1993 Creation of TAM Fidelidade

2009 Spin-off from TAM Fidelidade

Feb/2010 Multiplus’ IPO

Aug/2010 New headquarters and IT loyalty platform

Oct/2011 Multiplus presents its new brand

Dec/2011 Multiplus becomes one of TOP 100 most liquid stocks in Bovespa

Mar/2012 Multiplus reaches 200 partners

Apr/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

Sept/2014 Multiplus launches "Points + Money“ and Multiplus Challenge (gamification)

# of months ~10 0

24

3

2

Points selling Redemption

Spread 1

CASH IN CASH OUT

Float

Breakage

1 Spread

3 Breakage

2 Float

Unit revenue minus unit cost

Points expired: No cost

Revenue on interest

´

Coalition TAM

Coalition represents more than 80% of points accumulated

15%

56%

29%

14%

24%

Source: Social Policies Center of FGV-Rio

24%

61%

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

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%

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+

9.7

11.0

12.6

11.0

12.1 12.6

12.9

2012 2013 2014 4Q13 3Q14 4Q14 1Q15

369

472

416

472 465

416 392

2012 2013 2014 4Q13 3Q14 4Q14 1Q15

1,119

1,525

1,871 2,009

2,127

538 567 638

2010 2011 2012 2013 2014 1Q14 4Q14 1Q15

Gross billings (BRL mln) Points issued (bn)

53.2

76.2

85.2 85.3 88.5

22.1 23.1 22.0

2010 2011 2012 2013 2014 1Q14 4Q14 1Q15

*Includes bonus points

Net revenue (BRL mln) Net income (BRL mln)

429

1,247

1,476

1,651

1,819

441 476 534

2010 2011 2012 2013 2014 1Q14 4Q14 1Q15

118.4

274.2

224.3 232.1

325.0

74.6 83.6 100.0

2010 2011 2012 2013 2014 1Q14 4Q14 1Q15

Gross margin Net margin

41.6% 32.5% 25.8% 25.7% 29.0% 29,3% 25.2% 22.0% 15.2% 14.1% 17.9% 27.6% 28.0% 29.2% 16.9% 17.6% 18.7%

85% 15%

Current

Air Tickets Others

20%

5%

75%

Current

TAM Retail, Industry and Services Banks

Note: 1Q15

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

Breakage rate (%)

22.6% 24.1%

21.3%

18.2% 17.8% 18.2% 17.8% 18.0%

2010 2011 2012 2013 2014 1Q14 4Q14 1Q15

Non-air redemptions (%)

0.4%

2.1%

5.4%

9.2%

11.6%

7.7%

15.6%

11.5%

2010 2011 2012 2013 2014 1Q14 4Q14 1Q15

FCF* (BRL mln)

589.0

460.6 418.1

452.6

309.8

99.7

46.8

166.6

2010 2011 2012 2013 2014 1Q14 4Q14 1Q15

*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)

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

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

•

•

•

•

•→

•

→

•

•

•

•

•

SINGAPORE AIRLINES serves 34 countries

SOUTH AFRICAN: flies to 67 destinations in the world

Accrual partners Coalition partners Redemption partners

23

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 .

Smart

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

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

Strong relationships with banks

Increase in volume Member engagement increase Incentive to partners Value to the member

Bonus points in transfer points of credit cards

Perception of value for members

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

Clear prioritization of segments

Network diversification

Anticipate members behaviour

(CRM, analysis of customer

profiles)

Better experience and more members´

engagement

Focus on adding value to comercial

partners

Redemptions diversification,

leading to higher

margins

Solid strategy in force

Appendix