Arezzo&Co is a leading footwear and accessories company in Brazil with a platform of top brands. It has over 2,700 points of sale across Brazil and 11% market share. The company utilizes an asset-light model with high operational efficiency and strong cash generation. Arezzo&Co innovates through 7-9 new collections per year and has an efficient supply chain to deliver new styles quickly through multiple distribution channels.

1. | Apresentação do Roadshow
1
As of June, 2014
August, 2014

2. 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
Disclaimer

3. | Company overview

4. .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
1
4

5. .2 Company overview
Arezzo&Co is the reference in the Brazilian retail sector and has a unique
positioning combining growth with high cash generation
1
5
Notes:
1. LTM as of June, 2014.
2. Refers to the Brazilian women footwear market (source: Euromonitor, IBGE and Company estimates). Estimated for 2012.
Leading company
in the footwear
and accessories
sector with
presence in all
Brazilian states
Controlling
shareholders are
the reference in
the sector
Development of
collections with
efficient supply
chain
Asset light: high
operational
efficiency
Strong cash
generation and
high growth
10.2 million pairs of shoes (1)
696 thousand handbags (1)
2,748 points of sale
11% market share (2)
More than 41 years of
experience in the sector
Wide recognition
~11,500 models created
per year
Lead time of 40 days
7 to 9 launches per year
90% outsourced production
ROIC of 24.0% in 2Q14
2,135 employees
Net revenues CAGR:
28.5% (2007- 2Q141)
Net Profit CAGR: 34.6%
(2007- 2Q141)
Increased operating
leverage

6.  Founded in 1972
 Focused on brand and
product
 Consolidation of industrial
business model located in
Minas Gerais
 1.5 mm pairs per year
and 2,000 employees
 Focus on retail
 R&D and production
outsourcing on Vale dos Sinos
- RS
 Franchises expansion
 Specific brands for each
segment
 Expansion of distribution
channels
 Efficient supply chain
First store
Fast Fashion
concept
Launch of the
first design with
national success
+
Schutz launch
Launch of
new brands
Merger
Commercial operations
centralized in São Paulo
Strategic Partnership
(November 2007)
Industry ReferenceFoundation and structuring Industrial Era Corporate EraRetail Era
2012 – 201470’s 80’s 90’s 00’s
Opening of the first
shoe factory
Opening of the flagship
store at Oscar Freire
.3 Successful track record of
entrepreneurship
The right changes at the right time accelerated the Company's development
1
Consolidate
leadership
position
Initial Public Offering
(February 2011)
6

7. Post-offering
.4 Shareholder structure 1
Notes:
1. Arezzo&Co capital stock is composed of 88,682,735 common shares, all nominative, book-entry shares with no par value.
2. Including Stock Option Plan – Arezzo&Co’s executives
Shareholder structure as of Augustl, 2014.
7
52.3% 47.7%
Birman family Others
1
Management ²
1.1%
Float
46.6%

8. 8
.5 Culture & Management
1
01 That which is not transparent should not be done.
02 Always be true, so that at some point you are not false in your job. Always be authentic.
03 Clearly negotiate your goals and responsibilities, and consider compliance as a requirement for
continuity.
04 Do not uncover problems only. Blaming others will never be the solution. Take risks, propose
solutions. If you disagree with something, act!
05 Formalize everything, even in an informal way.
06 Always be flexible. Always be willing and ready for changes.
07 Goals met are, at least, the basis for the next goal.
08 United we stand! Divergences are constructive, conflicts are destructive.
09 A humble stance: the key to our success.
10 Enjoy. Like. Get involved. And always be happy!
Principles of success at Arezzo&Co:
2154

9. .6 Strong platform of brands
Strong platform of brands, aimed at specific target markets, enables the
Company to capture growth from different income segments
1
9
Notes:
1. Points of sales (2Q14); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports
2. % of each brand gross revenues (FY 2013)
3. 2Q14 gross revenues, including external market: does not include other revenues (not generated by the 4 brands)
4. % total 2Q14 gross revenues
Trendy
New
Easy to wear
Eclectic
Fashion
Up to date
Bold
Provocative
16 - 60 years old 18 - 40 years old
R$ 305.00/pair
Pop
Flat shoes
Affordable
Colorful
12 - 60 years old
R$ 110.00/pair
Design
Exclusivity
Identity
Seduction
R$ 960.00/pair
20 - 45 years old
Brands
profile
Female
target
market
Sales
Volume 3
% Gross
Revenues 4
Retail price
point
Foundation 1972 1995 2008 2009
MBOO F MB
R$ 189.00/pair
O F MB
Distribution
channel1
POS 1
%
gross
rev.2
EX EX EX
9217 348 26 43 1,383
73% 14%12% 13% 43%39%
33
1%
162
6%
45
49% 9% 42%
6 26 987 5
0% 53%46% 1%
O F MB EX
R$ 740.7 million R$ 439.2 million R$ 52.8 million R$ 6.0 million
59.8 % 36.0% 4.3% 0.5%
1,040

10. .7 Multiple distribution channels
1
10
Flexible platform through three distribution channels with differentiated
strategies, maximizing the Company's profitability
Gross Revenues per Channel
51 owned stores
being 7 Flagship
stores
Reach about 1,172
cities and 2,280
multi-brands
417 franchises in
more than 160 cities
Broad distribution in
every Brazilian state
Gross Revenue Breakdown – (R$ mm)¹
Franchises Owned stores Multi-brands Exports² Total
Notes:
1. 2Q14 LTM gross revenues
2. Also includes other revenues in the domestic market
49% 24% 22% 5% 100%
629
299
280
652
1,273

11. | Business model

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

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

14. CRM – VIP sales
In-store events – PA
Stylists Fashion Advisors
.2 Broad media plan
2
14
The brand has an integrated and expressive communication strategy, from the creation
of campaigns to the point of sales
Strong presence in printed media
+100 inserts in printed media in 180 pages in 2013 (32 million readers)
Over 1350 exhibition in fashion editorials in 2013
Digital communication
Presence in electronic media and television
Demi Moore
Seasonal showroom in Los Angeles near
the Red Carpet Season
Celebrity Endorsement Marketing Events
830k accesses to site/month
(180k monthly access to Schutz’s Blog)
Average navigation time: 8 minutes
Gisele Bündchen Blake Lively
+200 exhibition on Cable TV
+ 3 million impact
* Source: Indexsocial/ Agência Espalhe, 2013
Over 3 mm followers/ fans: Facebook,
Instagram and Twitter (all 4 Brands)
Arezzo is leader in interactions*

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

16. Distinguished storefront
.2 Atmosphere of stores: differentiated
concepts for each brand
2
16
Verão – Flagship Oscar Freire
Inverno – Flagship Oscar Freire
Visual merchandising:
 Updates at low cost investment
 Brings relevant information from
each collection to stores’ level
 3 main updates per year
Chameleon project: constant
modification to incorporate the new
collection’s concept
Vídeo Wall
Closet Essentials
Niches and lighting
 Jackets and accessories
 Campaigns and marketing actions
 Preeminence for products
 Differentiated products
 Exposure of a large variety of
products
 Selling area inventory: lower
necessity of area for storage
 Atmosphere of a jewelry store
 Private shop experience
 Focus on exclusivity, design and
highly selected materials
Wall display
Combos
Each theme is disposed in different niches
Accessories Sophisticated lightingStorage

17. Reception: 100,000 units/ day
Storage: 100,000 units/ day
Picking: 150,000 units/ day
Distribution: 200,000 units/ day
.3 Flexible production process…
2
17
Production speed, flexibility and scalability to ensure Arezzo&Co’s expected
growth based on asset light model
Arezzo’s scale and structure gives flexibility to source a large number
of SKU’s from various factories on a short time frame at competitive
prices
Owned factory with capacity to produce 1.1 million pairs annually
and strong relationship with Vale dos Sinos production cluster as
the main outsourcing region
Sourcing Model Gains of scale
Joint purchasesCertification and auditing of suppliers
In-house certification and auditing ensure quality and punctuality
(ISO 9001 certification in 2008)
Coordination of material purchase jointly with shoe, handbag and
accessories’ suppliers
New Distribution Center Sourcing model – 90% of production outsourced
Consolidation and improvement of distribution in
national scale
1
2
3
4
10%
90%
AREZZO&CO OWNED FACTORY
OTHERS

18. .4 Large distribution network and scale of
store chain
2
18
Brand
Average
size (m2)
Net Revenue/ m2
(R$ 000s)
Total
Stores 1
65 37 449
108 21 760
1,575 9 277
1,012 6 407
251 12 207
Mono-brand store chain with high distribution network, reaching more than
160 cities and well-positioned among the retail companies
Size and average sales per mono-brand stores - 2013
348 franchises +
17 owned stores(i) +
1.040 multi-brand clients
(i) 5 discount outlet
43 franchises +
26 owned stores(ii) +
1,383 multi-brand clients
(ii)1 discount outlet
Points of sale (2Q14)
TOTAL
26 franchises
6 owned stores
987 multi-brand clients
2 owned store +
9 multi-brand clients
417 franchises5 +
51 owned stores5 +
2,280 multi-brand clients
=2,748 points of sales
Source: IBGE, Companies’ Reports; number of stores according to latest data provided by the Companies
Notes:
1. Considers only mono-brand stores of Arezzo&Co;
2. Net Revenue (assuming that sales taxes and deduction = 30% of gross revenues);
3. 2010 data;
4. Considers Arezzo + Schutz, except for outlets, handbags’ stores and Schutz franchise;
5. Including export market
GDP³: 18%
A&C¹: 17%
GDP³: 55%
A&C¹: 57%
GDP³: 17%
A&C¹: 15%
GDP³: 9%
A&C¹: 7%
GDP³: 5%
A&C¹: 4%
57
sq m
85
sq m
80
sq m
Points of sale – average size: new stores opened
in 2011 and 2012 increased network average size
2010 2011 new
stores
2012 new
stores
2013 new
stores
55
sq m
2
2
4
2014 new
stores
52
sq m

19. 88% 91% 81%
77%
80%
78%
79%
12%
9%
19%
23%
20%
22%
21%
1044
1369
2067
2967
4686
5897
6586
2007 2008 2009 2010 2011 2012 2013
Flagship
Standard store
.4 ...through owned stores…
Capturing value from the chain while developing retail know how and brands’
visibility
2
Flagship Stores
19
Arezzo – Iguatemi / SP
Schutz – Oscar Freire/ SP
Anacapri – Eldorado/ SP
Greater brand awareness coupled with operational efficiencies
 Clustering higher productivity stores in main areas (mainly SP and RJ) improving
operational efficiency and profitability:
 Direct costumers interaction develops retail competences which are also reflected at
franchised stores
 Flagship stores ensure greater visibility and reinforce brand image
R$ 3,200M
R$ 5,300M
Owned
Franchise
Annual Average
Sales per Store
2013
Total sales area and # of owned stores (sq. m)
# owned Stores
Arezzo – Oscar Freire/ SP
Schutz – Morumbi/ SP
6
10
21
29
45
57 54

20. Structure applied to retail in order to achieve better sales and margin results as well as
integrating and connecting all monobrand stores’ back office
2
20
.4 … based on a retail oriented
structure...
Strong focus on Franchise & Owned Store performance
• All sales team (4000+) get connected through national internet broadcast for 3 Sales Conferences per year,
creating an aligned sales pitch and great sense of motivation before each season
• Large service program to assist franchisees on sales and profitability goals
• Recurring training programs in products, fashion trends, sales techniques, store management, IT, among others
• Strong visual merchandising, trade marketing and ambiance investments and training

21.  Intense retail training
 Ongoing support: average of 6 stores/ consultant and average of
22 visits per store/ year
 Strong relationship with and ongoing support to franchisee
 IT integration with our franchises amount 100%
 As mono-brand stores, franchises reinforce the branding in each
city they are located
2
4 or more
franchises
1 franchise
2 franchises
3 franchises
49%
10%
27%
15%
.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
100% of on-time payments
96% satisfaction of franchises1
Excellency in Franchising Award in the last 8 years (ABF)
Best Franchise in Brazil (2005 and 2012) and in the sector
for 7 years since 2004
(# of Franchisees by # of Franchises)
Notes: 1Q14 data
1. 96% of the current franchisees indicated they would be interested in opening a
franchise if they did not already have one
2. Annual sales of R$ 3,3 million + average initial investment of R$ 900 thousand +
working capital of R$ 600 thousand
21
5-year contract and average payback of 40 months2

22. 88 84
2Q13 2Q14
.4 ...and of the multi-brand stores
2
22
Multi-brand stores’ Gross Revenue¹ Improved distribution and brand visibility
 Greater brand distribution net work
 Presence in over 1,172 cities
 Rapid expansion at low investment and risk
 Main focus: share of wallet
 Owner’s loyalty
 Schutz Club – Relationship program that gives
advantages to the 50 Top Multi-brand stores, such as
better products display, training and awards to the best
sales teams.
 Important sales channel for smaller cities
 Sales team optimization: internal team and commissioned sales
representatives
Multi-brand stores widen the distribution capillarity and the brands’ visibility,
resulting in a strong retail footprint
Notes:
1. Domestic market only
Multi-brand stores
-4.5%
Net Revenue (R$ million)
# Stores
2,452
2,280

23. Years
at Arezzo
Years of
experience
.5 Seasoned and professional
management team
2
Years
at Arezzo
Years of
experience
Name
Title
Highly qualified management team
 Stock option plan for key executives
 Performance based compensation package for all employees
 Independent business units leveraged on a single shared service structure: Industrial, Logistics, Financial and HR
Alexandre Birman
CEO
Claudia Narciso
Arezzo
Fabiola Guimarães
Schutz
Yumi Chibusa
Anacapri
Milena Penteado
Alexandre Birman
Thiago Borges
CFO and Investor Relations Officer18
14
8
18
24
15
510
515
513
Schutz
Fabiola
Guimarães
Supply Chain/
Sourcing
Cisso Klaus
CFO
Thiago Borges
Technology/
Logistics
Kurt Richter
Marco Coelho
Internal Auditing
Arezzo
Claudia
Narciso
Alexandre Birman
Anacapri
Yumi Chibusa
Alexandre
Birman
Milena
Penteado
23
Name
Title
Kurt Ritchter
Officer – CTO
Cisso Klaus
Officer – Supply Chain/ Sourcing
Marco Coelho
Officer – Internal Auditing
Cassiano Lemos
Officer – Collection Planning
11
9
30
1
32
47
41
16
Commercial
David Python
Independent business units
Cassiano Lemos
Collection Planning
David Python
Officer Commercial
210

24. José Bolonha (Coordinator)Juliana Rozenbaum (Coordinator)
.6 Corporate governance
2
24
Risk, Audit and Finance Committee
Committees
Strategy Committee People Committee
Members:
Alexandre Birman (CEO), Guilherme A.
Ferreira, Edward Ruiz, José M. Carvalho, Marco
Antônio Coelho e Thiago Borges (CFO)
Members:
Alexandre Birman (CEO), Anderson Birman
(Chairman) , Fabio Hering, Fernando Caligaris,
Carolina Faria and Arthur N. Grynbaum¹
Members:
Alexandre Birman (CEO), Claudia Soares and
Ligia Martins
The new Board is comprised of 10 members, of which 4 are independent, and has a
very large engagement on the strategic planning of Arezzo&Co
Name Experience Name Experience
Title Title
Board of Directors
Anderson Birman
Chairman of the Board
Founder and Chairman of the Board, with over 40 years of
experience in the industry
Carolina Faria
Member
Marketing consultant at True Brand & Business – Soul
Brand Services from 2010 to 2012. Previously, worked as
an executive at Ambev.
Fabio Hering
Independent member
CEO and board member of Cia. Hering, where he has
been working for over 28 years.
Rodrigo C. Galindo
Independent member
CEO of Kroton Educacional S/A, one of the biggest
education companies in the world, with over 500 thousand
students in colleges.
Welerson Cavalieri
Member
Partner at INDG/FALCONI Consultores de Resultados,
where he works for more than 19 years. Previously, was
an executive in big mining companies.
Juliana Rozenbaum
Member
Over 13 years of experience as sell side equity research
analyst, focused mainly in retail and consumer companies.
Claudia Soares
Independent Member
Former CFO and IR Officer at Via Varejo S.A. and
Executive Vice-President of Market Strategy at Companhia
Brasileira de Distribuição – GPA.
José Murilo Carvalho
Member
President of the Attorney’s Association of Minas Gerais,
Board Member of the Brazilian Bar Association
Guilherme A. Ferreira
Independent Member
CEO of Bahema Participações, board member of Pão de
Açúcar, Banco Signatura Lazard, Eternit, Tavex and Rio
Bravo Investimentos
José Bolonha
Vice Chairman of the Board
Founder and CEO of “Ethos Desenvolvimento Humano e
Organizacional“; Board member of the Inter-American
Economic and Social Council (UN, WHO
1- CEO of Grupo Boticário (largest franchise company in Brazil)
and Vice-President at Abihpec (Brazilian Association Personal
Hygiene, Perfumes & cosmetics Industries)
Welerson Cavalieri (Coordinator)

25. | Value Drivers Update

26. .1 Solid growth fundamentals
3
26
The Company has ongoing initiatives to unlock value to shareholders
Net revenues CAGR
2007-2013
30.6%
 Store openings guidance for 2014 reaffirmed
 Strong Schutz’s sales encourages launch of webcommerce channel
for other brands
 Multibrand strategy brings capillarity
DISTRIBUTION NETWORK AND SALES AREA EXPANSION
 GTM Arezzo project enhancing sell-out performance
 New store layout for Arezzo and Anacapri increased sales per m²
 Repositioning of handbags in Schutz presented very positive results
STORE PRODUCTIVITY
2
 Continuous focus on diluting operating expenses
PROFITABILITY
3
 Constant analysis towards improvements in logistics and distribution
PROCESS EFFICIENCY
4
1
193.8
367.1
860.3
412.1
571.5
678.9
2007 2008 2009 2010 2011 2012 2013
89.4%
12.3%
38.7%
18.8%
26.7%
11.9%
963.0

27. .1 2014 Expansion Plan
Since IPO, for 2 consecutive years, store opening guidance was achieved;
2014 expansion is committed to 58 new stores with 13% growth in sales area
3
1) Includes international store operation – Schutz NY
 In addition to the store
openings, the company is
committed to expand existing
stores by a total of 1,000 sqm
in 2013 and 2014
 90% of the contracts already
signed
 51 stores opened in the last
12 months (2Q14)
27
# Owned Stores
# Franchises
365
3T13 2013
55
420
334
2012
56
390
31
29
395
55
450
58
2014
464
43
507
+8%
+7%
+13%
-1
12 -12
# Conversion

28. 28
.1 Web commerce: Entry into the channel
3Client profile and adhering to online media boosted Schutz entry into the online
channel
Source: Euromonitor
Attractiveness of online
commerce, especially in the
fashion segment
Brand adhesion and profile of
Schutz client
 Schutz clients are connected and use
social media to obtain information, to
express themselves and to consume
 Biggest fashion brand on Instagram
 Brand enjoys high online audience and
engagement
 Since 2009, Schutz has a strong
relationship with fashion bloggers
 Strong growth in online sales
 Highest growth in footwear and clothing
segments
 Forecast is maintenance of strong growth
10,387
14,641
20,89395
312
1,444
2008 2010 2012
Other Online Retail Clothing and Footwear
CAGR
08-12
97.4%
19.1%
17.6%
15.0%
CAGR
12-17E

29. 29
3Brand strength in the online world and alignment with client profile
.1 Web commerce: Entry into the channel
Data: September/2013
Attractiveness of online
commerce, especially in the
fashion segment
Brand adhesion and Schutz client
profile
Audience
Engagement
exame.com award
Recognized as the most active
brand on Instragram
• Likes: 8461
• Comments: 115
• Date: 11.15 – Aug 8,
2013
August 2013 average
• Pictures: in the month 133 / 4.2 pictures per day
• Likes – TOTAL: 565 thousand/ Per pictures: 4,252
• Comments – TOTAL: ~10 thousand/ Per picture: 75
• Engagement: 56.6

30. 30
.1 Web commerce: Channel evolution
3Structuring of online channel and initial results confirm channel attractiveness and
alignment
 R$1 million sales
 Thesis test
 R$10 million sales
 Internal strengthening to better serve
our clients
 Dedicated management
 R$24 million sales
 Preparation to expand channel
potential
 Evolution of technological platform
worldwide
 Dedicated logistic operator
 Improvement of online marketing
actions
FACEBOOK/INSTAGRAM 2013
WEBCOMMERCE BEGINNING
CRM Action
Online
Schutzlovers
Set-Dez/2011 2012 2013

31. 31
.2 GTM Arezzo
3Under GTM Arezzo the Company expects to increase the product accuracy with new
collection calendar a shorter lead time
Life cycle  More fashion content; largest collections
presented to the franchisees
Collection
Continuables
Classic
Showroom
Fashion
complement
Fast fashion
Continuables
Classic
Supply model
 Fashion complement using information
from the sell out
 Capturing quick trends, not only from
Arezzo’s stores, but also from market
research
 Products automatically replaced in the
stores with some season colors
 Open size run replacement
 Products also automatically replaced in
the stores; only two colors. Full mark-up
sell-through

32. .3 Store productivity increase
3
32
Arezzo’s new architectural design highlights our products even more
With new shelves and niches,
we were able to increase in 50%
the number of models
exposed in the stores
Window relate to the pattern
used on our products’ soles,
forming the brand’s “ZZ”
symbol
Suspended shelves around
the entire store with lights
that highlight the products
Products highlighted in the
center of stores
Next to the cashier, a
dedicated shelf for
appliances allows us to add
units to the sale
A better distribution of the
furniture offers more
comfort for clients in the
stores

33. .3 Evolution of architectural design and
store model
3
33
New architectural design means proper showcasing of the products and a superior
purchasing experience for a low outlay
Combo: at the back of
the store, special offers
in order to increase
UPT and provide
women with practical
and quick service
Tower: on one side, individual
flat shoes are displayed; on the
other side, mirrors; and inside,
an inventory with a pair in each
size
Central Islands: to display
the classical “must-have”
Anacapri products
Enchanted Island: at
the front of the store
with the leading new
launches intended to
attract customers

34. 34
3Changes in strategy for Schutz brand handbags resulted in a strong growth in the
product segment
.4 Schutz Handbags
10.4%
17.5%
1Q13 1Q14
1
2
3
Note: handbags as percentage of owned stores revenues
Segmentation by product and channel
to meet final client’s needs
Development of products, increasing
their perceived value
Reduction in the number of models,
favoring supply chain and creating
identity for in-store product
Handbags % of Schutz Revenue

35. 35
.4 Schutz Handbags
3Product line segmentation enables reaching different audiences in different channels,
with the proper branding strategy and meeting clients’ desires
SCHUTZ
PREMIUM
SCHUTZ
POP & FUN
SCHUTZ
✔
R$790 - R$1,100*
R$490 - R$790*
R$350 - R$490*
O / F
Difference
between lines
Product technical
standard
Sourcing base
Materials used
Level of exposure of
brand/logo
V.M. in store and
showroom
Depth of purchases in
the grids
Training of commercial
teams
Marketing and
communication actions
✔ ✔
✔
MB SAMPLES
Main channel
Note: POS values
O = Owned Stores; F = Domestic Franchises; MB = Multibrand store (domestic market)

36. 36
3Focus on product development increased perceived quality and desire for the product
 Detailed product development
 Desire and spontaneous reaction
of opinion makers
 Over 2,100 pieces sold
.4 Schutz Handbags
Exemplo

37. Key takeaways
37
Undisputable category leader
1
Significant growth potential
2
Reference brands
3
Scalable platform with operating leverage
5
Efficient and market oriented supply chain
4
High return on invested capital
6
3

38. | Market Overview and
| Sourcing and Industry Characteristics

39. .1 Social upward mobility driving internal
consumption
4
39
Income growth and job creation lead to rapid social upward mobility and
increasing internal consumption
2003
70 (36%) 54 (27%)96 (55%)
+14 mi
(2003-14E)
+49 mi
(2003-14E)
2014E2011
27 (14%)22 (11%)13 (8%)
66 (38%)
100 (52%)
115 (59%)
(Consumption growth as a result of the upward mobility in social classes; indexed 100 = class D/E)
Source: IBGE, FGV, LCA, Bain & Co., BCG, Roland Berger, IPC Maps
Classes A/B: monthly income above R$6,977 | Class C: monthly income between R$1,618 and R$6,977 | Class D: monthly income between R$1,013 and R$1,618 | Class E: monthly income below R$1,013
Class
D/E
Class
C
Class
B
Class
A
Out-of Home Food
Furniture
Apparel and
Footwear
Prescription/OTC drugs
Hygiene and
Personal Care
Footwear and
apparel have the
largest growth
potential
Class C
Class A/B
Class D/E
Brazil experiences an accelerated process of social upward migration...
(Millions of people)
1.0x
1.0x
1.0x
1.0x
4.2x
3.2x
3.4x
3.4x
7.0x
5.6x
5.3x
5.6x
9.4x
7.9x
7.3x
7.6x
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
1.0x 3.7x 6.6x 9.2x

40. 30%
40%
15%
15%
Footwear Consumption 2013
10%
40%42%
8%
Income Class
40
.2 Brazilian footwear market overview
4Arezzo&Co has a significant stake of the women footwear market and has consistently
increased its market share
Sports
Men
Kids
Women
Footwear
Class AClass D/E
Class C Class B
Arezzo&Co’s market share1
Source: IBOPE Inteligência (Pyxis), Satra, World Bank, ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGE
Note: 1. Based on Euromonitor research and IBOPE Inteligência (Pyxis). Estimated Arezzo&Co market share considering women footwear market
Total footwear market (R$ bn)
Women
footwear
Total footwear
2013E
CAGR (03-13E): + 9.2%
15.9
40.3
4%
7%
8%
9%
10%
11%
2007 2008 2009 2010 2011 2012

41. .3 Brazilian handbags market overview
4Arezzo&Co also has a relevant position within the fast growing handbag market in
Brazil
Source: IBOPE Inteligência (Pyxis), Satra, World Bank, ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGE
Arezzo&Co current sell out breakdown 2013 (R$ mn)
Breakdown based on owned stores
 Consolidated (including handbags and shoes) market
share: 9.3%
 Opportunity to consolidate handbag leading position
88%
10%
Footwear
Handbags
291.4
Note: 2% accessories
Total handbags market (R$ bn)
Women
handbags
Total handbags
2013E
CAGR (03-13E): + 10.7%
4.0
5.1
Total addressable market (R$ bn)
80%
20%
Footwear
Handbags
19.9
41

42. Pairs
(millions)
Production World share
China 12,597 62.4%
Índia 2,060 10.2%
Brazil 894 4.4%
Vietnam 760 3,8%
Indonesia 658 3.3%
Pakistan 292 1.4%
Brazil is the third biggest footwear producer, with production mostly destined to supply
the domestic market. Competitive costs, flexibility on minimum production and short
lead time are the pillars to serve the fast fashion market
.4 Footwear Industry - Global Overview
and competitive advantages
Pairs (millions) Consumption World share
China 2,700 15.2%
USA 2,335 13.4%
India 2,034 11.7%
Brazil 780 4,5%
Japan 693 4.0%
Indonesia 627 3.6%
BRAZIL
Lead time: 40 days
Minimum/model: 800 pairs
Minimum/construction: 4,000 pairs
Production cap. (pairs) 894 million
Cost (w/o tax): USD 21/pair
Cost (w/tax): USD 27/pair
CHINA (different clusters)
Lead time: 120 to 150 days
Minimum/model: 5,000 pairs
Minimum/construction: 20,000 pairs
Production cap. (pairs): 12,000 million
Cost (FOB): USD 16-18/pair
Cost (DDP): USD 42-45/pair
INDIA
Lead time: 160 days
Minimum/model: 5,000 pairs
Minimum/construction: 20,000 pairs
Production cap. (pairs): 2,060
million
Cost (FOB): USD 15/pair
Cost (DDP): USD 23/pair
ITALY
Lead time: 70 days
Minimum/model: 800 pairs
Minimum/construction: 4,000 pairs
Production cap. (pairs): 202 million
Cost (FOB): USD 35/pair
Cost (DDP): USD 49/pair
VIETNAM
Lead time: 120 to 150 days
Minimum/model: 2,000 pairs
Minimum/construction: 8,000 pairs
Production cap. (pairs): 760million
Cost (FOB): USD 18/pair
Cost (DDP): USD 26/pair
4
Source: Abicalçados, Footwear News, Company estimates
42
Note:
Estimate based on Arezzo’s brand products costs
DDP: delivered duty paid
FOB: free on board

43. Brazil is recognized by the quality and high specialization within different and complex
categories of shoes. The industry has been qualitatively developed in order to add
value to products and thus increase its competitive advantages over Asian suppliers
.5 Footwear Industry - Global footwear
offering
Global Footwear Offering: the higher and more centralized the country is
in the pyramid, the more focused it is in fashion, creation, design, luxury market ,
marketing and distribution management, with smaller production scale
Equipment assembly
Manufacturing operation
Manufacturer with
own design and mostly local brand
Manufacturer with
own design and global brand
Global Brands
 Receive product and process specifications, as well
as components and raw material
 Assembly activities only
 Usually don’t produce;
 Creation + own brand management
 Design and product specification
 Mostly internationally outsourced
 Supply chain management
 Totally decide over marketing and commercialization
Valueadded
+
-
France
Italy
Spain
Taiwan
Brazil
Mexico
China India
Thailand Vietnam Other global
suppliers
Indonesia
B
A
C
D
E
Industry segmentation vs. value creation:
4
Source: BNDES, Company estimates
43

44. .6 Arezzo&Co sourcing: Brazilian
competitive advantages
Vale dos Sinos region offer strong competitive advantages, a combination of
production capacity, production flexibility, skilled labor and strong structure to support
incentives for innovation and strengthening of industry’s competitiveness
Source: Abicalçados, 2012 / ASSINTECAL / FAO / AICSUL.
 Brazil is the world’s third largest
footwear producer
 The world’s largest cattle: 13% of
the market
 RS: 1 third (R$ 1 billion) of
Brazilian revenue in leather industry
 Vale dos Sinos: one of the world’s
largest footwear manufacturing hubs
 1,700 companies and entities: components,
footwear, machinery, tanneries, trade entities,
research and teaching institutions
 Abundant skilled and specialized labor
 Production flexibility:
volume X variety X speed
Production (million pairs)
Jobs (thousands)
819
338
Production (million pairs)
Jobs (thousands)
270
138
Production (million pairs)
Jobs (thousands)
216
110
BRAZIL
SOUTHERN REGION
VALE DOS SINOS
Vale dos Sinos: 26% of Brazilian
footwear production
4
44

45. Trends and
style
Design
Technical
Design
Engineering Samples Showroom
Logistics and
distribution Store
Raw material price negotiations Scheduling + Manufacturer negotiation
1 2 3 4 5 6 7
.8 Arezzo&Co Sourcing Process and
supply chain management
Sourcing process and supply chain management focused on ensuring flexibility, speed
and cost control in the creation of new products
Arezzo&Co sourcing process:
Coordinated management of production chain associated with Investments in product engineering: specific know
how
Arezzo&Co Raw
materials
Finished
products
Cost control
Engineering folder
Cost management efficiency
Quality standard guarantee
Efficient lead time
Flexibility
Chemicals and textile
Components
4
45
SKU
MODEL
CONSTRUCTION
10%
35%
70%
Reuse from collection to collection:

46. | Financial Highlights
05

47. .1 Operational and financial highlights
5
47
Gross Revenue by channel – Domestic Market (R$ million)
134.5 151.1
251.4
297.0
69.8
74.9
131.3
138.8
87.6
83.6
147.6
139.2
1.9 1.2
5.2
2.1
293.9
310.8
535.4
577.1
2Q13 2Q14 1H13 1H14
Franchise Owned Stores Multi-brand Others¹
In 2Q14, monobrand stores (Franchises and Owned Stores) increased sales, namely a 12.3% growth in
Franchise channel, leveraged by the opening of 58 stores and expansion of 14 in the last twelve months.
SSS Sell-out (owned stores + franchises)
SSS Sell-in (franchises)
1) Others: Decreasing 38.7% in 2Q14 and 60.2% in 1H14.
SSS Sell-out (owned stores + web + franchises)
1.2%
5.5%
6.7%
1.1%
2.5% 7.7%
3.7%
6.7%
5.3 %
5.1%
4.7%
5.9 %
18.1%
5.8%
7.8%
12.3%
7.3%
5.8%
-4.5%
-5.7%

48. 237.6 253.7 193.8
367.1
412.1
571.5
678.9
860.3
963.0
2Q13 2Q14 2007 2008 2009 2010 2011 2012 2013
276 309
361
417
31
50
56
51
18.4
23.1
28.0
32.4
2Q11 2Q12 2Q13 2Q14
Franchises Owned Stores Area
5
48
.2 Operational and financial highlights
Key highlights
In 2Q14, Arezzo&Co opened nine stores and expanded six stores, with 15.7% growth in sales area over the last 12 months
The sales area increased 15.7% in the 2Q14, due to the opening of nine stores and expansion of six stores in the LTM.
In 2Q14, gross revenue was R$327.5 million, up by 7.2% against 2Q13.
Number of Stores (R$ mn) and Total Area (sq m - ‘000)
CAGR 07-2Q14LTM: 28.5%
Net Revenues (R$ mn)
Area CAGR 07- 2Q14LTM : 16.9%
89.4%
12.3%
38.7%
18.8%
26.7%
11.9%
6.8%
21.1%
15.7%
25.6%
+45
+50
+51
307
359
417
468
1

49. 5
49
.3 Operational and financial highlights
Gross Profit (R$ million) EBITDA (R$ million)
Net Income (R$ million)
106.1 112.9
195.5 205.0
2Q13 2Q14 1H13 1H14
Gross profit Gross Margin
6.5%
44.6% 44.5%
4.8%
44.6% 43.9%
40.5 42.3
69.1 69.6
2Q13 2Q14 1H13 1H14
EBITDA EBITDA Margin
4.5%
17.0% 16.7%
15.8% 14.9%
0.7%
29.1
31.6
48.4 49.1
2Q13 2Q14 1H13 1H14
Net MarginNet Income
8.9%
12.2%
12.5%
1.3%
11.0% 10.5%

50. 50
5
.4 Operational and financial highlights
Cash Conversion Cycle (R$ thousand)
Cash Flows From Operating Activities (R$ thousand)
Capex (R$ million)
¹ Days of COGS
² Days of Net Revenues
Operational Indicators
Summary of
investments
2Q13 2Q14 Growth % 1H13 1H14 Growth %
Total capex 8,942 14,312 60.1% 20,169 24,172 19.8%
Stores - expansion
and refurbishing 4,151 2,534 -39.0% 6,539 5,716 -12.6%
Corporate 3,974 10,028 152.3% 12,006 16,114 34.2%
Other 817 1,750 114.2% 1,624 2,342 44.2%
1H13 1H14
Change
in R$
Change
in %
66,850 70,030 3,180 4.8% 27,928
4,970 6,306 1,336 26.9% -6,306
(286) (1,430) (1,144) 400.0% 6,328
(11,285) (11,653) (368) 3.3% 14,717
9,097 11,692 2,595 28.5% 5,292
(14,190) (35,935) (21,745) 153.2% -11,121
8,049 22,270 14,221 176.7% 30,963
(14,241) (9,680) 4,561 -32.0% -10,418
(17,598) (20,542) (2,944) 16.7% -9,337
42,651 42,711 60 0.1% 33,329
Operating Cash Flow
Income before income tax and
social contribution
Depreciações e amortizações
Change in other noncurrent and current
assets and liabilities
Payment of income tax and social
contribution
Net cash flow generated by
operational activities
Other
Decrease (increase) in current
assets / liabilities
Trade accounts receivables
Inventories
Suppliers
Operating Indicators 1H13 1H14
Growth or
spread%
# of pairs sold ('000)3
4,290 4,577 6.7%
# of handbags sold ('000)3
264 323 22.3%
# of employees 2,014 2,135 6.0%
# of stores * 417 468 51
Owned Stores 56 51 -5
Franchises 361 417 56
Outsorcing (as % os total production) 89.9% 90.0% 0.1 p.p
SSS 2
Sell-in (franchises) 6.7% 4.7% -2.0 p.p
SSS 2
Sell-out (owned stores + franchises) 3.7% 5.1% 1.4 p.p
SSS 2
Sell-out (owned stores + web + franchises) 5.3% 5.9% 0.6 p.p
#days (R$'000) #days (R$'000)
110 246,493 128 299,143 18
Inventory¹ 63 89,821 79 120,458 16
Accounts Receivable² 78 200,229 87 235,814 9
(-) Accounts Payable¹ 30 43,557 37 57,129 7
Cash Conversion Cycle
2Q13 2Q14 Change
(in days)

51. 51
5
.5 Operational and financial highlights
Indebtedness (R$ thousand)
Indebtedness totaled R$ 80.9 million in 2Q14 versus
R$ 107.9 million in 2Q13
Long-term debt relevance stood at 38.5% in 2Q14 versus
43.7% in 2Q13
Indebtedness policy remained conservative, with low
weighted-average cost of Company's total debt
2Q13 1Q14 2Q14
Cash 214,411 207,553 159,196
Total debt 107,862 96,652 80,853
Short term 60,763 59,680 49,753
% total debt 56.3% 61.7% 61.5%
Long-term 47,099 36,972 31,100
% total debt 43.7% 38.3% 38.5%
Net debt (106,549) (110,901) (78,343)
EBITDA LTM 155,575 158,113 159,916
Net debt/EBITDA LTM -0.7X -0.7x -0.5X
Cash position and Indebtedness

52. 52
Appendix

53. 53
.1 Key financial indicators
A
1 - Working Capital: current assets minus cash, cash equivalents and marketable securities less current liabilities minus loans and financing and dividends payable.
2 - Invested capital: working capital plus fixed assets and other long-term assets less income tax and deferred social contribution.
3 - Net debt is equal to total interest-bearing debt position at the end of a period less cash and cash equivalents and short-term financial investments.
2Q13 2Q14
Growth or
spread%
1H13 1H14
Cresc. ou
spread (%)
Net revenues 237,639 253,748 6.8% 438,678 467,173 6.5%
COGS (131,581) (140,840) 7.0% (243,187) (262,204) 7.8%
Gross profit 106,058 112,908 6.5% 195,491 204,969 4.8%
Gross margin 44.6% 44.5% -0.1 p.p. 44.6% 43.9% -0.7 p.p.
SG&A (67,965) (73,724) 8.5% (131,347) (141,705) 7.9%
% of Revenues 28.6% 29.1% 0.5 p.p 29.9% 30.3% 0.4 p.p
Selling expenses (48,582) (51,903) 6.8% (92,445) (97,824) 5.8%
Ow ned stores (22,020) (22,291) 1.2% (44,357) (44,862) 1.1%
Selling, logistics and supply (26,562) (29,612) 11.5% (48,088) (52,962) 10.1%
General and administrative expenses(17,891) (17,065) -4.6% (35,220) (34,980) -0.7%
Other operating revenues (expenses) 893 (1,659) n/a 1,288 (2,595) n/a
Depreciation and amortization (2,385) (3,097) 29.9% (4,970) (6,306) 26.9%
Ebitda 40,478 42,281 4.5% 69,114 69,570 0.7%
Ebitda margin 17.0% 16.7% -0.3 p.p. 15.8% 14.9% -0.9 p.p.
Net income 29,057 31,633 8.9% 48,423 49,066 1.3%
Net margin 12.2% 12.5% 0.3 p.p. 11.0% 10.5% -0.5 p.p.
Working capital1
- as % of revenues 26.1% 30.2% 4.1 p.p 26.1% 30.2% 4.1 p.p
Invested capital2
- as % of revenues 33.9% 41.9% 8.0 p.p. 33.9% 41.9% 8.0 p.p.
Total debt 107,862 80,853 -25.0% 107,862 80,853 -25.0%
Net debt3
(106,549) (78,343) -26.5% (106,549) (78,343) -26.5%
Net debt/EBITDA LTM -0.7x -0.5x n/a -0.7x -0.5x n/a
Key financial indicators

54. 54
.2 History – Franchises and Owned Stores
A
1. Includes areas in square meters of 9 international stores
2. Includes 6 outlet-type stores with a total area of 2,217 m2
3. Includes areas in square meters of stores expansion
2Q13 3Q13 4Q13 1Q14 2Q14
Sales area 1,3
- Total (m²) 27,996 28,999 31,848 32,138 32,381
Sales area - franchises (m²) 22,154 23,174 25,262 25,498 26,056
Sales area - Ow ned stores 2
(m²) 5,842 5,825 6,586 6,640 6,325
Total number of domestic stores 408 420 449 452 461
# of franchises 353 365 395 399 411
Arezzo 324 328 340 341 342
Schutz 29 35 40 41 43
Anacapri 0 2 15 17 26
# of owned stores 55 55 54 53 50
Arezzo 17 16 17 17 17
Schutz 27 27 27 27 25
Alexandre Birman 2 2 2 2 2
Anacapri 9 10 8 7 6
Total number of international stores 9 9 9 9 7
# of franchises 8 8 8 8 6
# of owned stores 1 1 1 1 1
History of Stores

55. 55
.3 Major awards received
A Organizer Award Category
Exame Magazine The Best and Biggest (Arezzo&Co) Textiles
Interbrand
Brazil’s Most Valuable Brands
(Arezzo brand and Schutz brand)
All Sectors
Bittencourt Group
TOP 1 Brazilian Franchising
(Arezzo&Co)
The 25 Biggest and Best Franchise
Network
Social Index Most Social Brands (Schutz brand)
Top 10 in engagement on social
networks
IR Magazine
Grand prix for best overall investor
relations (small & mid-cap)
Investor Relations
O Globo Newspaper
Making a Difference (Alexandre
Birman)
Fashion
GQ Magazine Man of the year (Alexandre Birman) Entrepreneurship

56. 56
.4 Balance Sheet - IFRS
AAssets 2Q13 1Q14 2Q14
Current assets 537,059 596,400 552,254
Cash and cash equivalents 7,515 10,973 12,557
Financial Investments 206,896 196,580 146,639
Trade accounts receivables 200,229 244,997 235,814
Inventory 89,821 102,756 120,458
Taxes recoverable 18,460 24,775 20,170
Other credits 14,138 16,319 16,616
Non-current assets 137,303 156,635 162,328
Long-term receivables 15,530 16,743 14,876
Financial Investments 21 27 27
Taxes recoverable 377 0 0
Deferred income and social contribution 6,898 8,292 6,694
Other credits 8,234 8,424 8,155
Property, plant and equipment 65,014 69,435 72,123
Intangible assets 56,759 70,457 75,329
Total Assets 674,362 753,035 714,582
Liabilities 2Q13 1Q14 2Q14
Current liabilities 148,087 175,809 142,906
Loans and financing 60,763 59,680 49,753
Suppliers 43,556 74,259 57,129
Dividends and interest on equity capital payable 9,346 0 1
Other liabilities 34,422 41,870 36,023
Non-current liabilities 54,386 43,996 38,629
Loans and financing 47,099 36,972 31,100
Related parties 978 355 725
Other liabilities 6,309 6,669 6,804
Equity 471,889 533,230 533,047
Capital 156,000 219,186 219,186
Capital reserve 125,190 67,543 68,856
Income reserves 153,162 229,068 208,174
Additional proposed dividend 0 0 0
Profit 37,537 17,433 36,831
Total liabilities and shareholders' equity 674,362 753,035 714,582

57. 57
.5 Income Statement - IFRS
A Income statement - IFRS 2Q13 2Q14 Growth % 1H13 1H14 Growth %
Net operating revenue 237,639 253,748 6.8% 438,678 467,173 6.5%
Cost of goods sold (131,581) (140,840) 7.0% (243,187) (262,204) 7.8%
Gross profit 106,058 112,908 6.5% 195,491 204,969 4.8%
Operating income (expenses): (67,965) (73,724) 8.5% (131,347) (141,705) 7.9% -6306
Selling (49,709) (53,510) 7.6% (95,008) (101,231) 6.5%
Administrative and general expenses (19,149) (18,555) -3.1% (37,627) (37,879) 0.7%
Other operating income net 893 (1,659) n/a 1,288 (2,595) n/a
Income before financial result 38,093 39,184 2.9% 64,144 63,264 -1.4%
Financial income 666 3,849 477.9% 2,706 6,766 150.0%
Income before income taxes 38,759 43,033 11.0% 66,850 70,030 4.8%
Income tax and social contribution (9,702) (11,400) 17.5% (18,427) (20,964) 13.8%
Current (8,593) (9,802) 14.1% (19,061) (22,144) 16.2%
Deferred (1,109) (1,598) 44.1% 634 1,180 86.1% Alíquota de IR
Net income for period 29,057 31,633 8.9% 48,423 49,066 1.3%

58. 58
.6 Cash Flow Statement - IFRS
A Statement of cash flow 2Q13 2Q14 1H13 1H14
Operating activities
Income before income tax and social contribution 38,759 43,033 66,850 70,030
3,358 4,851 4,684 4,876
Depreciation and amortization 2,385 3,097 4,970 6,306
Income from financial investments (2,896) (885) (6,165) (5,195)
Interest and exchange rate 5,057 (800) 5,067 (1,753)
Other (1,188) 3,439 812 5,518
Decrease (increase) in assets
Customer receivables 11,471 9,189 9,097 11,692
Inventory (2,716) (18,161) (14,190) (35,935)
Recoverable taxes (2,663) 4,606 (4,179) (982)
Variation other current assets (3,394) 269 (3,223) 152
Judicial deposits (359) (298) 545 264
Decrease (increase) in liabilities
Suppliers (25,464) (17,130) 8,049 22,270
Labor liabilities 4,338 4,135 (181) 1,635
Fiscal and social liabilities (2,467) (596) (8,771) (6,969)
Variation in other liabilities 1,732 (2,869) 1,568 (3,780)
Payment of income tax and social contribution (13,935) (18,200) (17,598) (20,542)
Net cash flow from operating activities 8,660 8,829 42,651 42,711
Investing activities
Disposal of fixed and intangible assets 3,781 2,204 4,222 4,667
Acquisitions of fixed and intangible assets (8,942) (14,312) (20,169) (24,172)
Financial Investments (86,316) (93,137) (168,455) (177,722)
Redemption of financial investments 87,352 143,963 158,358 208,179
Increased Investments - - - -
Net cash used in investing activities (4,125) 38,718 (26,044) 10,952
14,926 (14,999) 8,712 (15,812)
Net cash used in financing activities (20,373) (30,964) (29,322) (39,080)
Increase (decrease) in cash and cash equivalents (912) 1,584 (4,003) (1,229)
Cash and cash equivalents
Cash and cash equivalents - Initial balance 8,427 10,973 11,518 13,786
Cash and cash equivalents - Closing balance 7,515 12,557 7,515 12,557
Increase (decrease) in cash and cash equivalents (912) 1,584 (4,003) (1,229)
Adjustments to reconcile net income with cash from
operational activities
Net cash used in financing activities - third parties

59. IR Contacts
 Thiago Borges
 Leonardo Pontes dos Reis, CFA
Phone: +55 11 2132-4300
ri@arezzoco.com.br
www.arezzoco.com.br
CFO and IR Officer
IR Manager