MULTIPLUS S/A
Corporate Taxpayer ID (CNPJ) 11.094.546/0001-75
Company Registry (NIRE) 35.300.371.658
MINUTES OF THE BOARD OF DIRECTORS’ MEETING
HELD ON NOVEMBER 5, 2011
Date, time and venue: On November 5, 2011, at 09:30 a.m., at the Company’s headquarters
located at Avenida Nações Unidas, 12901, 21º andar, Cjto N-2101, Torre Norte, Centro
Empresarial Nações Unidas (CENU), in the City and State of São Paulo. Quorum: All members of
the Board of Directors attended the meeting. Presiding Board: Chairman, Maurício Rolim Amaro;
and Secretary, Flávia Turci. Agenda and Resolutions: The attending board members
unanimously decided to approve the execution by the Company of the Joint Venture Agreement
(“Joint Venture Agreement”) with Groupe Aeroplan Inc., under the terms presented to the Board
of Directors, which envisages the incorporation of a new Brazilian company (“New Company”) to
develop activities related to CRM and Customer Loyalty Programs, and these activities will be
detailed in a Business Plan to be prepared by the Parties (“Operation”). The Company will own fifty
percent (50%) of the shares issued by the New Company and estimates an investment of twentyfive million dollars (US$25,000,000.00) in the next three (3) years. The Operation is subject to the
approval of the Brazilian antitrust authorities. Closure: There being no further business to
discuss, the meeting was adjourned to draw up these minutes in the summary format, which were
then read and signed by all attendees. São Paulo, November 5, 2011. (signatures) Maurício Rolim
Amaro – Chairman, Flávia Turci – Secretary. Board Members: Flávia Turci, Egberto Vieira Lima,
Antônio Luiz Rios da Silva and Carlos Daniel Rizzo da Fonseca. This is a free English translation of
the original minutes drawn up in the Company’s records.
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Flávia Turci
Secretary