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 400 partners retailers, industry, and services and gathered more than 16.5 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

3 2010 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 co-branded card New platform of hotel reservation Spin-off from TAM 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

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

5 Novo Mercado 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 %

6 Penetration of loyalty programs in total population (%) Club Premier (MEX) Smiles (BRA) Multiplus (BRA) Nectar (ITA) Travel Club (ESP) Aeroplan (CAN) AirMiles (CAN) Nectar (UK) Flying Blue (FRA) Qantas (AUS) Fly Buys (AUS) Fly Buys (NZ) 3.0% 5.8% 7.7% 10.9% 12.8% 14.2% 28.4% 29.6% 40.9% 44.1% 44.5% 53.7% Sources: loyalty programs websites and each country statistic data bureau

7 Evolution of Multiplus platform (members, in million) New Marketplace Push notifications on Mobile App First version of mobile application Points Purchase Points Transfer Points Renewal ONE SINGLE ACCESS PASSWORD for Multiplus and Tam Fidelidade AIRLINE TICKETS REDEMPTION available on MULTIPLUS WEBSITE

8 Credit card usage Expected credit card usage growth for 2017 of 7% and 10% for 2018 About 30% of customers are enrolled in a bank loyalty program Source: Abecs (Brazilian Association of Credit Cards and Services Companies), Brazilian banks and Cardmonitor Consumption Online payments increased more than 45% since 2010 and keeps rising Loyalty culture still in the early stages in Brazil Air transportation Market in Latin America will grow at a high single digit pace for the next years Brazil will be on the top 10 global ranking of aviation, in number of passengers Annual Brazilian traffic can increase 3 times by 2034 Source: IATA and Airbus GMF 2015 Wealth distribution A and B classes represents 15% of total population More than 60% of Multiplus network consists of A and B classes Source: IBGE, Central Bank and internal studies Source: IBGE and internal studies

9 Members (million) & CAGR (%) Gross Billings (million) & CAGR (%) % % ,119 1,525 1,871 2,009 2,127 2,565 2, Data available on Company s releases

10 Non-air redemptions (%) Breakage rate (%) 9.2% 11.6% 14.3% 15.1% 22.6% 24.1% 21.3% 5.4% 18.2% 17.8% 18.1% 0.4% 2.1% 17.0% Data available on Company s releases

11 Net income (in R$ million) & CAGR (%) Cash generation (in R$ million) & CAGR (%) % - 3.2% Data available on Company s releases Note: The value excludes effects of advanced payments from clients, advances to suppliers, payments of dividends and interest oncapital

12 Exclusive relationship 15 years agreement automatically renewable for additional 5-year periods Superior frequent flyer program lower earn-to-burn ratios redemptions via LATAM and their airline partners High flexibility Points per seat vary according to flight fare with 100% availability, improving Multiplus competitive advantage Wide redemption window High recognition to premium clients up to 360 days before flight date fee exemptions, lowered points requirement, complimentary upgrades and up to 100% bonus points

13 Pricing with LATAM Transfer price Our cost with airline tickets redemption differs base on: class tariff, demand, distance/region, season, etc. e.g.weaker flights = lower cost Greater alignment of interests "win-win relationship Directed flights to member, using CRM intelligence and analytics platforms Better price for client = lower costs for Multiplus LATAM maximizes its revenue More value to shareholders

14 Pioneering MARKETPLACE It strengthens ourbrand Options It improves members awareness It increases the number of visits over 550,000 products Unified portfolio of awards Redemption of airline tickets Booking hotels Car rental

15 APP More than 2.3 million downloads PUSH Redemptions in only 3 clicks Catalogs with exclusive discounts An increase of 125% in 2016 in the number of point redeemed through app Segmented, PUSH notification About 15 campaigns per month

16 NEWS Direct accrual of points to Multiplus account Differentiated and very competitive conversion rate per USD spent 2.5 Multiplus point per USD spent on BLACK Automatic and recurrent accrual of points besides exclusive offers and promotions Double of points every 4 months Accrual of points when buying insurance online Up to 12 points for each Real spent 5 different insurances available Hotel reservation platform Earn up to 70 thousand points per stay

17 / 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

18 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

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20 Income Statement (R$ thousand) 4Q16 3Q16 Var % 4Q15 Var % Var % Gross revenue 603, , % 638, % 2,423,724 2,494, % Sale of points 523, , % 526, % 2,049,251 2,078, % LATAM Brazil 38,806 36, % 39, % 148, , % Banks, Retail, Industry and Services 484, , % 486, % 1,900,837 1,919, % Breakage 79,695 88, % 112, % 374, , % Taxes on sales (55,837) (55,309) 1.0% (57,897) -3.6% (224,440) (232,728) -3.6% Net Revenue 547, , % 580, % 2,199,284 2,261, % Cost of the points redeemed (371,009) (346,569) 7.1% (380,025) -2.4% (1,447,264) (1,557,419) -7.1% Air tickets (308,666) (301,152) 2.5% (323,323) -4.5% (1,246,468) (1,381,755) -9.8% Other products / services (62,343) (45,417) 37.3% (56,702) 9.9% (200,796) (175,664) 14.3% Gross Profit 176, , % 200, % 752, , % Gross Margin % 32.2% 36.1% -3.9p.p. 34.6% -2.3p.p. 34.2% 31.1% 3.1p.p. Shared services (175) (175) 0.0% (175) 0.0% (700) (1,686) -58.5% Personnel expenses (19,767) (19,069) 3.7% (18,116) 9.1% (72,933) (69,813) 4.5% Marketing (2,145) (6,624) -67.6% (3,371) -36.4% (14,790) (20,893) -29.2% Depreciation (6,430) (6,474) -0.7% (7,970) -19.3% (25,153) (35,756) -29.7%

21 Air tickets (308,666) (301,152) 2.5% (323,323) -4.5% (1,246,468) (1,381,755) -9.8% Other products / services (62,343) (45,417) 37.3% (56,702) 9.9% (200,796) (175,664) 14.3% Gross Profit 176, , % 200, % 752, , % Income Statement (R$ thousand) Gross Margin % 4Q % 3Q % -3.9p.p. Var % 4Q % -2.3p.p. Var % % % 3.1p.p. Var % Gross Shared revenue services 603,263 (175) 597,554 (175) 0.0% 1.0% 638,539 (175) -5.5% 0.0% 2,423,724 (700) 2,494,482 (1,686) -58.5% -2.8% Sale Personnel of points expenses 523,568 (19,767) 508,959 (19,069) 3.7% 2.9% 526,500 (18,116) -0.6% 9.1% 2,049,251 (72,933) 2,078,581 (69,813) -1.4% 4.5% Marketing LATAM Brazil 38,806 (2,145) 36,970 (6,624) -67.6% 5.0% 39,647 (3,371) -36.4% -2.1% 148,414 (14,790) 158,712 (20,893) -29.2% -6.5% Depreciation Banks, Retail, Industry and Services 484,762 (6,430) 471,989 (6,474) -0.7% 2.7% 486,853 (7,970) -19.3% -0.4% 1,900,837 (25,153) 1,919,869 (35,756) -29.7% -1.0% Breakage Other (23,103) 79,695 (18,127) 88, % 27.5% 112,039 (27,134) -14.9% -28.9% 374,473 (76,398) 416,886 (79,262) -10.2% -3.6% Taxes Results on on sales equity share (55,837) (2,301) (55,309) - 1.0% - (57,897) % - (224,440) (2,301) (232,728) % - Total Net Revenue Operating Expenses 547,426 (53,921) 542,245 (50,469) 6.8% 1.0% 580,642 (56,766) -5.0% -5.7% 2,199,284 (192,276) 2,261,754 (207,410) -7.3% -2.8% Total Cost of Costs the and points Operating redeemed Expenses (424,930) (371,009) (397,038) (346,569) 7.0% 7.1% (436,791) (380,025) -2.7% -2.4% (1,639,540) (1,447,264) (1,764,829) (1,557,419) -7.1% Operating Air tickets Income (308,666) 122,496 (301,152) 145, % 2.5% (323,323) 143, % -4.5% (1,246,468) 559,744 (1,381,755) 496, % -9.8% Other products / services Operating Margin % (62,343) 22.4% (45,417) 26.8% -4.4p.p. 37.3% (56,702) 24.8% -2.4p.p. 9.9% (200,796) 25.5% (175,664) 22.0% 3.5p.p. 14.3% Financial Gross Profit Income/Expenses 176,417 46, ,676 54, % -9.8% 200,617 43, % 9.1% 196, , , , % 6.8% Net income before tax and social contribution Gross Margin % 169, % 199, % -3.9p.p % 186, % -2.3p.p. -9.3% 756, % 717, % 3.1p.p. 5.5% Income Shared tax services and social contribution (53,237) (175) (65,373) (175) -18.6% 0.0% (61,185) (175) -13.0% 0.0% (242,806) (700) (237,685) (1,686) -58.5% 2.2% Net Personnel Income expenses 116,222 (19,767) 134,081 (19,069) -13.3% 3.7% 125,721 (18,116) -7.6% 9.1% 513,802 (72,933) 479,742 (69,813) 7.1% 4.5% Marketing Net Margin % (2,145) 21.2% (6,624) 24.7% -3.5p.p % (3,371) 21.7% -0.4p.p % (14,790) 23.4% (20,893) 21.2% -29.2% 2.2p.p. Depreciation (6,430) (6,474) -0.7% (7,970) -19.3% (25,153) (35,756) -29.7%

22 Balance Sheet (R$ thousand) 12/31/2016 VA 9/30/2016 VA 12/31/2015 VA Assets 1,751, % 1,914, % 1,794, % Current assets 1,648, % 1,811, % 1,671, % Cash and cash equivalentes 1, % % 2, % Financial assets at fair value through profit and loss 1,459, % 1,255, % 1,488, % Financial assets held-to-maturity - 0.0% - 0.0% - 0.0% Accounts receivable 151, % 180, % 144, % Deferred income tax and social contribution 8, % - 0.0% 14, % Related Parties 26, % 28, % 19, % Current account 26, % 28, % 19, % Prepaid expenses - 0.0% - 0.0% - 0.0% Derivative instruments - 0.0% - 0.0% - 0.0% Advances to suppliers % 345, % 1, % Other receivables % 1, % 1, % Non-current assets 102, % 102, % 122, % Financial assets - bank deposits - 0.0% - 0.0% - 0.0% Financial assets held-to-maturity - 0.0% - 0.0% - 0.0% Deferred income tax - 0.0% - 0.0% 6, % Derivative financial instruments - 0.0% - 0.0% - 0.0% Other accounts receivable % % % Investments % % % Property, plant and equipment 13, % 13, % 15, % Intangible assets 89, % 89, % 100, % Related Parties - 0.0% - 0.0% - 0.0% Liabilities and shareholders' equity 1,751, % 1,914, % 1,794, % Current liabilities 1,494, % 1,646, % 1,533, % Suppliers 173, % 160, % 154, % Salaries and payroll taxes 20, % 18, % 23, %

23 Deferred income tax - 0.0% - 0.0% 6, % Derivative financial instruments - 0.0% - 0.0% - 0.0% Other accounts receivable % % % Investments % % % Property, plant and equipment 13, % 13, % 15, % Intangible assets 89, % 89, % 100, % Balance Sheet (R$ thousand) 12/31/2016 VA 9/30/2016 VA 12/31/2015 VA Related Parties - 0.0% - 0.0% - 0.0% Assets 1,751, % 1,914, % 1,794, % Liabilities and shareholders' equity 1,751, % 1,914, % 1,794, % Current liabilities assets 1,494,213 1,648, % 94.1% 1,646,382 1,811, % 94.6% 1,533,716 1,671, % 93.2% Suppliers Cash and cash equivalentes 173,955 1, % 0.1% 160, % 0.0% 154,950 2, % 0.1% Salaries Financial and assets payroll at fair taxes value through profit and loss 1,459,813 20, % 1.2% 1,255,808 18, % 1.0% 1,488,874 23, % 1.3% Tax, Financial charges assets and held-to-maturity contributions % 13, % 0.0% % Income Accounts and receivable social contribution tax 151,329 14, % 8.6% 180,162 12, % 9.4% 144, % 8.0% Interest Deferred on income own capital tax and and social dividends contribution 8, % 0.5% - 0.0% 14, % 0.8% Derivative Related Parties financial instruments 26, % 1.5% 28, % 1.5% 19, % 1.1% Deferred Current revenue account 1,112,457 26, % 1.5% 1,151,533 28, % 1.5% 1,147,549 19, % 1.1% Breakage Prepaid expenses liabilities 165, % 0.0% 188, % 0.0% 202, % 0.0% Advances Derivative instruments from customers 7, % 0.0% 101, % 3, % Other Advances liabilities to suppliers % 345, % 0.0% 1,134 1, % Dividends Other receivables payable % 0.1% 1, % 0.1% 1, % 0.1% Non-current liabilities assets 102,895 1, % 5.9% 102,953 1, % 5.4% 122, % 6.8% Related Financial parties assets - bank deposits - 0.0% - 0.0% - 0.0% Contingencies Financial assets held-to-maturity 1, % 0.0% 1, % 0.0% - 0.0% Derivative Deferred income financial tax instruments - 0.0% - 0.0% 6, % 0.4% Deferred Derivative revenue financial instruments - 0.0% - 0.0% - 0.0% Other accounts receivable % % % Equity 256, % 266, % 260, % Share Investments capital 107, % 0.0% 107, % 0.0% 107, % 0.0% Capital Property, reserve plant and equipment 13,724 (850) 0.0% 0.8% 13,639 (1,163) -0.1% 0.7% 15,769 (503) 0.0% 0.9% Shares Intangible in treasury assets 89,055 (8,060) -0.5% 5.1% 89,208 (8,060) 4.7% 100,414 (10,902) -0.6% 5.6% Earnings Related Parties reserve 157, % 0.0% 168, % 0.0% 164, % 0.0% Carrying Liabilities value and adjustments shareholders' equity 1,751, % 0.0% 1,914, % 0.0% 1,794, % 0.0% Current liabilities 1,494, % 1,646, % 1,533, % Retained Earnings (loss) - 0.0% - 0.0% - 0.0% Suppliers 173, % 160, % 154, % Salaries and payroll taxes 20, % 18, % 23, %

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