Arezzo&Co is a leading footwear and accessories company in Brazil with a platform of top brands. It has a unique business model combining growth and high cash generation. The company has a nationwide distribution strategy through owned stores, franchises, and multi-brand retailers. Arezzo&Co is able to innovate through frequent new collections and has an efficient outsourced production process. It achieves scale through a large store network and retail-focused structure that supports franchisees.

1. | Apresentação do Roadshow
1
As of December, 2013
March, 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. As of 2013.
2. Refers to the Brazilian women footwear market (source: Euromonitor, IBGE and Company estimates). Estimated for 2011.
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
10.0 million pairs of shoes (1)
642 thousand handbags (1)
2,909 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
91% outsourced production
ROIC of 26.1% in 2013
2,007 employees
Net revenues CAGR:
30.6% (2007- 2013)
Net Profit CAGR: 36.1%
(2007- 2013)
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 88,637,034 common shares, all nominative, book-entry shares with no par value.
2. Including Stock Option Plan – Arezzo&Co’s executives
Shareholder structure as of December, 2013.
7
52.3% 47.7%
Birman family Others
1
Management ²
0.9%
Float
46.8%

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 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!
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 (2013); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports
2. % of each brand gross revenues (FY 2013)
3. 2013 gross revenues, including external market: does not include other revenues (not generated by the 4 brands)
4. % total 2013 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 340 28 40 1,476
73% 14%12% 13% 43%39%
15
1%
111
6%
51
22% 1% 77%
8 15 936 4
9% 44%46% 1%
O F MB EX
R$ 723.5 milhões R$ 427.1milhões R$ 41.0 milhões R$ 6.3 milhões
60.4 % 35.7% 3.4% 0.5%
1,046

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
55 owned stores
being 7 Flagship
stores
Reach about 1,201
cities and 2,451
multi-brands
403 franchises in
more than 160 cities
Broad distribution in
every Brazilian state
Gross Revenue Breakdown – (R$ mm)¹
Franchises Multi-brands Owned stores Exports² Total
Notes:
1. 2013 gross revenues
2. Also includes other revenues in the domestic market
47% 23% 24% 6% 100%
583
289
291
692
1,232

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
(830)k accesses to site/month
(180)k 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. .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
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 – 91% of production outsourced
Consolidation and improvement of distribution in
national scale
1
2
3
4
8,9%
91,1%
AREZZO&CO OWNED FACTORY
OTHERS

18. .4 Large capillarity and scale of store
chain
2
18
Brand
Average
size (m2)
Net Revenue/ m2
(R$ 000s)
Total
Stores 1,2
67 324 399
111 214 638
1,650 10 214
1,030 6 368
234 13 206
Mono-brand store chain with high capillarity, reaching more than 160 cities and
well-positioned among the retail companies
Size and average sales per mono-brand stores - 2012
5
348 franchises +
17 owned stores(i) +
1.046 multi-brand clients
(i) 5 discount outlet
40 franchises +
28 owned stores(ii) +
1,476 multi-brand clients
(ii)1 discount outlet
Points of sale (4Q13)
TOTAL
15 franchises
8 owned stores
936 multi-brand clients
2 owned store +
9 multi-brand clients
403 franchises6 +
55 owned stores6 +
2,451 multi-brand clients
=2,909 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 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: 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 are
increasing network average size
2010 2011 new stores 2012 new stores 2013 new stores
55
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$ 3,289M
R$ 5,119M
Owned
Franchise
Annual Average
Sales per Store
2012
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: 1H13 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. .4 ...and of the multi-brand stores
2
22
Multi-brand stores’ Gross Revenue¹ LTM Improved distribution and brand visibility
 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
Multi-brand stores widen the distribution capillarity and the brands’ visibility,
resulting in a strong retail footprint
Notes:
1. Domestic market only LTM
Multi-brand stores
# Store
2,351
2,451
289
2013
58
4Q13
1%
Gross Revenue1 (R$ mn)
286
2012 4Q12
73
-20%

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
David Python
Schutz
Yumi Chibusa
Anacapri
Milena Penteado
Alexandre Birman
Thiago Borges
CFO and Investor Relations Officer18
14
2
18
24
10
510
515
513
Schutz
David Python
Supply Chain/
Sourcing
Cisso Klaus
CFO
Thiago Borges
Technology
Kurt Richter
HR
Raquel Carneiro
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
Raquel Carneiro
Officer – HR
11
9
30
3
32
47
41
13
Maicon Americo
Officer – Commercial
120
Commercial
Maicon Americo
Independent business units

24. .6 Corporate governance
2
24
Welerson Cavalieri (Coordinator)
Risk, Audit and Finance Committee
Juliana Rozenbaum (Coordinator) José Bolonha (Coordinator)
Committees
Strategy Committee People Committee
Members:
Guilherme A. Ferreira and Thiago Borges (CFO)
Members:
Fabio Hering, Carolina Faria and Arthur N.
Grynbaum¹
Members:
Claudia Soares and Raquel Carneiro (HR
Officer)
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)

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 2013 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
860.34
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%
962.95

27. .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
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
 30 stores opened in 9M13
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

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
5.1%
9.4%
3T12 3T13
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
Used materials
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

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 2Q13 LTM (R$ mn)
Breakdown based on owned stores
 Consolidated (including handbags and shoes) market
share: 9,3%
 Opportunity to consolidate handbag leading position
86%
11%
Footwear
Handbags
303.6
Note: 3% 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

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. In 2013, monobrand channel (Franchises and Owned Stores) increased 13.8%. In the quarter, both
channels opened 29 stores.
SSS Sell-out (owned stores + franchise ) 2.5%
- 3.7%SSS Sell-in (franchises)
1.1%
2.0%
n/a
12.2%
n/a
13.1%
1) Other: Decreasing of 70.7% in 4Q13 and 52.2% in 2013.
.1 Operational and financial highlights
5
47
Gross Revenue by channel – Domestic Market (R$ million)
151,9 164,1
512,4
583,1
88,3 91,7
256,0
291,4
72,9 58,2
285,8
288,6
4,8 1,4
15,4
7,4
4Q12 4Q13 2012 2013
Franchise Owned Stores Multi-brand Others²
317.9
315.4
1,069.6
1,170.4
-20.2%
8.0%
-0.8%
3.9%
9.4%
1.0%
13.8%
13.8%

48. 274 296
342
403
29
45
57
5518.0
21.8
26.5
31.8
2010 2011 2012 2013
Franchises Owned Stores Total sq m
+59
+58
+38
20.0%
21.1%
21.6%
303
341
399
458
5
48
.2 Operational and financial highlights
Key highlights
Gross profit amounted R$425.7 million in 2013, a growth of 13.3% against 2012.
Arezzo&Co achieved its commitment to open 59 stores in 2013, with growth of 17.0% in sales area, excluding outlets.
In 2013, net revenue reached R$963.0 million, an increase of 11.9% over 2012.
Number of Stores (R$ mn) and Total Area (sq m - ‘000)
CAGR 07-13: 30.6%
Net Revenues (R$ mn)
Area CAGR 07- 13 : 18.1%
193,8
367,1
860.34
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%
962.95

49. 5
49
.3 Operational and financial highlights
Gross Profit (R$ million) EBITDA (R$ million)
Net Income (R$ million)
111,6 114,2
375,8
425,7
4Q12 4Q13 2012 2013
2.2%
13.3%
44.2%
44.3%
43.7%
44.2%
43,8 43,6
135,8
8,0
143,8
159,5
4Q12 4Q13 2012 2013
-0.5%
17.5%
17.3%
16.9%
16.7%
16.6%
96,9
5,3
102,2
110,6
4Q12 4Q13 2012 2013
8.2%
3.4%
12.5%
12.7%
11.9% 11.5%
14.1%
31.7 32.7

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
,
,
,
,
2012 2013
Growth or
spread%
# of pairs sold ('000) 8.980 10.008 11,4%
# of handbags sold ('000) 552 642 16,3% 0,1%
# of employees 2.058 2.007 -2,5%
# of stores * 399 458 59
Owned Stores 57 55 -2
Franchises 342 403 61
Outsorcing (as % os total production) 88,5% 91,1% 2,6 p.p
SSS
2
Sell-in (franchises) 12,2% 2,0% -10,2 p.p
SSS
2
Sell-out (owned stores + franchises) n/a 1,1% n/a
Operating Indicators
Income before income tax and social contribution 133.504 156.117 16,9%
Depreciation and amortization 7.558 10.970 45,1% Ch
Other (8.395) 8.304 n/a
Decrease (increase) in current assets / liabilities (43.737) (57.351) 31,1%
Trade accounts receivables (29.316) (38.426) 31,1%
Inventories (19.206) (9.313) -51,5%
Suppliers (1.779) (648) -63,6%
Change in other noncurrent and current assets and liabilities 6.564 (8.964) n/a
Payment of income tax and social contribution (37.708) (46.306) 22,8%
Net cash flow generated by operational activities 51.222 71.734 40,0%
Growth %Operating Cash Flow 2012 2013
Total capex 57.446 43.752 -23,8%
Stores - expansion and refurbishing 37.349 15.765 -57,8%
Corporate 18.417 25.244 37,1%
Other 1.680 2.743 63,3%
Growth %20132012Summary of investments
#days (R$'000) #days (R$'000)
119 249,382 128 297,747 9
Inventory¹ 57 76,133 58 85,108 0
Accounts Receivable² 89 208,756 94 247,498 5
(-) Accounts Payable¹ 27 35,507 24 34,859 -3
Cash Conversion Cycle
4Q12 4Q13 Change
(in days)

51. 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
Long-term debt relevance stood at 38.6% in 3Q13 versus
44.5% in 3Q12
Indebtedness policy remained conservative, with low
weighted-average cost of Company's total debt
Cash position and Indebtedness 4Q12 3Q13 4Q13
Cash 202.154 199.780 185.691
Total debt 94.084 109.042 98.418
Short term 42.843 66.930 59.835
% total debt 45,5% 61,4% 60,8%
Long-term 51.241 42.112 38.583
% total debt 54,5% 38,6% 39,2%
Net debt (108.070) (90.738) (87.273)
EBITDA LTM 135,763 159,675 159,460
Net Debt /EBITDA LTM -1.0x -0.6x -0.5x

52. 52
Appendix

53. 53
.4 Key financial indicators
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.
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.
4Q12 4Q13
Growth or
spread%
2012 2013
Growth or
spread%
Net revenues 252.851 257.601 1,9% 860.335 962.950 11,9%
COGS (141.203) (143.442) 1,6% (484.530) (537.221) 10,9%
Gross profit 111.648 114.159 2,2% 375.805 425.729 13,3%
Gross margin 44,2% 44,3% 0,1 p.p. 43,7% 44,2% 0,5 p.p. -
SG&A (70.192) (73.762) 5,1% (247.600) (277.239) 12,0% - 3.570,33
% of Revenues 27,8% 28,6% 0,8 p.p 28,8% 28,8% 0,0 p.p
Selling expenses (50.670) (54.405) 7,4% (174.453) (198.556) 13,8% - 3.735,33
Ow ned stores (25.845) (25.493) -1,4% (79.979) (90.851) 13,6% 352,00
Selling, logistics and supply (24.825) (28.912) 16,5% (94.474) (107.705) 14,0% - 4.087,33
General and administrative expenses (19.730) (16.524) -16,2% (60.841) (68.724) 13,0% 3.206,00
Other operating revenues (expenses)1
2.557 360 -85,9% (4.748) 1.011 n/a - 2.197,00
Depreciation and amortization (2.349) (3.193) 35,9% (7.558) (10.970) 45,1% - 844,00
Ebitda ¹ 43.805 43.590 -0,5% 135.763 159.460 17,5%
Ebitda margin 17,3% 16,9% -0,4 p.p. 15,8% 16,6% 0,8 p.p. 35,9%
Net income 31.673 32.745 3,4% 96.874 110.555 14,1%
Net margin 12,5% 12,7% 0,2 p.p. 11,3% 11,5% 0,2 p.p.
Working capital 2
- as % of revenues 27,4% 30,2% 2,8 p.p 27,4% 30,2% 2,8 p.p
Invested capital 3
- as % of revenues 35,6% 41,0% 5,4 p.p. 35,6% 41,0% 5,4 p.p.
Total debt 94.084 98.418 4,6% 94.084 98.418 4,6%
Net debt 4
(108.070) (87.273) -19,2% (108.070) (87.273) -19,2%
Net debt/EBITDA LTM -0,8x -0,5x n/a -0,8x -0,5x n/a
Key financial indicators

54. 54
.5 History – Franchises and Owned Stores
A 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Sales area 1,3
- Total (m²) 22.084 23.112 24.531 26.543 26.659 27.996 28.999 31.848
Sales area - franchises (m²) 17.330 18.005 19.125 20.646 20.731 22.154 23.174 25.262
Sales area - Ow ned stores2
(m²) 4.754 5.107 5.406 5.897 5.928 5.842 5.825 6.586
Total number of domestic stores 338 351 368 390 391 408 420 449
# of franchises 292 301 316 334 335 353 365 395
Arezzo 290 295 300 311 312 324 328 340
Schutz 2 6 16 23 23 29 35 40
Anacapri 0 0 0 0 0 0 2 15
# of owned stores 46 50 52 56 56 55 55 54
Arezzo 18 19 19 19 19 17 16 17
Schutz 19 22 24 27 27 27 27 27
Alexandre Birman 1 1 2 2 2 2 2 2
Anacapri 8 8 7 8 8 9 10 8
7 8 9 9 9 9 9 9
# of franchises 7 8 8 8 8 8 8 8
# of owned stores 0 0 1 1 1 1 1 1
History of Stores
Total number of international
stores
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

55. 55
.6 Balance Sheet - IFRS
AAssets 4Q12 3Q13 4Q13
Current assets 513.562 574.288 553.093
Cash and cash equivalents 11.518 10.748 13.786
Financial Investments 190.636 189.032 171.905
Trade accounts receivables 208.756 241.476 247.498
Inventory 76.133 99.819 85.108
Taxes recoverable 14.280 17.469 19.188
Other credits 12.239 15.744 15.608
Non-current assets 123.029 144.964 150.773
Long-term receivables 14.117 16.029 15.116
Financial Investments 20 22 23
Taxes recoverable 377 0 0
Deferred income and social contribution 6.264 7.600 5.514
Other credits 7.456 8.407 9.579
Property, plant and equipment 61.090 67.683 68.543
Intangible assets 47.822 61.252 67.114
Total Assets 636.591 719.252 703.866
Liabilities 4Q12 3Q13 4Q13
Current liabilities 127.418 179.422 143.860
Loans and financing 42.843 66.930 59.835
Suppliers 35.507 66.115 34.859
Dividends and interest on equity capital payable 8.945 0 7.598
Other liabilities 40.123 46.377 41.568
Non-current liabilities 55.274 49.111 45.464
Loans and financing 51.241 42.112 38.583
Related parties 973 801 873
Other liabilities 3.060 6.198 6.008
Equity 453.899 490.719 514.542
Capital 106.857 157.186 157.186
Capital reserve 173.498 126.781 128.288
Income reserves 153.162 206.752 208.174
Additional proposed dividend 20.382 0 20.894
Total liabilities and shareholders' equity 636.591 719.252 703.866

56. 56
.7 Income Statement - IFRS
A Income statement - IFRS 4Q12 4Q13 Growth % 2012 2013 Growth %
Net operating revenue 252.851 257.601 1,9% 860.335 962.950 11,9%
Cost of goods sold (141.203) (143.442) 1,6% (484.530) (537.221) 10,9%
Gross profit 111.648 114.159 2,2% 375.805 425.729 13,3%
Operating income (expenses): (70.192) (73.762) 5,1% (247.600) (277.239) 12,0%
Selling (51.994) (56.227) 8,1% (178.526) (204.438) 14,5%
Administrative and general expenses (20.755) (17.895) -13,8% (64.326) (73.812) 14,7%
Other operating income net 2.557 360 -85,9% (4.748) 1.011 n/a
Income before financial result 41.456 40.397 -2,6% 128.205 148.490 15,8%
Financial income 428 3.240 657,0% 5.299 7.627 43,9%
Income before income taxes 41.884 43.637 4,2% 133.504 156.117 16,9%
Income tax and social contribution (10.211) (10.892) 6,7% (36.630) (45.562) 24,4%
Current (7.083) (8.806) 24,3% (32.882) (44.812) 36,3%
Deferred (3.128) (2.086) -33,3% (3.748) (750) n/a
Net income for period 31.673 32.745 3,4% 96.874 110.555 14,1%

57. 57
.8 Cash Flow Statement - IFRS
A Statement of cash flow 4Q12 4Q13 2012 2013
Operating activities
Income before income tax and social contribution 41.884 43.637 133.504 156.117
633 11.443 (837) 19.274
Depreciation and amortization 2.349 3.193 7.558 10.970
Income from financial investments (2.201) (3.275) (11.732) (13.168)
Interest and exchange rate 263 6.444 767 9.671 SOP
Other 222 5.081 2.570 11.801 1
Decrease (increase) in assets
Customer receivables (7.545) (6.273) (29.316) (38.426)
Inventory 6.822 14.472 (19.206) (9.313)
Recoverable taxes (10.326) (1.719) (4.109) (4.531)
Variation other current assets 387 (869) (652) (5.749)
Judicial deposits 13 (167) (1.016) 257
Decrease (increase) in liabilities
Suppliers (29.658) (31.256) (1.779) (648)
Labor liabilities (2.669) (5.257) 3.256 (1.840)
Fiscal and social liabilities 12.152 10.362 8.350 (2.803)
Variation in other liabilities (982) 2.515 735 5.702 1
Payment of income tax and social contribution (15.890) (22.801) (37.708) (46.306)
Net cash flow from operating activities (5.179) 14.087 51.222 71.734
Net cash used in investing activities (30.292) 7.301 (78.264) (11.860)
38.621 (17.068) 54.657 (5.337)
Net cash used in financing activities (5) (1.282) (31.625) (52.269)
Increase (decrease) in cash and cash equivalents 3.145 3.038 (4.010) 2.268
Increase (decrease) in cash and cash equivalents 3.145 3.038 (4.010) 2.268 1
Adjustments to reconcile net income with cash from operational
activities
Net cash used in financing activities - third parties

58. 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