Earnings Release 2Q12

1. 2Q12
Earnings Release
August 10, 2012

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. 2Q12 Highlights
29% growth in Points Issued
vs 2Q11
R$ 131 mln in Cash Generation
in 2Q12
279% growth in non-air redemptions
vs 2Q11
10,1 million Members
18% growth vs 2Q11
3

4. Our members and partnerships network
is continuously growing
More than 10.1 million members We reached 207 partners
(coalition, accrual and redemption)
Members, in mln
9,8 10,1 Number of partners 207
9,4 200
8,9 190
8,6
168
161
2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12
4

5. Achievments and acknowledgments
Almost 300,000 redemptions per month
21% of members became active through an
coalition partner
in 2Q12 vs 8% in 2Q11 and 2% in 2Q10
Melhores e Maiores (Best and Largest Companies) Exame Ranking
1st place in Wealth generation per
Employee Ranking
363th place in General Ranking:
climbed 352 positions
Page 536 – Exame Magazine, Special Edition Jul/12
5

6. Constant evolution network
Non-air redemptions surpassed Members who have already
4% of total for the first time experienced the coalition grew
in 2Q12 ~150%
2Q12 vs 2Q11
4,3% 247
4,0%
209
2,9% 173
2,6%
130
100
1,5% 77
60
42
0,5% 0,5% 0,6% 14
27
0,2% 0,3%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
NOTE: number of people who have already made an
accrual or redemption transaction in network (except TAM
and banks)
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7. Solid gross billings growth instead an unfavorable
macroeconomic scenario
R$ 457.1 mln in Gross Billings R$ 319.5 mln in Net Revenue
R$ mln R$ mln & bln points
457,1
433,6 430,4 398,3
397,3
354,6 347,1
321,5 319,5
285,1
17,4
15,2
14,5
12,5
10,9
2Q11 3Q11 4Q11 1Q12 2T12 2Q11 3Q11 4Q11 1Q12 2Q12
Net Revenue Points Redeemed
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8. Focusing in profitability
Breakage rate: Profitability management with 5
gradual decline as expected
base pillars:
23,3% 24,0% 24,1% 23,4% • Unit price
22,5%
• Unit cost
• Float
• Breakage
• Growth
2Q11 3Q11 4Q11 1Q12 2Q12
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9. Delivering Net Income and solid Cash Generation
R$ 43.3 mln in Net Income R$ 131.4 mln in FCF*
R$ mln RS mln
81,2 241,1
70,9
61,6
51,3 148,0 153,9
43,3 131,4
54,3
2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12
* Exclude prepayment effects, dividend payments, interes
on equity and capital reduction
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10. Investor Relations
+55 11 5105 1847
Thank you! invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir