Legal Notes

Smiles’ investor relations website includes forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of its management, and on information currently available to the Company. Forward-looking statements include statements regarding Smiles’ intent, belief or current expectations or that of its directors or executive officers with respect to, but not limited to:

• inflation, exchange rate controls, fiscal policies, fluctuations in interest rates and liquidity in the financial and capital markets;
• the effects of the international financial crisis in Brazil;
• changes in the economic, political or business conditions in Brazil;
• amendments to current or future laws and regulations affecting the industry and/or the industries in which Smiles’ commercial partners operate, as well as changes in the interpretation by courts or Brazilian authorities of these laws and regulations;
• changes to the competition in the industry and the industries in which Smiles’ commercial partners operate, as well as changes in the interests and financial condition of members and Company’s partners;
• Smiles’ ability to successfully implement the business strategy, including the ability to attract new members;
• Company’s ability to attract and maintain commercial partners that offer products and services that are attractive to members, as well as the ability to obtain products and services in a consistent manner and at prices that are compatible with the business;
• Smiles’ ability to obtain financing, when necessary, on reasonable terms;
• the interests of Company’s controlling shareholder;
• Company’s ability to implement information technology systems; and;
• other factors or trends affecting the Company’s financial condition or results of operations and the ones discussed under the section Risk Factors; and
• other statements contained in this website regarding matters that are not historical facts.

Investors should understand that the above-mentioned factors, in addition to others discussed in this investor relations website, among others, could affect Smiles’ future results and could cause results to differ materially from those expressed in the forward-looking statements made in this website or files posted on it.

Forward-looking statements also include information concerning the Company’s possible or assumed future results of operations shown under several sections in this investor relations website, as well as statements preceded by, followed by, or that include the words ‘‘believes,’’ ‘‘may,’’ ‘‘continues,’’ ‘‘expects,’’ ‘‘anticipates,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or similar expressions.

Forward-looking statements are no guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Smiles’ future business, financial condition, results of operations, prospects, strategies, market share and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond the Company’s ability to control or predict.

Investors are cautioned not to put undue reliance on any forward-looking statements.