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| Apresentação do Roadshow

1

Conference Call

4Q12 and 2012

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B:232 Important 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

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B:232 4Q12 and 2012 Highlights

3

EBITDA totaled R$ 43.8 million, increasing of 32.1% and 17.3% margin over 4Q11. In 2012 EBITDA was R$ 135.8 million, growing 15.3% in relation to 2011, and EBITDA margin of 15.8%;

EBITDA

Gross revenue increased 27.9% in 4Q12, reaching R$ 327.1 million. Gross revenue in 2012 was R$ 1,108.7 million, increasing 28.5% over 2011;

Gross Revenue

Gross profit reached R$ 111.6 million, 39.0% growth and 44.2% margin in 4Q12. 2012 gross profit was R$ 375.8 million, growing 33.5% from 2011, with gross margin of 43.7%;

Gross Profit

Net Profit The 4Q12 net profit reached R$31.7 million, 17.7% increase and with 12.5% margin. 2012

net profit was R$ 96.9 million, increasing 5.7% on 2011, and net margin of 11.3%;

In 2012 Arezzo&Co expanded its network by 58 points of sale, of which 24 were Arezzo, 33 Schutz and 1 Alexandre Birman.

Expansion

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B:232 Company Growth

4

Gross Revenues – (R$ million)

239.7 317.9

815.2

1,069.6

16.1 9.2

47.4

39.1

4Q11 4Q12 2011 2012

Domestic Market Exports Market

32.6%

-42.9%

27.9%

28.5%

31.2%

- 42.9%

255.8

327.1

862.6

1,108.7

Arezzo&Co’s gross revenues increased 27.9% over 4Q11 to reach R$ 327.1 million in this quarter.

The Company’s gross revenues amounted to R$1,108.7 million in 2012, a 28.5% growth when

comparing with 2011.

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B:232 Gross Revenue Breakdown by Channel –

Domestic Market

5

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

119.6 151.9

420.0 512.4

56.9 72.9

234.0

285.8

58.9 88.3

152.2

256.0

4.2 4.8

9.0

15.4

4Q11 4Q12 2011 2012

Franchise Multi-brand Owned Stores Others¹

27.0%

49.9%

862.6

27.9%

1,069.6

28.0% 22.0%

68.1%

31.2%

22.1% 239.7

317.9

Sales increased in all channels, particularly Owned Stores, with 49.9% in 4Q12 and 68.1% in 2012.

Franchises also presented good performance: 46 stores and SSS of 12.2% in 2012. Multi-brands

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

1) Other: Growth of 13.4% in 4Q12 and of 71.6% in 2012..

SSS Sell-out (owned stores) 15,0%

2,2% SSS Sell-in (franchises)

0,6%

13,1%

11,4%

11,3%

6,3%

12,2%

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Solid performance of all brands, specially for Schutz brand, which has grown gross revenues by

87.0% in 4Q12 and 65.2% in 2012, leveraged by the Schutz GTM Project that has strengthened

franchise and owned store distribution

Gross Revenue Breakdown by Brand –

Domestic Market

6

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

1) Other: Alexandre Birman’s and Anacapri’s Gross Revenue: growth of 30.9% in 4Q12 and of 53.4% in 2012.

167.4 189.6

566.9 663.3

60.0 112.2

215.8

356.5

12.3 16.1

32.5

49.8

239.7

317.9

815.2

1,069.6

4Q11 4Q12 2011 2012

Arezzo Schutz Others¹

87.0%

13.3%

32.6%

31.2%

65.2%

17.0%

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In 2012, the Company opened 58 stores (56 domestic and 2 international stores) and enlarged 19

stores, expanding total sales area by 21.6% compared to 2011.

Distribution Channel Expansion

7

Owned Stores and Franchises Expansion

Note: area given in thousand square meter

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

2) Domestic Market

.

1,573 Multi Brands ²

Owned Stores ¹ 19

Franchises 319

925

Franchises

Owned Stores ¹

23

28

2

8

Multi Brands ²

Owned Stores

793

Multi Brands ² 9

Owned Stores

242 267 296 342

21 29

45

57 14.9

17.6

21.8

26.6

4Q09 4Q10 4Q11 4Q12

Franchises Owned Stores Total sq m

+58 341

399

263 296 +45

+33

21.8%

17.7%

24.3%

Multi Brands ²

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In 4Q12, gross margin expanded 3.9 p.p. EBITDA in 4Q12 totaled R$43.8 million, growth of 32.1%

over 4Q11. EBITDA in 2012 increased 15.3% over 2011. If the non-recurring effect of 1Q12 were

excluded, EBITDA in 2012 would have been up 22.1% over 2011.

Gross Profit and EBITDA

8

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

Gross Profit Gross Margin

80.3 111.6

281.4

375.8

40.3%

44.2%

41.5% 43.7%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

45,0%

-

50,0

100,0

150,0

200,0

250,0

300,0

350,0

400,0

450,0

500,0

4Q11 4Q12 2011 2012

39.0%

33.5%

33.2

43.8

117.7

135.8 16.7%

17.3%

17.3% 16.7%

0,0%

4,0%

12,0%

14,0%

16,0%

18,0%

-

20,0

40,0

60,0

80,0

100,0

120,0

140,0

160,0

180,0

4Q11 4Q12 2011 2012

EBITDA EBITDA Margin

32.1%

22.1%

143.8

8.0

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Net income in 4Q12 was R$31.7 million and showed a 17.7% increase over 4Q11. Net income in

2012 reached R$96.9 million, 5.7% growth in the year. Without the non-recurring impact of 1Q12,

net income for the year would have been R$102.2 million.

Net Income

9

Net Income (R$ million)

Net Income Net Margin

26.9 31.7

91.6

96.9

13.5% 12.5%

13.5%

11.9%

0,0%

2,0%

4,0%

6,0%

12,0%

14,0%

-10,0

10,0

30,0

50,0

70,0

90,0

110,0

130,0

150,0

4Q11 4Q12 2011 2012

17.7%

11.5% 102.2

5.3

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Ajustes

4T11

Income before income tax and social contribution 34,932 41,884 19.9% 125,452 133,504 6.4%

Depreciation and amortization 1,168 2,349 101.1% 4,058 7,558 86.2%

Other (2,532) (1,716) -32.2% (10,475) (8,395) -19.9%

Decrease (increase) in current assets / liabilities (19,102) (31,777) 66.4% (47,302) (41,325) -12.6%

Trade accounts receivables (19,700) (7,545) -61.7% (47,118) (29,316) -37.8%

Inventories 14,302 6,822 -52.3% (8,518) (19,206) 125.5%

Suppliers (12,765) (29,658) 132.3% 8,542 (1,779) n/a

Change in other current assets and liabilities (939) (1,396) 48.7% (208) 8,976 n/a 2909.756

Change in other noncurrent assets and liabilities 1,971 (29) n/a (147) (2,412) 1540.8%

Payment of income tax and social contribution (13,845) (15,890) 14.8% (28,548) (37,708) 32.1%

Net cash flow generated by operational activities 2,592 (5,179) N/A 43,038 51,222 19.0%

20124Q12 Var. (%)Operating Cash Flow 4Q11 Var. (%) 2011

Cash Generation

10

Arezzo&Co used R$5.2 million of operating cash in 4Q12, in line with the operation seasonality. In

2012, the Company generated R$51.2 million in operating cash flow, reflecting the solid performance

in the year.

Operating Cash Generation (R$ thousand)

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11.1 6.1

23.4

37.3

2.1 2.7

6.1

18.4

0.1 0.4

0.8

1.7

4Q11 4Q12 2011 2012

13.3 9.2

30.2

57.4

-31.1%

90.0%

In 2012, the Company invested R$ 57.4 million, of which R$ 37.3 million were invested in 15 new

POS and 5 more store expansions in major locations, as well as the new headquarters in Campo

Bom (RS).

Capital Expenditure (CAPEX) and

Indebtedness

11

CAPEX (R$ million) Indebtedness (R$ million)

1) Other: Increase of 455.8% in 4Q12 and of 108.7% in 2012 compared with the same period of the previous year.

Stores Corporate Others¹

Cash 173,550 175,605 202,154

Total debt 38,659 55,199 94,084

Short term 20,885 30,626 42,843

% total debt 54.0% 55.5% 45.5%

Long-term 17,774 24,573 51,241

% total debt 46.0% 44.5% 54.5%

Net debt (134,891) (120,406) (108,070)

Indebtedness 4Q11 3Q12 4Q12

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57

342

2012

63

389

2013

# Owned Store

# Franchises

+13%

6 47

12

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

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13

Contacts

Thiago Borges

Daniel Maia

Phone: +55 11 2132-4300

ri@arezzoco.com.br

www.arezzoco.com.br

CFO and IR Officer

IR Manager