- Arezzo&Co's gross revenue increased 27.9% in 4Q12 and 28.5% in 2012, with strong performance across all brands and channels. - Owned store sales grew 49.9% in 4Q12 and 68.1% in 2012, while franchises also performed well with 12.2% same-store sales growth in 2012. - The Schutz brand in particular saw 87% revenue growth in 4Q12 and 65.2% in 2012, benefiting from initiatives to strengthen franchises and owned stores. - In 2012, Arezzo&Co expanded its store network by 58 points of sale.

1. | Apresentação do Roadshow
Conference Call
4Q12 and 2012
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2. Important Disclaimer
Information contained in this document may include forward-looking statements and reflect Management’s current view
and estimates of the evolution of the macroeconomic environment, industry conditions, Company’s performance and
financial results. Any statements, expectations, capabilities, plans and assumptions contained in this document, which do
not describe historical facts, such as information about declaration of dividend payment, future direction of
operations, implementation of relevant operating and financial strategies, investment program and factors or trends
affecting the financial condition, liquidity or results of operations, are forward-looking statements, as set forth in the “U.S.
Private Securities Litigation Reform Act of 1995”, and involve several risks and uncertainties. There is no guarantee that
these results will occur. Forward-looking statements are based on several factors and expectations, including economic
and market conditions, industry competitiveness and operational factors. Any changes in such expectations and factors
may cause actual results to differ from current expectations.
The Company’s consolidated financial statements presented herein are in accordance with the International Financial
Reporting Standards - IFRS, issued by the International Accounting Standards Board - IASB, based on the audited
financial statements. Non-financial information and other operating information have not been subject to an audit by
independent auditors.
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3. 4Q12 and 2012 Highlights
Gross Gross revenue increased 27.9% in 4Q12, reaching R$ 327.1 million.Gross revenue in 2012
Revenue was R$ 1,108.7 million, increasing 28.5% over 2011;
Gross profit reached R$ 111.6 million, 39.0% growth and 44.2% margin in 4Q12. 2012 gross
Gross Profit
profit was R$ 375.8 million, growing 33.5% from 2011, with gross margin of 43.7%;
EBITDA totaled R$ 43.8 million, increasing of 32.1% and 17.3% margin over 4Q11. In 2012
EBITDA
EBITDA was R$ 135.8 million, growing 15.3% in relation to 2011, and EBITDA margin of 15.8%;
Net Profit The 4Q12 net profit reached R$31.7 million, 17.7% increase and with 12.5% margin. 2012
net profit was R$ 96.9 million, increasing 5.7% on 2011, and net margin of 11.3%;
In 2012 Arezzo&Co expanded its network by 58 points of sale, of which 24 were Arezzo, 33
Expansion
Schutz and 1 Alexandre Birman.
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4. Company Growth
Gross Revenues – (R$ million)
1,108.7
28.5%
862.6 -17.5% 39.1
47.4
27.9% 327.1
255.8
-42.9% 31.2% 1,069.6
815.2
9.2
16.1 32.6%
317.9
239.7
4Q11 4Q12 2011 2012
Domestic Market Exports Market
Arezzo&Co’s gross revenues increased 27.9% over 4Q11 to reach R$ 327.1 million in this quarter.
The Company’s gross revenues amounted to R$1,108.7 million in 2012, a 28.5% growth when
comparing with 2011.
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5. Gross Revenue Breakdown by Channel –
Domestic Market
Gross Revenue by channel – Domestic Market (R$ million)
1,069.6
31.2%
15.4
815.2
68.1% 256.0
32.6% 317.9 9.0
152.2
239.7 22.1% 285.8
49.9%
234.0
28.0% 4.8
4.2 88.3 22.0%
58.9 512.4
72.9 420.0
56.9 27.0%
119.6 151.9
4Q11 4Q12 2011 2012
Franchise Multi-brand Owned Stores Others¹
SSS Sell-out (owned stores) 15,0% 0,6% 11,4% 6,3%
SSS Sell-in (franchises) 2,2% 13,1% 11,3% 12,2%
Sales increased in all channels, particularly Owned Stores, with 49.9% in 4Q12 and 68.1% in 2012.
Franchises also presented good performance: 46 stores and SSS of 12.2% in 2012. Multi-brands
sales growth mainly due to focus in branding and increase in share of wallet.
1) Other: Growth of 13.4% in 4Q12 and of 71.6% in 2012.. 5

6. Gross Revenue Breakdown by Brand –
Domestic Market
Gross Revenues by brand – Domestic Market (R$ million)
31.2% 1,069.6
815.2
49.8
32.5 65.2% 356.5
32.6% 317.9
215.8
239.7
87.0% 17.0%
16.1 663.3
12.3 566.9
112.2
60.0 13.3%
167.4 189.6
4Q11 4Q12 2011 2012
Arezzo Schutz Others¹
Solid performance of all brands, specially for Schutz brand, which has grown gross revenues by
87.0% in 4Q12 and 65.2% in 2012, leveraged by the Schutz GTM Project that has strengthened
franchise and owned store distribution
1) Other: Alexandre Birman’s and Anacapri’s Gross Revenue: growth of 30.9% in 4Q12 and of 53.4% in 2012.
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7. Distribution Channel Expansion
Owned Stores and Franchises Expansion
21.8%
26.5 Franchises 319
24.3%
Owned Stores ¹ 19
. 21.8 Multi Brands ² 925
17.7%
17.6 399
+58
14.9 341 57 Franchises 23
296 +45 Owned Stores ¹ 28
+33 45
263 29 Multi Brands ² 1,573
21
342 Owned Stores 2
267 296
242 Multi Brands ² 9
Owned Stores 8
4Q09 4Q10 4Q11 4Q12
Multi Brands ² 793
Franchises Owned Stores Total sq m
In 2012, the Company opened 58 stores (56 domestic and 2 international stores) and enlarged 19
stores, expanding total sales area by 21.6% compared to 2011.
Note: area given in thousand square meter
1) Includes 5 outlets with total area of 1,227 sq m
2) Domestic Market 7

8. Gross Profit and EBITDA
Gross Profit (R$ million) EBITDA (R$ million)
17.3%
500,0 43.7% 45,0% 16.7%
41.5%
450,0 40,0%
180,0 143.8 18,0%
400,0 33.5% 375.8 35,0%
160,0 8.0 16,0%
350,0 22.1%
30,0%140,0 14,0%
300,0 281.4 117.7
44.2%
25,0%120,0 12,0%
250,0 40.3% 17.3%
20,0%100,0
200,0 16.7%
80,0 135.8
39.0% 15,0%
150,0
111.6 60,0 32.1% 43.8
80.3 10,0%
100,0 40,0 33.2 4,0%
50,0 5,0%
20,0
- 0,0% - 0,0%
4Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012
Gross Profit Gross Margin EBITDA EBITDA Margin
In 4Q12, gross margin expanded 3.9 p.p. EBITDA in 4Q12 totaled R$43.8 million, growth of 32.1%
over 4Q11. EBITDA in 2012 increased 15.3% over 2011. If the non-recurring effect of 1Q12 were
excluded, EBITDA in 2012 would have been up 22.1% over 2011.
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9. Net Income
Net Income (R$ million)
13.5%
150,0 11.9% 14,0%
130,0 11.5% 12,0%
102.2
110,0
91.6 5.3
90,0 13.5%
12.5%
70,0
17.7% 6,0%
50,0
31.7
26.9 96.9 4,0%
30,0
10,0 2,0%
-10,0 4Q11 4Q12 2011 2012 0,0%
Net Income Net Margin
Net income in 4Q12 was R$31.7 million and showed a 17.7% increase over 4Q11. Net income in
2012 reached R$96.9 million, 5.7% growth in the year. Without the non-recurring impact of
1Q12, net income for the year would have been R$102.2 million.
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10. Cash Generation
Operating Cash Generation (R$ thousand)
Ajustes
Operating Cash Flow 4Q11 4Q12 Var. (%) 2011 2012 Var. (%)
4T11
Income before income tax and social contribution 34,932 41,884 19.9% 125,452 133,504 6.4%
Depreciation and amortization 1,168 2,349 101.1% 4,058 7,558 86.2%
Other (2,532) (1,716) -32.2% (10,475) (8,395) -19.9%
Decrease (increase) in current assets / liabilities (19,102) (31,777) 66.4% (47,302) (41,325) -12.6%
Trade accounts receivables (19,700) (7,545) -61.7% (47,118) (29,316) -37.8%
Inventories 14,302 6,822 -52.3% (8,518) (19,206) 125.5%
Suppliers (12,765) (29,658) 132.3% 8,542 (1,779) n/a
Change in other current assets and liabilities (939) (1,396) 48.7% (208) 8,976 n/a 2909.756
Change in other noncurrent assets and liabilities 1,971 (29) n/a (147) (2,412) 1540.8%
Payment of income tax and social contribution (13,845) (15,890) 14.8% (28,548) (37,708) 32.1%
Net cash flow generated by operational activities 2,592 (5,179) N/A 43,038 51,222 19.0%
Arezzo&Co used R$5.2 million of operating cash in 4Q12, in line with the operation seasonality. In
2012, the Company generated R$51.2 million in operating cash flow, reflecting the solid performance
in the year.
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11. Capital Expenditure (CAPEX) and
Indebtedness
CAPEX (R$ million) Indebtedness (R$ million)
57.4
Indebtedness 4Q11 3Q12 4Q12
90.0%
1.7 Cash 173,550 175,605 202,154
18.4 Total debt 38,659 55,199 94,084
30.2
Short term 20,885 30,626 42,843
0.8 % total debt 54.0% 55.5% 45.5%
-31.1% 6.1
13.3
9.2 Long-term 17,774 24,573 51,241
0.1 37.3
2.1 0.4 23.4 % total debt 46.0% 44.5% 54.5%
11.1 2.7
6.1 Net debt (134,891) (120,406) (108,070)
4Q11 4Q12 2011 2012
Stores Corporate Others¹
In 2012, the Company invested R$ 57.4 million, of which R$ 37.3 million were invested in 15 new
POS and 5 more store expansions in major locations, as well as the new headquarters in Campo
Bom (RS).
1) Other: Increase of 455.8% in 4Q12 and of 108.7% in 2012 compared with the same period of the previous year.
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12. 2013 Opening Guidance
# Owned Store
452 # Franchises
47
399¹ 6 63
57
+13%
389
342
2012 2013
The 2013 expansion pipeline is committed to opening 53 new stores with a 15% growth in total
2012
sales area, leveraged by openings and expansion of existing stores. 2013
1) Include 9 international stores. 12

13. 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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