Arezzo&Co is a leading footwear and accessories company in Brazil with a platform of top brands. It has a 39-year track record of entrepreneurship and growth through strategic changes. The company went public in 2012 and is controlled by the Birman family with a meritocratic culture focused on best practices. Arezzo&Co has strong brands targeted at different markets, enabling growth across income segments.

1. | Apresentação do Roadshow
As of December 31, 2011
March, 2012
1

2. Disclaimer
Statements regarding the Company’s future business perspectives and projections of operational and
financial results are merely estimates and projections, and as such they are subject to different risks and
uncertainties, including, but not limited to, market conditions, domestic and foreign performance in general
and in the Company’s line of business.
These risks and uncertainties cannot be controlled or sufficiently predicted by the Company management
and may significantly affect its perspectives, estimates, and projections. Statements on future
perspectives, estimates, and projections do not represent and should not be construed as a guarantee of
performance. The operational information contained herein, as well as information not directly derived from
the financial statements, have not been subject to a special review by the Company’s independent
auditors and may involve premises and estimates adopted by the management.
2

3. | Company overview

4. 1
.1 Platform of brands of reference
Arezzo&Co is the leading company in the footwear and
accessories sector through its platform of Top of Mind brands
4

5. 1
.2 Company overview
Arezzo&Co is the reference in the Brazilian retail sector and has
a unique positioning combining growth with high cash
generation
Leading company in Controlling Development of Asset light: high Strong cash
the footwear and shareholders are the collections with operational efficiency generation and high
accessories sector reference in the sector efficient supply chain growth
with presence in all
Brazilian states
7.5 million pairs of shoes(1) Net revenues CAGR: 37%
~11,500 models created 86% outsourced (2007- 2011)
39 years of experience in per year production
473 thousand handbags(1)
the sector
Net income CAGR: 52%
Lead time of 40 days ROIC of 36% in 2011 (2007- 2011)
c.2,480 points of sale
Wide recognition
7 to 9 launches per year 1,879 employees Increased operating
11.1% market share(2)
leverage
Notes:
1. LTM as of December in 2011.
2. Refers to the Brazilian women footwear market (source: Euromonitor, IBGE and Company estimates) . Estimated for 2010.
5

6. 1
.3 Successful track record of
entrepreneurship
The right changes at the right time accelerated the Company's
development
Foundation and structuring Industrial Era Retail Era Corporate Era Industry Reference
70’s 80’s 90’s 00’s 2011…
Founded in 1972 Consolidation of Focus on retail Specific brands for each
Focused on brand and industrial business model R&D and production segment
product located in Minas Gerais outsourcing on Vale dos Sinos - Expansion of distribution
1.5 mm pairs per year RS channels
and 2,000 employees Franchises expansion Efficient supply chain
Opening of the first
shoe factory
Opening of the flagship
store at Oscar Freire
Launch of new
brands IPO
+ Merger
First store
Schutz launch
R$196.0 mn in
primary offering
Launch of the first Commercial operations
design with centralized in São Paulo
national success
Fast Fashion Strategic Partnership
concept (November 2007)

7. .4 Shareholder structure1
1
Post-offering
Birman family Management Others
52.6% 0.2% 47.1%
Notes:
1. Arezzo&Co capital stock is composed of 88,542,410 common shares, all nominative, book-entry shares with no par value.
Shareholder structure as of March, 2012.
7

8. 1
.5 Culture & Management:
Arezzo towards 2154
Meritocratic culture based on best practices makes Arezzo a
company prepared to reach 2154
Code of Ethics
“Our behavior is a positive example for all activities and internal or external interactions; and we treat everyone with respect, equality and cooperation”
“We properly protect the confidentiality of our information, documents, trademarks, intellectual property and cherish the proper use of our assets”
“The Arezzo Group’s interests prevail over personal or third party interests and guide any decision-making in the company”
“We act with fairness in our relationships with suppliers, franchisees and customers, eliminating any situation that may generate expectations of bias in
the context of receipt of gifts and invitations”
“Our suppliers are evaluated and contracted based on clear criteria and in line with our ethical standards and conduct”
“We are committed to ensure a responsible environmental stewardship by ensuring and establishing high standards for the purposes of protecting the
environment and conserving its resources”
“We have a socially responsible conduct and do not use any resources for unethical or illegal purposes, or that violates local or international laws”
“It is our duty to report any breach of the Code of Ethics irrespective of the public involved”
2010
2154
8

9. 1
.6 Strong platform of brands
Strong platform of brands, aimed at specific target markets, enables the
Company to capture growth from different income segments
Foundation 1972 1995 2008 2009
Trendy Fashion Pop Design
Brands New Up to date Flat shoes Exclusivity
profile Easy to wear Bold Affordable Identity
Eclectic Provocative Colorful Seduction
Female
target 16 - 60 years old 18 - 40 years old 12 - 60 years old 20 - 45 years old
market
O F MB EX O F MB EX O MB O MB EX
Distribution
POS 1
channel1
19 288 969 - 17 1 1,408 - 8 726 1 18 -
%
gross 14% 73% 12% 1% 26% 1% 65% 8% 41% 59% 14% 7% 79%
rev.2
Retail price
R$ 180.00/pair R$ 285.00/pair R$ 99.00/pair R$ 960.00/pair
point
Sales R$ 21.6 million
R$ 572.8 million R$ 234.2 million R$ 8.8 million
Volume3
% Gross 2.5%
66,4% 27.2% 1.0%
Revenues4
Notes:
1. Points of sales (2011); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports
2. % of each brand gross revenues (2011)
3. 2011 gross revenues, does not include other revenues (not generated by the 4 brands)
4. % total 2011 gross revenues
9

10. 1
.7 Multiple distribution channels
Flexible platform through three distribution channels with
differentiated strategies, maximizing the Company's profitability
Gross Revenues per Channel
289 franchises in More than 940 45 owned stores Broad distribution
more than 140 cities and 2,500 being 5 Flagship in every Brazilian
cities multi-brands stores state
Gross Revenue Breakdown (R$ mn)¹
49% 27% 18% 7% 100%
56²
152
234
863
420
Franchises Multi-brands Owned stores Others Total
Notes:
1. 2011 gross revenues
2. Considers external market and other revenues in the domestic market
10

11. | Business model

12. 2
Unique business model in Brazil
Customer focus: we are at the forefront of
Brazilian women fashion and design
1
ABILITY TO
2
SOLID MARKETING
3
EFFICIENT
4
NATIONWIDE
5
SEASONED
MANAGEMENT
DISTRIBUTION
INNOVATE AND SUPPLY CHAIN TEAM WITH
STRATEGY
COMMUNICATION PERFORMANCE
PROGRAM BASED INCENTIVES
Communication &
R&D Sourcing & Logistics Multi-channel Management
Marketing
BRANDS OF REFERENCE
12

13. 2
.1 Ability to Innovate
We produce 7 to 9 collections per year
I. Research II. Development III. Sourcing IV. Delivery
Creation:
11,500 SKUs / year
Available for selection:
63% of SKUs created /
year
Stores:
52% of SKUs created / year
Activities JAN FEV MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Creation
Launch
Orders
Production
Delivery
Normal sale
Discount sale
Winter I Winter II Winter III Summer I Summer II Summer III Summer IV
Arezzo&Co fulfills the various aspirations of women, delivering on average 5 new
models per day, allowing for consistent desire-driven purchases 13

14. 2
.2 Broad media plan
The brand has an integrated and expressive communication strategy, from the
creation of campaigns to the point of sales
Presence in eletronic media and television Strong presence in printed media
+1000 exhibition on TV e 620 exhibition in cinema in 2011 150 inserts in printed media in 300 pages in 2011
+ 40 million impact 45 million readers
Digital communication Constant presence in fashion editorials
580k accesses to site/month 206 exhibition in fashion editorials in 2011
Average navigation time: 8 minutes
33.310 Twitter followers : leader in the segment
34.391 Facebook fans: leader in interactions
14

15. 2
.2 Communication & marketing program
reflected in every aspect of the stores
Stores constantly modified to incorporate the concept of each new
collection, creating desire-driven purchases
POS materials (catalogs, packaging, among others)
Store layout & visual merchandising Flagship stores
All visual communication at stores is monitored and updated simultaneously throughout Brazil
for each new collection 15

16. 2
.2 Arezzo: constant modification on the
atmosphere of the stores
Arezzo architectural project bets on chameleon concept, with its stores constantly
modified to incorporate the concept of each new collection
Project model allows visual communication updates at low-cost investment
Visual merchandising brings the most relevant collection information to stores’ level
3 main display updates per year
Flagship
Arezzo Oscar
Freire SP
Summer
Winter
16

17. 2
.2 Schutz: flagship stores concept
Schutz architectural project bets on flagships essence and highlights the products at a
modern and cosmopolitan background
Closet Video Wall Niches and Updated
Jaquets and accessories Campaigns and marketing actions
Brand horizontalization lighting windows
• More preeminence for products Differentiated products
17
17

18. 2
.3 Flexible production process…
Production speed, flexibility and scalability are able to ensure
Arezzo&Co’s expected growth
Flexible supply model Gains of scale
Owned factory with capacity to produce 1.2 million pairs
Arezzo’s size allows for large scale purchases from each
annually and strong relationship with Vale dos Sinos
supplier
production cluster
Certification and auditing of suppliers Joint purchases
In-house certification and auditing ensure quality and
Negotiation of raw material jointly with local suppliers
punctuality (ISO 9001 certification in 2008)
Supply Profile (2011) Simultaneous consolidation and distribution in national scale
Owned plant
1 Reception: 100,000 units / day
14% 2 Storage: 100,000 units / day
3 Picking: 150,000 units / day
Outsourced
production 86% 4 Distribution: 200,000 units / day
5 Replacement of milky run strategy
18

19. 2
.4 ...leveraged by owned stores…
Multiple distribution model allows for capturing the value in the
chain while widening distribution capillarity and brands’ visibility
Owned stores strategy
GREATER BRAND AWARENESS AND VISIBILITY
COUPLED WITH OPERATIONAL EFFICIENCIES
Allows direct contact with consumer
Main consumption centers (mainly SP and
RJ)
Anacapri Schutz Arezzo Alexandre Birman High profitability with great operational
efficiency
Benchmark for franchisees
45
Total sales area and # of stores (m²) Flagship stores ensure greater visibility
29 and reinforce brand image
21
# of stores
10
6 4,686
2,967 Total sales area
2,067
1,044 1,369
2007 2008 2009 2010 2011
19

20. 2
.4 …with efficient management of the
franchise network...
Model allows rapid expansion with little invested capital by
Arezzo&Co and high profitability to franchisees
Successful Partnership: “Win – Win”
Franchise Concentration per Operator
Intense retail training
(# of Franchisees by # of Franchises)
Ongoing support: average of 6 stores/ consultant and
average of 22 visits per store/ year
Strong relationship with and ongoing support to
franchisee 4 or more
franchises
11% 1 franchise
3 franchises
Best Franchise in Brazil (2005) and in the sector for 7 16%
years since 2004 44%
Excellency in Franchising Award in the last 8 years
29%
(ABF)
2 franchises
96% satisfaction of franchises1
100% of on-time payments
Notes: FY2011 data
1. 96% of the current franchisees indicated they would be interested in opening a
franchise if they did not already have one
Average payback of 39 months2 2. Annual sales of R$ 2,330 thousand + average initial investment of R$ 433 thousand
+ working capital of R$ 414 thousand
20

21. 2
.4 ...and of the multi-brand stores
Multi-brand stores widen the distribution capillarity and the brands’
visibility, resulting in a strong retail footprint
Multi-brand stores’ Gross Revenue¹ (R$ mn) IMPROVED DISTRIBUTION AND BRAND VISIBILITY
2,146
Greater brand capillarity
1,585
Rapid expansion at low investment and risk
234 Important sales channel for smaller cities
188
Presence in over 940 cities
2010 2011
Gross Revenue1 (R$ mn) # Store
Multi-brand stores
Notes:
1. Domestic market only 21

22. 2
.4 Large capillarity and scale of store
chain
Store chain with high capillarity, reaching more than 140 cities and
well-positioned among the retail companies Points of sale (2011)
Size and average sales per exclusive stores - 2011
288 franchises +
Average size Net Revenue/ m2 Total
Brand 14 owned stores +
(m2) (R$ 000s) Stores 1,2
5 outlets +
5 61 354 328
969 multi-brand clients
133 244 432
1,904 3 167
1,031 7 336 1 franchise +
6 2,557 8 123
16 owned stores +
1 outlet +
263 17 104
1,408 multi-brand clients
Region Arezzo&Co¹ GDP3 8 owned stores
726 multi-brand clients
N 4% 5%
NE 20% 18%
1 owned store +
MW 7% 7%
18 multi-brand clients
SE 54% 55%
TOTAL
S 15% 15%
289 franchises +
Source: IBGE, Companies’ Reports; number of stores according to latest data provided by the Companies
Notes:
39 owned stores +
1. Considers only owned stores (Arezzo and Schutz) and Arezzo franchises;
2. For Hering, considers only Hering Store chain stores;
6 outlets +
3. 2008 data;
4. Net Revenue (assuming that sales taxes and deduction = 30% of gross revenues);
2.146 multi-brand clients
5. Considers Arezzo + Schutz, except for outlets, handbags’ stores and Schutz franchise;
6. 2010 data.
= 2,480 points of sales 22

23. 2
.5 Seasoned and professional
management team
Anderson Birman
Internal Auditing
Marco Coelho
Schutz and Alexandre
Arezzo and Ana Capri Industrial Supply Chain Strategy and IT Financial HR
Birman
Anderson Birman
Alexandre Birman Cisso Klaus Marcio Jung Kurt Richter Thiago Borges Raquel Carneiro
Claudia Narciso
Highly qualified management team
Name Years of Years
Title experience at Arezzo
Anderson Birman Stock option plan for key executives
39 39
CEO
Alexandre Birman
COO
16 16 Performance based compensation package for all
Thiago Borges
employees
12 4
CFO and Investor Relations Officer
Cisso Klaus
46 8
Independent business units for each brand but unified
Director – Industrial officers (Industrial, Logistics, Financial and HR) for the
Claudia Narciso
23 13
whole company
Director – R&D
Kurt Ritchter
31 10
Director – Strategy and IT
Marcio Jung
27 7
Director – Supply Chain
Marco Coelho
40 29
Director – Internal Auditing
Raquel Carneiro
12 2
Director – HR 23

24. 2
.5 Corporate governance
After the offering, the Board is composed by 8 members being 2
appointed by Tarpon, 4 by the controlling shareholders and 2
independent members
Name Experience
Title
Anderson Birman
Arezzo’s CEO since its foundation, with over 39 years of experience in the industry
Chairman of the Board
Alexandre Birman
Arezzo’s COO and founder of Schutz, with 16 years of experience in the industry
Vice-Chairman of the Board
Pedro Faria Tarpon’s partner since 2003, member of the Board of Directors of Direcional Engenharia, Omega
Board Member Energia Renovável, Cremer and Comgás
Eduardo Mufarej Tarpon’s partner since 2004, member of the Board of Directors of Tarpon, Omega Energia Renovável
Board Member and Coteminas
José Murilo Carvalho President of the Attorney’s Association of Minas Gerais
Board Member Board Member of the Brazilian Bar Association
José Bolonha Founder and CEO of “Ethos Desenvolvimento Humano e Organizacional"
Board Member Board member of the Inter-American Economic and Social Council (UN, WHO)
Guilherme A. Ferreira CEO of Bahema Participações, board member of Pão de Açúcar, Banco Signatura Lazard, Eternit,
Independent Board Member Tavex and Rio Bravo Investimentos
Artur N. Grynbaum CEO of Grupo Boticário (largest franchise company in Brazil) and Vice-President at Abihpec
Independent Board Member (Brazilian Association of Industries in the field of Personal Hygiene, Perfumes, and Cosmetics ) 24

25. | Market Overview

26. 3
.1 Social upward mobility driving internal
consumption
Income growth and job creation lead to rapid social upward mobility and
increasing internal consumption
Brazil experiences an accelerated process of social upward migration...
(Millions of people)
Class A/B 13 (8%) 20 (11%) 31 (16%) +18 mi
(2003-14E)
Class C 66 (37%)
93 (49%) +47 mi
113 (56%) (2003-14E)
Class D 47 (27%)
46 (24%)
40 (20%)
Class E 49 (28%)
30 (16%) 16 (8%)
2003 2008 2014E
Classes A/B: monthly income above R$4,808 | Class C: monthly income between R$1,115 and R$4,408 | Class D: monthly income between R$768 and R$1,115 | Class E: monthly income below R$768
...Resulting in a significant rise of consumer goods consumption, including Footwear and Apparel
(Consumption growth as a result of the upward mobility in social classes; indexed 100 = class D/E)
Food, Drinks and
1.0x 1.7x 3.3x 5.4x
Cigarettes
Electronics
1.0x Class 1.9x Class 4.4x Class 10.1x Class
and Furniture Footwear and
D/E C B A apparel have
Footwear and
1.0x 2.3x 5.4x 12.6x the largest
Apparel
growth
Prescription/OTC drugs 1.0x 1.9x 4.3x 9.3x potential
Hygiene and
1.0x 2.3x 5.3x 11.2x
Personal Care
26
Source: IBGE, FGV, LCA, Bain & Co., BCG, Roland Berger

27. 3
.2 Brazilian footwear market overview
Arezzo&Co has a significant stake of the the women footwear market
and has consistently increased its market share
Arezzo&Co’s market share1
11.1%
8.6%
8.1%
4.7%
2007 2008 2009 2010
Footwear market (R$ bn)
+8%
+4% +6%
35.4
32.9
29.7 31.0
9.0 9.5 10.3
8.6
2007 2008 2009 2010
Total footwear Women footwear
Source: IBOPE Inteligência (Pyxis), Satra, World Bank, ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGE
Note: 1. Based on Euromonitor research and IBOPE Inteligência (Pyxis). Estimated market share, which includes both Arezzo and Schutz 27

28. 3
.3 Global Industry
Brazil is a major shoe producer with a competitive cost of women leather
shoes for the domestic market
CHINA
Lead time: 120 to 150 days
Production (pairs): 10.000 mi
ITALY
Cost (FOB): US$ 16/pair
Lead time: 70 days
Cost (DDP): US$ 40/pair
Production (pairs): 202 mi
Cost (FOB): US$ 26/pair
Cost (DDP): US$ 38/pair INDIA
Lead time: 160 days
Production (pairs): 2.000 mi
Cost (FOB): US$ 15/pair
Cost (DDP): US$ 23/pair
VIETNA
Lead time: 120 to 150 days
Production (pairs): 682 mi
Cost (FOB): US$ 15/pair
Cost (DDP): US$ 23/pair
BRAZIL
Lead time: 40 days
Production (pairs): 894 mi
Cost (w/ taxes ): US$ 19/pair
Cost (w/ taxes ): US$ 29/pair
Note:
DDP: delivered duty paid
Source: Abilcalçados, Assintecal, Arezzo&Co FOB: free on board
28

29. 3
.4 Brazilian footwear industry Overview
Arezzo&Co mainly sources its products in the South of Brazil, the world’s
largest footwear manufacturer cluster, specialized in women leather shoes
Brazilian Shoes Production (2010)
Vale dos
South
South Region
894 Region
Sinos
(RS)
million
Production - # pairs (million) 302 ~187
pairs
Export - # pairs (million) 32 ~20
Export - (million USD) 733 ~455
Jobs (thousand) 130 ~81
Other Main producer Companies 3.400 ~2.000
66 States
7% Sports Expertise in the production of women leather shoes
88
10%
Other producer regions:
Rubber
487 Southeast Northeast
Southeast Region Northeast Region
55% Region Region
Leather
253
Production - # pairs (million) 189 Production - # pairs (million) 399
28%
Export - # pairs (million) 9 Export - # pairs (million) 102
Export - (million USD) 152 Export - (million USD) 595
Jobs (thousand) 90 Jobs (thousand) 126
Companies 4.000 Companies 627
Source: Abilcalçados, Assintecal, Arezzo&Co
Expertise in the production of men leather shoes Expertise in the production of sports shoes
29

30. | Growth fundamentals

31. 4
Growth fundamentals
Key value drivers Net income (R$ mn) and net margin (%)
14%
13%
Expand distribution footprint 12%
11%
9%
7% 7%
Improve store productivity
6%
CAGR 05-2011: 47%
92
Increase operational efficiencies and margins
65
49
Inventory management
22
17
9 10
Capitalize on strong growth fundamentals in Brazil 2005 2006 2007 2008 2009 2010 2011
Net income (R$ mm) Net margin (%)
31

32. 4
Flexible Distribution Strategy
Arezzo&Co has been consolidating different distribution channels in which has
developed the expertise for its brands portfolio
Retail expertise, increasing channel’s relevance;
Owned stores: Schutz owned store in 5 cities: Sao Paulo, Rio de Janeiro, Porto Alegre,
Brasília e Belo Horizonte.
Expansion of the most representative channel of the Group, now for Schutz brand;
Franchises:
Relationship with local consumers.
Greater presence and brand’s national visibility;
Multi Brand:
Sales team optimization: internal team and commissioned sales representatives.
Reach consumers all over the country;
Webcommerce:
Wide range of models in each collections.
32

33. 4
Expand footprint
Develop national presence for all brands based on a multi channel distribution strategy.
Arezzo
Ilustrative images
Schutz Ilustrative images
Anacapri
Alexandre Birman FOCUS ON THE Large cities
OPENING OF Focus on shoppings centers
Multi-brand MONOBRAND
STORES A/B1 Public
33

34. 4
Mono Brand Stores Strategy
Schutz new project for owned stores and franchises:
Emphasizing the products and the campaigns;
Reinforcing the brand with a complete presentation of each collection;
Schutz – Higienópolis Shopping / São Paulo Schutz – Iguatemi Shopping / Salvador
Pilot project:
Opening of 3 stores within the new project: Higienópolis Shopping – SP, Barra Sul
Shopping – POA and Morumbi Shopping - SP
Launch of first pilot franchise in the city of Salvador - BA
34

35. 4
Remodeling and Expansions
Stores increasingly more attractive, offering a superior shopping experience
Expansion of the stores in 2011 Renovation Schutz – Shop. Higienópolis¹:
17 stores expansions
■ 4 owned stores
■ 13 franchises
More than 570 m² in 2011
Reveue growth post-
expansion:
New stores have 84 m² in average
104%²
AFTER
BEFORE
All experiences have reached positive sales 70m2
results 34m2 Store area
Note:
(1) The stores were renovated in August 2011
(2) Comparison between the sales results from August to November 2011 and August to November 2010
Source: Arezzo&Co 35

36. 4
Multi Brand Strategy
Smaller regions for sales person, with an Exemple – “South” Coordinator
increased team
Regional Coordinator
Consultants in areas with a greater
concentration of stores
Sales representatives in less dense but with
potential growth areas
Incentive for the prospect of new clients
and more frequent visits
Geographical limits (e.g. mountains) and
higher travel costs control
Internal targets: cities covered, number of
clients and sales per customer
36

37. 4
Expansion Guidance Update – Arezzo&Co
392
# Owned stores
11
# Franchises
47 54
334
7
43
311 16 +17%
7
296 36
8
+7%
29 338
291
+5%
275
267
2010 3Q11 2011 2012
Reinforced our commitment to the opening of 38 stores in 2011;
Existing stores were expanded in 579m² in the last year, in line with the 1,000m² target until 2012;
We increased in 20 stores the 2012 guidance, specially due to GTM project.
37

38. | 2011 and 2010 Financial highlights

39. 5
.1 Operational and financial highlights
Gross Revenues per Channel (R$ mn) – Domestic Market
815.2
23.1%
9.0
662.5
152.2
5.4
110.0 38.4%
16.9%
239.7 234.0
204.9 188.4 24.2%
57.0%
1.7% 4.2 17.1%
0.3 58.9 420.0
37.5 358.7
56.0 56.9
7.7%
111.1 119.6
4Q10 4Q11 2010 2011
SSS Sell-out (Owned Stores) 4.7% 15.0% 17.6% 11.4%
SSS Sell-in (Franchises) 17.2% 2.2% 29.1% 11.3%
Notes:
1. Others: increase of 1180.7 % in 4Q11 and of 65.4% in 2011.
39

40. 5
.2 Operational and financial highlights
Key highlights
2011 Net Revenues increased by 18.8% year-over-year
2011 ended with 334 store chain and Sales area expansion of 22% year-over-year
Strong growth for the main brands in 2011
Net Revenues (R$ mn) Number of Stores (R$ mn) and Total Area (m² - ‘000)
Area CAGR 07- 11: 16.3%
CAGR 07-11: 36.8%
678.9
21,9%
571.5 21,4
17,7%
12,5%
412.1 13,2% 17,6
367.1 18.8% 14,9
38.7% 13,3
11,7 334
296
263 +38
193.8 12.3% 237 +33 45
214 29
10 +26 21
6 +23
89.4% 289
227 242 267
208
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
40
Owned Stores Franchises Total Area

41. 5
.3 Operational and financial highlights
Gross Profit (R$ mn) and Gross Margin (%) EBITDA (R$ mn) and EBITDA Margin (%)
40.5% 41.5% 17.3%
40.5% 17.7% 16.7%
40.3% 16.7%
39.0% 281.4 14.7% 117.7
231.6 95.5
166.8
60.5
80.3 31.0 33.2
68.2
4Q10 4Q11 2009 2010 2011 4Q10 4Q11 2009 2010 2011
Net Income (R$ mn) and Net Margin (%)
13.5% 13.5%
12.3% 11.8%
11.3% 91.6
64.5
48.7
26.9
21.5
4Q10 4Q11 2009 2010 2011
Notes:
1. Adjusted for interest on shareholders’ equity and goodwill amortization
41

42. 5
.4 Operational and financial highlights
Cash Conversion Cycle (R$ thousand) Capex (R$ million)
Cash Conversion 2010 2011 Change Growth or Growth or
Sumary of investments 4Q10 4Q11 2010 2011
Cycle spread (%) spread (%)
#days R$ '000 #days R$ '000 (in days)
106 152,520 115 199,687 9 Total Capex 6,183 13,312 115.3% 15,513 30,239 94.9%
Inventory¹ 52 48,862 53 57,384 0 Stores - expansion and reforming 2,908 11,134 282.8% 8,018 23,352 191.2%
Accounts Receivable² 85 132,402 97 179,589 12 Corporate 2,906 2,101 -27.7% 5,772 6,082 5.4%
(-)Accounts Payable¹ 31 28,744 34 37,286 3 Others 369 77 -79.1% 1,723 805 -53.3%
¹ Days of COGs
² Days of Net Revenues
Cash Flows From Operating Activities (R$ thousand)
Growth or Growth or
Cash flows from operating activies 4Q10 4Q11 2010 2011
spread spread
ATUALIZAR - Leo
Income before income taxes 29,531 34,932 5,401 89,289 125,452 36,163
Depreciation and amortization 823 1,168 345 2,670 4,058 1,388
Others 1,187 (2,532) (3,719) 1,735 (10,475) (12,210)
Decrease (increase) in current assets / liabilities (25,998) (19,102) 6,896 (48,404) (47,302) 1,102
Trade accounts reveivable (20,709) (19,700) 1,009 (29,170) (47,118) (17,948)
Inventories 2,536 14,302 11,766 (27,657) (8,518) 19,139
Suppliers (14,615) (12,765) 1,850 (330) 8,542 8,872
Change in other current assets and liabilities 6,790 (939) (7,729) 8,753 (208) (8,961)
Change in other non current assets and liabilities (4,365) 1,971 6,336 (291) (147) 144
Tax and contributions (11,776) (13,845) (2,069) (24,542) (28,548) (4,006)
Net cash generated by operating activities (10,598) 2,592 13,190 20,457 43,038 22,581
42

43. 5
.4 Operational and financial highlights
Indebtedness (R$ thousand)
Indebtedness totaled R$38.7 million in 4Q11 versus Indebtedness 4Q10 3Q11 4Q11
R$35.1 million in 3Q11
Cash 13,004 178,999 173,550
Total indebtedness 46,769 35,065 38,659
Short term 27,370 16,270 20,885
Long-term debt relevance stood at 46.0% in 4Q11 versus % da Dívida Total 58.5% 46.4% 54.0%
53.6% in 3Q11 Long term 19,399 18,795 17,774
% da Dívida Total 41.5% 53.6% 46.0%
Net debt 33,765 (143,934) (134,891)
Indebtedness policy remained conservative, with low
EBITDA LTM 95,572 115,562 117,729
weighted-average cost of Company's total debt
Net debt /EBITDA LTM 0.35x -1.25x -1.15x
43

44. Appendix
44

45. A
.1 Key performance indicators
Growth or Growth or
Summary of Results 4Q10 4Q11 2010 2011
Spread(%) Spread (%)
Net Revenue 174,784 199,171 14.0% 571,525 678,907 18.8%
Gross Profit 68,177 80,346 17.8% 231,641 281,424 21.5%
Gross Margin 39.0% 40.3% 1.3 p.p. 40.5% 41.5% 1.0 p.p.
Ebitda¹ 31,002 33,170 7.0% 95,490 117,729 23.3%
Ebitda Margin¹ 17.7% 16.7% -1.0 p.p. 16.7% 17.3% 0.6 p.p.
Net Profit 21,502 26,901 25.1% 64,534 91,613 42.0%
Net Margin 12.3% 13.5% 1.2 p.p. 11.3% 13.5% 2.2 p.p.
Growth or Growth or
Operating Indicators 4T10 4Q11 2010 2011
Spread(%) Spread (%)
# of pairs sold ('000) 2,009 2,326 15.8% 6,455 7,533 16.7%
# of handbags sold ('000) 182 162 -11.0% 413 473 14.6%
# of emplyees 1,557 1,879 20.7% 1,557 1,879 20.7%
# of stores 296 334 12.8% 296 334 12.8%
Owned stores 29 45 55.2% 29 45 55.2%
Franchises 267 289 8.2% 267 289 8.2%
Outsourcing (as % of total production) 84.9% 88.7% 3.8 p.p. 84.2% 86.3% 2.1 p.p.
SSS² (franchises - sell-in) 17.2% 2.2% 29.1% 11.3%
SSS² (owned stores - sell-out) 4.7% 15.0% 17.6% 11.4%
45

46. A
.2 Balance Sheet - IFRS
Assets 4Q10 3Q11 4Q11 Liabilities 4Q10 3Q11 4Q11
Current assets 209,067 423,739 432,376 Current liabilities 93,786 97,635 102,318
Cash and cash equivalents 8,004 6,229 15,528 Loans and financing 27,370 16,270 20,885
Short-term investments 5,000 172,770 158,022 Trade accounts payable 28,744 50,050 37,286
Trade accounts receivables 132,402 159,889 179,589 Dividends and interest on equity capital payable 11,964 - 14,327
Inventories 48,862 71,941 57,384 Other liabilities 25,708 31,315 29,820
Taxes recoverable 7,889 3,647 10,191
Other receivables 6,910 9,263 11,662 Non-current liabilities 28,152 25,697 24,263
Loans and financing 19,399 18,795 17,774
Non current assets 59,089 72,282 78,252 Related parties 2,075 894 905
Long-term assets 22,941 22,816 16,818 Other liabilities 6,678 6,008 5,584
Financial investments 98 78 79
Taxes recoverable 3,903 3,170 358 Equity 146,218 372,689 384,047
Deferred income and social contribution taxes 14,449 13,646 10,012 Capital 21,358 40,917 40,917
Other receivables 4,491 5,922 6,369 Capital reserve 71,019 237,723 237,723
Investments - - - Income reserves 37,779 37,779 105,407
Property, plant and equipment 21,376 24,901 30,293 Proposed additional dividends 16,062 - -
Intangible assets 14,772 24,565 31,141 Retained Earnings - 56,270 -
Total assets 268,156 496,021 510,628 Total liabilities and shareholders’ equity 268,156 496,021 510,628
46

47. A
.3 Income Statement - IFRS
Growth or Growth or
Income statement - IFRS 4Q10 4Q11 2010 2011
spread (%) spread (%)
Net operating revenue 174,784 199,171 14.0% 571,525 678,907 18.8%
Cost of sales and services (106,607) (118,825) 11.5% (339,884) (397,483) 16.9%
Gross profit 68,177 80,346 17.8% 231,641 281,424 21.5%
Operating income (expenses): (37,998) (48,344) 27.2% (138,821) (167,753) 20.8%
Selling (27,633) (37,021) 34.0% (96,597) (121,224) 25.5%
Administrative and general (11,199) (12,333) 10.1% (45,679) (48,197) 5.5%
Other operating income, net 834 1,010 21.1% 3,455 1,668 -51.7%
Income before financial results 30,179 32,002 6.0% 92,820 113,671 22.5%
Financial income (expenses) (648) 2,930 -552.2% (3,531) 11,781 -433.6%
Income before income taxes 29,531 34,932 18.3% 89,289 125,452 40.5%
Income and social contribution taxes (8,029) (8,031) 0.0% (24,755) (33,839) 36.7%
Current (3,734) (4,397) 17.8% (19,507) (24,598) 26.1%
Deferred (4,295) (3,634) -15.4% (5,248) (9,241) 76.1%
Net income for the year 21,502 26,901 25.1% 64,534 91,613 42.0%
Income per share 0.2748 0.3070 11.7% 0.8247 1.0453 26.7%
47

48. A
.4 Cash Flow Statement - IFRS
Cash Flow Statement - IFRS 4Q10 4Q11 2010 2011
Cash flows from operating activities
Income before income and social contribution taxes 29.531 34.932 89.289 125.452
Adjustments to reconcile to net cash generated by operating activities 2.010 (1.364) 4.405 (6.417)
Depreciation and amortization 823 1.168 2.670 4.058
Financial Investments - (3.142) - (14.948)
Interest and FX variation 20 209 2.031 4.002
Other 1.167 401 (296) 471
Decrease (increase) in assets (27.098) (11.974) (57.730) (62.093)
Trade accounts receivable (20.709) (19.700) (29.170) (47.118)
Inventories 2.536 14.302 (27.657) (8.518)
Taxes recoverable (5.411) (3.731) (4.063) 1.244
Variation in other current assets (376) (2.590) 3.113 (5.200)
Judicial deposits (3.138) (255) 47 (2.501)
Other accounts receivable - - - -
(Decrease) increase in liabilities (3.265) (5.157) 9.035 14.644
Trade accounts payable (14.615) (12.765) (330) 8.542
Labor liabilities (2.084) (2.755) 2.843 (1.602)
Tax and social liabilities 10.622 10.731 7.719 7.665
Change in other liabilities 2.812 (368) (1.197) 39
Paid incomes and social contribution taxes (11.776) (13.845) (24.542) (28.548)
Net cash generated by operating activities (10.598) 2.592 20.457 43.038
Net cash used in investing activities (5.430) 4.577 (12.891) (168.294)
Net cash used in financing activities with third parties 9.639 3.384 5.399 (12.112)
Net cash used in financing activities with shareholders (113) (1.255) (43.952) 144.892
Increase (decrease) in cash and cash equivalents (6.502) 9.298 (30.987) 7.524
Increase (decrease) in cash and cash equivalents (6.502) 9.298 (30.987) 7.524
48

49. A
.5 Stock price
49

50. IR Contacts
CFO and IR Officer
Thiago Borges
IR Manager
Daniel Maia
Phone: +55 11 2132-4300
ri@arezzoco.com.br
www.arezzoco.com.br
50