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| Apresentação do Roadshow

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Arezzo&CoArezzo&CoArezzo&CoArezzo&Co Investor DayInvestor DayInvestor DayInvestor DayMultiMultiMultiMulti----channel Expansion channel Expansion channel Expansion channel Expansion

Alexandre BirmanCOO

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| Market Overview

Market Overview

Note: 2010 market estimate based on the GDP and population’s growthSource: (1) POF-IBGE; (2)Euromonitor; (3) POF-IBGE/ABEP

BRL Bn 2010

0

20%

40%

60%

80%

100%

Clothing

Shoes

Accessories

Men

Women

Kids

Sports

Others

91.1 35.4

Clothing, shoes & accessories market

Shoes market per category

C

DE

B2

A

B1

10.3

Women shoes market per class

Arezzo&Co’s consumer market in a broader context

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National Panorama

Source: IBOPE Inteligência (Pyxis)

Consumption of Women Shoes by region (2009): Market share Arezzo&Co1

Regional disparities in the consumption of women shoes

Southeast region, Brazil’s most prosperous region, corresponds to 51% of the consumption of women shoes

6%

19%

8%

16%

51%Shoes Market (BRL billion)

29.7 31.032.9

35.4

8.6 9.0 9.5 10.3

2007 2008 2009 2010

+4% +6% +8%

2007 2008 2009 2010

4.7%

8.1%8.6%

11.1%

Women ShoesTotal Shoes

Arezzo&Co has significant portion of women's footwear market and has consistently expanded its market share

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| Business Model

Construction of the Openings Pipeline

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2

■ Stores and multibrand performance■ Opening of shopping centers and monitoring streets with potential■ Macroeconomic evaluations:

■ IPC index consumption + IPCC index consumption of shoes

Signs of opportunities

■ Location■ Physical space■ Mix of neighboring stores■ Analysis of the generation of flow of the primary zones■ Analysis of the competition

New POS Trial

Respect for the minimum return premises3

Arezzo&Co follows a detailed process in the definitio n of pipeline opportunities

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Renovations and Expansions

Store area

Reveue growth post-expansion:

104%²AFTER

BEFORE

70m2

34m2

Expansion of the stores in 9M11 Renovation Schutz – S hop. Higienópolis¹:

■ 3 owned stores ■ 9 franchises

12 stores expansions

Almost 400 m² in 9M2011

New stores have 80 m² in average

All experiences have reached positive sales results

Note:(1) The stores were renovated in August 2011(2) Comparison between the sales results from August to November 2011 and August to November 2010Source: Arezzo&Co

Stores increasingly more attractive, offering a sup erior shopping experience

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| Growth Strategy

Multibrand Strategy

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Illustrative Image

Note :Number of stores for the 3T11(1) Singlebrand StoresSource: Arezzo&Co

MULTIBRAND

¹

¹

¹

¹

290

14

6

1.780

1

Stores with high capillarity, reaching more than 14 0 cities and prominent position among retail companies

Arezzo Expansion Strategy

199 218 240 266 27357

9

1317

2007 2008 2009 2010 3T11

252

13

3T10

204225

279265

290

14%

11,301

12,723

14,070

16,283

13%

11%

16%

15,518

17,625

249

Source: Arezzo&Co

■ Renovation and expansion of the same stores

■ Growth of the grid

Support the strong expansion of the sales area in r ecent years

2012...■ Evaluate the implementation of Project GTM for Arezzo

■ Review brand’s distribution goals

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Drivers of growth:

Schutz Expansion Strategy

Multibrand distribution

Singlebrand and Multibrand distribution

Source: Arezzo&Co estimates

Expand the national presence of the Schutz brand, le veraged by singlebrand stores

FOCUS ON THE OPENING OF

STORES

Large cities

Focus on shoppings centers

A/B1 Public

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Multibrand market analysis

Example – “South” Coordinator■ Smaller territories for salespeople and expansion of the team

■ Regional Coordinators

■ Consultants in areas with greater concentration of stores

■ Representatives in less dense areas with growth potential

■ Incentive to the prospecting of new clients and higher frequency of visits

■ Respect to geographic limits (e.g. mountain regions) and greater control of travel costs

■ Internal targets of cities met, number of clients and sales per client

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Arezzo&Co evaluates each microregion of Brazil in orde r to identify the potential of sales and the best distribution strate gy

Expansion Guidance Update – Arezzo&Co

Source: Arezzo&Co

# Owned stores

# Franchises

275

3T11 2011

36

311

267

2010

29

296 87

16

7

291

43

334 47

11

2012

338

54

392

+5%

+7%

+17%

■ We strengthened our commitment to the opening of 38 stores in 2011

■ By Q311, the existing stores were expanded by 391 m², in line with the 1,000m² objective by 2012

■ We expanded the 2012 guidance by 20 stores, mainly due to the GTM project

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Strong franchise growth plan, with a large part of the 2012 plan already identified

Detailing of the Openings

14

17

58

9

3

9

Prospecting InitialNegotiation

IntermediateNegotiation

AdvancedNegotiation

Contract Signed

Total

20

1 2

Arezzo&Co Stores 2011

Notes:1. Intermediate negotiation: franchisee or point defined2. Advanced negotiation: franchisee and point defined3. Company estimates

New Operators

26%

CurrentOperators

74%

Stage of Opening of Owned Stores and Franchises Are zzo&Co (2012)³

Regional Distribution of Arezzo&Co Stores (%)

Operators Profile

Arezzo&Co Stores 2012 3

PIB: 5%

4% 6%

PIB: 9%

7% 7%

PIB: 17%

15% 14%

PIB: 13%

20% 17%

PIB: 56%

54% 56%