2Q10 Earnings ReleaseEarnings Release

August 4, 2010

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

2

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.

2Q10 Highlights

OPERATING HIGHLIGHTS 2Q10 vs 1Q10

• 7.2 mln members, an increase of 4.1% (19.7% versus 2Q09)

• 12.2 bln points issued, a growth of 16.8%

• 3.2 bln points redeemed, an increase of 143.3%

• 125 accrual partnerships, representing an net increase of 4 partnerships

• 7 coalition partnerships, including the most recent partnership with Oi (telecom company)

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• 7 coalition partnerships, including the most recent partnership with Oi (telecom company)

• Breakage ratio of 28.7%, compared to 29.5%

FINANCIAL HIGHLIGHTS 2Q10 vs 1Q10

• Gross Billings of points of R$ 264.0 mln, an increase of 14.6%

• Net Revenue of R$ 93.5 mln, representing a growth of 129.2%

• Adjusted EBITDA of R$ 90,2 mln, a growth of 11,8% (34,2% margin)

• Net Income of R$ 23,1 mln, an increase of 209,2% (24,7% margin)

7.2125

Operating Performance (1/2)

million

+4.1%

MEMBERS PARTNERSHIPS

Quantity

6.9

1Q10 2Q10

121 125

7 7

1Q10 2Q10

Accrual Coalition

4

Operating Performance (2/2)

BREAKAGE RATIO

%

-80 bps

BURN/EARN RATIO (PRO FORMA)*

%

+470 bps

63.1%67.8%

1Q10 2Q10

5

29.5% 28.7%

1Q10 2Q10

*considering 100% of the redeemed points

12.2264.0

Points Issued and Gross Billings

In billions R$ million

+14.6%

POINTS ISSUED GROSS BILLINGS OF POINTS

+16.8%

10.5

12.2

1Q10 2Q10

230.3

264.0

1Q10 2Q10

6

Financial Performance

NET REVENUE

R$ million

+129.2%

POINTS REDEEMED

In billions

1.3

3.2

+143.3%

40.8

93.5

8.1

11.1

1Q10 2Q10

21.7

51.2

1Q10 2Q10

7

OPERATING EXPENSES (SG&A)Adjusted EBITDA

R$ million R$ million

COSTS OF SERVICES RENDERED (COGS)

+135.8% +36.2%

1Q10 2Q10 1Q10 2Q10

90.2

23.1

Net Income and Adjusted EBITDA

R$ milhões R$ milhões

+209.2%

NET INCOME ADJUSTED EBITDA

+11.8%

80.7

90.2

1Q10 2Q10

7.5

1Q10 2Q10

8

18.3% 24.7%Margin 35.0% 34.2%

Cash Reconciliation (2Q10)

R$ million

63.4

31.7

64.6

9

336.3

399.7

496.0

Cash and bank

balances

Amounts

Received in Jul/10

(Related Parties)

Net cash Flow Account

Receivables

Related Parties

Receivable

Total Received

and Receivables

Promised and Delivered

CORPORATE GOVERNANCE

• New CEO

• New head office as the first stepfor Multiplus’ values and culture

• Own marketing structure focused on retail segment

SIEBEL LOYALTY

Implementation will allow:

• Simultaneous operation of different loyalty programs

• Improvement of commercial capacity through Customer Portal and Customer Service

• Agility in the inclusion of new partners and faster transaction processing

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DIVIDENDS AND INTEREST ON EQUITY

• Total amount: R$ 29.0 mln (R$ 0.18 per share)

• Dividends: R$ 13.9 mln (R$ 0.086 per share)

• Interest on Equity: R$ 15,2 mln (R$ 0.094 per share)

• Ex-date: August 5, 2010

• Payment date: August 18, 2010

95% dividend Pay-out in the 1st semester of 2010

segment

• Migration of TAM’s agreements to Multiplus

transaction processing

• Increase of data storage capacity

Investment Highlights and Growth Strategyand Growth Strategy

Flexible Business

Model1

Broad Exclusive

and

Investment Highlights

High growth potential

3

Broad Partnership

Network2

High Corporate

Governance Standards

4

and Strategic

Relationship with TAM

5

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Flexible Business Model

Partner A

Partner

Program

Partner

PartnerC

PartnerD

PartnerB

Partner

ProgramA

CRM

ACCRUAL COALITION OUTSOURCING CRM

AAPartner

A

PartnerA

Partners buy points from Multiplus to award its customers

Two-way flow: exchange of points (buy and sell) between Multiplus and coalition partners

Multiplus as the loyalty program of the partner

Multiplus leverages the database from its network and offers CRM services

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growthopportunities

increases the attractiveness of partners’ loyalty program by connecting them to Multiplus

reaches more sectors and companies

Broad Partnership Network

OTHER PARTNERSTRAVELFINANCIAL

INSTITUTIONSCOALITION PARTNERS

Airlines

NON EXHAUSTIVE

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High penetration potential in several other industries: financial, retail,

clothing, education, public sector, corporate programs, etc

1294 1429 15941812 1972

Growth Opportunities

Personal Consumption Expenditure (R$ billions)

CAGR +11%

INCREASING CONSUMPTION STILL LOW GDP PER CAPITA

000’ US$ per capita, 2009E

7,7 8,416,4

35,742,1

46,4

4044

48

56

2006 2007 2008 2009

142174

215

256

309

2006 2007 2008 2009 2010E

2005 2006 2007 2008 2009

15

Credit Card Transaction Value (R$ billions)

CAGR +22%

CREDIT CARD USAGE EXPANSION

Source: IBGE

Source: ABECS

INCREASING PASSENGER TRAFFIC

RPK in Brazil (billions)

Growth

(%YoY)10% 9% 17%12%

Brazil Turkey South Korea UK France USA

Source: ANAC

Source: FMI

Exclusive and Strategic Relationship with TAM Leads to Significant Competitive Advantage

● Leading airline in the Brazilian market and largest airline in Latin America

● Only Brazilian company with long haul flights

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

Airlines

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● 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 (over 1,000 destinations)

● 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

Multiplus Growth Strategy

Expand our Commercial Partners Network

Expand Redemption Options, focusing on increasing margin

Attracting additional Members and broadening targeted social classes

1

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Expand our products offer with differentiated services based on increased systems capability and enhanced Partners database

Develop Multiplus’ capacity to allow

accrual and redemption at the Partners’ Point of Sales

2

3

Thank you.Thank you.

Investor Relations

+55 11 5582 9890

invest@multiplusfidelidade.com.br

www.multiplusfidelidade.com.br/ir