Investor Presentation - October 2014

1. Investor Presentation
October 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 0.5 in 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. Multiple long term growth drivers
7
1.980
2.249
2.499
2.745
3.017
2009
2010
2011
2012
2013
19,9%
21,7%
24,1%
25,9%
27,7%
2009
2010
2011
2012
2013
2003
2013
Card Expenditure
PCE- Private Consumer Expenditure
(R$ billion)
(R$ billion)
Card Expenditure over PCE
(%)
Wealth Distribution
A and B
C
D and E
C
D and E
A and B
487
601
710
837
957
1,093
23.6%
23.4%
18.1%
17.9%
14.3%
15.0%
2010
2011
2012
2013
2014E
2015E
R$ bilhões
Variação YoY
Source: Abecs / Bain
Source: Abecs / IBGE
Source: Abecs / IBGE
Source: Serasa Experian Data popular

8. THREE SOURCES OF PROFIT
Sources of profit: coalition
# of months
~10
0
24
3
2
points selling
redemption
unit revenue less unit cost
spread
1
CASH IN
CASH OUT
~10 months float interest income
point expiration breakage
8

9. 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

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. 11
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
five years of track record
Mar/2014
Multiplus
mobile app
for IOS and
Android
Sept/2014
Multiplus launches
"Points + Money“
and Multiplus
Challenge
(gamification)

12. Strong partnership network
Accrual partners
Coalition partners
Redemption partners
12

13. Non-air redemptions
11% of the total redemption in 2Q14
•More affordable redemption options
•More competitive portfolio of products and services
•Improved members´ experience
•Additional liquidity
•Better profitability
% of total redemption
2010 2011 2012 2013 2014
0.4%
2.1%
5.4%
9.2%
13

14. The first partnership in the automotive industry in the country Multiplus members can use their points to redeem reviews, parts, services and accessories at PEUGEOT dealerships Offer to accumulate up to 100,000 points through the purchase of a new Peugeot automobile
New in 2014
14

15. Other innovations in 2014
Points calculator
Simulation of annual expenditures
Suggestion of redemptions
Purchase Renewal Points transfer
Friendly and intuitive
Stimulates members´engagement
New home page
New products
15

16. 16
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

17. Pricing model methodology with TAM Airlines
Unit cost (R$)
Jun/2013
~Oct/2014
Cap
Floor
Previous model
Setup period
New pricing model
•Multiplus pays discounted market price per seat
•5% cap and floor protect margin and guarantee business sustainability
•Data gathering of fares available at redemption moment
•Discount measurement
•Unit cost set according to a combination of TAM’s marginal cost and revenue displacement
•Short term fluctuations due to TAM’s promotional activity
Average
Air tickets market price
Discounted market price
Long haul and South America flights priced in USD
12 months data gathering
Multiplus` implicit discount
ILLUSTRATIVE
17

18. •Over 600 VIP rooms
•About 1,000 destinations in 150 countries
•6 continents
•Possibility to collect and exchange points in all associated airline companies
Air tickets redemption
•Most desirable airline company in Brasil - TAM
•position of leadership on its principal international and doemstic routes (NY, MIA, SP, RJ)
more than 15 million airline tickets redeemed during the last five years
•recognized as offering the best service to its customers
18

19. New product “Points + Money”
Better experience and more accessible redemption opportunities from 1 thousand points
Additional liquidity to members
Access to all TAM’s promotions
Opportunity for greater penetration in existing partners of Multiplus
Increased members´ engagement
Product available on Multiplus site
Margins higher than other redemptions (provenient of the amount in points)

20. •Increases customer engagement
•Increases number of new members
•Enhances brand loyalty
•Helps to gather knowledge of individual preferences
•Allows to direct personalized offers
Challenge
Motivation
Engagement
“Multiplus Challenge“ - gamification

21. 21
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

22. 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

23. 1.119
1.525
1.871
2.009
501
472
2010
2011
2012
2013
2Q13
2Q14
23
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

24. 24
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%

25. 25
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
*

26. 26
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 rights
2
Ordinary share only
3
30% of independent board members
4
Special Committee
5
Special Committee: Audit, Finance, Governance and Related Parties Committee

27. 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

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

29. 29
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

30. 30
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

31. Appendix

32. 32
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

33. 33
Adding value to partners: vacancy management

34. 34
Adding value to partners: vacancy management

35. 35
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

36. 36
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

37. 37
Communication from the amount of points to expire generates engagement
35% increase in the number of members who joined the offers vs control group

38. 1
38
Branding a new concept
Emotional as of Oct/2012
Functional Jan/2010 ~ Oct/2012
Strategy
You don't know what you're winning

39. 39
Income statement (1/2)
(R$ thousand) Income Statement1H141H13Var % Gross revenue460,464 486,698 -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 Airlines33,707 36,906 -8.7%40,838 -17.5%70,613 81,646 -13.5% Banks, Retail, Industry and Services350,970 389,136 -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 Profit130,390 121,578 7.2%110,228 18.3%251,969 206,591 22.0% Gross Margin31.2%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% 2Q132Q14Var %1Q14Var %

40. 40
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%
2Q14 1Q14 Var % 2Q13 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.

41. 41
Balance sheet: assets
(R$ thousand) Balance SheetVar %Var % Assets1,593,281 1,615,511 -1.4%1,529,342 4.2% Current assets1,490,189 1,511,757 -1.4%1,437,166 3.7% Cash and cash equivalentes3,127 3,112 0.5%3,410 -8.3% Financial assets at fair value through profit and loss1,290,665 1,288,944 0.1%747,623 72.6% Financial assets held-to-maturity- - -12,782 -100.0% Accounts receivable132,259 172,666 -23.4%215,802 -38.7% Deferred income tax and social contribution9,488 10,612 -10.6%5,269 80.1% Related Parties34,875 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 suppliers6,300 6,376 -1.2%- - Other receivables13,475 12,385 8.8%22,650 -40.5% Non-current assets103,092 103,754 -0.6%92,176 11.8% Financial assets - bank deposits- - -- - Financial assets held-to-maturity- - -- - Deferred income tax829 1,852 -55.2%16,008 -94.8% Derivative financial instruments - - -- - Other accounts receivable27 24 12.5%5,293 -99.5% Investments3,615 5,058 -28.5%11,263 -67.9% Property, plant and equipment14,795 9,231 60.3%3,951 274.4% Intangible assets83,826 87,589 -4.3%55,661 50.6% Related Parties- - -- - Liabilities and shareholders' equity1,593,281 1,615,511 -1.4%1,529,342 4.2% 3/31/20136/30/20143/31/2014

42. 42
Balance sheet: liabilities and shareholders' equity
(R$ thousand)
Balance Sheet Var % Var %
Assets 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%
6/30/2014 3/31/2014 3/31/2013
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%

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