Investor Presentation

January 2011

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Disclaimer

● This notice may contain estimates for future events. These estimates merely reflect the expectations of theCompany’s management, and involve risks and uncertainties. The Company is not responsible for investmentoperations or decisions taken based on information contained in this communication. These estimates are subject tochanges without prior notice.

● This material has been prepared by Multiplus S.A. (“Multiplus“ or the “Company”) includes certain forward-lookingstatements that are based principally on Multiplus’ current expectations and on projections of future events andfinancial 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 ofeach 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 lookingstatements.

● This material is published solely for informational purposes and is not to be construed as a solicitation or an offer tobuy or sell any securities or related financial instruments. Likewise it does not give and should not be treated as givinginvestment advice. It has no regard to the specific investment objectives, financial situation or particular needs of anyrecipient. 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 substitutefor the exercise of their own judgment.

What is Multiplus?

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Market Cap of R$ 5.7 billion• Free float of R$ 1.5 billion • Controlled by TAM S.A. (73.2% stake)• BM&FBovespa “Novo Mercado” listed

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The Leading Loyalty Coalition Network in Brazil• Originated from TAM Fidelidade Program • 7.6 million members• 133 partnerships

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Unique Business Model• Scalable business with low CAPEX requirement• Recurring and solid Free Cash Flow• High returns

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Note: based on Dec 7 2010 data

Accrual Partnerships*(members can earn points)

Retail, Industries and ServicesTravel and EntertainmentFinancial Institutions

*non exhaustive

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5

Coalition Partnerships Network(members can earn and redeem points)

Gas StationsAirline

Travel Agency

Telecom

Hotels

Magazine Subscriptions

Pay-TV

Clothing

DrugstoreEducation

Bookstore

Stock ExchangeEntertainment

E-Commerce

to be announced

to be announced

to be announced

to be announced

Sources of Profit

6Note: based on Sep10 YTD

Gross Billings Redemption Costs

Airline Tickets99%

Other productsand services

1%

TAM27%

Banks, Retail, Industry and

Services73%

Spread(Margin between point price and

redemption cost)

Breakage(points expiring before being

redeemed)

Interest incomeon the float

(gap between sales points and the redemptions of products and services)

Cross-selling of services

(outsourcing and CRM)

Sources of Profit

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Growth Opportunities

142174

215256

2006 2007 2008 2009

Credit Card Transaction Value (R$ billions)CAGR +22%

Credit Card Usage

Source: ABECS

1,429 1,594 1,812 1,972

2006 2007 2008 2009

Personal Consumption Expenditure (R$ billions)

CAGR +11%

Consumption

Source: IBGE

4044

48

56

2006 2007 2008 2009

Passenger TrafficRPK in Brazil (billions)

17%

Source: ANAC

Wealth DistributionSocial classes* (% of the population)

Source: Ministry of Finance and FVG

36.0% 33.2% 30.9% 30.8%

50.0% 52.0% 53.8% 53.6%

14.0% 14.7% 15.3% 15.6%

2006 2007 2008 2009

A and B

C

D and E

*Note: classes D and E - less than R$13,380/year; class C - from R$13,380/year to R$57,684/year; and classes A and B - above R$ 57,684/year.

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Main Strategic ObjectivesCustomer

Experience

Shareholder Return Branding

new partners(and high value added partnerships)

new members new redemptions options(coalition)

friendly interface(new website, new tools, etc)

operational efficiency

marketing the new concept

sharing costs with partners

actions at the point of sale

new services(CRM and outsourcing)

breakage management

cash management

Appendix

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Appendix I: Exclusive and Strategic Relationship with TAM

● 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

Operational Agreement Assures the Most Appealing Products to the Members = Air Tickets

Airlines

Appendix II: Typical Accrual and Redemption Flows

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MEMBER(consumer)

Pointsearns Partner’sProgram

accumulates converts to

PARTNER WITH STANDALONE PROGRAM

PARTNER WITH NO STANDALONE PROGRAM

Accrual flow: cash in due to sales of points to partners

Redemption flow: cash out due to purchase of points, products and services from partners and suppliers

earns

MEMBER(consumer)

Points

redeems

converts to Partner’sProgram

accumulates earns

COALITION PARTNER

earns

Products and

Services

Products and

Services

earns Multiplus Catalogue

buys

POINTS

POINTS

A

B

C

D

E

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Appendix III:3Q10 Highlights

OPERATING HIGHLIGHTS 3Q10 vs 2Q10

• 7.6 mln members, an increase of 6.0% (20.8% versus 3Q09)

• 14.4 bln points issued, a growth of 17.9%

• 4.6 bln points redeemed, an increase of 44.2%

• Breakage ratio (24 months average) of 26.9%, compared to 28.7%

FINANCIAL HIGHLIGHTS 3Q10 vs 2Q10

• Gross Billings of points of R$ 300.0 mln, an increase of 13.6%

• Net Revenue of R$ 130.0 mln, representing a growth of 39.1%

• Adjusted EBITDA of R$ 101.2 mln, a growth of 12.2% (33.7% margin)

• Net Income of R$ 44.5 mln, an increase of 92.4% (34.2% margin)

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Appendix IV:Balance Sheet

(R$ thousands)Balance Sheet

Assets 1.062.523 1.257.006 18,3%Current assets 789.208 1.102.918 39,8%Cash, cash equivalents and Investments 336.265 633.813 88,5%Other receivables 64.638 91.647 41,8%Related parties 382.919 363.136 -5,2%

Current account 95.126 30.157 -68,3%Prepaid expenses 287.793 332.979 15,7%

Deferred income tax and social contribution 5.025 14.115 180,9%Other assets 361 207 -42,7%Non-current assets 273.315 154.088 -43,6%Prepaid expenses 265.610 142.377 -46,4%Deferred income tax and social contribution 568 755 32,9%PP&E and Intangible assets 7.137 10.956 53,5%

Liabilities and shareholders' equity 1.062.523 1.257.006 18,3%Current liabilities 362.979 541.993 49,3%Suppliers 3.107 5.139 65,4%Taxes and fees payable 6.002 20.780 246,2%Deferred revenue 239.671 354.302 47,8%Breakage liabilities 110.938 155.162 39,9%Other liabilities 3.261 6.610 102,7%Equity 699.544 715.012 2,20%

2Q10 3Q10 3Q10 vs 2Q10

Thank you.Investor Relations

+55 11 5105 1847invest@multiplusfidelidade.com.brwww.multiplusfidelidade.com.br/ir