| Apresentação do Roadshow

1

As of September 30, 2011December, 2011

Disclaimer

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

2

| Company overview

.1 Platform of brands of reference

Arezzo&Co is the leading company in the footwear an d accessories sector through its platform of Top of M ind brands

1

4

.2 Company overview

Arezzo&Co is the reference in the Brazilian retail sector and has a unique positioning combining growth with high cas h generation

1Leading 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

7.1 million pairs of shoes(1)

494 thousand handbags(1)

c.2,094 points of sale

11.1% market share(2)

39 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

88% outsourced production

ROIC of 43% in 3Q11

1,746 employees

Net revenues CAGR: 38.3% (07- 3Q11)

Net income CAGR: 54% (07- 3Q11)

Increased operating leverage

Notes:1. LTM as of September 20112. Refers to the Brazilian women footwear market (source: Euromonitor, IBGE and Company estimates) . Estimated for 2010.

5

� Founded in 1972

� Focused on brand and product

� Consolidation of industrial business model located in Minas Gerais

� 1.5 mm pairs per yearand 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 Reference Foundation and structuring Industrial Era Corporate EraRetail Era

2011…70’s 80’s 90’s 00’s

Opening of the first shoe factoryOpening of the first shoe factory

Opening of the flagship store at Oscar FreireOpening of the flagship store at Oscar Freire IPO

.3 Successful track record of entrepreneurshipThe right changes at the right time accelerated the Company's development

1

R$196.0 mn in primary offering

.4 Shareholder structure 1

Notes:1. Arezzo&Co capital stock is composed of 88,542,410 common shares, all nominative, book-entry shares with no par value.Shareholder structure as of October, 2011.

7

Post-offering

53.6% 34.3%

Birman family Management Others

11.8% 0.4%

1

8

.5 Culture & Management: Arezzo towards 2154

Code of Ethics

� “Our behavior is a positive example for all activities and internal or external interactions; and we treat everyone with respect, equality and cooperation”

� “We properly protect the confidentiality of our information, documents, trademarks, intellectual property and cherish the proper use of our assets”

� “The Arezzo Group’s interests prevail over personal or third party interests and guide any decision-making in the company”

� “We act with fairness in our relationships with suppliers, franchisees and customers, eliminating any situation that may generate expectations of bias in the context of receipt of gifts and invitations”

� “Our suppliers are evaluated and contracted based on clear criteria and in line with our ethical standards and conduct”

� “We are committed to ensure a responsible environmental stewardship by ensuring and establishing high standards for the purposes of protecting the environment and conserving its resources”

� “We have a socially responsible conduct and do not use any resources for unethical or illegal purposes, or that violates local or international laws”

� “It is our duty to report any breach of the Code of Ethics irrespective of the public involved”

2010

2154

Meritocratic culture based on best practices makes Arezzo a company prepared to reach 2154

1

.6 Strong platform of brands

Strong platform of brands, aimed at specific target markets, enables the Company to capture growth from different income seg ments

1TrendyNewEasy to wearEclectic

FashionUp to dateBoldProvocative

16 - 60 years old 18 - 40 years old

R$ 285.00/pair

R$ 554.7 million R$ 224.1 million

PopFlat shoesAffordableColorful

12 - 60 years old

R$ 99.00/pair

R$ 15.4 million

DesignExclusivityIdentitySeduction

R$ 960.00/pair

R$ 8.4 million

20 - 45 years old

67.2% 27.1% 1.9% 1.0%

Brands profile

Female target market

Sales Volume 3

% Gross Revenues 4

Retail price point

Foundation 1972 1995 2008 2009

O

6

MB

18

O

1

O

17

F

273

MB

771

Notes:1. Points of sales (3Q11); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports2. % of each brand gross revenues (2010)3. Last twelve months (3Q11) gross revenues, does not include other revenues (not generated by the 4 brands)4. Last twelve months (3Q11) % total gross revenues

9

R$ 180.00/pair

MB

514

O

12

F

2

MB

1,201

Dis

trib

utio

n ch

anne

l1 POS 1

% gross rev.2

74% 12%13% 1% 70%22% 100%

EX

-

1%

EX

-

8%

EX

-

13% 21% 66%0%

50% 28% 16% 6% 100%

.7 Multiple distribution channels1

10

411

233

13150²

826

Flexible platform through three distribution channe ls with differentiated strategies, maximizing the Company's profitability

Gross Revenue Breakdown (R$ mn)¹

Gross Revenues per Channel

36 owned stores being 5 Flagship stores

More than 940 cities and 2,504 multi-brands

275 franchises in more than 140 cities

Broad distribution in every Brazilian

state

Franchises Multi-brands Owned stores Others Total

Notes:1. Last twelve months (3Q11) gross revenues2. Considers external market and other revenues in the domestic market

| Business model

Management

BRANDS OF REFERENCE

Customer focus: we are at the forefront of Brazilian women fashion and design

Multi-channelSourcing & LogisticsCommunication &

Marketing

SEASONED MANAGEMENT TEAM WITH PERFORMANCE BASED INCENTIVES

NATIONWIDE DISTRIBUTION STRATEGY

EFFICIENTSUPPLY CHAIN

SOLID MARKETING AND COMMUNICATION PROGRAM

ABILITY TO INNOVATE

R&D

1 2 3 4 5

12

Unique business model in Brazil 2

.1 Ability to Innovate

We produce 7 to 9 collections per year2I. Research

Creation: 11,500 SKUs / year

II. Development III. Sourcing IV. Delivery

Arezzo&Co fulfills the various aspirations of wome n, delivering on average 5 new models per day, allowing for consistent desire-driv en 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 O CT NOV DEC

.2 Broad media plan2

14

The brand has an integrated and expressive communic ation strategy, from the creation of campaigns to the point of sales

Strong presence in printed media

150 inserts in printed media in 300 pages in 201145 million readers

Constant presence in fashion editorials

206 exhibition in fashion editorials in 2010

Digital communication

580k accesses to site/monthAverage navigation time: 8 minutes33.310 Twitter followers : leader in the segment34.391 Facebook fans: leader in interactions

Presence in eletronic media and television

+1000 exhibition on TV e 620 exhibition in cinema i n 2011+ 40 million impact

.2 Communication & marketing program reflected in every aspect of the storesStores constantly modified to incorporate the conce pt of each new collection, creating desire-driven purchases

2

All visual communication at stores is monitored and updated simultaneously throughout Brazil for each new collection

Flagship storesStore layout & visual merchandising

15

POS materials (catalogs, packaging, among others)

.2 Arezzo: constant modification on the atmosphere of the stores2

16

� Project model allows visual communication updates at low-cost investment

� Visual merchandising brings the most relevant collection information to stores’ level

� 3 main display updates per year

Flagship

Arezzo Oscar

Freire SP

Summer

Winter

Arezzo architectural project bets on chameleon concep t, with its stores constantly modified to incorporate the concept of each new col lection

.2 Schutz: flagship stores concept 2

1717

Schutz architectural project bets on flagships essence and highlights the products at a modern and cosmopolitan background

Closet� Jaquets and accessories� Brand horizontalization

Video Wall� Campaigns and marketing actions

Niches and lighting• More preeminence for products

Updated windows� Differentiated products

.3 Flexible production process…2

12%

88%

18

Arezzo’s size allows for large scale purchases from each supplier

Production speed, flexibility and scalability are a ble to ensure Arezzo&Co’s expected growth

Owned factory with capacity to produce 1.2 million pairs annually and strong relationship with Vale dos Sinos production cluster

Flexible supply model Gains of scale

Joint purchasesCertification and auditing of suppliers

In-house certification and auditing ensure quality and punctuality (ISO 9001 certification in 2008)

Negotiation of raw material jointly with local suppliers

Supply Profile Simultaneous consolidation and distribution in nati onal scale

Outsourced production

Owned plant

Reception: 100,000 units / day

Storage: 100,000 units / day

Picking: 150,000 units / day

Replacement of milky run strategy

12

3

4

5

Distribution: 200,000 units / day4

.4 ...leveraged by owned stores…

Multiple distribution model allows for capturing th e value in the chain while widening distribution capillarity and b rands’ visibility

2GREATER BRAND AWARENESS AND VISIBILITYCOUPLED WITH OPERATIONAL EFFICIENCIES

Owned stores strategy

19

Anacapri Schutz Arezzo Alexandre Birman

� Allows direct contact with consumer

� Main consumption centers (mainly SP and RJ)

� High profitability with great operational efficiency� Benchmark for franchisees

� Flagship stores ensure greater visibility and reinforce brand image

Total sales area and # of stores (m²)

1,044 1,3692,067

2,967

2007 2008 2009 2010

6974

6878

2007 2008 2009 2010

Average sales area / store (m²)

# of stores

Total sales area6

10

21

29

2

4 or more franchises

1 franchise

2 franchises

3 franchises

41%

13%

31%

16%

20

.4 …with efficient management of the franchise network...

Model allows rapid expansion with little invested c apital by Arezzo&Co and high profitability to franchisees

Successful Partnership: “Win – Win”Franchise Concentration per Operator

Average payback of 39 months2

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 in the sector for 7 years since 2004

(# of Franchisees by # of Franchises)� 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

Notes: FY2010 data1. 96% of the current franchisees indicated they would be interested in opening a

franchise if they did not already have one2. Annual sales of R$ 2,330 thousand + average initial investment of R$ 433 thousand

+ working capital of R$ 414 thousand

.4 ...and of the multi-brand stores2

Multi-brand stores

21

Multi-brand stores’ Gross Revenue¹ (R$ mn) IMPROVED DISTRIBUTION AND BRAND VISIBILITY

� Greater brand capillarity

� Rapid expansion at low investment and risk

� Important sales channel for smaller cities

� Presence in over 940 cities

Multi-brand stores widen the distribution capillari ty and the brands’ visibility, resulting in a strong retail footprint

Notes:1. Domestic market only

132177

134

9M10 9M11 2009

188

2010

Gross Revenue1 (R$ mn) # Store

1,6481, 783

1,364

1,573

.4 Large capillarity and scale of store chainStore chain with high capillarity, reaching more th an 140 cities and well-positioned among the retail companies

2

22

Size and average sales per exclusive stores - 2010

BrandAverage size

(m2)Net Revenue/ m2

(R$ 000s)Total

Stores 1,2

57 354 290

130 154 347

2,050 10 134

1,067 7 277

2,557 8 123

316 20 57

5

273 franchises + 13 owned stores + 4 outlets +771 multi-brand clients

2 franchise + 11 owned stores +1 outlet +1,201multi-brand clients

Points of sale (3Q11)

TOTAL

6 owned stores514 multi-brand clients

1 owned store +18 multi-brand clients

275 franchises + 31 owned stores + 5 outlets +1,783 multi-brand clients= 2,094 points of sales

Source: IBGE, Companies’ Reports; number of stores according to latest data provided by the CompaniesNotes:1. Considers only owned stores and franchises (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 and, handbags’ stores;

N

NE

MW

SE

S

Region Arezzo&Co 1 GDP3

4%

20%

7%

54%

15%

5%

18%

7%

55%

15%

Arezzo and Ana CapriSchutz and Alexandre

BirmanIndustrial Supply Chain Strategy and IT Financial

Alexandre Birman Cisso Klaus Marcio Jung Thiago BorgesKurt Richter

HR

Raquel Carneiro

Marco Coelho

Internal Auditing

Anderson Birman

Claudia Narciso

.5 Seasoned and professional management team2

Anderson Birman

Years at Arezzo

39

16

4

13

10

7

8

29

2

Years of experience

39

16

12

23

31

27

46

40

12

NameTitle

Anderson BirmanCEO

Alexandre BirmanCOO

Thiago Borges CFO and Investor Relations Officer

Claudia NarcisoDirector – R&D

Kurt RitchterDirector – Strategy and IT

Marcio Jung Director – Supply Chain

Cisso KlausDirector – Industrial

Marco CoelhoDirector – Internal Auditing

Raquel CarneiroDirector – HR

Highly qualified management team

23

� Stock option plan for key executives

� Performance based compensation package for all employees

� Independent business units for each brand but unified officers (Industrial, Logistics, Financial and HR) for the whole company

.5 Corporate governance

After the offering, the Board is composed by 8 memb ers being 2 appointed by Tarpon, 4 by the controlling sharehold ers and 2 independent members

2Name ExperienceTitle

Anderson BirmanChairman of the Board

Arezzo’s CEO since its foundation, with over 39 years of experience in the industry

Alexandre BirmanVice-Chairman of the Board

Arezzo’s COO and founder of Schutz, with 16 years of experience in the industry

Pedro FariaBoard Member

Tarpon’s partner since 2003, member of the Board of Directors of Direcional Engenharia, Omega Energia Renovável, Cremer and Comgás

Eduardo MufarejBoard Member

Tarpon’s partner since 2004, member of the Board of Directors of Tarpon, Omega Energia Renovável and Coteminas

José Murilo CarvalhoBoard Member

President of the Attorney’s Association of Minas Gerais

Board Member of the Brazilian Bar Association

José BolonhaBoard Member

Founder and CEO of “Ethos Desenvolvimento Humano e Organizacional"

Board member of the Inter-American Economic and Social Council (UN, WHO)

Guilherme A. FerreiraIndependent Board Member

CEO of Bahema Participações, board member of Pão de Açúcar, Banco Signatura Lazard, Eternit, Tavex and Rio Bravo Investimentos

24

Artur N. GrynbaumIndependent Board Member

CEO of Grupo Boticário (largest franchise company in Brazil) and Vice-President at Abihpec (Brazilian Association of Industries in the field of Personal Hygiene, Perfumes, and Cosmetics )

| Market Overview

.1 Social upward mobility driving internal consumptionIncome growth and job creation lead to rapid social upward mobility and increasing internal consumption

3

26

2003

46 (24%)

30 (16%)

40 (20%)

16 (8%)

47 (27%)

49 (28%)

+18 mi(2003-14E)

+47 mi(2003-14E)

2014E2008

31 (16%)20 (11%)13 (8%)

66 (37%)93 (49%)

113 (56%)

...Resulting in a significant rise of consumer good s consumption, including Footwear and Apparel(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

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

Class

D/EClass

CClass

BClass

A

Food, Drinks and Cigarettes

Electronicsand Furniture

Footwear and Apparel

Prescription/OTC drugs

Hygiene and Personal Care

5.4x

10.1x

12.6x

9.3x

11.2x

Footwear and apparel have the largest growth potential

3.3x

4.4x

5.4x

4.3x

5.3x

1.7x

1.9x

2.3x

1.9x

2.3x

1.0x

1.0x

1.0x

1.0x

1.0x

Class C

Class A/B

Class D

Class E

Brazil experiences an accelerated process of social upward migration... (Millions of people)

27

.2 Brazilian footwear market overview 3

+4% +6%

Footwear market (R$ bn)+8%

2007 2008 2009 2010

29.7 31.032.9

35.4

8.6 9.0 9.5 10.3

2007 2008 2009 2010

Total footwear Women footwear

4.7%

8.1%8.6%

11.1%

Arezzo&Co has a significant stake of the the women fo otwear market and has consistently increased its market share

Arezzo&Co’s market share 1

Source: IBOPE Inteligência (Pyxis), Satra, World Bank, ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGENote: 1. Based on Euromonitor research and IBOPE Inteligência (Pyxis). Estimated market share, which includes both Arezzo and Schutz

.3 Global Industry

Note:DDP: delivered duty paidFOB: free on board

BRAZILLead time: 40 daysProduction (pairs): 894 miCost (w/ taxes ): US$ 19/pairCost (w/ taxes ): US$ 29/pair

ITALYLead time: 70 daysProduction (pairs): 202 miCost (FOB): US$ 26/pairCost (DDP): US$ 38/pair INDIA

Lead time: 160 daysProduction (pairs): 2.000 miCost (FOB): US$ 15/pairCost (DDP): US$ 23/pair

CHINALead time: 120 to 150 daysProduction (pairs): 10.000 miCost (FOB): US$ 16/pairCost (DDP): US$ 40/pair

VIETNALead time: 120 to 150 daysProduction (pairs): 682 miCost (FOB): US$ 15/pairCost (DDP): US$ 23/pair

Brazil is a major shoe producer with a competitive c ost of women leather shoes for the domestic market

3

Source: Abilcalçados, Assintecal, Arezzo&Co28

29

.4 Brazilian footwear industry Overview3Brazilian Shoes Production (2010)

South Region South Region

Vale dos Sinos(RS)

Production - # pairs (million) 302 ~187

Export - # pairs (million) 32 ~20

Export - (million USD) 733 ~455

Jobs (thousand) 130 ~81

Companies 3.400 ~2.000

Southeast RegionSoutheast

Region

Production - # pairs (million) 189

Export - # pairs (million) 9

Export - (million USD) 152

Jobs (thousand) 90

Companies 4.000

Northeast RegionNortheast

Region

Production - # pairs (million) 399

Export - # pairs (million) 102

Export - (million USD) 595

Jobs (thousand) 126

Companies 627

Main producer States

� Expertise in the production of women leather shoes

894million pairs

Other producer regions:

� Expertise in the production of sports shoes� Expertise in the production of men leather shoes

Arezzo&Co mainly sources its products in the South of Brazil, the world’s largest footwear manufacturer cluster, specialized i n women leather shoes

Source: Abilcalçados, Assintecal, Arezzo&Co

Other667% Sports

8810%

Leather25328%

Rubber48755%

| Growth fundamentals

Growth fundamentals4

Inventory management

Increase operational efficiencies and margins

Improve store productivity

Expand distribution footprint

Capitalize on strong growth fundamentals in Brazil

Key value drivers

31

Net income (R$ mm) Net margin (%)

CAGR 05-3Q11: 48%

Net income (R$ mn) and net margin (%)

9 1017

22

49

2005 2006 2007 2008 2009 2010 3Q11(1)

65

86

Notes:1. 3Q11 (Last twelve months)

7%7%

9%

6%

12%11%

13%

� Reach consumers all over the country;

� Wide range of models in each collections.

� Greater presence and brand’s national visibility;

� Sales team optimization: internal team and commissioned sales representatives.

� Retail expertise, increasing channel’s relevance;

� Schutz owned store in 5 cities: Sao Paulo, Rio de Janeiro, Porto Alegre,

Brasília e Belo Horizonte.

� Arezzo&Co has been consolidating different distribution channels in which has

developed the expertise for its brands portfolio

Owned stores:

Webcommerce:

� Expansion of the most representative channel of the Group, now for Schutz brand;

� Relationship with local consumers.Franchises:

Multi Brand:

32

4 Flexible Distribution Strategy

Develop national presence for all brands based on a multi channel distribution strategy.

33

4 Expand footprint

Arezzo

Schutz

Anacapri

Alexandre Birman

Multi-brand

Ilustrative images Ilustrative images

FOCUS ON THE OPENING OF

MONOBRAND STORES

Large cities

Focus on shoppings centers

A/B1 Public

� Schutz new project for owned stores and franchises:

� Emphasizing the products and the campaigns;

� Reinforcing the brand with a complete presentation of each collection;

� Pilot project:

� Opening of 2 stores within the new project: Higienópolis Shopping – SP and Barra

Sul Shopping – POA;

� Launch of first pilot franchise in the city of Salvador - BA

Schutz – Higienópolis Shopping / São Paulo Schutz – Iguatemi Shopping / Salvador

34

4 Mono Brand Stores Strategy

Remodeling and Expansions4

35

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 superi or shopping experience

Exemple – “South” Coordinator� Smaller regions for sales person, with an

increased team

� Regional Coordinator

� Consultants in areas with a greater

concentration of stores

� Sales representatives in less dense but with

potential growth areas

� Incentive for the prospect of new clients

and more frequent visits

� Geographical limits (e.g. mountains) and

higher travel costs control

� Internal targets: cities covered, number of

clients and sales per customer

36

4 Multi Brand Strategy

# Owned stores

# Franchises

275

3Q11 2011

36

311

267

2010

29

296 8

7

16

7

291

43

334 47

11

2012

338

54

392

� Reinforce our commitment to the opening of 38 stores in 2011;

� Existing stores were expanded in 391m² over last nine months, in line with the 1,000m² target until 2012;

� We increased in 20 stores the 2012 guidance, specially due to GTM project.

+5%

+7%

+17%

37

4 Expansion Guidance Update – Arezzo&Co

| 9M11 and 2010 Financial highlights

.1 Operational and financial highlights5Gross Revenues per Channel (R$ mn) – Domestic Market

39

Notes:1. Others: other sales’ channels in the Domestic Market.

26.5%

25.8%

0.4%

11.6%

28.9%

3.7%

17.6%

29.1%

SSS Sell-out (Owned Stores)

SSS Sell-in (Franchises)

247.6 300.4 260.9

358.7

132.4

177.1

133.7

188.4 72.5

93.3

70.4

110.0

5.1

4.8

3.7

5.4

9M10 9M11 2009 2010

Others - DM¹ Owned Stores Multi-brand Franchise

21.3%

28.8%

25.8%

37.5%

56.2%

41.3%

468.8

662.5

40.9%

33.8%

457.5

575.5

5

40

.2 Operational and financial highlights

Key highlights

Strong growth for the main brands in the third quarterly of the year

The third quarterly of 2011 ended with 311 store chain and Sales area expansion of 15.4% year-over-year

9M11 Net Revenues increased by 20.9% year-over-year (38.7% 2010/ 2009)

Number of Stores (R$ mn) and Total Area (m² - ‘000)

CAGR 07-10: 43.4%

Net Revenues (R$ mn)

396.7

479.7

193.8

367.1412.1

571.5

9M10 9M11 2007 2008 2009 2010

20.9%89.4%

12.3%38.7%

Area CAGR 07- 10: 14.4%

253 275208 227 242 267

27 36

6 10 2129

16.7

11,7 13,3 14,9

17.6

9M10 9M11 2007 2008 2009 2010

Owned Stores Franchises Total Area

280 311263+31

+23214

15.4%

237296

+26+33

13.2%12.5%

17.7%

311263

+23214 237296

+26+33

19.3

5Gross Profit (R$ mn) and Gross Margin (%)

41Notes:1. Adjusted for interest on shareholders’ equity and goodwill amortization

.3 Operational and financial highlights

Net Income (R$ mn) and Net Margin (%)

EBITDA (R$ mn) and EBITDA Margin (%)

163

201

138167

232

41.2% 41.9%

37.7%40.5% 40.5%

9M10 9M11 2008 2009 2010

64

85

42

61

95

16.3%17.6%

11.5%

14.7%

16.8%

9M10 9M11 2008 2009 2010

43

65

22

4965

10.8%

13.5%

6.1%

11.8% 11.3%

9M10 9M11 2008 2009 2010

42

5 .4 Operational and financial highlights

Cash Conversion Cycle (R$ thousand)

Cash Flows From Operating Activities (R$ thousand)

Capex (R$ million)

Sumary of investments (R$ 'm) 3Q10 3Q11 Growth or spread (%) 9M10 9M11 Growth or spread (% )

Total Capex 2.8 9.6 242.9% 9.3 16.9 81.7%

Stores - expansion and reforming 1.4 7.9 464.3% 5.2 12.2 134.6%

Corporate 1.1 1.5 36.4% 2.8 4.0 42.9%

Others 0.3 0.2 -33.3% 1.3 0.7 -46.2%

Cash flows from operating activity 3Q10 3Q11Growth or

spread9M10 9M11

Growth or spread

Income before income taxes 21,851 38,854 17,003 59,758 90,520 30,762 Depreciation and amortization 680 1,050 370 1,847 2,890 1,043 Others 499 (1,680) (2,179) 548 (7,943) (8,491)

Decrease (increase) in current assets / liabilities (15,848) (38,949) (23,101) (22,406) (28,200) (5,794)

Trade accounts reveivable (30,203) (51,314) (21,111) (8,461) (27,418) (18,957) Inventories (13,003) (3,983) 9,020 (30,193) (22,820) 7,373 Suppliers 16,350 12,778 (3,572) 14,285 21,306 7,021 Change in other current assets and liabilities 11,008 3,570 (7,438) 1,963 732 (1,231)

Change in other non current assets and liabilities 2,215 (946) (3,161) 4,074 (2,119) (6,193)

Tax and contributions (10,686) (6,363) 4,323 (12,766) (14,703) (1,937)

Net cash generated by operating activities (1,289) (8,034) (6,745) 31,055 40,445 9,391

#days R$ '000 #days R$ '000

86 119,731 110 181,780 24

Inventory 60 51,398 68 71,941 8

Accounts Receivable 76 111,692 89 159,889 13

(-)Accounts Payable 50 43,359 47 50,050 -3

Cash Conversion Cycle3Q10 3Q11 Change

(in days)

²

¹

¹

¹ Days of COGs

² Days of Net Revenues

43

5 .4 Operational and financial highlights

Indebtedness (R$ thousand)

Indebtedness totaled R$35.1 million in 3Q11 versus R$32.3 million in 2Q11

Long-term debt relevance stood at 53.6% in 3Q11 ver sus61.1% in 2Q11

Indebtedness policy remained conservative, with low weighted-average cost of Company's total debt

Cashposition and indebtedness 3Q10 2Q11 3Q11

Cash and cash equivalents 18,754 199,339 178,999

Total indebtedness 37,457 32,276 35,065

Short term 17,288 12,547 16,270

% da Dívida Total 46.2% 38.9% 46.4%

Long term 20,169 19,729 18,795

% da Dívida Total= 53.8% 61.1% 53.6%

Net debt 18,703 (167,063) (143,934)

EBITDA LTM 85,568 104,120 115,562 Net debt /EBITDA LTM 0.22x -1.60x -1.25x

44

Appendix

45

.1 Key performance indicatorsASummary of Results 3Q10 3Q11

Growth or Spread(%)

9M10 9M11 Growth or Spread (%)

Net Revenue 158,829 188,901 18.9% 396,741 479,736 20.9%

Gross Profit 63,114 78,925 25.1% 163,464 201,078 23.0%

Gross Margin 39.7% 41.8% 2.1 p.p. 41.2% 41.9% 0.7 p.p.

Ebitda¹ 24,093 35,535 47.5% 64,488 84,559 31.1%

Ebitda Margin¹ 15.2% 18.8% 3.6 p.p. 16.3% 17.6% 1.3 p.p.

Net Profit 15,890 25,945 63.3% 43,032 64,712 50.4%

Net Margin 10.0% 13.7% 3.7 p.p. 10.8% 13.5% 2.7 p.p.

Operating Indicators 3Q10 3Q11 Growth or Spread(%)

9M10 9M11 Growth or Spread (%)

# of pairs sold ('000) 1,893 2,213 16.9% 4,446 5,206 17.1%

# of handbags sold ('000) 95 129 35.6% 231 312 35.2%

# of emplyees 1,531 1,746 14.0% 1,531 1,746 14.0%

# of stores 280 311 11.1% 280 311 11.1%

Owned stores 27 36 33.3% 27 36 33.3%

Franchises 253 275 8.7% 253 275 8.7%

Outsourcing (as % of total production) 85.7% 87.6% 1.9 p.p. 82.7% 85.4% 2.7 p.p.

SSS² (franchises - sell-in) 25.8% 11.6% 34.5% 15.6%

SSS² (owned stores - sell-out) 26.5% 0.4% 25.8% 9.6%

46

.2 Balance Sheet - IFRSAAssets 3Q10 2Q11 3Q11 Liabilities 3Q10 2Q11 3Q11

Current assets 191,633 389,423 423,739 Current liabilities 84,946 79,068 97,635

Cash and cash equivalents 14,506 3,261 6,229 Loans and financing 17,288 12,547 16,270

Short-term investments 4,248 196,078 172,770 Trade accounts payable 43,359 37,272 50,050

Trade accounts receivables 111,692 108,576 159,889 Dividends and interest on equity capital payable - 7,177 -

Inventories 51,398 67,699 71,941 Other liabilities 24,299 22,072 31,315

Taxes recoverable 3,389 6,196 3,647

Other receivables 6,400 7,613 9,263 Non-current liabilities 27,206 26,365 25,697 Loans and financing 20,169 19,729 18,795

Non current assets 57,199 63,117 72,282 Related parties 2,066 762 894

Long-term assets 26,359 21,785 22,816 Other liabilities 4,971 5,874 6,008

Financial investments 99 66 78

Taxes recoverable 2,993 3,170 3,170 Equity 136,680 347,107 372,689 Deferred income and social contribution taxes 18,744 13,432 13,646 Capital 21,358 40,917 40,917

Other receivables 4,523 5,117 5,922 Capital reserve 71,019 238,086 237,723

Investments - - - Income reserves 6,177 37,779 37,779

Property, plant and equipment 18,460 22,904 24,901 Proposed additional dividends - - -

Intangible assets 12,380 18,428 24,565 Retained Earnings 38,126 30,325 56,270

Total assets 248,832 452,540 496,021 Total liabilities and shareholders’ equity 248,832 452,540 496,021

47

.3 Income Statement - IFRSAIncome statement - IFRS 3Q10 3Q11

Growth or spread (%)

9M10 9M11 Growth or spread (%)

Net operating revenue 158,829 188,901 18.9% 396,741 479,736 20.9%Cost of sales and services (95,715) (109,976) 14.9% (233,277) (278,658) 19.5%

Gross profit 63,114 78,925 25.1% 163,464 201,078 23.0%Operating income (expenses): (39,701) (44,440) 11.9% (100,823) (119,409) 18.4% Selling (26,955) (32,203) 19.5% (68,964) (84,203) 22.1% Administrative and general (13,087) (12,474) -4.7% (34,480) (35,864) 4.0% Other operating income, net 341 237 -30.5% 2,621 658 -74.9%

Income before financial results 23,413 34,485 47.3% 62,641 81,669 30.4%Financial income (expenses) (1,562) 4,369 -379.7% (2,883) 8,851 -407.0%

Income before income taxes 21,851 38,854 77.8% 59,758 90,520 51.5%Income and social contribution taxes (5,961) (12,909) 116.6% (16,726) (25,808) 54.3%

Current (7,171) (12,936) 80.4% (15,773) (20,201) 28.1%Deferred 1,210 27 -97.8% (953) (5,607) 488.4%

Net income for the year 15,890 25,945 63.3% 43,032 64,712 50.4%

Income per share 0.2031 0.2930 44.3% 0.5499 0.7416 34.8%

48

.4 Cash Flow Statement - IFRSACash Flow Statement - IFRS 3Q10 3Q11 9M10 9M11

Cash flows from operating activitiesIncome before income and social contribution taxes 21,851 38,854 59,758 90,520

Adjustments to reconcile to net cash generated by oper ating activities 1,179 (630) 2,395 (5,053)Depreciation and amortization 680 1,050 1,847 2,890 Financial Investments 0 (4,921) 0 (11,806)Interest and FX variation 296 2,806 2,011 3,793Other 203 435 (1,463) 70

Decrease (increase) in assets (36,021) (55,214) (30,632) (50,119)Trade accounts receivable (30,203) (51,314) (8,461) (27,418)Inventories (13,003) (3,983) (30,193) (22,820)Taxes recoverable 2,899 2,549 1,348 4,975Variation in other current assets 320 (1,952) 3,489 (2,610)Judicial deposits 3,966 (514) 3,185 (2,246)

(Decrease) increase in liabilities 22,388 15,319 12,300 19,800Trade accounts payable 16,350 12,778 14,285 21,306Labor liabilities 5,819 3,766 4,927 1,153Tax and social liabilities 3,620 (1,106) (2,903) (3,066)Change in other liabilities (3,401) (119) (4,009) 407

Paid incomes and social contribution taxes (10,686) (6,363) (12,766) (14,703)

Net cash generated by operating activities (1,289) (8,034) 31,055 40,445

Net cash used in investing activities (2,115) 18,606 (7,461) (172,871)

Net cash used in financing activities with third parties (5,706) (17) (4,240) (15,496)

Net cash used in financing activities with shareholders (20,523) (7,587) (43,839) 146,147

Increase (decrease) in cash and cash equivalents (29,633) 2,968 (24,485) (1,775)

Increase (decrease) in cash and cash equivalents (29,633) 2,968 (24,485) (1,775)

49

.5 Stock priceA

Notes:1. From February 2, 2011 to September 9, 20112. From February 2, 2011 to November 11, 2011

Spread over Ibovespa Index32.5%

ARZZ3 Ibovespa

19.0

20.8

22.7

24.6

15.1

17.0

02/02/2011 11/08/2011

Arezzo&Co

Listing 88,542,410Ticker ARZZ3Listing 2/2/2011

Share price (09/30/2011) 19.00Market Cap 1,682 milhões

Share price (11/08/2011) 22.70Market Cap 2,010 milhões

Share performance9M11¹ 0%2011² 19%

50

IR Contacts

� Thiago Borges

� Daniel Maia

Phone: +55 11 2132-4300ri@arezzoco.com.brwww.arezzoco.com.br

CFO and IR Officer

IR Manager