Members accumulate points from different programs into a single account and the partners have the opportunity to increase their sales

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2 BUSINESS Brazil s largest coalition program, with a network of Loyalty programs, allowing the accrual and redemption of points in various partners and Loyalty programs ACTIVITIES We manage the member accrual and redemption of points We sell points to our partners to reward their customers We purchase awards (products and/or services) from the partners to offer our members as redemption offers in the network We create products to facilitate and improve the member s experience We develop information technology, explore the transactional behavior of our members and offer CRM services One single account Members accumulate points from different programs into a single account and the partners have the opportunity to increase their sales Currently, our network consists of more than 300 partners retailers, industry, and services and gathered 19 million members, who can earn Multiplus points directly or indirectly (through a partner program transfer) in more than 13 thousand commercial establishments It is possible to redeem points for more than 550 thousand options of products and services All points (including bonus) are valid for 2 years 2

3 2011 Multiplus becomes one of TOP 100 most liquid stocks in Bovespa 2013 Improved corporate governance structure Two independent members on Board Non-air redemptions reached record 8% in a quarter 2015 Multiplus implements changes to its operating model with TAM Redemption of air tickets on Multiplus marketplace 2017 Partnership with Vivo Partnerships with startups Record gross billings Record points issued New co-branded card Spin-off from TAM and Multiplus IPO 2012 Multiplus reaches 10 mln members 2014 TAM joins Oneword Launch of mobile app Multiplus launches "Points + Money and Game Multiplus 2016 Launch of Club Multiplus Multiplus launches a insurance brokerage firm New platform of hotel reservation 3

4 Points selling Redemption Expiration 1.SPREAD Unit revenue minus unit cost 3.BREAKAGE Points expired: No cost number of months CASH IN 2.FLOAT Revenue on interest CASH OUT 24 4

5 Novo Mercado (New Market) 100% tag along Dividend distribution: 100% of net income Ownership breakdown: Free float 27.16% Only ordinary shares; one share, one vote 30% of independent members on Board Special committee Committee on Finance, Audit, Governance and Related Parties TAM S.A % 5

6 Leadership 19.4 M of Members R$ M gross billings in 4Q % 19.1 B of points accrued points redeemed

7 / MARKETING APP Customized pages Advanced search Flexibility in offers and communication with customers and partners Increasing knowledge about our members allows us to contribute in various ways with partners Targeted offers using statistical models It provides partners with new and efficient ways to reach their customers Games and challenges Alignment with specific objectives of the partner Redemptions available Exclusive offers Tracking accrual of points Geolocalization 14

8 MEMBERS BEHAVIOR Results of some of our models Propensity model for air tickets in specific routes: 4 times higher in volume of points and members. 7% of the base bringing 94% of the result on a Points + Money campaign Propensity model for accrual in TAM Itaucard card: 6 times higher in number members and 15 times higher in number of points Clustering of the base according to propensity models Propensity model for redemption in retail partnerships: the combined use of various models brought a result 100% higher in number of points and members 15

9 A pioneer in the sector, Multiplus is committed to innovation First app in the loyalty industry with over 3.2 million downloads First company to launch a point accrual platform for hotel reservations, with hotéis.com First to develop a co-branded credit card with 2.5 points accrued for every dollar spent The first company to create a point marketplace First steps for internation alization First player to transform FFP into coalition in Brazil Unique to offer challenges for Game Multiplus Only to develop statistical models for targeted offers The first insurance broker to offer point accrual Unique to develop differentiated model of partnership with start-up 16

10 Members (million) Gross billings (BRL million) CAGR: + 15% CAGR: + 5% , , , , , Data available on Company s releases 18

11 Non-air redemptions (% of the total) Breakage rate (%) 17.5% 11.6% 14.3% 15.1% 18.5% 17.8% 18.2% 17.0% 17.5% 9.2% Data available on Company s releases 19

12 % 10. 0% 0.0 % -10.0% -20.0% -30.0% -40.0% -50.0% Net income (BRL million) Net margin (%) 14.1% 17.9% 21.2% 23.4% 22.4% % CAGR: + 22% % EBITDA(BRL million) EBITDA margin(%) 20.6% 23.6% % 26.4% CAGR: + 27% Net income Net margin EBITDA EBITDA margin Data available on Company s releases 20

13 APPENDIX 21

14 Income Statement (R$ thousand) 4Q17 3Q17 Var % 4Q16 Var % Var % Gross revenue 625, , % 603, % 2,549,836 2,423, % Sale of points 510, , % 523, % 2,138,404 2,049, % LATAM Brazil 36,169 37, % 38, % 159, , % Banks, Retail, Industry and Services 474, , % 484, % 1,978,626 1,900, % Breakage 114, , % 79, % 411, , % Taxes on sales (53,762) (62,690) -14.2% (55,837) -3.7% (240,068) (224,440) 7.0% Net Revenue 571, , % 547, % 2,309,768 2,199, % Cost of the points redeemed (394,396) (367,004) 7.5% (371,009) 6.3% (1,548,886) (1,447,264) 7.0% Air tickets (318,554) (314,865) 1.2% (308,666) 3.2% (1,304,116) (1,246,468) 4.6% Other products / services (75,842) (52,139) 45.5% (62,343) 21.7% (244,770) (200,796) 21.9% Other operating cost (13,597) (13,597) - - Total cost of services rendered (407,993) (367,004) 11.2% (371,009) 10.0% (1,562,483) (1,447,264) 8.0% Gross Profit 163, , % 176, % 747, , % Gross Margin % 28.6% 33.4% -4.8p.p. 32.2% -3.6p.p. 32.4% 34.2% -1.8p.p. 22

15 Income Statement (R$ thousand) 4Q17 3Q17 Var % 4Q16 Var % Var % Shared services % % % Personnel expenses (117) (175) -33.3% (175) -33.3% (642) (700) -8.3% Marketing (21,527) (19,350) 11.2% (19,767) 8.9% (77,109) (72,933) 5.7% Depreciation (7,251) (5,831) 24.4% (2,145) 238.0% (21,339) (14,790) 44.3% Results on equity share (5,982) (9,267) -35.4% (6,430) -7.0% (28,058) (25,153) 11.5% Other (1,612) (42) % (2,301) -29.9% (3,049) (2,301) 32.5% Total Operating Expenses (36,488) (34,665) 5.3% (30,818) 18.4% (130,196) (115,876) 12.4% Total Costs and Operating Expenses (16,112) (53,130) -69.7% (53,921) -70.1% (164,595) (192,276) -14.4% Operating Income (424,105) (420,134) 0.9% (424,930) -0.2% (1,727,078) (1,639,540) 5.3% Operating Margin % -74.2% -76.3% 2.1p.p % 3.4p.p % -74.5% -0.2p.p. Financial Income/Expenses 147, , % 122, % 582, , % Net income before tax and social contribution 171, , % 169, % 744, , % Income tax and social contribution (77,482) (23,333) 232.1% (53,237) 45.5% (227,174) (242,806) -6.4% Net Income 94, , % 116, % 517, , % Net Margin % 16.5% 29.5% -12.9p.p. 21.2% -4.7p.p. 22.4% 23.4% -1.0p.p. 23

16 Balance Sheet (R$ thousand) 4T17 VA 3T17 VA 4T16 VA Assets 1,721, % 1,866, % 1,751, % Current assets 1,721, % 1,866, % 1,751, % Cash and cash equivalentes 1,617, % 1,780, % 1,648, % Financial assets at fair value through profit and loss % % 1, % Financial assets held-to-maturity 1,322, % 1,463, % 1,459, % Accounts receivable - 0.0% - 0.0% - 0.0% Deferred income tax and social contribution 216, % 244, % 151, % Related Parties 50, % 46, % 8, % Current account 21, % 22, % 26, % Prepaid expenses 21, % 22, % 26, % Derivative instruments - 0.0% - 0.0% - 0.0% Advances to suppliers - 0.0% - 0.0% - 0.0% Other receivables 6, % 4, % % Non-current assets - 0.0% - 0.0% % Financial assets - bank deposits 103, % 85, % 102, % Financial assets held-to-maturity - 0.0% - 0.0% - 0.0% Deferred income tax - 0.0% - 0.0% - 0.0% Derivative financial instruments - 0.0% - 0.0% - 0.0% Other accounts receivable - 0.0% - 0.0% - 0.0% Investments % % % Property, plant and equipment 1, % % % Intangible assets 7, % 7, % 13, % Related Parties 94, % 76, % 89, % 24

17 Balance Sheet (R$ thousand) 4T17 VA 3T17 VA 4T16 VA Liabilities and shareholders' equity 1,721, % 1,866, % 1,751, % Current liabilities 1,721, % 1,866, % 1,751, % Suppliers 1,468, % 1,556, % 1,480, % Salaries and payroll taxes 238, % 301, % 173, % Tax, charges and contributions 22, % 19, % 20, % Income and social contribution tax % 1, % % Interest on own capital and dividends - 0.0% - 0.0% - 0.0% Derivative financial instruments - 0.0% - 0.0% - 0.0% Deferred revenue - 0.0% - 0.0% - 0.0% Breakage liabilities 1,028, % 1,031, % 1,112, % Advances from customers 151, % 168, ,460 Other liabilities 27, % 34, % 7, % Dividends payable - 0.0% - 0.0% - 0.0% Non-current liabilities - 0.0% - 0.0% - 0.0% Deferred income tax and social contribution 13, % 10, % 15, % Related parties 12, % 9, % 14, % Contingencies - 0.0% - 0.0% - 0.0% Derivative financial instruments 1, % 1, % 1, % Deferred revenue - 0.0% - 0.0% - 0.0% Equity - 0.0% - 0.0% - 0.0% Share capital 239, % 299, % 256, % Capital reserve 107, % 107, % 107, % Shares in treasury (4,096) -0.2% (4,096) -0.2% (8,060) -0.5% Earnings reserve (656) 0.0% (1,068) -0.1% (850) 0.0% Carrying value adjustments 137, % 196, % 157, % Retained Earnings (loss) - 0.0% - 0.0% - 0.0% 25

18 INVESTOR RELATIONS 26