Investor Presentation May 2014

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.

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

Brazilian loyalty industry is still in early stages

53.9%

25.3% 24.2% 20.9% 20.5%

14.4%

7.3% 6.3% 6.1% 4.8% 2.4%

Penetration of loyalty programs in total population (%)

Sources: loyalty programs websites and each country statistic data bureau (Updated in Jan/2014)

High growth potential

Average (ex-Multiplus): 18%

5

Multiple long term growth drivers

Credit Card usage

Expected double digit growth for next 3 years

Only 35% of customers understands that they have

enrolled in a bank loyalty program (vs. 31% in

2011)

Consumption

Possible high single digit growth for next 3 years

Loyalty culture still in the early stages

Air transportation

Latin America is the second fastest growing

region in RPK

Average trips per capita is only 0.5 in

Brazil vs more than 3.0 in mature markets

Wealth distribution

A/B classes expected to reach 15% in 2014 (vs

7% in 2003)

Multiplus network focus on A, B and C+

6

Sources of profit: coalition

# of months ~10 0 24

3

2

points selling redemption

unit revenue less unit cost

spread 1

CASH IN CASH OUT ~10 months float

interest income

point expiration

breakage

THREE SOURCES OF PROFIT

7

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

9

1993 Creation of TAM Fidelidade

2009 Spin-off from TAM Fidelidade

Feb/2010 Multiplus’ IPO

Oct/2011 Multiplus presents its new brand

Nov/2011 Announcement of JV with AIMIA

Dez/2012 Multiplus becomes one of TOP 100 most liquid stocks in Bovespa

Aug/2010 New headquarters and IT loyalty platform

Mar/2012 Multiplus reaches 200 partners

Apr/2012 Multiplus reaches 10 mn members

Mai/2013 launched the new‖ campaign on several media vehicles

Jun/2013 Non-air redemptions reached 8% for the first time in a quarter

Oct/2013 Improved corporate governance structure

Created from TAM Fidelidade, Multiplus has already

three years of track record

Mar/2014 Multiplus mobile app for IOS and Android

10

Consistent network growth

9.4

10.9

12.2 12.5

2011 2012 2013 1Q14

Partners

12.5 mn members can gather

points from several programs in

one single account

468 partners gain a powerful

support acquiring and retaining

clients

Members (mn)

190

369

472 468

2011 2012 2013 1Q14

Note: based 1Q14

11

Strong partnership network

Accrual partners Coalition partners Redemption partners

12

Strategic long-term agreement with TAM Airlines

15 years agreement automatically renewable for additional 5-year periods

Exclusive relationship

Points per seat vary according to flight fare with 100% availability,

improving Multiplus competitive advantage

up to 360 days before flight date

fee exemptions, lowered points requirement, complimentary

upgrades and up to 100% bonus points

High recognition to premium clients

High flexibility

Superior frequent flyer program

lower earn-to-burn ratios redemptions via TAM, LAN and their airline partners

Wide redemption window

13

Solid relationship with banks

bonus points per each new credit card activated

Targeted redemption offers

1 Activation

bonus points according to the volume of points transferred

segmented offers to engage an specific member group

2 Spending

3 Targeting

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

1,119

1,525

1,871 2,009

492 538

2010 2011 2012 2013 1Q13 1Q14

15

Gross Billings (BRL mn) Points issued (bn)

53.2

76.2

85.2 83.7

21.5 21.7

2010 2011 2012 2013 1Q13 1Q14

Sales growth: consistent track record

16

Cash generation and shareholders’ return

FCF* (BRL mn) Dividends and Interest

on own capital (BRL mn)

589.0

460.6 418.1

452.6

84.0 99.7

2010 2011 2012 2013 1Q13 1Q14

112.3

861.3

222.4 232.0

44.5 70.9

2010 2011 2012 2013 1Q13 1Q14

*Excluding Dividends, Interest on Capital and variations of Prepaid Expenses and Capital (2012 and 2013 are adjusted with R$ 71.3 of anticipated settlement in Accounts Payable)

More than BRL 1.4 billion already distributed since the IPO

*Including a BRL 600 million capital reduction

*

17

High corporate governance standards

If rejected

The proposal needs unanimity Board approval

Special Committee

Independent members

Related Parties Subjects

If approved

The proposal needs majority Board approval

Novo Mercado (New Market) 1

100% tag along rights 2

Ordinary share only 3

30% of independent board members 4

Special Committee 5 Special Committee: Audit, Finance, Governance and Related Parties Committee

First mover

We are pioneers in this

industry in Brazil and we

already have a strong

partnership network,

highlighting LATAM

Airlines, all local banks

and the joint venture with

our international peer,

AIMIA Group.

2

3

Track record

Multiplus has already 3

years of proven focus on

shareholders return

with high dividend

payouts. Moreover, we are

continuously improving our

governance

structure following the

best market practices.

Early stages

Brazilian loyalty industry

has very low

penetration and

presents solid growth

drivers

1

4

Solid strategy

Our business sustainability

is based on network

diversification,

member engagement

and value delivery to

partners

Four main reasons to be confident in

Multiplus case

19

Diversification goals

90%

10%

Current

Air Tickets Others

20%

4%

76%

Current

TAM Retail, Industry and Services Banks

Note: LTM based on 1Q14

Long term target

Long term target

10 to 15%

20 to 25%

Points redeemed

Points sold

Increased retail share will help to sustain margins and improve members engagement

Non-air redemptions growth supports unit cost control and member experience improvement

20

Breakage rate (%)

22.6% 24.1%

21.0%

18.5% 19.9%

18.2%

2010 2011 2012 2013 1Q13 1Q14

Non-air redemptions (%)

Breakage rate: gradual decline as expected while

non-air redemptions becomes robust

0.4%

2.1%

5.4%

9.2%

5.3%

7.7%

2010 2011 2012 2013 1Q13 1Q14

21

Generate value to members and partners will sustain

growth

Branding, Innovation and Knowledge

Sustainable Growth

Adding value to partners

• sales increase • lower retention costs • vacancy management • new business insights based on client

data and behavior • develop loyalty schemes • data analytics services • Incentive campaigns

Creating a good member experience

• broad network • targeted offers • fair pricing • recognition • user friendly e-commerce platform • mobile applications

22

Adding value to partners: sales increase

23

Adding value to partners: vacancy management

24

Adding value to partners: vacancy management

25

Creating a good member experience: fair pricing

Multiplus 69,400

Program B 75,647

Program C 81,800

Program D 98,400

Program E 115,800

32-Inch LED TV

Dec/2012

Program C 71,700

Program B 48,600

Multiplus 35,900

Wine cellar

Dec/2012

26

Segmented offers by a balance of points generates

attractiveness

sending offers increases in

approximately 30% the amount of

points redeemed within 3 days following the sending (vs. average)

And contributes to the

activation rate of members

27

Communication from the amount of points to expire

generates engagement

35% increase in the

number of members who joined the offers vs control group

1

28

Branding a new concept

Emotional as of Oct/2012

Functional Jan/2010 ~ Oct/2012

Strategy

You don't know what you're winning

Appendix

30

Income statement (1/2)

(R$ thousand)

Income Statement

Gross revenue 411,951 486,698 18.1% 450,677 8.0%

Sale of points 360,369 426,042 18.2% 398,930 6.8%

TAM Airlines 40,808 36,906 -9.6% 35,980 2.6%

Banks, Retail, Industry and Services 319,561 389,136 21.8% 362,950 7.2%

Breakage 54,983 70,333 27.9% 61,987 13.5%

Hedge (4,211) (9,677) 129.8% (10,240) -5.5%

Other revenues 810 - -100.0% - -

Taxes on sales (38,538) (46,014) 19.4% (42,717) 7.7%

Net Revenue 373,413 440,684 18.0% 407,961 8.0%

Cost of the points redeemed (274,619) (317,080) 15.5% (300,287) 5.6%

Air tickets (264,076) (296,710) 12.4% (277,387) 7.0%

Other products / services (10,544) (20,370) 93.2% (22,900) -11.0%

Total cost of services rendered (274,619) (317,080) 15.5% (300,287) 5.6%

Equity Share on Results from Investments

in JV(2,431) (2,025) -16.7% (2,098) -3.5%

Gross Profit 96,363 121,578 26.2% 105,575 15.2%

Gross Margin 25.8% 27.6% 1.8p.p. 25.9% 1.7p.p.

1Q13 1Q14

1Q14

vs

1Q134Q13

1Q14

vs

4Q13

31

Income statement (2/2)

(R$ thousand)

Income Statement

Gross revenue 411,951 486,698 18.1% 450,677 8.0%

Sale of points 360,369 426,042 18.2% 398,930 6.8%

TAM Airlines 40,808 36,906 -9.6% 35,980 2.6%

Banks, Retail, Industry and Services 319,561 385,769 20.7% 362,768 6.3%

Other products - 3,367 - 182 1745.5%

Breakage 54,983 70,333 27.9% 61,987 13.5%

Hedge (4,211) (9,677) 129.8% (10,240) -5.5%

Other revenues 810 - -100.0% - -

Taxes on sales (38,538) (46,014) 19.4% (42,717) 7.7%

Net Revenue 373,413 440,684 18.0% 407,961 8.0%

Cost of the points redeemed (274,619) (317,080) 15.5% (300,287) 5.6%

Air tickets (264,076) (296,710) 12.4% (277,387) 7.0%

Other products / services (10,544) (20,370) 93.2% (22,900) -11.0%

Total cost of services rendered (274,619) (317,080) 15.5% (300,287) 5.6%

Equity Share on Results from Investments

in JV(2,431) (2,025) -16.7% (2,098) -3.5%

Gross Profit 96,363 121,578 26.2% 105,575 15.2%

Gross Margin 25.8% 27.6% 1.8p.p. 25.9% 1.7p.p.

1Q13 1Q14

1Q14

vs

1Q134Q13

1Q14

vs

4Q13

Shared services (1,907) (811) -57.5% (843) -3.8%

Personnel expenses (10,806) (12,415) 14.9% (10,245) 21.2%

Marketing (1,943) (5,172) 166.2% (6,676) -22.5%

Depreciation (1,861) (3,416) 83.6% (2,457) 39.1%

Other (17,836) (14,854) -16.7% (15,449) -3.9%

Total Operating Expenses (34,353) (36,668) 6.7% (35,670) 2.8%

Total Costs and Operating Expenses (311,403) (355,773) 14.2% (338,055) 5.2%

Operating Income 62,010 84,911 36.9% 69,905 21.5%

Operating Margin 16.6% 19.3% 2.7p.p. 17.1% 2.1p.p.

Financial Income/Expenses 11,788 32,130 172.6% 32,536 -1.2%

Hedge (2,939) (2,113) -28.1% (4,448) -52.5%

Income before income tax and social

contribution70,859 114,928 62.2% 97,993 17.3%

Income tax and social contribution (24,009) (40,326) 68.0% (32,185) 25.3%

Net Income 46,850 74,602 59.2% 65,807 13.4%

Net Margin 12.5% 16.9% 4.4p.p. 16.1% 0.8p.p.

(R$ thousand)

Balance Sheet

Assets 1,426,657 1,615,511 13.2% 1,538,909 5.0%

Current assets 1,349,757 1,511,757 12.0% 1,441,476 4.9%

Cash and cash equivalentes 3,492 3,112 -10.9% 10,577 -70.6%

Financial assets at fair value through profit and loss 709,964 1,288,944 81.6% 1,253,899 2.8%

Financial assets held-to-maturity - (0) - (0) 0.0%

Accounts receivable 170,073 172,666 1.5% 131,081 31.7%

Deferred income tax and social contribution - 10,612 - 8,227 29.0%

Related Parties 433,071 17,662 -95.9% 19,176 -7.9%

Derivative instruments - (0) - (0) 0.0%

Prepaid expenses - 6,376 - 6,409 -0.5%

Other receivables 33,156 12,385 -62.6% 12,107 2.3%

Non-current assets 76,900 103,754 34.9% 97,433 6.5%

Financial assets - bank deposits - - - - -

Financial assets held-to-maturity - - - - -

Deferred income tax 8,625 1,852 -78.5% 5,974 -69.0%

Derivative financial instruments 550 - -100.0% - -

Other accounts receivable 6,821 24 -99.6% 23 6.6%

Investments 1,937 5,058 161.1% 7,083 -28.6%

Property, plant and equipment 3,208 9,231 187.8% 8,289 11.4%

Intangible assets 55,758 87,589 57.1% 76,064 15.2%

Related Parties - - - - -

1Q14

vs

4Q13

1Q14

vs

1Q131Q13 1Q14 4Q13

32

Balance sheet: assets

(R$ thousand)

Balance Sheet

Assets 1,426,657 1,615,511 13.2% 1,538,909 5.0%

Current assets 1,349,757 1,511,757 12.0% 1,441,476 4.9%

Cash and cash equivalentes 3,492 3,112 -10.9% 10,577 -70.6%

Financial assets at fair value through profit and loss 709,964 1,288,944 81.6% 1,253,899 2.8%

Financial assets held-to-maturity - (0) - (0) 0.0%

Accounts receivable 170,073 172,666 1.5% 131,081 31.7%

Deferred income tax and social contribution - 10,612 - 8,227 29.0%

Related Parties 433,071 17,662 -95.9% 19,176 -7.9%

Derivative instruments - (0) - (0) 0.0%

Prepaid expenses - 6,376 - 6,409 -0.5%

Other receivables 33,156 12,385 -62.6% 12,107 2.3%

Non-current assets 76,900 103,754 34.9% 97,433 6.5%

Financial assets - bank deposits - - - - -

Financial assets held-to-maturity - - - - -

Deferred income tax 8,625 1,852 -78.5% 5,974 -69.0%

Derivative financial instruments 550 - -100.0% - -

Other accounts receivable 6,821 24 -99.6% 23 6.6%

Investments 1,937 5,058 161.1% 7,083 -28.6%

Property, plant and equipment 3,208 9,231 187.8% 8,289 11.4%

Intangible assets 55,758 87,589 57.1% 76,064 15.2%

Related Parties - - - - -

1Q14

vs

4Q13

1Q14

vs

1Q131Q13 1Q14 4Q13

33

Balance sheet: liabilities and shareholders' equity

Liabilities and shareholders' equity 1,426,657 1,615,511 13.2% 1,538,909 5.0%

Current liabilities 1,282,334 1,418,313 10.6% 1,352,935 4.8%

Suppliers 122,751 160,053 30.4% 129,887 23.2%

Salaries and payroll taxes 7,979 10,345 29.7% 12,841 -19.4%

Tax, charges and contributions 610 5,423 789.3% 4,243 27.8%

Income and social contribution tax 23,921 14,848 -37.9% 8,309 78.7%

Interest on own capital and dividends - - - - -

Derivative financial instruments 14,823 - -100.0% 3,870 -100.0%

Deferred revenue 964,864 1,072,284 11.1% 1,050,438 2.1%

Breakage liabilities 137,748 152,329 10.6% 132,891 14.6%

Other liabilities 9,639 3,030 -68.6% 10,456 -71.0%

Dividends payable - - - - -

Non-current liabilities - 83 - 91 -8.8%

Related parties - - - - -

Derivative financial instruments - - - (0) -100.0%

Deferred revenue - 83 - 91 -8.8%

Equity 144,323 197,115 36.6% 185,883 6.0%

Share capital 102,887 105,334 2.4% 103,493 1.8%

Capital reserve (2,520) 1,948 -177.3% 1,149 69.5%

Earnings reserve 20,577 95,300 363.1% 94,699 0.6%

Carrying value adjustments (23,472) (5,467) -76.7% (13,458) -59.4%

Retained Earnings (loss) 46,850 - -100.0% - -

(R$ thousand)

Balance Sheet

Assets 1,426,657 1,615,511 13.2% 1,538,909 5.0%

Current assets 1,349,757 1,511,757 12.0% 1,441,476 4.9%

Cash and cash equivalentes 3,492 3,112 -10.9% 10,577 -70.6%

Financial assets at fair value through profit and loss 709,964 1,288,944 81.6% 1,253,899 2.8%

Financial assets held-to-maturity - (0) - (0) 0.0%

Accounts receivable 170,073 172,666 1.5% 131,081 31.7%

Deferred income tax and social contribution - 10,612 - 8,227 29.0%

Related Parties 433,071 17,662 -95.9% 19,176 -7.9%

Derivative instruments - (0) - (0) 0.0%

Prepaid expenses - 6,376 - 6,409 -0.5%

Other receivables 33,156 12,385 -62.6% 12,107 2.3%

Non-current assets 76,900 103,754 34.9% 97,433 6.5%

Financial assets - bank deposits - - - - -

Financial assets held-to-maturity - - - - -

Deferred income tax 8,625 1,852 -78.5% 5,974 -69.0%

Derivative financial instruments 550 - -100.0% - -

Other accounts receivable 6,821 24 -99.6% 23 6.6%

Investments 1,937 5,058 161.1% 7,083 -28.6%

Property, plant and equipment 3,208 9,231 187.8% 8,289 11.4%

Intangible assets 55,758 87,589 57.1% 76,064 15.2%

Related Parties - - - - -

1Q14

vs

4Q13

1Q14

vs

1Q131Q13 1Q14 4Q13

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

Ronald Domingues Filipe Scalco

Fernanda Camiña