Institucional Presentation Nov/2015

2. 1993
Creation of
TAM Fidelidade
2009
Spin-off from
TAM Fidelidade
Feb/2010
Multiplus’ IPO
Oct/2011
Multiplus
presents its
new brand
Dec/2011
Multiplus
becomes one of
TOP 100 most
liquid stocks
in Bovespa
Abr/2012
Multiplus
reaches 10 mn
members
May/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
Mar/2014
Multiplus
mobile
app for
IOS and
Android
Sep/2014
Multiplus
launches
"Points +
Money“ and
Multiplus
Challenge
(gamification)
Mar/2015
Multiplus
reaches a
record
Net
Income
Jun/2015
Multiplus starts
operating in the
innovative
segment of
insurance
consultancies
Nov/2015
Multiplus and
TAM
integrate
programs,
unifying
passwords
1

3. # of months
~100
24
3
2
Points selling Redemption
Spread1
CASH IN CASH OUT
Float
Breakage
1 Spread
3 Breakage
2 Float
Unit revenue minus unit cost
Points expired: No cost
Revenue on interest
2

4. Early stages - Brazilian loyalty industry has very
low penetration and presents solid growth drivers
4

5. 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
High growth potential
Average (ex-Multiplus): 18%
5

6. Credit card usage
Expected on average double digitgrowth for
next 3 years
Only 35%of customers understands that they have
enrolled in a bank loyalty program
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
Consumption
Possible high single digit growth for next 3 years
Loyalty culture still in the early stages
Wealth distribution
A/B classes expected to reach 15% in 2014 (vs 7% in
2003)
Multiplus network focus on A, B and C+
6

7. 465
400
425
151
190
369
472
416
2010 2011 2012 2013 2014 3Q142Q153Q15
6.9
8.3
9.7
11.0
12.6
12.1
13.2 13.5
2010 2011 2012 2013 2014 3Q14 2Q15 3Q15
+11.8%
+2.1%
-8.6%
+6.3%
175.5%
82.6%
7

8. 1,119.5
1,523.3
1,871.0
2,009.0
2,126.8
549.6633.4648.1
2010 2011 2012 2013 2014 3Q142Q153Q15
+17.9%
+2.3% 53.2
76.3
85.2 85.3 88.5
23.2 21.7 21.0
2010 2011 2012 2013 2014 3Q14 2Q15 3Q15
-3.2%
-9.4%
89.9% 66.3%
8

9. 118.4
274.2
224.3 232.1
325.0
86.7
109.3
144.8
2010 2011 2012 2013 2014 3Q14 2Q15 3Q15
66.9
24,8%17,9% 19,5%
32.5
469.8
1,246.8
1,476.0
1,650.8
1,819.4
485.3 560.6 584.5
2010 2011 2012 2013 2014 3Q14 2Q15 3Q15
20.5
+4.3%
30,0%29,4% 30,4%
287.2%
174.5
9

10. Note: 3Q15
18%
13%
69%
TAM
Retail, industry and services
Banks
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
87%
13%
Air tickets Others
Current
Current
Long term target
Long term target
10

11. 0,4%
2,1%
5,4%
9.3%
11.6% 12.1%
13.1%
13.7%
2010 2011 2012 2013 2014 3Q14 2Q15 3Q15
22.6%
24.1%
21.3%
18.2% 17.8% 17.8% 17.9% 17.8%
2010 2011 2012 2013 2014 3Q14 2Q15 3Q15
11

12. 589.0
460.6
418.1
452.6
309.8
91.4
178.7
150.4
2010 2011 2012 2013 2014 3Q14 2Q14 3Q15
12

13. We already have a strong partnership network,
highlighting LATAM Airlines and all local banks

14. 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
14

15. • VARIATION OF COST OF REDEMPTIONS ACCORDING TO THE CHARACTERISTICS OF FLIGHT → “win-win”
 Type of flight: Targeting flights in strong, medium and weak
 Flight Distance: Targeting flights per distance and region
 Flight Season: Targeting flights in low and high season in each region
15

16. SINGAPORE AIRLINES
serves 34 countries
SOUTH AFRICAN: flies to 67
destinations in the world
16

17. 17

18. Diversified
partnerships
increase sources of
accrual and bring
new sign-ups in the
network
18

19. Redemptions partnerships increases
profitability and add perceived value to
costumers
19

20. Member`s
experience
Value for partner
Business
sustainability
Offer intuitive experience , segmented and personalized, facilitating the relationship and
interaction with our brand.
Encourage the use of the network, with greater assertiveness, boosting the accrual and
redemption of points.
Provide intelligence for our business partners and greater exposure of its brands, products and
services .
Sm
art
Value for
partners
Business
sustainability
20

21. More than 80% of the
costumers prefer to shop in
Loyalty Programs
Source: Research made by Technology Advice, in EUA
82.4%
17.6%
Don’t consider
relevant
Proven higher conversion rate by
offering Multiplus points
21

22. bonus points per each new credit card activated1 Activation
bonus points according to the volume of points transferred
segmented offers to engage an specific member group
2 Spending
3 Targeting
Targeted
redemption offers
22

23. Solid strategy - Our business sustainability is
based on network diversification, member
engagement and value delivery to partners

25. (R$ thousand)
Income Statement 3Q15 2Q15 Var % 3Q14 Var % 9M15 9M14 Var %
Gross revenue 649,145 617,811 5.1% 534,993 21.3% 1,855,944 1,482,154 25.2%
Sale of points 544,377 515,086 5.7% 454,800 19.7% 1,552,081 1,265,519 22.6%
TAM Airlines 41,695 38,711 7.7% 38,477 8.4% 119,065 109,090 9.1%
Banks, Retail, Industry and
Services
502,682 476,374 5.5% 416,323 20.7% 1,433,016 1,156,429 23.9%
Breakage 105,085 103,019 2.0% 81,594 28.8% 304,847 232,087 31.4%
Hedge (318) (293) 8.5% (1,735) -81.7% (984) (15,786) -93.8%
Other revenues - - - 334 -100.0% - 334 -100.0%
Taxes on sales (64,646) (57,220) 13.0% (49,740) 30.0% (176,488) (138,823) 27.1%
Net Revenue 584,499 560,591 4.3% 485,252 20.5% 1,679,456 1,343,331 25.0%
Cost of the points redeemed (409,212) (389,919) 4.9% (340,800) 20.1% (1,177,394) (943,442) 24.8%
Air tickets (362,579) (350,985) 3.3% (303,954) 19.3% (1,058,432) (859,029) 23.2%
Other products / services (46,633) (38,934) 19.8% (36,846) 26.6% (118,963) (84,414) 40.9%
Equity Share on Results from
Investments
- - - (1,703) -100.0% - (5,171) -100.0%
Gross Profit 175,286 170,672 2.7% 142,749 22.8% 502,061 394,718 27.2%
Gross Margin 30.0% 30.4% -0.5p.p. 29.4% 0.6p.p. 29.9% 29.4% 0.5p.p.
25

26. (R$ thousand)
Income Statement 3Q15 2Q15 Var % 3Q14 Var % 9M15 9M14 Var %
Gross revenue 649,145 617,811 5.1% 534,993 21.3% 1,855,944 1,482,154 25.2%
Sale of points 544,377 515,086 5.7% 454,800 19.7% 1,552,081 1,265,519 22.6%
TAM Airlines 41,695 38,711 7.7% 38,477 8.4% 119,065 109,090 9.1%
Banks, Retail, Industry and
Services
502,682 476,374 5.5% 416,323 20.7% 1,433,016 1,156,429 23.9%
Breakage 105,085 103,019 2.0% 81,594 28.8% 304,847 232,087 31.4%
Hedge (318) (293) 8.5% (1,735) -81.7% (984) (15,786) -93.8%
Other revenues - - - 334 -100.0% - 334 -100.0%
Taxes on sales (64,646) (57,220) 13.0% (49,740) 30.0% (176,488) (138,823) 27.1%
Net Revenue 584,499 560,591 4.3% 485,252 20.5% 1,679,456 1,343,331 25.0%
Cost of the points redeemed (409,212) (389,919) 4.9% (340,800) 20.1% (1,177,394) (943,442) 24.8%
Air tickets (362,579) (350,985) 3.3% (303,954) 19.3% (1,058,432) (859,029) 23.2%
Other products / services (46,633) (38,934) 19.8% (36,846) 26.6% (118,963) (84,414) 40.9%
Equity Share on Results from
Investments
- - - (1,703) -100.0% - (5,171) -100.0%
Gross Profit 175,286 170,672 2.7% 142,749 22.8% 502,061 394,718 27.2%
Gross Margin 30.0% 30.4% -0.5p.p. 29.4% 0.6p.p. 29.9% 29.4% 0.5p.p.
Shared services (233) (1,278) -81.7% (779) -70.0% (2,278) (2,369) -3.8%
Personnel expenses (18,955) (16,899) 12.2% (13,371) 41.8% (51,697) (38,118) 35.6%
Marketing (6,888) (5,928) 16.2% (10,159) -32.2% (17,523) (23,386) -25.1%
Depreciation (15,245) (6,285) 142.6% (4,679) 225.8% (27,786) (12,481) 122.6%
Other (14,051) (20,835) -32.6% (21,267) -33.9% (51,361) (52,783) -2.7%
Total Operating Expenses (55,373) (51,225) 8.1% (50,255) 10.2% (150,646) (129,137) 16.7%
Operating Income 119,913 119,447 0.4% 92,494 29.6% 351,416 265,581 32.3%
Operating Margin 20.5% 21.3% -0.8p.p. 19.1% 1.5p.p. 20.9% 19.8% 1.2p.p.
Financial Income/Expenses 99,219 43,506 128.1% 35,702 177.9% 179,103 100,605 78.0%
Hedge - - - - - - (2,113) -100.0%
Income before income tax and
social contribution
219,132 162,953 34.5% 128,196 70.9% 530,519 364,074 45.7%
Income tax and social contribution (74,379) (53,698) 38.5% (41,474) 79.3% (176,500) (122,694) 43.9%
Net Income 144,753 109,255 32.5% 86,722 66.9% 354,019 241,380 46.7%
Net Margin 24.8% 19.5% 5.3p.p. 17.9% 6.9p.p. 21.1% 18.0% 3.1p.p.
26

27. (R$ thousand)
Balance Sheet VA VA VA
Assets 1,945,998 100.0% 1,965,687 100.0% 1,692,005 100.0%
Current assets 1,832,499 94.2% 1,846,244 93.9% 1,581,149 93.4%
Cash and cash equivalentes 236 0.0% 128 0.0% 9,252 0.5%
Financial assets at fair value through profit and loss 1,596,573 82.0% 1,229,622 62.6% 947,122 56.0%
Accounts receivable 179,415 9.2% 201,265 10.2% 208,800 12.3%
Deferred income tax and social contribution 12,700 0.7% 26,304 1.3% 14,856 0.9%
Related Parties 42,219 2.2% 19,531 1.0% 37,071 2.2%
Advances to suppliers 160 0.0% 367,360 18.7% 359,077 21.2%
Other receivables 1,196 0.1% 2,035 0.1% 4,971 0.3%
Non-current assets 113,499 5.8% 119,443 6.1% 110,856 6.6%
Deferred income tax 11,443 0.6% 10,382 0.5% 7,843 0.5%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Other accounts receivable 31 0.0% 33 0.0% 36 0.0%
Investments 91 0.0% 91 0.0% 1,912 0.1%
Property, plant and equipment 14,735 0.8% 13,762 0.7% 14,280 0.8%
Intangible assets 87,199 4.5% 95,175 4.8% 86,785 5.1%
9/30/20149/30/2015 31/06/2015
27

28. Liabilities and shareholders' equity 1,945,997 100.0% 1,965,686 100.0% 1,692,005 100.0%
Current liabilities 1,674,671 86.1% 1,727,500 87.9% 1,468,979 86.8%
Suppliers 204,889 10.5% 202,989 10.3% 180,687 10.7%
Salaries and payroll taxes 10,301 0.5% 14,562 0.7% 14,949 0.9%
Tax, charges and contributions 441 0.0% 377 0.0% 5,661 0.3%
Income and social contribution tax - 0.0% - 0.0% 9,461 0.6%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Deferred revenue 1,141,726 58.7% 1,141,449 58.1% 1,074,391 63.5%
Breakage liabilities 202,440 10.4% 204,781 10.4% 177,978 10.5%
Advances from customers 113,740 160,538 -
Other liabilities 1,134 0.1% 2,804 0.1% 5,852 0.3%
Dividends payable - 0.0% - 0.0% - 0.0%
Non-current liabilities - 0.0% - 0.0% 67 0.0%
Deferred revenue - 0.0% - 0.0% 67 0.0%
Equity 271,326 13.9% 238,186 12.1% 222,959 13.2%
Share capital 107,300 5.5% 107,300 5.5% 105,966 6.3%
Capital reserve (1,455) -0.1% (1,676) -0.1% 3,085 0.2%
Shares in treasury (11,227) -0.6% (2,943) - 0.0%
Earnings reserve 176,708 9.1% 135,715 6.9% 115,155 6.8%
Carrying value adjustments - 0.0% (210) 0.0% (1,247) -0.1%
Retained Earnings (loss) - 0.0% - 0.0% - 0.0%
(R$ thousand)
Balance Sheet VA VA VA
Assets 1,945,998 100.0% 1,965,687 100.0% 1,692,005 100.0%
Current assets 1,832,499 94.2% 1,846,244 93.9% 1,581,149 93.4%
Cash and cash equivalentes 236 0.0% 128 0.0% 9,252 0.5%
Financial assets at fair value through profit and loss 1,596,573 82.0% 1,229,622 62.6% 947,122 56.0%
Accounts receivable 179,415 9.2% 201,265 10.2% 208,800 12.3%
Deferred income tax and social contribution 12,700 0.7% 26,304 1.3% 14,856 0.9%
Related Parties 42,219 2.2% 19,531 1.0% 37,071 2.2%
Advances to suppliers 160 0.0% 367,360 18.7% 359,077 21.2%
Other receivables 1,196 0.1% 2,035 0.1% 4,971 0.3%
Non-current assets 113,499 5.8% 119,443 6.1% 110,856 6.6%
Deferred income tax 11,443 0.6% 10,382 0.5% 7,843 0.5%
Derivative financial instruments - 0.0% - 0.0% - 0.0%
Other accounts receivable 31 0.0% 33 0.0% 36 0.0%
Investments 91 0.0% 91 0.0% 1,912 0.1%
Property, plant and equipment 14,735 0.8% 13,762 0.7% 14,280 0.8%
Intangible assets 87,199 4.5% 95,175 4.8% 86,785 5.1%
9/30/20149/30/2015 31/06/2015
28