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

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B:232

| Apresentação do Roadshow

1

Conference Call

3Q12

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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 3Q12 Highlights

3

EBITDA totaled R$ 42.7 million, increase of 20.0% and 17.3% margin EBITDA

Gross Revenue increased by 31.7% in 3Q12, reaching R$314.1 million Gross Revenue

Gross Profit reached R$ 107.0 million, 35.6% growth and 43.4% margin Gross Profit

Net Profit R$28.6 million net profit, with 11.6% margin and growth of 10.2%

Opening of 18 stores in Brazil: 5 Arezzo franchises, 12 Schutz stores (10 franchises and 2 owned stores) and 1 Alexandre Birman owned store

Expansion

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The Company’s Gross Revenues amounted to R$314.1 million in the third quarter of 2012, a

31.7% growth when comparing with 3Q11

Company Growth

4

Gross Revenues – (R$ million)

226.9 301.4

575.5

751.8

11.5

12.7

31.3

29.9

3Q11 3Q12 9M11 9M12

Domestic Market Exports Market

32.8%

9.8%

31.7%

28.8%

30.6%

- 4.4%

238.5

314.1

606.8

781.7

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G:217

B:217

R:160

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B:232

Over 20.0% growth in all channels, emphasizing Owned Stores increase of 81.8% in 3Q12,

and a more intensive presence of Schutz in the franchises channel

Gross Revenue Breakdown by Channel –

Domestic Market

5

1) Other: Growth of 103.4% in 3Q12 and of 122.6% in 9M12.

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

SSS Sell-out (owned stores) 0.4%

11.6% SSS Sell-in (franchises)

6.8%

14.2%

9.6%

15.6%

9.9%

11.9%

121.0 151.1

300.4 360.5

69.2 83.2

177.1

212.9

34.6 63.0

93.3

167.7

2.0 4.2

4.8

10.7

3Q11 3Q12 9M11 9M12

Franchise Multi-brand Owned Stores Others¹

24.9%

81.8%

575.5

32.8%

751. 8

20.1%

20.0%

79.6%

30.6%

20.3%

226.9

301.4

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G:119

B:119

R:217

G:217

B:217

R:160

G:160

B:160

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B:232

Solid performance of all brands, specially for Schutz brand, whose gross revenue growth

stood by 67.5% in 3Q12 and by 56.8% in 9M12.

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 67.1% in 3Q12 and of 67.1% in 9M12.

159.2 188.1

399.5 473.7

59.3 99.3

155.8

244.3

8.4 14.0

20.2

33.8

3Q11 3Q12 9M11 9M12

Arezzo Schutz Others¹

67.5%

18.2%

32.8%

575.5

751.8

226.9

301.4

30.6%

56.8%

18.6%

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B:119

R:217

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R:160

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B:232

The Company ended 3Q12 with 368 stores and sales area expansion of 24.2% comparing

with the same period of the previous year

Distribution Channel Expansion

7

Owned Stores and Franchises Expansion

Note: area given in thousand of square meter (sq m)

1) Includes 5 outlets with total area of 1,334 sq m

2) Domestic Market

.

.

1,601 Multi Brands²

Multi B rands²

Owned Stores¹ 19

Franchises 300

911

Franchises

Owned Stores¹

16

24

2

7

Multi Brands²

Owned Stores

768

Multi Brands² 13

Owned Stores

229 253 275 316

17 27

36

52 13.9

16.7

19.3

23.9

3Q09 3Q10 3Q11 3Q12

Franchises Owned Stores Total m²

+57 311

368

246 280 +31

+34

24.2%

19.8%

15.5%

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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

Gross margin expansion of 1.6 p.p., due to a change in the distribution channel mix. EBITDA

reached 42.7 million in 3Q12, increasing by 20.0% against 3Q11. Excluding the 1Q12 non-

recurring effect EBITDA would be R$ 100.0 with 16.5% margin

Gross Profit and EBITDA

8

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

Gross Profit Gross Margin

78.9

107.0

201.1

41.8% 43.4% 41.9%

43.5%

3Q11 3Q12 9M11 9M12

35.6%

31.4%

264.2

35.5 42.7

84.6 92.0

18.8% 17.3% 17.6%

15.1%

3Q11 3Q12 9M11 9M12

EBITDA EBITDA Margin

20.0% 8.8%

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B:119

R:217

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B:217

R:160

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G:240

B:232

Company´s Net Income increased 10.2%, amounting R$ 28.6 million, with 11.6% margin in

3Q12. Excluding non-recurring impact in 1Q12, Net Income would have reached R$ 70.5,

million, with 8.9% growth and 11.6% net margin

Net Income

9

Net Income (R$ million)

25.9 28.6

64.7 65.2

13.7%

11.6%

13.5%

10.7%

3Q11 3Q12 9M11 9M12

Net Income Net Margin

10.2% 0.8%

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R:80

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B:232 Cash Generation

10

Throughout the second half of the year, summer collection products are distributed among

several channels, increasing the company’s receivables. Net cash consumed from operating

activities totaled R$ 3.7 million in 3Q12

Operating Cash Generation (R$ thousand)

Cash flows from operating activies 3Q11 3Q12Growth or

spread9M11 9M12

Growth or

spread

Income before income taxes 38,854 42,289 3,435 90,520 91,620 1,100

Depreciation and amortization 1,050 2,043 993 2,890 5,209 2,319

Others (1,680) (1,032) 648 (7,943) (6,679) 1,264

Decrease (increase) in current assets / liabilities (38,949) (36,065) 2,884 (28,200) (9,546) 18,654

Trade accounts receivable (51,314) (50,566) 748 (27,418) (21,771) 5,647

Inventories (3,983) (17,341) (13,358) (22,820) (26,028) (3,208)

Suppliers 12,778 21,837 9,059 21,306 27,879 6,573

Change in other current assets and liabilities 3,570 10,005 6,435 732 10,374 9,642

Change in other non current assets and liabilities (946) (757) 189 (2,119) (2,385) (266)

Tax and contributions (6,363) (10,166) (3,803) (14,703) (21,818) (7,115)

Net cash generated by operating activities (8,034) (3,688) 4,346 40,445 56,401 15,956

R:152

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R:80

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B:207

R:216

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B:163

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B:121

R:119

G:119

B:119

R:217

G:217

B:217

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B:232

Arezzo&Co invested R$ 16.5 million in 3Q12, of which R$ 10.3 million in stores, including 4

openings and expansion stores, and 4 other refurbishments not yet inaugurated. Corporate

investment is mainly related to the new Company’s head office, in Campo Bom - RS

Capital Expenditure (CAPEX) and

Indebtedness

11

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

1) Other: Increase of 179.4% in 3Q12 and of 72.0% in 9M12 compared with the same period of the previous year.

7.9 10.3 12.2

31.3

1.5

5.4 4.0

15.7

0.3

0.8 0.7

1.3

3Q11 3Q12 9M11 9M12

Stores Corporate Others¹

9.6

16.5

16.9

48.3

71.5%

185.2%

Indebtedness 3Q11 2Q12 3Q12

Cash 178,999 205,819 175,605

Total indebtedness 35,065 51,117 55,199

Short term 16,270 25,548 30,626

As % of total debt 46.4% 50.0% 55.5%

Long term 18,795 25,569 24,573

As % of total debt 53.6% 50.0% 44.5%

Net debt (143,934) (154,702) (120,406)

EBITDA LTM 115,562 118,007 125,128

Net debt /EBITDA LTM -1.2x -1.3x -1.0x

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

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B:217

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B:232

54

338

2012

60

385

2013

392

445 # 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, anchored by openings and expansion of existing stores.

2012 2013

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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