3Q11

Earnings Release

November 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.

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3Q11 results

Operating highlights

Financial highlights

Item 3Q11 YoY QoY

Points issued 20.0 bln +38.5% +7.9%

Points redeemed 12.5 bln +171.7% +14.7%

Breakage rate 24.0% +140bps +70bps

Item 3Q11 YoY QoY

Gross Billings of points R$ 397.3 mln +32.4% +12.1%

Net Revenue R$ 321.5 mln +147.3% +12.8%

EBITDA R$ 78.1 mln

(margin of 24.3%) +64.5% -14.6%

Adjusted EBITDA R$ 82.3 mln

(margin of 22.2%) -7.0% +1.3%

Net Income R$ 51.3 mln

(margin of 16.0%) +15.3% -36.8%

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Currency Hedge

• Multiplus is exposed to

foreign exchange risk as

most of the agreements with

financial institutions are

denominated in USD.

• These partners represented

approximately 70% of

Multiplus’ gross billings in

3Q11.

• The Financial Risk

Policy determines coverage

limits and the list of eligible

financial instruments

5,4

11,2 11,2 11,9 12,1

15,2 15,2 15,0 13,8

2,5

5,8 5,8 6,0 6,3

9,0 9,0 9,0 8,5

-1,6 -0,7 -0,7

0,1 1,5

3,8 3,8 4,0 3,9

-6,1 -6,6 -6,6 -5,5

-3,1 -1,9 -1,8

-1,1 -0,5

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

R$1,65/USD R$1,75/USD R$1,85/USD R$1,95/USD

SENSITIVITY ANALYSIS

Impact on company’s cash flow (Notional: USD 609.0 mln)

R$ million

4Q11 2012 2013 Total

NOTIONAL 51.0 303.0 255.0 609.0

PUT* 1.75 1.80 1.88 1.83

CALL* 1.85 1.90 1.99 1.93

* average strike prices (BRL/USD)

Fundamentals Position in September 2011 (USD mln)

Intrinsic Value

recorded in Equity

and Time value in

Financial results.

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Hedge Accounting in 4 steps

Zero Cost Collar

(purchase of a put

option and the sale of a

call option) or other

instruments.

1 2 3

Balance Sheet

Financial

Results

4

HEDGE

MULTIPLUS

POINTS

Hedge

Construction Mark-to-Market Hedge Expiration

Points

Redemption

Cash results of hedge

operations are

assigned to some

points sold in the same

period (based on first

out rule)

Points

Sale

Balance Sheet

Cash results of hedge

operations are

recorded in operating

results

Operating

Results

NON-CASH

EQUITY

EQUITY AND CASH

COMMENTS

RESULTS

Intrinsic Value

Time Value

IMPORTANT:

The Company does not have any CSA in place

and thus cannot be called for margin in any of its

derivative contracts whichever the scenario.

Item Main variables

Option value Intrinsic value + Time value

Intrinsic value Strike price and Current exchange rate

Time value Maturity, Volatility and Interest Rate Differential (BRL vs USD)

Business Model

Two-way flow:

exchange of

points, products

and services (buy

and sell) between

Multiplus and

coalition partners (Ex. air travel,

e-commerce and

gas station)

Multiplus

manages the

loyalty program of

the partner

(systems and

operations)

Partners buy

points from

Multiplus to award

its customers (Ex. banks, parking

and stores)

Multiplus

leverages the

database from its

network and

offers CRM

services

Partners Partners Partners

Partners

6

Multiplus buys

points, products

or services from

partners to deliver

to its members (Ex. donation and

tickets)

Coalition Redemption Accrual

Partnerships network CRM Outsourcing

Status

Operational

Status

Planning

Status

Planning

how?

24%

3%

73%

Current

TAM Retail, Industry and Services Banks

Strategy: to diversify gross billings and redemptions

7

Note: based on 3Q11

Long term target

98%

2%

Current

Air Tickets Others

Long term target

15 to 20%

15 to 20%

Costs of rewards

Gross billings of points

• Average unit price increase

• Average unit cost reduction

• Controlled breakage decline,

favoring member experience

and volume growth

Long term margin expansion

why?

to diversify gross billings

and redemptions

what?

• Expanding partnerships

network

• Increasing marketing actions

• Improving client experience

133 151

166 161 168

7 12 15 19 20

3Q10 4Q10 1Q11 2Q11 3Q11Total Coalition

Expanding partnerships network

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Groceries, entertainment, restaurants,

beauty, others.

Drugstore Group buying

Pension Plan Car Rental

NOTE: Some partnerships with bad performance were canceled in 2Q11.

Increasing non-airline redemptions

Expanding partnership network

#

+4.3% +26.3%

As % of total points redeemed

NOTE: it includes points issued before 2010 (TAM’s inventory)

0,8% 0,8% 0,9%

2,0%

3,2%

3Q10 4Q10 1Q11 2Q11 3Q11

New partnerships

Roadmap

Tickets Donation

Increasing marketing actions (1/2)

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New positioning

New brand

Mission

Connecting companies and people through a relationship

network in which everybody wins.

Vision

Together we can do much more.

Values

Simplicity

Agility

Reliability

Fun

Innovation

Increasing marketing actions (2/2)

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TV commercial On board videos

(collect points here)

Radio spots, etc

Expanding member base

In millions

7,6 8,0 8,3 8,6 8,9

3Q10 4Q10 1Q11 2Q11 3Q11

+3.7% +17.4%

R$ millions

Growing gross billings

300,0 325,2 339,9 354,6 397,3

3Q10 4Q10 1Q11 2Q11 3Q11

+12.1% 32.4%

Press media

Point-of-sale materials

Media investments Together is so much better. Together is Multiplus.

Improving client experience

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Accrual and balance checking at the point-of-sale

• spread the loyalty concept

• speed up the capillarity strategy penetrating new market segments

• increase sales in retail market

Standard rule: 1 Real ($) = 1 Multiplus point

Special rules allowed (such as minimum ticket) adding more value to the partner

Multiplus as one product of Redecard’s sales team

Call Center improvements

Educational mailings

Systems improvements

Point of Sale

New website coming soon Other actions

Thank you.

Investor Relations

+55 11 5105 1847

invest@multiplusfidelidade.com.br

www.multiplusfidelidade.com.br/ir