| Apresentação do Roadshow

1

As of December 31, 2011March, 2012

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

7.5 million pairs of shoes(1)

473 thousand handbags(1)

c.2,480 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

86% outsourced production

ROIC of 36% in 2011

1,879 employees

Net revenues CAGR: 37% (2007- 2011)

Net income CAGR: 52% (2007- 2011)

Increased operating leverage

Notes:1. LTM as of December in 2011.2. 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 March, 2012.

7

Post-offering

52.6% 47.1%

Birman family Management Others

0.2%

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$ 572.8 million R$ 234.2 million

PopFlat shoesAffordableColorful

12 - 60 years old

R$ 99.00/pair

R$ 21.6 million

DesignExclusivityIdentitySeduction

R$ 960.00/pair

R$ 8.8 million

20 - 45 years old

66,4% 27.2% 2.5% 1.0%

Brands profile

Female target market

Sales Volume 3

% Gross Revenues 4

Retail price point

Foundation 1972 1995 2008 2009

O

8

MB

18

O

1

O

19

F

288

MB

969

Notes:1. Points of sales (2011); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports2. % of each brand gross revenues (2011)3. 2011 gross revenues, does not include other revenues (not generated by the 4 brands)4. % total 2011 gross revenues

9

R$ 180.00/pair

MB

726

O

17

F

1

MB

1,408

Dis

trib

utio

n ch

anne

l1 POS 1

% gross rev.2

73% 12%14% 1% 65%26% 41%

EX

-

1%

EX

-

8%

EX

-

14% 7% 79%59%

.7 Multiple distribution channels1

10

420

234

15256²

863

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

45 owned stores being 5 Flagship stores

More than 940 cities and 2,500 multi-brands

289 franchises in more than 140 cities

Broad distribution in every Brazilian

state

Franchises Multi-brands Owned stores Others Total

Notes:1. 2011 gross revenues2. Considers external market and other revenues in the domestic market

49% 27% 18% 7% 100%

| 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 2011

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

14%

86%

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 (2011) 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

# of stores

Total sales area4,686

2011

610

21

29

45

2

4 or more franchises

1 franchise

2 franchises

3 franchises

44%

11%

29%

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: FY2011 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

188

2010

234

2011

Gross Revenue1 (R$ mn) # Store

1,585

2,146

.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 - 2011

BrandAverage size

(m2)Net Revenue/ m2

(R$ 000s)Total

Stores 1,2

61 354 328

133 244 432

1,904 3 167

1,031 7 336

2,557 8 123

263 17 104

5

288 franchises + 14 owned stores + 5 outlets +969 multi-brand clients

1 franchise + 16 owned stores +1 outlet +1,408 multi-brand clients

Points of sale (2011)

TOTAL

8 owned stores726 multi-brand clients

1 owned store +18 multi-brand clients

289 franchises + 39 owned stores + 6 outlets +2.146 multi-brand clients= 2,480 points of sales

N

NE

MW

SE

S

Region Arezzo&Co¹ GDP 3

4%

20%

7%

54%

15%

5%

18%

7%

55%

15%

6

Source: IBGE, Companies’ Reports; number of stores according to latest data provided by the CompaniesNotes:1. Considers only owned stores (Arezzo and Schutz) and Arezzo franchises;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. 2010 data.

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

7%7%

9%

6%

12%11%

13%

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 05-2011: 47%

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

9 1017

22

49

2005 2006 2007 2008 2009 2010 2011

65

92

14%

� 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 3 stores within the new project: Higienópolis Shopping – SP, Barra Sul

Shopping – POA and Morumbi Shopping - SP

� 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 2011 Renovation Schutz – Shop. Higienópolis¹:

■ 4 owned stores ■ 13 franchises

17 stores expansions

More than 570 m² in 2011

New stores have 84 m² in average

All experiences have reached positive salesresults

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

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

� Existing stores were expanded in 579m² in the last year, 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

| 2011 and 2010 Financial highlights

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

39

Notes:1. Others: increase of 1180.7 % in 4Q11 and of 65.4% in 2011.

111.1 119.6

358.7 420.0

56.0 56.9

188.4

234.0

37.5 58.9

110.0

152.2

0.3 4.2

5.4

9.0

4Q10 4Q11 2010 2011

7.7%

57.0%

204.9

239.716.9%

17.1%

38.4%

23.1%

662.5

815.2

24.2%

1.7%

SSS Sell-out (Owned Stores)

SSS Sell-in (Franchises)

4.7%

17.2%

15.0%

2.2%

17.6%

29.1%

11.4%

11.3%

193.8

367.1412.1

571.5678.9

2007 2008 2009 2010 2011

89.4%

12.3%

38.7%

5

40

.2 Operational and financial highlights

Key highlights

Strong growth for the main brands in 2011

2011 ended with 334 store chain and Sales area expansion of 22% year-over-year

2011 Net Revenues increased by 18.8% year-over-year

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

CAGR 07-11: 36.8%

Net Revenues (R$ mn)

Area CAGR 07- 11: 16.3%

18.8%

208 227 242 267 2896 10 21 29 45

11,7 13,3 14,9

17,6

21,4

2007 2008 2009 2010 2011

Owned Stores Franchises Total Area

+38

13,2%12,5%

17,7%

263

+23214

237296

+26+33

334

21,9%

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 (%)

21.5 26.9

48.7

64.5

91.6 12.3%

13.5%11.8%

11.3%

13.5%

4Q10 4Q11 2009 2010 2011

68.2 80.3

166.8

231.6

281.4 39.0% 40.3%

41.5%

4Q10 4Q11 2009 2010 2011

40.5%

31.0 33.2

60.5

95.5

117.7

17.7%16.7% 14.7%

16.7%17.3%

4Q10 4Q11 2009 2010 2011

40.5%

42

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

ATUALIZAR - Leo

Cash flows from operating activies 4Q10 4Q11Growth or

spread2010 2011

Growth or spread

Income before income taxes 29,531 34,932 5,401 89,289 125,452 36,163 Depreciation and amortization 823 1,168 345 2,670 4,058 1,388 Others 1,187 (2,532) (3,719) 1,735 (10,475) (12,210)

Decrease (increase) in current assets / liabilities (25,998) (19,102) 6,896 (48,404) (47,302) 1,102

Trade accounts reveivable (20,709) (19,700) 1,009 (29,170) (47,118) (17,948) Inventories 2,536 14,302 11,766 (27,657) (8,518) 19,139 Suppliers (14,615) (12,765) 1,850 (330) 8,542 8,872 Change in other current assets and liabilities 6,790 (939) (7,729) 8,753 (208) (8,961)

Change in other non current assets and liabilities (4,365) 1,971 6,336 (291) (147) 144

Tax and contributions (11,776) (13,845) (2,069) (24,542) (28,548) (4,006)

Net cash generated by operating activities (10,598) 2,592 13,190 20,457 43,038 22,581

Sumary of investments 4Q10 4Q11 Growth or spread (%)

2010 2011 Growth or spread (%)

Total Capex 6,183 13,312 115.3% 15,513 30,239 94.9%

Stores - expansion and reforming 2,908 11,134 282.8% 8,018 23,352 191.2%

Corporate 2,906 2,101 -27.7% 5,772 6,082 5.4%

Others 369 77 -79.1% 1,723 805 -53.3%

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

106 152,520 115 199,687 9

Inventory¹ 52 48,862 53 57,384 0

Accounts Receivable² 85 132,402 97 179,589 12

(-)Accounts Payable¹ 31 28,744 34 37,286 3

Cash Conversion Cycle

2010 2011 Change(in days)

43

5 .4 Operational and financial highlights

Indebtedness (R$ thousand)

Indebtedness totaled R$38.7 million in 4Q11 versus R$35.1 million in 3Q11

Long-term debt relevance stood at 46.0% in 4Q11 ver sus53.6% in 3Q11

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

Indebtedness 4Q10 3Q11 4Q11

Cash 13,004 178,999 173,550

Total indebtedness 46,769 35,065 38,659

Short term 27,370 16,270 20,885

% da Dívida Total 58.5% 46.4% 54.0%

Long term 19,399 18,795 17,774

% da Dívida Total 41.5% 53.6% 46.0%

Net debt 33,765 (143,934) (134,891)

EBITDA LTM 95,572 115,562 117,729 Net debt /EBITDA LTM 0.35x -1.25x -1.15x

44

Appendix

45

.1 Key performance indicatorsASummary of Results 4Q10 4Q11

Growth or Spread(%)

2010 2011 Growth or Spread (%)

Net Revenue 174,784 199,171 14.0% 571,525 678,907 18.8%

Gross Profit 68,177 80,346 17.8% 231,641 281,424 21.5%

Gross Margin 39.0% 40.3% 1.3 p.p. 40.5% 41.5% 1.0 p.p.

Ebitda¹ 31,002 33,170 7.0% 95,490 117,729 23.3%

Ebitda Margin¹ 17.7% 16.7% -1.0 p.p. 16.7% 17.3% 0.6 p.p.

Net Profit 21,502 26,901 25.1% 64,534 91,613 42.0%

Net Margin 12.3% 13.5% 1.2 p.p. 11.3% 13.5% 2.2 p.p.

Operating Indicators 4T10 4Q11 Growth or Spread(%)

2010 2011 Growth or Spread (%)

# of pairs sold ('000) 2,009 2,326 15.8% 6,455 7,533 16.7%

# of handbags sold ('000) 182 162 -11.0% 413 473 14.6%

# of emplyees 1,557 1,879 20.7% 1,557 1,879 20.7%

# of stores 296 334 12.8% 296 334 12.8%

Owned stores 29 45 55.2% 29 45 55.2%

Franchises 267 289 8.2% 267 289 8.2%

Outsourcing (as % of total production) 84.9% 88.7% 3.8 p.p. 84.2% 86.3% 2.1 p.p.

SSS² (franchises - sell-in) 17.2% 2.2% 29.1% 11.3%

SSS² (owned stores - sell-out) 4.7% 15.0% 17.6% 11.4%

46

.2 Balance Sheet - IFRSAAssets 4Q10 3Q11 4Q11 Liabilities 4Q10 3Q11 4Q11

Current assets 209,067 423,739 432,376 Current liabilities 93,786 97,635 102,318

Cash and cash equivalents 8,004 6,229 15,528 Loans and financing 27,370 16,270 20,885

Short-term investments 5,000 172,770 158,022 Trade accounts payable 28,744 50,050 37,286

Trade accounts receivables 132,402 159,889 179,589 Dividends and interest on equity capital payable 11,964 - 14,327

Inventories 48,862 71,941 57,384 Other liabilities 25,708 31,315 29,820

Taxes recoverable 7,889 3,647 10,191

Other receivables 6,910 9,263 11,662 Non-current liabilities 28,152 25,697 24,263 Loans and financing 19,399 18,795 17,774

Non current assets 59,089 72,282 78,252 Related parties 2,075 894 905

Long-term assets 22,941 22,816 16,818 Other liabilities 6,678 6,008 5,584

Financial investments 98 78 79

Taxes recoverable 3,903 3,170 358 Equity 146,218 372,689 384,047 Deferred income and social contribution taxes 14,449 13,646 10,012 Capital 21,358 40,917 40,917

Other receivables 4,491 5,922 6,369 Capital reserve 71,019 237,723 237,723

Investments - - - Income reserves 37,779 37,779 105,407

Property, plant and equipment 21,376 24,901 30,293 Proposed additional dividends 16,062 - -

Intangible assets 14,772 24,565 31,141 Retained Earnings - 56,270 -

Total assets 268,156 496,021 510,628 Total liabilities and shareholders’ equity 268,156 496,021 510,628

47

.3 Income Statement - IFRSAIncome statement - IFRS 4Q10 4Q11

Growth or spread (%)

2010 2011 Growth or spread (%)

Net operating revenue 174,784 199,171 14.0% 571,525 678,907 18.8%Cost of sales and services (106,607) (118,825) 11.5% (339,884) (397,483) 16.9%

Gross profit 68,177 80,346 17.8% 231,641 281,424 21.5%Operating income (expenses): (37,998) (48,344) 27.2% (138,821) (167,753) 20.8% Selling (27,633) (37,021) 34.0% (96,597) (121,224) 25.5% Administrative and general (11,199) (12,333) 10.1% (45,679) (48,197) 5.5% Other operating income, net 834 1,010 21.1% 3,455 1,668 -51.7%

Income before financial results 30,179 32,002 6.0% 92,820 113,671 22.5%Financial income (expenses) (648) 2,930 -552.2% (3,531) 11,781 -433.6%

Income before income taxes 29,531 34,932 18.3% 89,289 125,452 40.5%Income and social contribution taxes (8,029) (8,031) 0.0% (24,755) (33,839) 36.7%

Current (3,734) (4,397) 17.8% (19,507) (24,598) 26.1%Deferred (4,295) (3,634) -15.4% (5,248) (9,241) 76.1%

Net income for the year 21,502 26,901 25.1% 64,534 91,613 42.0%

Income per share 0.2748 0.3070 11.7% 0.8247 1.0453 26.7%

48

.4 Cash Flow Statement - IFRSACash Flow Statement - IFRS 4Q10 4Q11 2010 2011

Cash flows from operating activitiesIncome before income and social contribution taxes 29.531 34.932 89.289 125.452

Adjustments to reconcile to net cash generated by operating activities 2.010 (1.364) 4.405 (6.417) Depreciation and amortization 823 1.168 2.670 4.058 Financial Investments - (3.142) - (14.948) Interest and FX variation 20 209 2.031 4.002 Other 1.167 401 (296) 471

Decrease (increase) in assets (27.098) (11.974) (57.730) (62.093) Trade accounts receivable (20.709) (19.700) (29.170) (47.118) Inventories 2.536 14.302 (27.657) (8.518) Taxes recoverable (5.411) (3.731) (4.063) 1.244 Variation in other current assets (376) (2.590) 3.113 (5.200) Judicial deposits (3.138) (255) 47 (2.501) Other accounts receivable - - - -

(Decrease) increase in liabilities (3.265) (5.157) 9.035 14.644 Trade accounts payable (14.615) (12.765) (330) 8.542 Labor liabilities (2.084) (2.755) 2.843 (1.602) Tax and social liabilities 10.622 10.731 7.719 7.665 Change in other liabilities 2.812 (368) (1.197) 39

Paid incomes and social contribution taxes (11.776) (13.845) (24.542) (28.548)

Net cash generated by operating activities (10.598) 2.592 20.457 43.038

Net cash used in investing activities (5.430) 4.577 (12.891) (168.294)

Net cash used in financing activities with third pa rties 9.639 3.384 5.399 (12.112)

Net cash used in financing activities with sharehol ders (113) (1.255) (43.952) 144.892

Increase (decrease) in cash and cash equivalents (6.502) 9.298 (30.987) 7.524

Increase (decrease) in cash and cash equivalents (6.502) 9.298 (30.987) 7.524

49

.5 Stock priceA

50

IR Contacts

� Thiago Borges

� Daniel Maia

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

CFO and IR Officer

IR Manager