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 Investor Day

Anacapri Brand

Thiago Borges

CFO

Alexandre Birman CEO

Yumi Chibusa General Manager UN Anacapri

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

2

Anacapri Brand Overview

Anacapri established itself as the group’s third brand

Notes: 1. Points of sales (2Q13); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports 2. % of each brand gross revenues (FY 2012) 3. 2Q13 (LTM) gross revenues, internal market only: does not include other revenues (not generated by the brand) 4. % total (2Q13 LTM) gross revenues

Pop Flat shoes Affordable

Comfort Colorful

15 to 60 years of age

R$110.00/pair

R$ 37 million

3.1%

Brand Profile

Target Public

Sales Volume 3

% of Gross Revenue 4

Price at Point of Sale

Foundation 2008

Dis

trib

uti

on

C

han

ne

l POS 1

% Gross Rev.2

O MB EX

9 858

53% 46%

54

1%

Focus on flat shoes, a relevant category representing approximately 36% of Arezzo&Co sales

Greenfield brand development, experiencing maturity phases over an appropriate time frame

Strengthening brand identity in preparation for accelerated growth through franchise model

Unparalleled store design: extremely efficient for sales and creates a better consumer experience

Few constructions means flexible production and rapid inventory replacement

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

Founded in 2008, Anacapri evolved its brand concept and stores architectural

design

Anacapri History: Brand Evolution

3

2008 – 2009

2010 – 2012

Services and Convenience

Definition of the business model

Owned stores 2

Owned stores 8 2013

Owned stores + flagship store¹ 9

Opening of franchises¹

Evolution of store design and beginning of franchise channel

Notes: 1. From Jan to Sept2013

Operating in multibrand stores

858

Partnership with brands and designers

Entry into the multibrand channel

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

Anacapri New concept, same look

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

Anacapri is a shoes brand that promises to make life easy for women with

young and free lifestyles

Anacapri Target public

5

Needs personal

achievements.

Seeks to dress in a creative

and original way.

Looks for versatility and a

product that easily matches

with her closet.

Rebuffs the social pressure

to always wear heels.

Opts for practicality and

elegance.

For this consumer, price is

an important factor.

The consumer is connected

with new things and

experiences.

Is pleased to consume more

for less.

Searches for a creative

lifestyle and emotional

connection.

FUN CREATIVE SELF-EXPRESSION UNCOMPLICATED

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

Actions and partnerships which strengthen the brand concept

Anacapri Brand promotion

6

Designers

Partnerships

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

ANACAPRI | Diletto

Anacapri High Summer Cobranding

7

Targeted communication at POS | Monitoring on social media

Distribution of ice pops in the stores so as to activate the partnership

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

0,5 0,8

1,1 1,4

1,7 2,0

2,3 2,6

3,5

4,0

4,5

5,4

Instagram followers (in thousands)

0 5 7 12 16 16 16 21 32

47 55

63 74

80 88

94

128

152

177 178 179

Facebook Followers (in thousands)

Anacapri Social Media

16

Facebook 179,000 followers

Instagram 5,400 followers

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

Anacapri Key Items

9

• Extremely comfortable

and flexible flat shoes

• Targeted

communication at

POS

• Flat shoes made for VOGUE

magazine article

• Press Kit with

personalized

insoles bearing

the name of

those receiving

the gift

• Foldable flats

• Targeted

communication at

POS

Cosmopolitan SOS

Personalization of Insoles

Press Kit

Sapatilha VOGUE

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

New architectural design means proper showcasing of the products and a

superior purchasing experience for a low outlay

Anacapri Evolution of architectural design and store model

10

Combo: at the back of the store, special offers in order to increase UPT and provide women with practical and quick service

Tower: on one side, individual flat shoes are displayed; on the other side, mirrors; and inside, an inventory with a pair in each size

Central Islands: to display the classical “must-have” Anacapri products

Enchanted Island: at the front of the store with the leading new launches intended to attract customers

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 know-how in managing multichannel business models is also

applied to Anacapri

Anacapri Expansion Strategy

11

Franchises Owned Stores Multibrands

Enables greater brand capillarity

and visibility

Rapid brand growth with low

investment and risk

Important sales channel for

smaller cities

Optimization of the sales team:

in-house team and commission-

based sales representatives

Best Franchise in Brazil (2005)

and in the sector for 7 years

96% franchisee satisfaction rate

with a 28-year track record

Direct interaction with customers

develops retail competencies,

Flagship stores ensure greater

visibility and strengthen the brand

image

“Outsourcing” of investment in

stores and working capital Attractive ROIC

Capillarity in distribution Ramp-up of sales, adding

scalability to the business

High Contribution Margins Total control of the experience

with the customer

Seal of Excellence in

Franchising in the last

8 years (ABF)

which are also reflected

in franchised stores

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

10 10 10 10

2 10

35

70

Sep/2013 Dec/2013E Dec/2014E Dec/2015E

Owned Stores Franchises

The plan for expanding the brand includes opening 68 stores by 2015, all of

them franchises

Anacapri Expansion Plan

12

AC

AM

MT

MS

RS

PR

SC

SP

MG

RJ

ES

GO

PA

AP RR

BA

PE

CE MA

AL

PI PB

RN

RO

DF

SE TO

+35

+8

+68

Anacapri Stores Expansion Plan: 2013 – 2015

Initial focus on

expansion in the

Southwest, and then

seeking growth in

other regions of

Brazil.

Expansion using the

franchise model

+25

1. Due to the brand roll-out in the franchise model is planned according to conversion of 6 owned stores to franchises

1

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

Anacapri Franchise economics

13

STORE

PROFILE

Investment of approximately R$ 500,000 to open a franchise

ECONOMICS

Entrepreneur

Full time dedication to the

business (“Hands On”)

Directly involved in:

Accompanying the manager

when opening and closing

the store

Organizing the store and the

inventory

Monitoring team

performance targets

Hiring and selecting the

team

FRANCHISEE

PROFILE

Average Sales

Area 30 - 40 m²

CAPEX/m² R$ 5,5 thd/m²

Working

capital 18% of

revenues

Expected annual

revenues

R$ 1,0 – 2,0 MM

Net margin

8 – 12%

Franchise Payback1

35 months

Opening an Anacapri store costs around R$500 thousand, with an attractive

return for the franchisee

Note: Indicative data. These estimates may change in the future. Does not take into account the amount of the investment in the point of sale. The cost of the point of sale can vary, depending on the location. 1. Assuming net revenues at R$1,5 M and including the franchise fee of R$30,000. Considering key money at R$180,000, payback would be 45 months.