R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

| Apresentação do Roadshow

1

Conference Call

1Q13

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232 Disclaimer

Information contained in this document may include forward-looking statements and reflect Management’s current view

and estimates of the evolution of the macroeconomic environment, industry conditions, Company’s performance and

financial results. Any statements, expectations, capabilities, plans and assumptions contained in this document, which do

not describe historical facts, such as information about declaration of dividend payment, future direction of operations,

implementation of relevant operating and financial strategies, investment program and factors or trends affecting the

financial condition, liquidity or results of operations, are forward-looking statements, as set forth in the “U.S. Private

Securities Litigation Reform Act of 1995”, and involve several risks and uncertainties. There is no guarantee that these

results will occur. Forward-looking statements are based on several factors and expectations, including economic and

market conditions, industry competitiveness and operational factors. Any changes in such expectations and factors may

cause actual results to differ from current expectations.

The Company’s consolidated financial statements presented herein are in accordance with the International Financial

Reporting Standards - IFRS, issued by the International Accounting Standards Board - IASB, based on the audited

financial statements. Non-financial information and other operating information have not been subject to an audit by

independent auditors.

2

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

3

Net revenue increased 24.6% in 1Q13 over 1Q12, reaching R$ 201.0 million; Net Revenue

1Q13 net profit reached R$19.4 million, 78.5% increase compared with 1Q12 and with 9.6% margin. Without the non-recurring effect in the 1Q12, net profit would have increased 20.0%;

Net Profit

Gross profit reached R$ 89.4 million, 33.1% growth over 1Q12 and 44.5% margin in 1Q13; Gross Profit

EBITDA totaled R$ 28.6 million, increasing 95.2% over 1Q12, with 14.2% EBITDA margin. Excluding the non-recurring effect in the 1Q12, EBITDA would have increased 26.3%;

EBITDA

1Q13 Highlights

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

Arezzo&Co’s gross revenues increased 23.3% over 1Q12. In special, Schutz brand gross revenue

increased 25.2% in 1Q13, in domestic market, leveraged by the roll out process started in 3Q11,

with opening and enlargement of 32 stores in the last 12 months.

4

201.3 241.5

7.5

15.9

1Q12 1Q13

20.0%

110.9%

208.8

257.5 23.3%

Company Growth

Gross Revenues – Domestic and Export Market (R$ million)

Domestic Market Exports Market Arezzo Schutz Other brands¹

130.2 150.7

63.1

79.0 8.0

11.8

1Q12 1Q13

201.3

241.5

15.7%

25.2%

20.0%

Gross Revenues by brand – Domestic Market (R$ million)

1) Other: Alexandre Birman’s and Anacapri’s Gross Revenue: growth of 48.1% in 1Q13.

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

Sales increased in all channels, particularly Owned Stores, with 38.1% in 1Q13. Franchises also

presented good performance: 43 stores and SSS sell in of 8.3% in 1Q13. Multi-brands sales growth

mainly due to focus on branding and increase in share of wallet.

5

na

6.5%

6.7%

8.3%

97.6 116.9

44.5

61.4 55.7

60.0 3.5

3.3

1Q12 1Q13

19.8%

7.6%

20.0%

38.1%

201.3

241.5

Gross Revenue Breakdown by Channel –

Domestic Market

Gross Revenue by channel – Domestic Market (R$ million)

Franchise Multi-brand Owned Stores Others¹

SSS Sell-out (owned stores + franchise )

SSS Sell-in (franchises)

1) Other: decreasing of 7.9% in 1Q13.

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

Company enlarged the Arezzo brand store at Iguatemi Mall in São Paulo, presenting a new store

design project, with the name of Contemporary.

6

252 274 299 343

22 29

46

57 15.8

18.0

22.1

26.7

1Q10 1Q11 1Q12 1Q13

+55 345

400

274 303 +42

+29

20.7%

14.2%

22.6%

Distribution Channel Expansion

Owned Stores and Franchises Expansion

Franchises Owned Stores Total sq m

1,546 Multi Brands ²

Owned Stores ¹ 19

Franchises 320

963

Franchises

Owned Stores ¹

23

28

2

8

Multi Brands ²

Owned Stores

865

Multi Brands ² 7

Owned Stores

Multi Brands ²

Owned Stores ¹ 19

Franchises

Franchises

Owned Stores ¹

23

28

2

8

Multi Brands ²

Owned Stores

Multi Brands ²

Owned Stores

Multi Brands ²

Note: area given in thousand square meter

1) Includes 5 outlets with total area of 1,227 sq m

2) Domestic Market

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

In 1Q13, gross margin expanded 2.9 p.p. EBITDA in 1Q13 totaled R$28.6 million, growth of 95.2%

over 1Q12. Excluding the non-recurring effect of 1Q12, EBITDA in 1Q13 would have been up 26.3%

over 1Q12.

7

14.7

28.6

14.0%

1Q12 1Q13

8.0

22.7

14.2%

26.3%

Gross Profit and EBITDA

Gross Profit (R$ million) EBITDA (R$ million)

67.2

89.4

1Q12 1Q13

33.1%

44.5%

41.6%

Gross Profit Gross Margin EBITDA EBITDA Margin

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

Net income in 1Q13 was R$19.4 million and presented an increase of 78.5% over 1Q12. Without

the non-recurring impact of 1Q12, net income for the quarter would have increased 20.0%.

8

9.6%

5.3

10.9

1Q12 1Q13

20.0%

19.4

16.1

10.0%

Net Income

Net Income (R$ million)

Net Income Net Margin

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

9

Arezzo&Co generated R$34.4 million of operating cash in 1Q13, due to a higher operational profit in

the quarter.

Cash Generation

Operating Cash Generation (R$ thousand)

Income before income tax and social contribution 15,636 28,091 79.7%

Depreciation and amortization 1,417 2,585 82.4%

Other (4,129) (818) -80.2%

Decrease (increase) in current assets / liabilities 9,975 7,899 -20.8%

Trade accounts receivables 5,994 (2,374) n/a

Inventories (8,579) (11,474) 33.7%

Suppliers 18,840 33,513 77.9%

Change in other current assets and liabilities (6,280) (11,766) 87.4%

Change in other noncurrent assets and liabilities (700) 338 n/a

Payment of income tax and social contribution - (3,663) n/a

Net cash flow generated by operational activities 22,199 34,432 55.1%

1Q13 Operating Cash Flow 1Q12 Var. (%)

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

In 1Q13, the Company invested R$ 11.2 million, of which R$ 8.0 million were mainly related to IT

systems.

10

Indebtedness (R$ million)

13.6

2.4

3.6

8.0

0.2

1Q12 1Q13

17.3

0.8

11.2 -35.2%

Stores Corporate Others¹

Capital Expenditure (CAPEX) and

Indebtedness

1) Other: Increase of 291.1% in 1Q13.

CAPEX (R$ million)

Cash, cash equivalents and financial investments

166,741 202,154 213,306

Total debt 30,844

94,084

87,880

Short term 14,059

42,843

41,226

% total debt 45.6% 45.5% 46.9%

Long-term 16,785

51,241

46,654

% total debt 54.4% 54.5% 53.1%

Net debt (135,897)

(108,070)

(125,426)

Cash position and Indebtedness

1Q12 4Q12 1Q13

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232

11

57

342

2012

63

389

2013

# Owned Store

# Franchises

+13%

6 47

2013 Opening Guidance

The 2013 expansion pipeline is committed to opening 53 new stores with a 15% growth in total

sales area, leveraged by openings and expansion of existing stores.

2012 2013

399¹

1) Include 9 international stores.

452

R:152

G:216

B:218

R:80

G:179

B:207

R:216

G:181

B:163

R:177

G:181

B:121

R:119

G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

R:208

G:240

B:232 Contacts

Thiago Borges

Leonardo Pontes dos Reis, CFA

Phone: +55 11 2132-4300

ri@arezzoco.com.br

www.arezzoco.com.br

CFO and Investor Relations Officer

IR Manager