R E S U L T S P R E S E N T A T I O N 1 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 1 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 1Q18 Net Income R$155.0 million q-0.8 % (1Q18/1Q17) p+26.0 % (1T18/4T17) Miles Redeemed: p +17.8% (1Q18/1Q17) p+2.4% (1Q18/4Q17) totalizing 18.9 billion in 1Q18 Net Revenue: p +5.3% (1Q18/1Q17) p +7.5% (1Q18/4Q17) totalizing R$ in 1Q18 Gross Billings R$ million p+17.8 % (1Q18/1Q17) q-0.8 % (1T18/4T17) Miles Accrued: p +24.1% (1Q18/1Q17) q-6.4% (1Q18/4Q17) totalizing 22.4 billion in 4Q18 Financial Result: q -23.9% (1Q18/1Q17) q -0.5% (1Q18/4Q17) totalizing R$ 45.0 in 1Q18 4

5 ( Request retroactive credits through the app Fill the form with your flight details or take a picture of your ticket (Miles are credited after 24 hours on the user account (Miles flying with Gol and the 13 flight partners 5

6 ( ( STORE Since march, customers can buy devices with discount. For clients that hired pre/after paid or control plan. Redeem with miles or buy with credit card in 12x interest-free. 6

7 The start of UBER Buy credits from R$ Payment with miles and credit card In the first week, we overcome the mark of R$ 1 million in credits. 7

8 Smiles in ARGENTINA Partnerships with banks Incentives for coalition programs Strong local presence through the partnerships with Gol and Aerolíneas Argentina Expansion of the accrual and redeem s options for argentine customers 8

9 GOL IN UNITED STATES New flights for Miami and Orlando with Gol Since January, Smiles sells tickets ofr the new routes The flights starts to operate in November 4th Four daily flights 9

10 AWARDS 2018 Smiles was one of 19 cases awarded for its innovative marketing by Editora Referência. Smiles was awarded as the 24th most valuable brand in Brazil by Kantar Millward Brown. 10

11 Evolution of accrued miles (billion of miles) % 36% 28% 31% 22% 14% 13% 16% 0% -4% 0% 3% -5% 1% 4% 9% 52% 55% 23% 32% 65% 63% 42% 42% % 32% Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Miles accrued Miles accrued (ex-s&m) Growth YoY (ex-s&m) Growth YoY 11

12 Evolution of miles redeemed 30 (billion of miles) % 9% 19% 19% 30% 30% 9% 9% 6% 6% 6% 6% 14% 14% 10% 13% 10% 13% 28% 28% 9% 9% 18% 18% 18% 18% 8% 8% 2% 2% 17% 52% 19% % 56% 57% 30% 27% 31% % 18% Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Miles redeemed Miles redeemed ex-s&m Growth YoY (ex-s&m) Growth YoY 12

13 Evolution of total gross billings (R$ million) 100% 66% 50% 0% 6% -9% 21% 24% 10% 10% 15% 20% 41% 45% 30% 10% 7% -3% 2% 5% 11% 16% 13% 18% % -100% % -200% % -300% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Total Gross Billings Growth YoY 13

14 Evolution of net revenues (R$ million) 100% 81% 50% 0% 31% 56% 43% 43% 27% 14% 29% 26% 26% 11% 6% % % % % % % % -3 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Net Revenues Growth YoY Net Revenue IFRS15 14

15 Evolution of EBITDA (R$ million) % 17% 79% 59% 23% 92% 78% 23% 48% 38% 34% % % % 172-2% % 3% Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 EBITDA Growth. YoY 15

16 Evolution of net income (R$ million) 2 163% 135% % -5% 23% -11% 40% 65% 37% 70% 38% 47% 44% 32% 18% % -1% Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Net Income Growth YoY 16

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