Earnings Presentation of 1Q11

1. 1Q11
Earnings Release
May 4, 2011

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. 1Q11 Highlights
OPERATING HIGHLIGHTS
• 17.0 bln points issued, a growth of 62.0% versus 1Q10 and of 5.7% versus 4Q10
• 9.0 bln points redeemed, compared to 1.3 bln points in 1Q10 and 7.7 bln points in 4Q10
• Average Breakage rate (12 months) of 23.0%, versus 22,6% in both periods 1Q10 and 4Q10
FINANCIAL HIGHLIGHTS
• Gross Billings of points of R$ 339.9 mln, an growth of 47.6% versus 1Q10 and of 4.5% compared to 4Q10
• Net Revenue of R$ 242.0 mln, compared to R$ 40.8 mln in 1Q10 and R$ 205.6 mln in 4Q10
• Adjusted EBITDA of R$ 103.3 mln, 54.6% higher than 1Q10 and 123.8% higher than 4Q10
(margin of 33.2%)
• Net Income of R$ 70.9 mln, versus R$ 7.5 mln in the 1Q10 and R$ 43.3 mln in 4Q10
(margin of 29.3%)
3

4. Operating Performance
BREAKAGE RATE (12 MONTHS AVERAGE)
%
+40 bps
+40 bps
23,0% 23,0%
22,6% 22,6% 22,6%
1Q10 2Q10 3Q10 4Q10 1Q11
MEMBERS PARTNERSHIPS
In millions Quantity
+19.9% +37.2%
+9.9%
+3.1%
166
8,3 151
7,6 8,0 133
7,2 121 125
6,9
7 7 7 12 15
1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
Accrual Coalition
4

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
5

6. Points Issued and Gross Billings
POINTS ISSUED GROSS BILLINGS OF POINTS
In billions R$ millions
+62.0% 47.6%
+4.5%
+5.7%
17,0 339,9
16,1 325,2
14,4 300,0
264,0
12,2 230,3
10,5
1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
6

7. Financial Performance
POINTS REDEEMED NET REVENUE
In billions R$ million
+585,6% +493.3%
+16,4% +17.7%
9,0 242,0
7,7 205,6
4,6 130,0
3,2 93,5
1,3 40,8
1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
COSTS OF SERVICES RENDERED (COGS) OPERATING EXPENSES (SG&A)
R$ million R$ million
+527,2% 173,1%
+3,0% -31,9%
132,3 136,2 32,6
22,2
69,0 13,5
51,2 11,1
8,1
21,7
1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
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8. Net Income and Adjusted EBITDA
NET INCOME ADJUSTED EBITDA
R$ millions R$ millions
+33,5%
+847,8%
+54,6%
70,9 +123,8%
+63,8%
103,3
95,0 +48,9%
88,5 89,1
44,5 78,9 82,1
43,3
66,8 66,8
59,9
Margin 46,2
23,1 Margin
7,5
18,3% 24,7% 34,2% 21,0% 29,3% 31,9% 31,9% 32,5% 33,8% 32,2% 34,6% 19,9% 15,4% 28,6% 33,2%
1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
Adjusted EBITDA
Adjusted EBITDA with previous periods effects
NOTE: “previous periods effects” refer to unit cost and Breakage rate variation effects on
the balance of points to be redeemed in the previous period
8

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