R E S U L T S P R E S E N T A T I O N 3 Q 1 8

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2 R E S U L T S P R E S E N T A T I O N 3 Q 1 8

3 Disclaimer This material reflects management s expectations and may contain estimates related to future events. Any information, data, forecasts or future plans herein refer to estimates, and therefore can not be taken as concrete evidence or a promise to the market. Smiles is not responsible for investment operations or decisions taken based on the information herein. These estimates are subject to change without prior notice. This material has been prepared by Smiles Fidelidade S.A. ( Smiles or the Company ) in accordance with the highest national and international standards, and it includes certain forward-looking statements that are primarily based on Smiles current expectations and projections of future events and financial trends that currently affect or may affect the company s business. and therefore they are not guarantees of future performance. They are based on management s expectations and involve a number of risks and uncertainties that could lead the company s financial situation and operating results to differ materially from those expressed in Smiles forward-looking statements. Smiles assumes no obligation to publicly update or revise any forward-looking statements. This material is disclosed solely for informational purposes and should not be construed as a request or an offer to buy or sell any shares or related financial instruments. Accordingly, this presentation is not a recommendation of investment and should not be considered as such. It is not related to specific investment objectives, financial situation or particular needs of any recipient. Neither does it make a statement or provide a guarantee, either express or implied, related to the accuracy, completeness or reliability of the information herein. This presentation should not be regarded as a substitute to the recipients judgment. Any opinion expressed herein is subject to change without prior notice and Smiles does not assume the obligation to update or revise them.

4 ( FINANCIAL AND OPERATIONAL HIGHLIGHTS 3Q18 (Record Billings of R$ million p+17.6 % (3Q18/3Q17) p+6.5 % (3Q18/2Q18) (Record Accrued Miles of 27.1 billion of miles p+18.8 % (3Q18/3Q17) p+8.1 % (3Q18/2Q18) Record Redeemed Miles of 22.9 billion of miles p+33.7 % (3Q18/3Q17) p+20.1 % (3Q18/2Q18) (EBITDA reaches R$ million in 3Q18 p % (3Q18/3Q17) p+71.5 % (3Q18/2Q18) (Financial Result reaches R$ 96.7 million in 3Q18 p % (3Q18/3Q17) p % (3Q18/2Q18) (Net Income reaches R$ million in 3Q18 q % (3Q18/3Q18) p+85.8 % (3Q18/2Q18) 1 4

5 ( ( SMILES ON ORACLE OPEN WORLD 2018 Smiles is the first loyalty business in the world to move its Siebel Loyalty system, that registers all the information and transactions of over 14 million clients, to Oracle Cloud Infrastructure. The company became a global Case study for Oracle Cloud infrastructure which was presented on October 22nd, 2018 during Oracle s annual conference in San Francisco, California 2

6 ACCRUED MILES (billion of miles) % +8.1% Q17 2Q18 3Q18 Accrued Miles Accrued Miles S&M 3

7 MILES REDEEMED (billion of miles) +20.1% +33.7% Q17 2Q18 3Q18 Miles redeemed Miles redeemed S&M 4

8 TOTAL GROSS BILLINGS (R$ million) +6.5% 597, % 497,00 397, ,00 197,00 97,00 (3,00) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 5

9 BREAKAGE RATE (%) 2,50 1,50 2,00 1, p.p p.p. 0,50 0,50 (0,50) 18.0% 18.3% 17.9% (1,50) (2,50) (3,50) (4,50) (5,50) (6,50) (7,50) 3Q17 2Q18 3Q18 6

10 NET REVENUES - LTM (R$ million) 100% 53% 41% +1.0% 30% 27% 24% 24% 23% 17% 14% 9% 0% +8.8% -100% -200% -300% % % % % 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Net Revenues - LTM Net Revenues IFRS15 7

11 DIRECT REDEMPTION MARGIN (%) +1.4 p.p. 60% +0.4 p.p. 50% 40% 42.1% 41.1% 42.5% 30% 20% 10% 00% 3Q17 2Q18 3Q18 8

12 EBITDA (R$ million) 300, % 250, % , , ,0 50,0 0,0 3Q17 2Q18 3Q18 EBITDA EBITDA Extraordinary 9

13 NET INCOME TOTAL NET INCOME (R$ million) +85.8% -37.5% 400,0 +4.8% +34.5% 350, , , , , , ,0-3Q17 2Q18 3Q18 Net Income Net Income Extraordinary 10

14 NI 1771 APPLICATION Supported by Accounting Standards Committee Pronouncement 47 (CPC 47) and Normative Instruction 1771 of the Brazilian Internal Revenue Service, the Company recorded extemporary tax credits on Breakage provision in the balance sheet amounting to R$ 259 million and R$ 59 million positive impact on net income, net of taxes, since tax collection should occur only at the time of miles expiration. 11

15 Leonel Andrade CEO Marcos Pinheiro CFO Maria Laura Pessoa Investor Relations Manager Vinicius Bioni e Letícia Silveira Investor Relations