Linx has moved along a lot in these past three decades. We have improved our market view, approached our customers and invested in acquisitions in order to achieve our vision of being the best at what we do. An important part of this path was the evolution of our governance process that began years before and which culminated in the IPO.

Despite its importance for the history of Linx, the initial public share offering is just another step on the road that we envision for our future. We decided that we would be a consolidator Company and this would help to put us in a leading position in the market. For this, we needed to not only grow operationally, but also broaden our horizons with new investors. We started with BNDESPar in 2010, and then brought in General Atlantic in 2011, which has knowledge of the technology in the overseas market.

The process of going public was a natural step in the history of Linx. It involved the efforts of all our employees, raising the level of governance and improving internal controls to incorporate the culture of a public company over time. The fact that our stocks have been received so well by the market precisely demonstrates the perception of maturity that our Company has in terms of corporate governance.

Although Brazil's GDP growth in 2012 was lower than expected, the macroeconomic scenario of the country has been quite favorable. With the expansion of credit and social mobility, the retail sector has grown over the last few years, offsetting the sectors most affected by the international crisis. We have some very favorable trends such as the growth of franchises, the automotive sector and shopping malls. The retail market in Brazil has some unique features and no one better than a company focused on this segment to track these trends and create competitive advantages for our customers.

Despite being recognized as the largest company in Brazil of ?software for the retail market, we want to be recognized as the best technology company for retail and 2012 showed that we are on the right track.

Nércio Fernandes, Chairman of the Linx Board of Directors