Arezzo&Co is a leading footwear and accessories company in Brazil with a platform of top brands. It has a unique business model focused on innovation, marketing, efficient supply chain, and nationwide multi-channel distribution. Arezzo&Co produces 7-9 collections per year through a flexible sourcing process and delivers consistent new designs through its integrated marketing strategy and store environments. The company has achieved strong growth and cash generation through its asset-light model and seasoned management team.

1. | Apresentação do Roadshow
As of September, 2013
October, 2013
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 the footwear
and accessories
sector with
presence in all
Brazilian states
Controlling
shareholders are
the reference in
the sector
9.9 million pairs of shoes (1)
641 thousand handbags (1)
More than 40 years of
experience in the sector
Development of
collections with
efficient supply
chain
~11,500 models created
per year
Lead time of 40 days
2,881 points of sale
Wide recognition
7 to 9 launches per year
Asset light: high
operational
efficiency
92% outsourced production
ROIC of 29.6% in 3Q13
Strong cash
generation and
high growth
Net revenues CAGR:
32.0% (2007- 3Q13¹)
Net Profit CAGR: 37.7%
(2007- 3Q13¹)
2,007 employees
11% market share (2)
Increased operating
leverage
Notes:
1. LTM as of 3Q13.
2. Refers to the Brazilian women footwear market (source: Euromonitor, IBGE and Company estimates) . Estimated for 2011.
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
2012 and 2013
 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
Launch of
new brands
Opening of the first
shoe factory
Consolidate
leadership
position
Opening of the flagship
store at Oscar Freire
+
Merger
First store
Schutz launch
Launch of the
first design with
national success
Strategic Partnership
(November 2007)
Commercial operations
centralized in São Paulo
Fast Fashion
concept
Initial Public Offering
(February 2011)
6

7. 1
.4 Shareholder structure 1
Post-offering
Float
Management ²
0.9%
46.8%
Birman family
52.3%
Others
47.7%
Notes:
1. Arezzo&Co capital stock is composed of 88,637,034 common shares, all nominative, book-entry shares with no par value.
2. Including Stock Option Plan – Arezzo&Co’s executives
Shareholder structure as of October, 2013.
7

8. 1
.5 Culture & Management
Principles of success at Arezzo&Co:
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 Unite 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!
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
1972
1995
2008
2009
Brands
profile
Trendy
New
Easy to wear
Eclectic
Fashion
Up to date
Bold
Provocative
Pop
Flat shoes
Affordable
Colorful
Design
Exclusivity
Identity
Seduction
Female
target
market
16 - 60 years old
18 - 40 years old
12 - 60 years old
20 - 45 years old
Distribution
channel 1
Foundation
O
F
MB
EX
O
F
MB
EX
O
F
MB
EX
O
MB
EX
16
336
987
16
28
35
1,478
146
10
2
890
5
2
9
52
12%
72%
15%
1%
36%
7%
49%
8%
46%
0%
53%
1%
49%
9%
42%
POS 1
%
gross
rev.2
Retail price
point
R$ 189.00/pair
R$ 305.00/pair
R$ 110.00/pair
R$ 960.00/pair
Sales
Volume 3
R$ 720.7 milhões
R$ 429.5milhões
R$ 37.4 milhões
R$ 6.0 milhões
% Gross
Revenues 4
61.6 %
36.7%
3.2%
0.5%
Notes:
1. Points of sales (3Q13); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports
2. % of each brand gross revenues (FY 2012)
3. 3Q13 (LTM) gross revenues, include internal market : does not include other revenues (not generated by the 4 brands)
4. % total (3Q13 LTM) 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
373 franchises in
more than 160 cities
Reach about 1,184
cities and 2,452
multi-brands
56 owned stores
being 7 Flagship
stores
Broad distribution in
every Brazilian state
Gross Revenue Breakdown – (R$ mm)¹
46%
25%
23%
6%
100%
66 2
288
303
1,228
571
Franchises
Multi-brands
Notes:
1. 3Q13 (LTM) gross revenues
2. Also includes other revenues in the domestic market
Owned stores
Exports ²
Total
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
2
ABILITY TO
INNOVATE
R&D
3
4
5
SOLID MARKETING
AND
COMMUNICATION
PROGRAM
EFFICIENT
SUPPLY CHAIN
NATIONWIDE
DISTRIBUTION
STRATEGY
SEASONED
MANAGEMENT
TEAM WITH
PERFORMANCE
BASED INCENTIVES
Communication &
Marketing
Sourcing & Logistics
Multi-channel
Management
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 electronic media and television
+750 exhibition on TV e 150 exhibition in cinema in 2012
+ 80 million impact
Digital communication
Strong presence in printed media
85 inserts in printed media in 170 pages in 2012 (32 million readers)
Over 300 exhibition in fashion editorials in 1S13
Celebrity Endorsement
Marketing Events
830k accesses to site/month
Over 3 mm followers/ fans: Facebook,
Demi Moore Gisele Bündchen Blake Lively
CRM – VIP sales
(120k monthly access to Schutz’s Blog)
Instagram and Twitter (all 4 Brands)
Seasonal showroom in Los Angeles near
In-store events – PA
Average navigation time: 8 minutes
Arezzo is leader in interactions*
the Red Carpet Season
Stylists Fashion Advisors
* Source: Indexsocial/ Agência Espalhe, 2013
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
15
for each new collection

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

17. 2
.3 Flexible production process…
Production speed, flexibility and scalability to ensure Arezzo&Co’s expected
growth based on asset light model
Sourcing Model
Gains of scale
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
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
Certification and auditing of suppliers
Joint purchases
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
8,2%
AREZZO&CO OWNED FACTORY
OTHERS
91,8%
Consolidation and improvement of distribution in
national scale
1
2
3
4
Reception: 100,000 units/ day
Storage: 100,000 units/ day
Picking: 150,000 units/ day
Distribution: 200,000 units/ day
17

18. 2
.4 Large capillarity and scale of store
chain
Mono-brand store chain with high capillarity, reaching more than 160 cities and
well-positioned among the retail companies
Points of sale (3Q13)
Size and average sales per mono-brand stores - 2012
Average
size (m2)
5
Net Revenue/ m2
(R$ 000s)
Total
Stores 1,2
67
324
399
111
Brand
214
638
1,650
10
6
368
234
13
(i) 4 discount outlet
GDP³: 18%
A&C¹: 17%
214
1,030
336 franchises +
16 owned stores(i) +
987 multi-brand clients
GDP³: 5%
A&C¹: 4%
206
35 franchises +
28 owned stores(ii) +
1,478 multi-brand clients
Points of sale – average size: new stores are
increasing network average size
(ii)1 discount outlet
GDP³: 9%
A&C¹: 7%
57
sq m
2010
85
sq m
2011 new stores
80
sq m
80
sq m
2012 new stores 2013 new stores
Source: IBGE, Companies’ Reports; number of stores according to latest data provided by the Companies
Notes:
1.
Considers only mono-brand stores of Arezzo and Schutz;
2.
For Hering, considers only Hering Store chain stores;
3.
2008 data;
4.
Net Revenue (assuming that sales taxes and deduction = 30% of gross revenues);
5.
Considers Arezzo + Schutz, except for outlets, handbags’ stores and Schutz franchise;
6.
Including export market
GDP³: 55%
A&C¹: 57%
GDP³: 17%
A&C¹: 15%
2 franchises
10 owned stores
890 multi-brand clients
2 owned store +
9 multi-brand clients
TOTAL
373 franchises6 +
56 owned stores6 +
2,452 multi-brand clients
=2,881 points of sales
18

19. 2
.4 ...through owned stores…
Capturing value from the chain while developing retail know how and brands’
visibility
Greater brand awareness coupled with operational efficiencies
Flagship Stores
 Clustering higher productivity stores in main areas (mainly SP and RJ) improving
operational efficiency and profitability:
Franchise
Owned
Annual Average
Sales per Store
2012
R$ 3,289M
R$ 5,119M
 Direct costumers interaction develops retail competences which are also reflected at
franchised stores
 Flagship stores ensure greater visibility and reinforce brand image
Arezzo – Iguatemi / SP
Total sales area and # of owned stores (sq. m)
Schutz – Oscar Freire/ SP
57
56
5897
5825
22%
21%
45
29
Schutz – Morumbi/ SP
21
6
10
20%
2967
2067
1044
12%
88%
Anacapri – Eldorado/ SP
Arezzo – Oscar Freire/ SP
4686
1369
9%
91%
2007
2008
2009
23%
19%
81%
Flagship
80%
78%
79%
# owned Stores
77%
2010
2011
Standard store
2012
3Q13
19

20. 2
.4 … based on a retail oriented
structure...
Structure applied to retail in order to achieve better sales and margin results as well as
integrating and connecting all monobrand stores’ back office
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
20

21. 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”

Intense retail training

Franchise Concentration per Operator
(# 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

IT integration with our franchises amount 100%

4 or more
franchises
As mono-brand stores, franchises reinforce the branding in each
city they are located
10%
3 franchises
15%
Best Franchise in Brazil (2005 and 2012) and in the sector
for 7 years since 2004
49%
1 franchise
27%
2 franchises
Excellency in Franchising Award in the last 8 years (ABF)
Notes: 1H13 data
96% satisfaction of franchises1
1.
96% of the current franchisees indicated they would be interested in opening a
franchise if they did not already have one
100% of on-time payments
2.
Annual sales of R$ 3,3 million + average initial investment of R$ 900 thousand +
working capital of R$ 600 thousand
5-year contract and average payback of 40 months2
21

22. 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 LTM
2,452
300.000
2450
290.000
280.000
2500
2,329
2400
2350
270.000
2300
260.000
Improved distribution and brand visibility





2250
303.3
250.000
240.000
230.000
220.000
210.000
Gross Revenue (R$ mn)
2200
# Stores
2150
2100
269.9
Multi-brand stores
3Q12 LTM
Multi-brand stores
Notes:
1. Domestic market only LTM
2050
2000
3Q13 LTM


Greater brand capillarity
Presence in over 1,184 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
22

23. 2
.5 Seasoned and professional
management team
Alexandre Birman
Internal Auditing
Independent business units
Marco Coelho
Arezzo
Schutz
Claudia Narciso
David Python
Alexandre
Birman
Anacapri
Yumi Chibusa
Commercial
Milena Penteado Maicon Americo
Supply Chain/
Sourcing
CTO
CFO
HR
Cisso Klaus
Kurt Richter
Thiago Borges
Raquel Carneiro
Highly qualified management team
Years of
experience
Years
at Arezzo
18
18
Claudia Narciso
Arezzo
24
14
Name
Title
Thiago Borges
CFO and Investor Relations Officer
Maicon Americo
Director – Commercial
David Python
Schutz
10
2
10
5
15
5
Name
Title
Alexandre Birman
CEO
Yumi Chibusa
Anacapri
Milena Penteado
Alexandre Birman
Years of
experience
Years
at Arezzo
13
5
20
1
Cisso Klaus
Director – Supply Chain/ Sourcing
47
9
Kurt Ritchter
Director – CTO
32
11
41
30
13
3
Marco Coelho
Director – Internal Auditing
Raquel Carneiro
Director – HR

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
23

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

25. | Market Overview and
| Sourcing and Industry Characteristics

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%)
22 (11%)
27 (14%)
+14 mi
(2003-14E)
Class C
66 (38%)
+49 mi
100 (52%)
(2003-14E)
115 (59%)
Class D/E
96 (55%)
70 (36%)
2003
54 (27%)
2011
2014E
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
...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)
Out-of Home Food
1.0x
Furniture
1.0x
4.2x
Class
3.2x
D/E
7.0x
Class
5.6x
C
9.4x
Class
7.9x
B
Class
A
Apparel and
Footwear
1.0x
3.7x
6.6x
9.2x
Prescription/OTC drugs
1.0x
3.4x
5.3x
7.3x
Hygiene and
Personal Care
1.0x
3.4x
5.6x
Footwear and
apparel have the
largest growth
potential
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
Source: IBGE, FGV, LCA, Bain & Co., BCG, Roland Berger, IPC Maps
26

27. 3
.2 Brazilian footwear market overview
Arezzo&Co has a significant stake of the women footwear market and has consistently
increased its market share
Footwear Consumption 2013
Arezzo&Co’s market share1
Men
15%
9%
30%
Sports
Kids
11%
8%
7%
15%
10%
4%
40%
Women
Footwear
2007
Income Class
Class D/E
Class C
42%
2009
10%
CAGR (03-13E): +
40%
2010
2011
2012
Total footwear market (R$ bn)
Class A
8%
2008
Class B
2013E
Women
footwear
Total footwear
9.2%
15.9
40.3
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
27

28. 3
.3 Brazilian handbags market overview
Arezzo&Co also has a relevant position within the fast growing handbag market in
Brazil
Total handbags market (R$ bn)
Arezzo&Co current sell out breakdown 2Q13 LTM (R$ mn)
Breakdown based on owned stores
CAGR (03-13E): +
Women
handbags
10.7%
11%
4.0
2013E
5.1
Total handbags
303.6
Total addressable market (R$ bn)
Footwear
Handbags
86%
20%
Note: 3% accessories
Footwear
19.9
80%
Handbags
 Consolidated (including handbags and shoes)
market
share: 9,3%
 Opportunity to consolidate handbag leading position
Source: IBOPE Inteligência (Pyxis), Satra, World Bank, ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGE
28

29. 3
.4 Footwear Industry - Global Overview
and competitive advantages
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
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%
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
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
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
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
3.6%
Source: Abicalçados, Footwear News, Company estimates
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
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
29

30. 3
.5 Footwear Industry - Global footwear
offering
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
Industry segmentation vs. value creation:
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
Global Brands
B
Manufacturer with
own design and global brand
C
Manufacturer with
own design and mostly local brand
D
Manufacturing operation
E
Equipment assembly
Usually don’t produce;
Creation + own brand management
Design and product specification
Mostly internationally outsourced
Supply chain management
Totally decide over marketing and commercialization
 Receive product and process specifications, as well
as components and raw material
 Assembly activities only
Source: BNDES, Company estimates
+
France
Italy
Spain
Taiwan
China
Thailand
Brazil
Mexico
Indonesia
Vietnam
India
Value added
A






Other global
suppliers
30

31. 3
.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
 Brazil is the world’s third largest
footwear producer
Vale dos Sinos: 26% of Brazilian
footwear production
 The world’s largest cattle: 13% of
the market
BRAZIL

RS: 1 third (R$ 1 billion) of
Brazilian revenue in leather industry

Vale dos Sinos: one of the world’s
largest footwear manufacturing hubs
Production (million pairs)
819
Jobs (thousands)
338
SOUTHERN REGION
Production (million pairs)
270
138

Abundant skilled and specialized labor
Jobs (thousands)

Production flexibility:
VALE DOS SINOS
volume X variety X speed
 1,700 companies and entities: components,
footwear, machinery, tanneries, trade entities,
research and teaching institutions
Source: Abicalçados, 2012 / ASSINTECAL / FAO / AICSUL.
Production (million pairs)
216
Jobs (thousands)
110
31

32. 3
.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:
1
2
3
4
5
6
7
Trends and
style
Design
Technical
Design
Engineering
Samples
Showroom
Logistics and
distribution
Raw material price negotiations
Store
Scheduling + Manufacturer negotiation
Coordinated management of production chain associated with Investments in product engineering: specific know
how
Cost control
Chemicals and textile
Cost management efficiency
Finished
products
Arezzo&Co
Quality standard guarantee
Raw
materials
Efficient lead time
Flexibility
Components
Reuse from collection to collection:
10%
MODEL
Engineering folder
SKU
35%
CONSTRUCTION
70%
32

33. | Value Drivers Update

34. .1 Solid growth fundamentals
4
The Company has ongoing initiatives to unlock value to shareholders
1
28.2%
 Store openings guidance for 2013 reaffirmed
860.3
Net revenues CAGR
2007-2012
 Strong Schutz’s sales encourages launch of webcommerce channel
for other brands
678.9
26.7%
571.5
 Multibrand strategy brings capillarity
2
18.8%
367.1
DISTRIBUTION NETWORK AND SALES AREA EXPANSION
STORE PRODUCTIVITY
 GTM Arezzo project enhancing sell-out performance
412.1
38.7%
 New store layout for Arezzo and Anacapri increased sales per m²
 Repositioning of handbags in Schutz presented very positive results
12.3%
193.8
3
89.4%
PROFITABILITY
 Continuous focus on diluting operating expenses
2007
2008
2009
2010
2011
2012
4
PROCESS EFFICIENCY
 Constant analysis towards improvements in logistics and distribution
34

35. 4
.1 2013 Expansion Plan
Since IPO, for 2 consecutive years, store opening guidance was achieved;
2013 expansion is committed to 59 new stores with 14% growth in sales area
12
# Owned Stores
# Franchises
449
# Conversion
420
29
58
-12
507
43
openings, the company is
committed to expand existing
55
-1
390
31
stores by a total of 1,000 sqm
+13%
55
 In addition to the store
in 2013 and 2014
464
56
+7%
+8%
394
signed
365
 30 stores opened in 9M13
334
2012
1) Includes international store operation
 90% of the contracts already
3T13
2013
2014
35

36. 4
.1 Web commerce: Entry into the channel
Client profile and adhering to online media boosted Schutz entry into the online
channel
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
 Strong growth in online sales
 Highest growth in footwear and clothing
segments
 Biggest fashion brand on Instagram
 Forecast is maintenance of strong growth
 Brand enjoys high online audience and
engagement
 Since 2009, Schutz has a strong
relationship with fashion bloggers
2008
Source: Euromonitor
17.6%
15.0%
20,893
95
10,387
CAGR
12-17E
19.1%
312
CAGR
08-12
97.4%
1,444
14,641
2010
Other Online Retail
2012
Clothing and Footwear
36

37. 4
.1 Web commerce: Entry into the channel
Brand strength in the online world and alignment with client profile
Attractiveness of online
commerce, especially in the
fashion segment
Brand adhesion and Schutz client
profile
Engagement
Audience
exame.com award
Recognized as the most active
brand on Instragram
• Likes: 8461
• Comments: 115
• Date: 11.15 – Aug 8,
2013
August 2013 average
•
•
•
•
Data: September/2013
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
37

38. 4
.1 Web commerce: Channel evolution
Structuring of online channel and initial results confirm channel attractiveness and
alignment

R$1 million sales

Thesis test

R$10 million sales

Estimated sales of R$23 million

Internal strengthening to better serve
our clients

Preparation to expand channel
potential

Dedicated management

Evolution of technological platform
worldwide

Dedicated logistic operator

Improvement of online marketing
actions
FACEBOOK/INSTAGRAM 2013
CRM Action
Online
Schutzlovers
WEBCOMMERCE BEGINNING
38

39. 4
.2 GTM Arezzo
Under GTM Arezzo the Company expects to increase the product accuracy with new
collection calendar a shorter lead time
Supply model
Life cycle
Showroom
Collection
Fashion
complement
Fast fashion
 More fashion content; largest collections
presented to the franchisees
 Fashion complement using information
from the sell out
 Capturing quick trends, not only from
Arezzo’s stores, but also from market
research
Continuables
Continuables
 Products automatically replaced in the
stores with some season colors
 Open size run replacement
 Products also automatically replaced in
Classic
Classic
the stores; only two colors. Full mark-up
sell-through
39

40. 4
.3 Store productivity increase
Arezzo’s new architectural design highlights our products even more
Window relate to the pattern
used on our products’ soles,
forming the brand’s “ZZ”
symbol
Next to the cashier, a
dedicated shelf for
appliances allows us to add
units to the sale
With new shelves and niches,
we were able to increase in 50%
the number of models
exposed in the stores
Products highlighted in the
center of stores
Suspended shelves around
the entire store with lights
that highlight the products
A better distribution of the
furniture offers more
comfort for clients in the
stores
40

41. 4
.3 Evolution of architectural design and
store model
New architectural design means proper showcasing of the products and a superior
purchasing experience for a low outlay
Tower: on one side, individual
flat shoes are displayed; on the
other side, mirrors; and inside,
an inventory with a pair in each
size
Enchanted Island: at
the front of the store
with the leading new
launches intended to
attract customers
Combo: at the back of
the store, special offers
in order to increase
UPT and provide
women with practical
and quick service
Central Islands: to display
the classical “must-have”
Anacapri products
41

42. 4
.4 Schutz Handbags
Changes in strategy for Schutz brand handbags resulted in a strong growth in the
product segment
Handbags % of Schutz Revenue
9.4%
1
Segmentation by product and channel to
meet final client’s needs
2
Development of products, increasing
their perceived value
3
5.1%
Reduction in the number of models,
favoring supply chain and creating
identity for in-store product
3T12
3T13
Note: handbags as percentage of owned stores revenues
42

43. 4
.4 Schutz Handbags
Product line segmentation enables reaching different audiences in different channels,
with the proper branding strategy and meeting clients’ desires
Main channel
MB
O/F
Difference
between lines
Product technical
standard
SCHUTZ
PREMIUM
SAMPLES
✔
R$790 - R$1,100*
Sourcing base
Used materials
Level of exposure of
brand/logo
SCHUTZ
V.M. in store and
showroom
R$490 - R$790*
✔
✔
Depth of purchases in
the grids
Training of commercial
teams
Marketing and
communication actions
POP & FUN
SCHUTZ
✔
R$350 - R$490*
Note: POS values
O = Owned Stores; F = Domestic Franchises; MB = Multibrand store (domestic market)
43

44. 4
.4 Schutz Handbags
Focus 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
44

45. 4
Key takeaways
1
Undisputable category leader
2
Significant growth potential
3
Reference brands
4
Efficient and market oriented supply chain
5
Scalable platform with operating leverage
6
High return on invested capital
45

46. 05
| Financial Highlights

47. 5
.1 Operational and financial highlights
Gross Revenue by channel – Domestic Market (R$ million)
13.7%
751.8
10.7
855.0
6.0
8.2%
230.4
19.1%
199.6
212.9
6.0%
319.6
-0.4%
0.8
82.8
68.4
301.4
4.2
83.2
63.0
151.1
8.6%
10.9%
3Q12
SSS Sell-in (franchises)
16.2%
360.5
419.0
167.6
3Q13
Franchise
SSS Sell-out (owned stores + franchise )
167.7
Owned Stores
9M12
Multi-brand
9M13
Others²
n/a
-5.1%
n/a
0.5%
14.2%
0,6%
11.9%
4.3%
In the quarter, the monobrand channel presented 10.2% growth, leveraged by an increase of 10.9% in
the franchise channel, with 49 stores openings and expansion of other 10 in the last twelve months
1) Other: Decreasing of 81.2% in 3Q13 and 44.0% nos 9M13.
47

48. 5
.2 Operational and financial highlights
Key highlights
3Q13 Net Revenue increased by 16.1% year-over-year
3Q13 ended with 429 store chain and Sales area expansion of 18.2% year-over-year
Strong Gross Revenue growth, especially in the Schutz brand that increased by 21.2% in 3Q13 compared to 3Q12
Number of Stores (R$ mn) and Total Area (sq m - ‘000)
Net Revenues (R$ mn)
Area CAGR 07- 13 (3Q13LTM): 17.1%
CAGR 07-13 (3Q13 LTM): 32.0%
24.3%
18.2%
24.5
15.0%
678.9
571.5
18.8%
412.1
367.1
19.1%
237.6
199.5
193.8
89.4%
2Q12
2007
2Q13
17.2
26.7%
+31
287
318
377
+57
+52
56
53
36
27
38.7%
12.3%
2008
429
19.7
860,3
29.0
260
2009
2010
2011
2012
282
3Q10
3Q11
Franchises
324
3Q12
Owned Stores
373
3Q13
Area
48

49. 5
.3 Operational and financial highlights
Gross Profit (R$ million)
EBITDA (R$ million)
44.2%
43.5%
17.9%
311,6
17.3%
264,2
8.4%
3Q12
115,9
100,0
8,0
9.6%
116,1
3Q13
16.4%
15.9%
17.5%
43.5%
43.4%
107,0
16.5%
42,7
9M12
9M13
3Q12
46,8
92,0
3Q13
9M12
9M13
Net Income (R$ million)
11.6%
70,5
11.0%
77,8
10.4%
5,3
11.6%
11.0%
19.3%
28,6
3Q12
2.8%
29,4
65,2
3Q13
9M12
9M13
49

50. 5
.4 Operational and financial highlights
Capex (R$ million)
Cash Conversion Cycle (R$ thousand)
Cash Conversion Cycle
Inventory¹
Accounts Receivable²
(-) Accounts Payable¹
3Q12
3Q13
#days
(R$'000)
#days
105
65
91
51
218,631
,
82,543
,
201,253
65,165
115
68
92
45
Change
(R$'000) (in days)
275,180
, 99,819
, 241,476
66,115
10
3
1
-6
Summary of
investments
Total capex
3Q12
16,479
Stores - expansion and
refurbishing
Corporate
Other
¹ Days of COGS
² Days of Net Revenues
Operational Indicators
3Q13 Growth%
10,486
-36.4%
31,299
10,162
-67.5%
5,399
6,197
14.8%
15,727
18,203
15.7%
774
666
-14.0%
1,252
2,290
82.9%
Cash Flows From Operating Activities (R$ thousand)
Growth or
spread%
# of pairs sold ('000)
6,270
7,212
15.0%
Incom e before incom e tax and social contribution
364
452
24.2%
Depreciation and am ortization
0.6%
2,105
2,007
-4.7%
Other
377
429
52
53
56
3
324
373
49
87.0%
90.7%
3.7 p.p
11.9%
4.3%
-7.6 p.p.
n/a
0.5%
n/a
Owned Stores
Franchises
Outsorcing (as % os total production)
2
SSS Sell-in (franchises)
2
SSS Sell-out (ow ned stores + franchises)
-36.5%
-64.8%
9M13
# of stores *
30,655
3,623
9M12
# of em ployees
48,278
9M13 Growth%
10,306
Operating Indicators
# of handbags sold ('000)
9M12
Operating Cash Flow
Decrease (increase) in current assets / liabilities
9M12
9M13 Growth%
91,620
112,480
22.8%
5,209
7,777
49.3%
53
n/a
(6,679)
(11,931)
(39,160)
228.2%
Trade accounts receivables
(21,771)
(32,153)
47.7%
Inventories
(26,028)
(23,785)
-8.6%
27,879
30,608
9.8%
7,989
(13,830)
n/a
(21,818)
(23,505)
7.7%
56,401
57,645
2.2%
Suppliers
Change in other noncurrent and current assets and
liabilities
Paym ent of incom e tax and social contribution
Net cash flow generated by operational activities
50

51. 5
.5 Operational and financial highlights
Indebtedness (R$ thousand)
Indebtedness totaled R$ 109.8 million in 3Q13 versus
R$ 55.2 million in 3Q12
Cash position and Indebtedness
Cash
Total debt
Short term
Long-term debt relevance stood at 38.6% in 3Q13 versus
44.5% in 3Q12
% total debt
Long-term
% total debt
3Q12
2Q13
3Q13
175,605
214,411
199,780
55,199
107,862
109,042
30,626
60,763
66,930
55.5%
24,573
44.5%
56.3%
47,099
43.7%
61.4%
42,112
38.6%
Net debt
Indebtedness policy remained conservative, with low
weighted-average cost of Company's total debt
(120,406)
(106,549)
EBITDA LTM
125,128
155,575
159,675
-1.0x
-0.7x
-0.6x
Net Debt /EBITDA LTM
(90,738)
51

52. Appendix
52

53. A
.4 Key financial indicators
Key financial indicators
3Q12
3Q13
Net revenues
246,655
266,671
(139,606)
107,049
Growth or
spread%
Growth or
spread%
9M12
9M13
8.1%
607,484
705,349
16.1%
(150,592)
7.9%
(343,327)
(393,779)
14.7%
116,079
8.4%
264,157
311,570
17.9%
43.4%
43.5%
0.1 p.p.
43.5%
44.2%
0.7 p.p.
(66,436)
(72,130)
8.6%
(177,408)
(203,477)
14.7%
26.9%
27.0%
0.1 p.p
29.2%
28.8%
-0.4 p.p
Selling expenses
(48,631)
(51,706)
6.3%
(123,783)
(144,151)
16.5%
- 3,074.52
Ow ned stores
(20,092)
(21,001)
4.5%
(54,134)
(65,358)
20.7%
-
Selling, logistics and supply
(28,539)
(30,705)
7.6%
(69,649)
(78,793)
13.1%
- 2,165.52
(15,303)
(16,980)
11.0%
(41,111)
(52,200)
27.0%
- 1,677.00
(459)
(637)
38.8%
(7,305)
651
n/a
-
178.00
(2,043)
(2,807)
37.4%
(5,209)
(7,777)
49.3%
-
764.00
42,656
46,756
9.6%
91,958
115,870
26.0%
17.3%
17.5%
0.2 p.p.
15.1%
16.4%
1.3 p.p.
28,586
29,387
2.8%
65,201
77,810
19.3%
COGS
Gross profit
Gross margin
SG&A
% of Revenues
General and adm inistrative expenses
Other operating revenues (expenses)
Depreciation and am ortization
Ebitda
Ebitda margin
Net incom e
1
11.6%
11.0%
-0.6 p.p.
10.7%
11.0%
24.3%
27.3%
3.0 p.p
24.3%
27.3%
32.8%
36.9%
4.1 p.p.
32.8%
36.9%
909.00
3.0 p.p
3
- 5,693.52
0.3 p.p.
2
-
4.1 p.p.
Net margin
Working capital - as % of revenues
Invested capital - as % of revenues
Total debt
4
Net debt
Net debt/EBITDA LTM
55,199
109,042
(120,406)
(90,738)
-1.0x
-0.6x
97.5%
n/a
n/a
55,199
109,042
(120,406)
(90,738)
-1.0x
-0.6x
97.5%
n/a
n/a
1 - Includes non-recurring expense in 1Q12 in Other Operating Revenues and Expenses: Arezzo&Co terminated its contract with Star Export Assessoria e Exportação Ltda. (“Star”), which had been providing
technical support and advice services for procurement and inspection of independent factories and workshops contracted to make products. As part of the termination, a payment of R$ 8 million was made and
Star signed a five-year non-compete agreement. On the same date, a contract was signed with another company that has the same technical capability, providing the same type of services on special commercial
terms to reduce costs while maintaining the same quality of services.
2 - Working Capital: current assets minus cash, cash equivalents and marketable securities less current liabilities minus loans and financing and dividends payable.
3 - Invested capital: working capital plus fixed assets and other long-term assets less income tax and deferred social contribution.
53
4 - 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.

54. A
.5 History – Franchises and Owned Stores
History of Stores
3Q12
4Q12
1Q13
2Q13
3Q13
Sales area 1,3 - Total (m ²)
24,531
26,543
26,659
27,996
28,999
19,125
20,646
20,731
22,154
23,174
5,406
5,897
5,928
5,842
5,825
368
390
391
408
420
316
334
335
353
365
Arezzo
300
311
312
324
328
Schutz
16
23
23
29
35
0
0
0
0
2
52
56
56
55
55
Arezzo
19
19
19
17
16
Schutz
24
27
27
27
27
Alexandre Birman
2
2
2
2
2
Anacapri
7
8
8
9
10
Total num ber of international stores
9
9
9
9
9
# of franchises
8
8
8
8
8
# of ow ned stores
1
1
1
1
1
Sales area - franchises (m²)
Sales area - Ow ned stores 2 (m²)
Total num ber of dom estic stores
# of franchises
Anacapri
# of ow ned stores
1 Includes areas in square meters of 9 international stores
.
2. Includes 5 outlet-type stores with a total area of 1
,227 m 2
3. Includes areas in square meters of stores expansion
54

55. A
.6 Balance Sheet - IFRS
Assets
3Q12
2Q13
3Q13
Liabilities
3Q12
2Q13
3Q13
475,879
537,059
574,288
Current liabilities
134,590
148,087
179,422
8,373
7,515
10,748
Loans and financing
30,626
60,763
66,930
Financial Investments
167,232
206,896
189,032
Suppliers
65,165
43,557
66,115
Trade accounts receivables
201,253
200,229
241,476
Dividends and interest on equity capital payable
0
9,346
0
82,543
89,821
99,819
38,799
34,421
46,377
3,971
18,460
17,469
Non-current liabilities
29,025
54,386
49,111
12,507
14,138
15,744
Loans and financing
24,573
47,099
42,112
Non-current assets
120,042
137,303
144,964
Related parties
979
978
801
Long-term receivables
17,437
15,530
16,029
Other liabilities
3,473
6,309
6,198
98
21
22
360
377
0
432,306
471,889
490,719
Deferred income and social contribution
9,392
6,898
7,600
Capital
106,857
156,000
157,186
Other credits
7,587
8,234
8,407
Capital reserve
173,149
125,190
126,781
Property, plant and equipment
56,788
65,014
67,683
Income reserves
98,421
153,162
153,162
Intangible assets
45,817
56,759
61,252
Profit
53,879
37,537
53,590
595,921
674,362
719,252
595,921
674,362
719,252
Current assets
Cash and cash equivalents
Inventory
Taxes recoverable
Other credits
Financial Investments
Taxes recoverable
Total Assets
Other liabilities
Equity
Total liabilities and shareholders' equity
55

56. A
.7 Income Statement - IFRS
Income statement - IFRS
3Q12
3Q13
Net operating revenue
246,655
266,671
9M12
9M13
8.1%
607,484
705,349
16.1%
(139,606)
(150,592)
7.9%
(343,327)
(393,779)
14.7%
107,049
116,079
8.4%
264,157
311,570
17.9%
(66,436)
(72,130)
8.6%
(177,408)
(203,477)
14.7%
Selling
(49,714)
(53,203)
7.0%
(126,532)
(148,211)
17.1%
Administrative and general expenses
(16,263)
(18,290)
12.5%
(43,571)
(55,917)
28.3%
(459)
(637)
38.8%
(7,305)
Cost of goods sold
Gross profit
Operating incom e (expenses):
Other operating income net
Incom e before financial result
Financial income
Incom e before incom e taxes
Income tax and social contribution
Current
Deferred
Net incom e for period
Grow th%
651
Grow th%
148211
55917
n/a
40,613
43,949
8.2%
86,749
108,093
24.6%
1,676
1,681
0.3%
4,871
4,387
-9.9%
42,289
45,630
7.9%
91,620
112,480
22.8%
(13,703)
(16,243)
18.5%
(26,419)
(34,670)
31.2%
(14,390)
(16,945)
17.8%
(25,799)
(36,006)
39.6%
(620)
1,336
n/a
77,810
19.3%
687
702
2.2%
28,586
29,387
2.8%
65,201
56

57. A
.8 Cash Flow Statement - IFRS
Statem ent of cash flow
3Q12
3Q13
9M12
9M13
Operating activities
Income before income tax and social contribution
Adjustm ents to reconcile net incom e w ith cash from operational
activities
Depreciation and amortization
Income from financial investments
Interest and exchange rate
42,289
45,630
91,620
1,011
(1,075)
(1,470)
112,480
66850
7,831
8906
4970
-6165
5067
5034
2,043
2,807
5,209
7,777
(2,927)
(3,728)
(9,531)
(9,893)
(310)
(1,840)
504
3,227
2,205
1,686
2,348
6,720
Customer receivables
(50,566)
(41,250)
(21,771)
(32,153)
Inventory
(17,341)
(9,595)
(26,028)
(23,785)
Other
Decrease (increase) in assets
Recoverable taxes
1,367
6,217
(2,812)
Variation other current assets
3,421
(974)
(1,657)
(1,039)
(4,880)
Judicial deposits
(388)
(121)
(1,029)
424
9097
-14190
-4179
-3223
545
Decrease (increase) in liabilities
Suppliers
Labor liabilities
Fiscal and social liabilities
Variation in other liabilities
21,837
4,656
545
22,559
27,879
30,608
3,598
5,925
3,417
(4,394)
(3,802)
(13,165)
1,988
1,618
1,717
3,186
(10,166)
(5,907)
(21,818)
(23,505)
Net cash flow from operating activities
(3,688)
10,773
56,401
57,646
Net cash used in investing activities
20,235
11,106
(47,972)
(19,161)
4,392
3,019
16,036
8049
-181
-8771
1568
-17598
46873
11,731
Paym ent of incom e tax and social contribution
Net cash used in financing activities - third parties
Net cash used in financing activities
(17,365)
(21,665)
(31,620)
(50,986)
Increase (decrease) in cash and cash equivalents
3,574
3,233
(7,155)
(770)
Increase (decrease) in cash and cash equivalents
3,574
3,233
(7,155)
(770)
57

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