Intangible assets 0 17,995 N.A. 18,997 -5.3% Cash Flow from Investing Activities (2,783)
Liabilities and shareholder’s equity 873,283 1,482,205 69.7% 11,403,548 5.6%
Net proceeds from public offer (23,322)
Current liabilities 196,868 732,181 271.9% 644,946 13.5% Capital 692,384
Suppliers 4,442 17,863 302.1% 16,578 7.8%
Dividends -
Taxes and fees payable 1,038 10,583 919.7% 2,328 354.7%
Deferred revenue 124,859 551,709 341.9% 484,055 14.0% Capital Reserve -
Breakage liabilities 64,797 139,846 115.8% 130,495 7.2%
Cash Flow from Financing Activities 669,062
Other liabilities 1,732 12,180 603.4% 11,490 6.0%
Equity 676,415 750,025 10.9% 758,602 -1.1% Increase (Decrease) in Cash 31,946
Capital 669,063 669,063 0.0% 669,063 0.0%
Remuneration Plan 0 4,155 N.A. 1,538 170.1%
Cash at beginning of period* -
Reserves 0 5,919 N.A. 5,919 0.0%
Retained Earnings (loss) 7,352 70,887 864.2% 82,082 -13.6% Cash at end of period* 31,946
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Appendix V:
Adjusted EBITDA
(R$ thousand) 1Q11 vs 1Q11 vs
1Q10 1Q11 4Q10
Adjusted EBITDA 1Q10 4Q10
Operating Income 10,941 83,560 663.8% 40,711 105.2%
Depreciation and Amortization 18 1,032 5,584.2% 1,026 0.5%
EBITDA 10,959 84,592 671.9% 41,738 102.7%
Margin 26.9% 35.0% 8.1p.p. 20.3% 14.7p.p.
Gross Billings of points 230,276 339,885 47.6% 325,247 4.5%
Other Revenues in the period 810 3,210 296.3% 5,872 -45.3%
Tax on Gross Billings (21,375) (31,736) 48.5% (30,629) 3.6%
Net Billings 209,711 311,359 48.5% 300,491 3.6%
Revenue from the sale of points (44,178) (262,894) 495.1% (220,122) 19.4%
Other Revenues in the period (810) (3,210) 296.3% (5,872) -45.3%
Tax on Revenue 4,161 24,615 491.5% 20,905 17.7%
Net Revenue (40,827) (241,490) 491.5% (205,090) 17.7%
Future redemptions costs:
Balance of points to be redeemed variation (113,041) (65,312) -42.2% (77,254) -15.5%
Adjusted EBITDA 66,802 89,150 33.5% 59,885 48.9%
Margin 31.9% 28.6% -3.2p.p. 19.9% 8.7p.p.
Future redemptions costs:
Breakage ratio variation 0 3,513 N.A. 62 5,608.6%
Average cost per 10,000 points variation 0 10,630 N.A. (13,784) -177.1%
Adjusted EBITDA w/ previous period adjustments 66,802 103,293 54.6% 46,162 123.8%
Margin 31.9% 33.2% 1.3p.p. 15.4% 17.8p.p.
Note: A spreadsheet with a calculation log of the cost of future redemptions is available on the Company’s IR website
(www.multiplusfidelidade.com.br/ri). Below is a short description of the main lines:
• Change in the breakage ratio: represents the impact of the breakage ratio on total number of points issued in the previous 24
months (Multiplus points mature in 2 years).
• Change in the balance of points to be redeemed: the impact of the change in the balance of points to be redeemed (excluding points
already redeemed and breakage points) considering the average cost in the last 12 months.
• Average cost per 1,000 points variation: the impact of variation of average cost on the balance of points to be redeemed in the
previous period.
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Appendix VI: Comunication
Online and Offline Actions
18

Appendix VII: Comunication
Material in the Point of Sale and Mobile Aplication
Localizador de Parceiros
19

Appendix VIII:
Stock Performance
Stock Variation and Average Daily Volume
32,66 33,57 33,14
Average Daily Trade Volume (R$ million)
28,84 29,76
Average Stock Price 28,00 28,29
26,44
22,59
19,79 20,22
18,10 18,77 18,30
16,87
19,4
15,3
13,3
9,7 10,5
9,5 8,8
7,9
6,1 6,6 6,4
4,1 5,0
2,1 2,4
Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11
20

Thank you.
Investor Relations
+55 11 5105 1847
invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir