1. | Apresentação do Roadshow
4Q10 and 2010 Conference Call
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2. Important Disclaimer
The information contained here may include forward-looking information and reflects the executive office’s current
perception and prospects for the macroeconomic environment, the industry situation, the Company's performance and
financial results. Any statements, expectations, capacities, plans and projections contained here which do not describe
historical facts, such as information about the dividend payment statement, the future course of operations, the
introduction of relevant financial strategies, the investment program and the factors or trends affecting the financial
condition, liquidity or the operating results are considered forward-looking information as defined by the “U.S. Securities
Litigation Reform Act” of 1995 and involve a number of risks and uncertainties. These results are not guaranteed to
materialize. These statements are based on several factors and expectations, including the economic and market
conditions, level of competition in the industry and operating factors. Any changes in these expectations and factors may
lead to real results materially different from the current expectations.
The consolidated financial information of Arezzo Indústria e Comércio S/A – Arezzo&Co presented here complies with the
International Financial Reporting Standards – IFRS, issued by the International Accounting Standards Board – IASB,
based on audited financial information. The non-financial information, as well as other operating information, was not
audited by the independent auditors.
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3. 4Q10 and 2010 Highlights
Net
Net Revenues increased by 26.6% in 4Q10 and 38.7% year-over-year
Revenues
Area 33 new stores in 2010, leading to a 296 store chain at 2010-close. Sales area expanded by
Expansion 17.7% in 2010
17.7% EBITDA Margin in 4Q10. In 2010, EBITDA amounted to R$95.5 million, a 57.7% year-
EBITDA
over-year rise combined with 16.7% margin
Net Income Net Income amounted to R$64.5 million, up 32.4% from 2009
ROIC ROIC stood at 42.5% in 2010, compared to 39.9% in 2009
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4. Company Growth
Gross Revenues – DM¹ and EM² (R$ milllion)
712.9
39.0%
50.4
14.0%
513.0
44.2
28.0% 662.5
218.9
41.3%
171.0 468.8
34.4% 13.9
10.4
27.5% 204.9
160.7
4Q09 4Q10 2009 2010
DM EM
The Company’s Gross Revenues amounted to R$712.9 million, a 39.0% year-over-year rise
¹ DM:Domestic Market. 4
² EM: Export Market.

5. Gross Revenues Breakdown by Channel
Gross Revenues by channel – Domestic Market (R$ million)
662.5
41.3% 5.4
188.4
468.8
40.9%
3.7
133.7 110.0
56.2%
27.5%
204.9 70.4
160.7
26.1% 0.3 37.5%
1.6 56.0 358.7
44.4 34.9% 37.5 260.9
27.8
27.9% 111.1
86.8
4Q09 4Q10 2009 2010
SSS² Franchises Own Stores Multi-Brand Others - DM¹
Own Stores 48.2% 4.7% 28.9% 17.6%
Franchise
Franchisees 13.0%
12.3% 17.2%
18.4% 3.7%
4.0% 29.1%
29.4%
Significant growth among all the distribution channels, both in 4Q10 and 2010
¹Others: Others channels in Domestic Market. Growth of -79,8% and 46,5% from 4Q09-4Q10 and 2009-2010. 5
²SSS Own Stores (Sell out); SSS Franchisees (Sell In).

6. Gross Revenues Breakdown by Brand
Gross Revenues by brand – Domestic Market (R$ million)
662.5
10.2
41.3%
173.1
468.8
6.9
111.1 55.8%
27.5% 204.9
160.7
1.9 36.6% 479.2
2.2 53.7 350.8
30.5%
41.1
27.3% 149.4
117.4
4Q09 4Q10 2009 2010
Arezzo - DM Schutz - DM Other Brands - DM¹
Strong growth for the main brands with special performance delivered by Schutz, presenting a
55.8% year-over-year gross revenues increase
¹Others: Other Brands in Domestic Market. Growth of -13,8% and 49,1% from 4Q09-4Q10 and 2009-2010 6

7. Distribution Channel Expansion
Own Stores and Franchises Expansion
Note: area given in thousand m²
266 franchises+
17.7% 17.6 10 Own Stores +
12.5% 3 outlets +
14.9
13.2% 715 Multi-brand clients
13.3
11.7 +33 296
TOTAL
+26 263 29 1 franchise +
+23 237 21 10 Own Stores +
267 Franchises
214 10
6 1343 Multi-brand clients + 26 Own Stores
+ 3 outlets
267 1 Own Stores + + 1,585 Multi-brand clients
208 227 242
18 Multi-brand clients = 1,881 points of sale
5 Own Stores
2007 2008 2009 2010
Franchisees Own Stores Area
We ended 2010 with a 296 store chain. Sales area expanded by 17.7%, totaling an increase
of 2.6 thousand m²
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8. Gross Profit and Gross Margin
Gross Income (R$ million) and Gross Margin (%)
41.7%
40.5% 40.5%
39.0%
231.6
38.9%
166.8
18.3% 68.2
57.6
4Q09 4Q10 2009 2010
Gross Margin in 4Q10 decreased by 2.7 p.p. as a result of exports margin fluctuation and
year-end CRM initiatives. In 2010 Gross Margin stood stable compared to 2009
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9. EBITDA and EBITDA Margin
EBTIDA (R$ million) and EBITDA Margin (%)
17.7%
16.7%
15.3% 14.7%
95.5
57.7%
60.5
31.0
21.1 47.1%
4Q09 4Q10 2009 2010
Expressive EBITDA and EBITDA Margin growth, both in 4Q10 and 2010 (2.47 p.p. and 2.02
p.p, respectively)
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10. Net Income and Net Margin
Net Income (R$ million) and Net Margin (%)
15.2%
12.3% 11.8%
11.3%
64.5
32.4%
48.7
20.9 21.5
2.8%
4Q09 4Q10 2009 2010
2010 Net Income amounted to R$64.5 million, a year-over-year increase of 32.4%
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11. Cash Generation
Operating Cash Generation (R$ thousand)
Cash flows from operating activities 4Q09 4Q10 Variation 2009 2010 Dif.
Income before income taxes 20,085 29,531 9,446 58,852 89,289 30,437
Depreciation and amortization 483 823 340 1,655 2,670 1,015
Other (1,560) 976 2,536 (7,261) 1,735 8,996
Decrease (increase) in assets (13,752) (24,533) (10,781) (25,743) (57,730) (31,987)
Trade accounts receivable (14,405) (20,709) (6,304) (13,218) (29,170) (15,952)
Inventories 3,125 2,536 (589) (6,914) (27,657) (20,743)
Recoverable taxes (1,333) (5,410) (4,077) (1,810) (4,063) (2,253)
Other current assets (391) (510) (119) (2,387) 3,108 5,495
Judicial deposits (335) (491) (156) (1,382) 47 1,429
Other receivables (413) 51 464 (32) 5 37
(Decrease) increase in liabilities 3,917 (5,700) (9,617) 24,889 9,035 (15,854)
Trade accounts payable (7,652) (14,615) (6,963) 12,483 (330) (12,813)
Labor liabilities 5,314 (2,084) (7,398) 6,052 2,843 (3,209)
Tax and contributions 6,194 10,696 4,502 6,077 7,719 1,642
Other current liabilities 61 303 242 277 (1,197) (1,474)
Tax and contributions (2,966) (11,695) (8,729) (12,481) (24,542) (12,061)
Net cash generated by operating activities 6,207 (10,598) (16,805) 39,911 20,457 (19,454)
Operating cash consumption in 4Q10 is a result of the increase of sales and higher working
capital needs due to strategic inventories and imports
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12. Capital Expenditure (CAPEX)
CAPEX (R$ million)
15.4
1.7
11.1
0.3 5.8
1.9
5.8 6.1
0.1 0.4
0.9
3.0 8.9 7.9
4.7
2.7
4Q09 4Q10 2009 2010
Own Stores Corporate Others
In 2010, capital expenditure amounted to R$15.4 million, out of which R$7.9 million in Own
Stores expansion
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13. ROIC
ROIC¹ (%)
39.9% 42.5%
+2.6 p.p
2009 2010
Increase of 2.6pp in ROIC as a result of our conservative business model and capital
discipline
¹ Return over Invested Capital 13

14. Perspectives
We are confident on 2011 perspectives:
 Expansion plan with 38 new openings in 2011;
 Arezzo brand continues to perform as expected:
 Increase of Same Stores productivity;
 Area expansion of existing stores;
 Ongoing product line diversification growth;
 Launch of Schutz Go-to-Market project:
 Assess full potential of retail and Own Stores and Franchises’ strategy;
 Increase share-of-wallet and capillarity within Multi-Brand distribution channel;
 Launch of Anacapri Multi-Brand distribution initiative and Own Store pilot project maturation.
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15. Contacts
CFO and IR Officer
 Thiago Borges
IR Manager
 Daniel Maia
Phone: +55 11 2132-4300
ri@arezzoco.com.br
www.arezzoco.com.br
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