Investor Presentation

1. Investor Presentation
August 2014

2. 2
Disclaimer
This notice may contain estimates for future events. These estimates merely reflect the expectations of the
Company’s management, and involve risks and uncertainties. The Company is not responsible for investment
operations or decisions taken based on information contained in this communication. These estimates are
subject to changes without prior notice.
This material has been prepared by Multiplus S.A. (“Multiplus“ or the “Company”) includes certain forward-
looking statements that are based principally on Multiplus’ current expectations and on projections of future
events and financial trends that currently affect or might affect Multiplus’ business, and are not guarantees of
future performance. They are based on management’s expectations that involve a number of business risks
and uncertainties, any of each could cause actual financial condition and results of operations to differ
materially from those set out in Multiplus’ forward-looking statements. Multiplus undertakes no obligation to
publicly update or revise any forward looking statements.
This material is published solely for informational purposes and is not to be construed as a solicitation or an
offer to buy or sell any securities or related financial instruments. Likewise it does not give and should not be
treated as giving investment advice. It has no regard to the specific investment objectives, financial situation
or particular needs of any recipient. No representation or warranty, either express or implied, is provided in
relation to the accuracy, completeness or reliability of the information contained herein. It should not be
regarded by recipients as a substitute for the exercise of their own judgment.

3. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 4
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case

4. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 4
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case

5. Brazilian loyalty industry is still in early stages
53,9%
25,3% 24,2%
20,9% 20,5%
14,4%
7,3% 6,3% 6,1% 4,8%
2,4%
Penetration of loyalty programs in total population (%)
Sources: loyalty programs websites and each country statistic data bureau (Updated in Jan/2014)
High growth potential
Average (ex-Multiplus): 18%
5

6. Multiple long term growth drivers
Credit Card usage
Expected double digit growth for next 3 years
Only 35% of customers understands that they have
enrolled in a bank loyalty program (vs. 31% in
2011)
Consumption
Possible high single digit growth for next 3 years
Loyalty culture still in the early stages
Air transportation
Latin America is the second fastest growing
region in RPK
Average trips per capita is only 0.5in
Brazil vs more than 3.0 in mature markets
Wealth distribution
A/B classes expected to reach 15% in 2014 (vs
7% in 2003)
Multiplus network focus on A, B and C+
6

7. Sources of profit: coalition
# of months ~100 24
3
2
points selling redemption
unit revenue less unit cost
spread1
CASH IN CASH OUT
~10 months float
interest income
point expiration
breakage
THREE SOURCES OF PROFIT
7

8. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 4
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case

9. 9
1993
Creation of
TAM Fidelidade
2009
Spin-off from
TAM Fidelidade
Feb/2010
Multiplus’ IPO
Oct/2011
Multiplus
presents its
new brand
Nov/2011
Announcement
of JV with AIMIA
Dez/2012
Multiplus
becomes one of
TOP 100 most
liquid stocks
in Bovespa
Aug/2010
New headquarters
and IT loyalty platform
Mar/2012
Multiplus
reaches 200
partners
Apr/2012
Multiplus
reaches 10 mn
members
Mai/2013
launched the
new‖ campaign
on several
media vehicles
Jun/2013
Non-air redemptions
reached 8% for the
first time in a quarter
Oct/2013
Improved corporate
governance
structure
Created from TAM Fidelidade, Multiplus has already
four years of track record
Mar/2014
Multiplus mobile
app for IOS and
Android

10. 10
Consistent network growth
9,4
10,9
12,2
11.6
12.9
2011 2012 2013 2Q13 2Q14
Partners
12.9 mn members can gather
points from several programs in
one single account
477 partners gain a powerful
support acquiring and retaining
clients
Members (mn)
190
369
472
446
477
2011 2012 2013 2Q13 2Q14
Note: based 2Q14

11. Strong partnership network
Accrual partners Coalition partners Redemption partners
11

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

13. 13
Solid relationship with banks
bonus points per each new credit card activated
Targeted redemption
offers
1 Activation
bonus points according to the volume of points transferred
segmented offers to engage an specific member group
2 Spending
3 Targeting

14. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 4
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case

15. 1.119
1.525
1.871
2.009
501 472
2010 2011 2012 2013 2Q13 2Q14
15
Gross Billings (BRL mn) Points issued (bn)
53,2
76,2
85,2 83,7
21.0 19.8
2010 2011 2012 2013 2Q13 2Q14
Sales growth: consistent track record

16. 16
Net Revenue (R$ mm) Net income (mm)
Financial Results
470
1.247
1.476
1.651
399 472
2010 2011 2012 2013 2Q13 2Q14
118,4
274,2
224,3 232,1
57.2
80.1
2010 2011 2012 2013 2Q13 2Q14
41.6% 32.5% 25.8% 25.7% 27.6% 31.2%
Gross margin Net margin
25.2% 22.0% 15.2% 14.1% 14.4% 19.2%

17. 17
Cash generation and shareholders’ return
FCF* (BRL mn) Dividends and Interest
on own capital (BRL mn)
589,0
460,6
418,1
452,6
88.6 71.9
2010 2011 2012 2013 2Q13 2Q14
112,3
861,3
222,4 232,0
44.5 70,9
2010 2011 2012 2013 2Q13 2Q14
*Excluding Dividends, Interest on Capital and variations of
Prepaid Expenses and Capital (2012 and 2013 are adjusted
with R$ 71.3 of anticipated settlement in Accounts Payable) More than BRL 1.4 billion already distributed since the IPO
*Including a BRL 600 million capital reduction
*

18. 18
High corporate governance standards
If rejected
The proposal needs
unanimity Board approval
Special Committee
Independent members
Related Parties Subjects
If approved
The proposal needs
majority Board approval
Novo Mercado (New Market)1
100% tag along rights2
Ordinary share only3
30% of independent board
members4
Special Committee5
Special Committee: Audit, Finance, Governance and Related Parties Committee

19. First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATAM
Airlines, all local banks
and the joint venture with
our international peer,
AIMIA Group.
2
3
Track record
Multiplus has already 4
years of proven focus on
shareholders return
with high dividend
payouts. Moreover, we are
continuously improving our
governance
structure following the
best market practices.
Early stages
Brazilian loyalty industry
has very low
penetration and
presents solid growth
drivers
1
4
Solid strategy
Our business sustainability
is based on network
diversification,
member engagement
and value delivery to
partners
Four main reasons to be confident in
Multiplus case

20. Long term strategy
20
Solid strategy
in force to the
business
growth
Network
diversification
Better
experience and
more
engagement
with members
Anticipate
members
behaviour (CRM,
analysis of customer
profiles)
Focus on adding
value to
comercial
partners
Redemptions
diversification,
leading to
higher margins
Clear
prioritization of
segments

21. 21
Diversification goals
89%
11%
Current
Air Tickets Others
20%
4%
76%
Current
TAM Retail, Industry and Services Banks
Note: LTM based on 2Q14
Long term target
Long term target
10 to 15%
20 to 25%
Points redeemed
Points sold
Increased retail
share will help to
sustain margins and
improve members
engagement
Non-air
redemptions growth
supports unit cost
control and member
experience
improvement

22. 22
Breakage rate (%)
22.6%
24.1%
21.0%
18.5%
19.6%
17.9%
2010 2011 2012 2013 2Q13 2Q14
Non-air redemptions (%)
Breakage rate: gradual decline as expected while
non-air redemptions becomes robust
0.4%
2.1%
5.4%
9.2%
7.0%
10.7%
2010 2011 2012 2013 2Q13 2Q14

23. 23
Generate value to members and partners will sustain
growth
Branding, Innovation and Knowledge
Sustainable
Growth
Adding value to partners
• sales increase
• lower retention costs
• vacancy management
• new business insights based on client
data and behavior
• develop loyalty schemes
• data analytics services
• Incentive campaigns
Creating a good member experience
• broad network
• targeted offers
• fair pricing
• recognition
• user friendly e-commerce platform
• mobile applications

24. 24
More than 80% of the costumers
prefer to shop in Loyalty Programs
Source: Research made by Technology Advice, in EUA
82.4%
17.6%
Don’t consider
relevant
Adding value to partners: sales increase

25. 25
Adding value to partners: vacancy management

26. 26
Adding value to partners: vacancy management

27. 27
Creating a good member experience: fair pricing
Multiplus
69,400
Program B
75,647
Program C
81,800
Program D
98,400
Program E
115,800
32-Inch LED TV
Dec/2012
Program C
71,700
Program B
48,600
Multiplus
35,900
Wine cellar
Dec/2012

28. 28
Segmented offers by a balance of points generates
attractiveness
sending offers increases in
approximately 30%the amount of
points redeemed within 3 days following
the sending (vs. average)
And contributes to the
activation rate
of members

29. 29
Communication from the amount of points to expire
generates engagement
35% increase in the
number of members
who joined the
offers vs control group

30. 1
30
Branding a new concept
Emotional
as of Oct/2012
Functional
Jan/2010 ~ Oct/2012
Strategy
You don't know what
you're winning

31. Value to members
31
Simplified authentification process during redemption
“Resgates Incríveis”
Reminder of air tickets availability through social media
Improvement of costumer satisfaction in our Call Center
Points purchase
Points renewal
Points transfer
New products
Unforgettable Redemptions

32. Awards
32
First place as the most innovative company
in the loyalty sector
First place as the biggest dividends payer in
2013*
Total dividendo paid related to equity = 151%*
Second place as the best company of
wealth creation per employee
Third place as the most profitable company
(profitability over equity)
CardMonitor: Better coalition program in
Brazil, from the cardholders

33. Appendix

34. 34
Income statement (1/2)
(R$ thousand)
Income Statement 1H14 1H13 Var %
Gross revenue 460,464 486,698 -5.4% 439,332 4.8% 947,162 851,282 11.3%
Sale of points 384,678 426,042 -9.7% 379,447 1.4% 810,719 739,815 9.6%
TAM Airlines 33,707 36,906 -8.7% 40,838 -17.5% 70,613 81,646 -13.5%
Banks, Retail, Industry and Services 350,970 389,136 -9.8% 338,609 3.7% 740,106 658,170 12.4%
Breakage 80,159 70,333 14.0% 64,532 24.2% 150,493 119,515 25.9%
Hedge (4,373) (9,677) -54.8% (5,457) -19.9% (14,050) (9,668) 45.3%
Other revenues - - - 810 -100.0% - 1,620 -100.0%
Taxes on sales (43,068) (46,014) -6.4% (40,767) 5.6% (89,083) (79,305) 12.3%
Net Revenue 417,395 440,684 -5.3% 398,565 4.7% 858,079 771,978 11.2%
Cost of the points redeemed (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Air tickets (258,364) (296,710) -12.9% (270,388) -4.4% (555,075) (534,464) 3.9%
Other products / services (27,197) (20,370) 33.5% (16,246) 67.4% (47,567) (26,789) 77.6%
Total cost of services rendered (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Equity Share on Results from Investments (1,443) (2,025) -28.7% (1,703) -15.3% (3,468) (4,134) -16.1%
Gross Profit 130,390 121,578 7.2% 110,228 18.3% 251,969 206,591 22.0%
Gross Margin 31.2% 27.6% 3.7p.p. 27.7% 3.6p.p. 29.4% 26.8% 2.6p.p.
Shared services (779) (811) -3.9% (473) 64.5% (1,590) (2,380) -33.2%
Personnel expenses (12,333) (12,415) -0.7% (11,964) 3.1% (24,747) (22,770) 8.7%
Marketing (8,055) (5,172) 55.7% (6,404) 25.8% (13,227) (8,347) 58.5%
Depreciation (4,385) (3,416) 28.3% (1,978) 121.7% (7,801) (3,839) 103.2%
Other (16,662) (14,854) 12.2% (16,738) -0.5% (31,516) (34,574) -8.8%
2Q132Q14 Var %1Q14 Var %

35. 35
Income statement (2/2)
(R$ thousand)
Income Statement 1H14 1H13 Var %
Gross revenue 460,464 486,698 -5.4% 439,332 4.8% 947,162 851,282 11.3%
Sale of points 384,678 426,042 -9.7% 379,447 1.4% 810,719 739,815 9.6%
TAM Airlines 33,707 36,906 -8.7% 40,838 -17.5% 70,613 81,646 -13.5%
Banks, Retail, Industry and Services 350,970 389,136 -9.8% 338,609 3.7% 740,106 658,170 12.4%
Breakage 80,159 70,333 14.0% 64,532 24.2% 150,493 119,515 25.9%
Hedge (4,373) (9,677) -54.8% (5,457) -19.9% (14,050) (9,668) 45.3%
Other revenues - - - 810 -100.0% - 1,620 -100.0%
Taxes on sales (43,068) (46,014) -6.4% (40,767) 5.6% (89,083) (79,305) 12.3%
Net Revenue 417,395 440,684 -5.3% 398,565 4.7% 858,079 771,978 11.2%
Cost of the points redeemed (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Air tickets (258,364) (296,710) -12.9% (270,388) -4.4% (555,075) (534,464) 3.9%
Other products / services (27,197) (20,370) 33.5% (16,246) 67.4% (47,567) (26,789) 77.6%
Total cost of services rendered (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Equity Share on Results from Investments (1,443) (2,025) -28.7% (1,703) -15.3% (3,468) (4,134) -16.1%
Gross Profit 130,390 121,578 7.2% 110,228 18.3% 251,969 206,591 22.0%
Gross Margin 31.2% 27.6% 3.7p.p. 27.7% 3.6p.p. 29.4% 26.8% 2.6p.p.
Shared services (779) (811) -3.9% (473) 64.5% (1,590) (2,380) -33.2%
Personnel expenses (12,333) (12,415) -0.7% (11,964) 3.1% (24,747) (22,770) 8.7%
Marketing (8,055) (5,172) 55.7% (6,404) 25.8% (13,227) (8,347) 58.5%
Depreciation (4,385) (3,416) 28.3% (1,978) 121.7% (7,801) (3,839) 103.2%
Other (16,662) (14,854) 12.2% (16,738) -0.5% (31,516) (34,574) -8.8%
2Q132Q14 Var %1Q14 Var %
Net Revenue 417,395 440,684 -5.3% 398,565 4.7% 858,079 771,978 11.2%
Cost of the points redeemed (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Air tickets (258,364) (296,710) -12.9% (270,388) -4.4% (555,075) (534,464) 3.9%
Other products / services (27,197) (20,370) 33.5% (16,246) 67.4% (47,567) (26,789) 77.6%
Total cost of services rendered (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Equity Share on Results from Investments (1,443) (2,025) -28.7% (1,703) -15.3% (3,468) (4,134) -16.1%
Gross Profit 130,390 121,578 7.2% 110,228 18.3% 251,969 206,591 22.0%
Gross Margin 31.2% 27.6% 3.7p.p. 27.7% 3.6p.p. 29.4% 26.8% 2.6p.p.
Shared services (779) (811) -3.9% (473) 64.5% (1,590) (2,380) -33.2%
Personnel expenses (12,333) (12,415) -0.7% (11,964) 3.1% (24,747) (22,770) 8.7%
Marketing (8,055) (5,172) 55.7% (6,404) 25.8% (13,227) (8,347) 58.5%
Depreciation (4,385) (3,416) 28.3% (1,978) 121.7% (7,801) (3,839) 103.2%
Other (16,662) (14,854) 12.2% (16,738) -0.5% (31,516) (34,574) -8.8%
Total Operating Expenses (42,213) (36,668) 15.1% (37,558) 12.4% (78,881) (71,910) 9.7%
Total Costs and Operating Expenses (329,219) (355,773) -7.5% (325,894) 1.0% (684,991) (637,297) 7.5%
Operating Income 88,177 84,911 3.8% 72,670 21.3% 173,087 134,681 28.5%
Operating Margin 21.1% 19.3% 1.9p.p. 18.2% 2.9p.p. 20.2% 17.4% 2.7p.p.
Financial Income/Expenses 32,773 32,130 2.0% 17,880 83.3% 64,903 29,668 118.8%
Hedge - (2,113) -100.0% (7,972) -100.0% (2,113) (10,912) -80.6%
Income before income tax and social
contribution
120,950 114,928 5.2% 82,578 46.5% 235,878 153,436 53.7%
Income tax and social contribution (40,894) (40,326) 1.4% (25,342) 61.4% (81,220) (49,351) 64.6%
Net Income 80,055 74,602 7.3% 57,235 39.9% 154,658 104,085 48.6%
Net Margin 19.2% 16.9% 2.3p.p. 14.4% 4.8p.p. 18.0% 13.5% 4.5p.p.

36. 36
Balance sheet: assets
(R$ thousand)
Balance Sheet Var % Var %
Assets 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current assets 1,490,189 1,511,757 -1.4% 1,437,166 3.7%
Cash and cash equivalentes 3,127 3,112 0.5% 3,410 -8.3%
Financial assets at fair value through profit and loss 1,290,665 1,288,944 0.1% 747,623 72.6%
Financial assets held-to-maturity - - - 12,782 -100.0%
Accounts receivable 132,259 172,666 -23.4% 215,802 -38.7%
Deferred income tax and social contribution 9,488 10,612 -10.6% 5,269 80.1%
Related Parties 34,875 17,662 97.5% 429,630 -91.9%
Current account - 17,662 -100.0% 19,590 -100.0%
Prepaid expenses - - - 410,040 -100.0%
Derivative instruments - - - - -
Advances to suppliers 6,300 6,376 -1.2% - -
Other receivables 13,475 12,385 8.8% 22,650 -40.5%
Non-current assets 103,092 103,754 -0.6% 92,176 11.8%
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 829 1,852 -55.2% 16,008 -94.8%
Derivative financial instruments - - - - -
Other accounts receivable 27 24 12.5% 5,293 -99.5%
Investments 3,615 5,058 -28.5% 11,263 -67.9%
Property, plant and equipment 14,795 9,231 60.3% 3,951 274.4%
Intangible assets 83,826 87,589 -4.3% 55,661 50.6%
Related Parties - - - - -
Liabilities and shareholders' equity 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
3/31/20136/30/2014 3/31/2014

37. 37
Balance sheet: liabilities and shareholders' equity
(R$ thousand)
Balance Sheet Var % Var %
Assets 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current assets 1,490,189 1,511,757 -1.4% 1,437,166 3.7%
Cash and cash equivalentes 3,127 3,112 0.5% 3,410 -8.3%
Financial assets at fair value through profit and loss 1,290,665 1,288,944 0.1% 747,623 72.6%
Financial assets held-to-maturity - - - 12,782 -100.0%
Accounts receivable 132,259 172,666 -23.4% 215,802 -38.7%
Deferred income tax and social contribution 9,488 10,612 -10.6% 5,269 80.1%
Related Parties 34,875 17,662 97.5% 429,630 -91.9%
Current account - 17,662 -100.0% 19,590 -100.0%
Prepaid expenses - - - 410,040 -100.0%
Derivative instruments - - - - -
Advances to suppliers 6,300 6,376 -1.2% - -
Other receivables 13,475 12,385 8.8% 22,650 -40.5%
Non-current assets 103,092 103,754 -0.6% 92,176 11.8%
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 829 1,852 -55.2% 16,008 -94.8%
Derivative financial instruments - - - - -
Other accounts receivable 27 24 12.5% 5,293 -99.5%
Investments 3,615 5,058 -28.5% 11,263 -67.9%
Property, plant and equipment 14,795 9,231 60.3% 3,951 274.4%
Intangible assets 83,826 87,589 -4.3% 55,661 50.6%
Related Parties - - - - -
Liabilities and shareholders' equity 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
3/31/20136/30/2014 3/31/2014
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 829 1,852 -55.2% 16,008 -94.8%
Derivative financial instruments - - - - -
Other accounts receivable 27 24 12.5% 5,293 -99.5%
Investments 3,615 5,058 -28.5% 11,263 -67.9%
Property, plant and equipment 14,795 9,231 60.3% 3,951 274.4%
Intangible assets 83,826 87,589 -4.3% 55,661 50.6%
Related Parties - - - - -
Liabilities and shareholders' equity 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current liabilities 1,382,854 1,418,313 -2.5% 1,378,760 0.3%
Suppliers 123,575 160,053 -22.8% 151,022 -18.2%
Salaries and payroll taxes 11,846 10,345 14.5% 9,509 24.6%
Tax, charges and contributions 2,466 5,423 -54.5% 3,963 -37.8%
Income and social contribution tax 7,583 14,848 -48.9% 12,523 -39.4%
Interest on own capital and dividends - - - - -
Derivative financial instruments - - - 34,870 -100.0%
Deferred revenue 1,066,245 1,072,284 -0.6% 1,022,699 4.3%
Breakage liabilities 165,100 152,329 8.4% 136,676 20.8%
Other liabilities 6,039 3,030 99.3% 7,498 -19.5%
Dividends payable - - - - -
Non-current liabilities 77 83 -7.2% 107 -28.0%
Related parties - - - - -
Derivative financial instruments - - - - -
Deferred revenue 77 83 -7.2% 107 -28.0%
Equity 210,350 197,115 6.7% 150,475 39.8%
Share capital 105,966 105,334 0.6% 102,886 3.0%
Capital reserve 2,350 1,948 20.6% (996) -335.9%
Earnings reserve 104,483 95,300 9.6% 20,577 407.8%
Carrying value adjustments (2,449) (5,467) -55.2% (31,570) -92.2%
Retained Earnings (loss) - - - 59,578 -100.0%

38. Thank you!
Contact IR Team
+55 11 5105-1847
invest@pontosmultiplus.com.br
www.pontosmultiplus.com.br/ir
Ronald Domingues
Katarzyna Doho
Filipe Scalco