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| Apresentação do Roadshow
                         Conference Call
                                  1Q12
                                           1
Important Disclaimer

Statements regarding the Company’s future business prospects and operating income projections are mere estimates
and projections and, as such, are subject to several risks and uncertainties, including, but not limited to, market
conditions, domestic and international economic performance in general and in the Company’s operating sector. Such
risks and uncertainties cannot be controlled or sufficiently forecast by the Company’s management and may significantly
affect its perspectives, estimates and projections. Statements regarding future perspectives, projections and estimates do
not represent and may not be construed as a performance guarantee. Operating information contained herein, as well as
information not directly derived from financial statements, has not been subject to audit or special review by the
Company's independent auditors, may involve assumptions and estimates adopted by the management and be subject to
changes.




                                                                                                                             2
1Q12 Highlights



Net
               Net Revenue increased by 16.4% in 1Q12, reaching R$161.4 million
Revenue




Gross Profit   Gross Profit reached R$ 67.2 million, 19.0% growth and 41.6% margin



Non-
               Contract termination with supply agent generated R$8 million non-recurring expense in 1Q12.
recurring
               Projected payback period for the deal is shorter than 3 years due to better terms with new Company
Expense



               EBITDA in 1Q12 totaled R$ 14.7 million. Excluding the non-recurring effect, EBITDA would be R$
EBITDA
               22.7 million, with 14.0% margin.



               Net Profit in 1Q12 was R$10.9 million. Excluding the non-recurring effect, Net Profit would be
Net Profit
               R$ 16.1 million, with 10.0% margin




                                                                                                                    3
Company Growth


Gross Revenues – (R$ million)




The Company’s Gross Revenues amounted to R$208.8 million in the first quarter of 2012, a
19.7% in 1Q12 comparing to 1Q11

                                                                                           4
Gross Revenues Breakdown by Brand
and Channel – Domestic Market
Gross Revenues by brand – Domestic Market (R$ million)                                              Gross Revenues by channel – Domestic Market (R$ million)


                                                            201.3                                                                                   201.3
                                      22.3%                                                                                      22.3%
                                                             8.0                                                                                     3.5
                164.6                                                                                           164.6
                                                                                                                                                     44.5
                 4.1                  36.7%                  63.1                                                1.8              65.5%
                                                                                                                 26.9
                 46.1
                                                                                                                                  17.5%              55.7
                                                                                                                 47.4
                                     13.8%
                                                            130.2                                                                 10.2%
                114.4
                                                                                                                 88.5                                97.6



                1Q11                                        1Q12                                                 1Q11                                1Q12

                        Arezzo           Schutz             Others¹                                          Franchise    Multi-brand     Owned Stores     Others²



                                                                                                                  1Q11                                   1Q12
                                                                               SSS Sell-out (Owned Stores)        11.0%                                  12.1%
                                                                               SSS Sell-in (Franchises)            9.0%                                  6.5%


  Strong Gross Revenue growth, especially in the Schutz brand that increased by 36.7% in
  1Q12 comparing to 1Q11. The Owned Stores channel recorded 65.5% growth in 1Q12
  comparing to 1Q11 mainly due to Sales area growth and its SSS of 12.1%
 ¹ Other: Alexandre Birman’s and Anacapri’’s Gross Revenue: growth of 95.7%.
 ² Other: Growth of 97.0%.
                                                                                                                                                                     5
Distribution Channel Expansion

 Owned Stores and Franchises Expansion



                                                                                    21.6
                                                                     23.2%
                                             14.6%
                                                            17.6         .
                    15.2%
                                                .
                                     15.3
            13.3                                                                    338
                                                             296       +42          46
                                      267                    29
            238                       22            +29
             14         +29


                                                            267                 292
           224                      245



          1Q09                      1Q10                    1Q11                1Q12

                          Franchises                  Owned Stores           Area




 Sales area expansion of 23.2% year-over-year, ending 1Q12 with a 338 monobrand stores

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                                                                          6
Gross Profit and EBITDA

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




                                                                                      22.7


                                                                             9.3%     8.0¹
                          19.0%
                                  67.2                           20.7
                  56.4                                                       -29.3%   14.7




                1Q11              1Q12                           1Q11                 1Q12




 Expansion of 0.9 p.p. in gross margin, due to channel mix. Excluding the non-recurring effect
 EBITDA would be R$ 22.7 with 14.0% margin

¹ Non-recurring expense
                                                                                                 7
Net Income


Net Income (R$ million)




                                                        16.1


                                           9.5%          5.3¹


                                14.7       -26.3%
                                                        10.9




                               1Q11                    1Q12




Company´s Net Income totaled R$ 10.9 million, with 6.7% margin. Excluding non-recurring
impact in 1Q12, Net Income would have reached R$ 16.1 million with 10.0% margin
¹ Non-recurring expense
                                                                                          8
Cash Generation


Operating Cash Generation (R$ thousand)



                                                                                                Growth or
                   Cash flows from operating activies                    1Q11        1Q12
                                                                                                 spread
                   Income before income taxes                             21,321      15,636        (5,685)
                   Depreciation and amortization                             879       1,417           538
                   Others                                                 (1,868)     (4,129)       (2,261)

                   Decrease (increase) in current assets / liabilities    (12,068)     9,975       22,043
                                                                                                       -
                      Trade accounts reveivable                           (18,366)     5,994       24,360
                      Inventories                                         (15,723)    (8,579)       7,144
                      Suppliers                                            22,157     18,840       (3,317)
                      Change in other current assets and liabilities         (136)    (6,280)      (6,144)

                   Change in other non current assets and liabilities        (263)      (700)        (437)

                   Tax and contributions                                   (2,366)          -       2,366

                   Net cash generated by operating activities              5,635      22,199       16,564




 Net cash generated from operating activities totaled R$ 22.2 million, due to a lower of working
 capital need for accounts receivable and inventories in 1Q12 comparing to 1Q11

                                                                                                              9
Capital Expenditure (CAPEX) and
Indebtedness
CAPEX (R$ million)                                                      Indebtedness (R$ million)



                                                                 17.3
                                                                        Indebtedness                1Q11        4Q11        1Q12
                                                                  0.2
                                                                        Cash                        187,293     173,550     166,741
                                                                  3.6
                                                                        Total indebtedness           33,586      38,659      30,844
                                                                         Short term                  12,813      20,885      14,059
                                                                         As % of total debt           38.1%       54.0%       45.6%
                                                                         Long term                   20,773      17,774      16,785
                    3.7                                          13.6    As % of total debt           61.9%       46.0%       54.4%

                     0.2                                                Net debt                    (153,707)   (134,891)   (135,897)
                     1.3
                     2.2                                                EBITDA LTM                   98,930     117,729     111,662
                                                                        Net debt /EBITDA LTM            -1.6x       -1.1x       -1.2x
                   1Q11                                          1Q12
                            Stores       Corporate     Others¹




Arezzo&Co invested R$ 17.3 million in 1Q12, of which R$ 13.6 million in stores, including the
opening of 2 new stores. About 70% of investments in stores are related to 8 future openings.
Company’s indebtedness policy remained conservative.

¹ Other: Decreased of 5.9% in 1Q12 compared to 1Q11.

                                                                                                                                        10
Contacts


CFO and IR Officer


Thiago Borges



IR Manager

Daniel Maia




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

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03 31-2012 - 1 q12 - conference call presentation

  • 1. | Apresentação do Roadshow Conference Call 1Q12 1
  • 2. Important Disclaimer Statements regarding the Company’s future business prospects and operating income projections are mere estimates and projections and, as such, are subject to several risks and uncertainties, including, but not limited to, market conditions, domestic and international economic performance in general and in the Company’s operating sector. Such risks and uncertainties cannot be controlled or sufficiently forecast by the Company’s management and may significantly affect its perspectives, estimates and projections. Statements regarding future perspectives, projections and estimates do not represent and may not be construed as a performance guarantee. Operating information contained herein, as well as information not directly derived from financial statements, has not been subject to audit or special review by the Company's independent auditors, may involve assumptions and estimates adopted by the management and be subject to changes. 2
  • 3. 1Q12 Highlights Net Net Revenue increased by 16.4% in 1Q12, reaching R$161.4 million Revenue Gross Profit Gross Profit reached R$ 67.2 million, 19.0% growth and 41.6% margin Non- Contract termination with supply agent generated R$8 million non-recurring expense in 1Q12. recurring Projected payback period for the deal is shorter than 3 years due to better terms with new Company Expense EBITDA in 1Q12 totaled R$ 14.7 million. Excluding the non-recurring effect, EBITDA would be R$ EBITDA 22.7 million, with 14.0% margin. Net Profit in 1Q12 was R$10.9 million. Excluding the non-recurring effect, Net Profit would be Net Profit R$ 16.1 million, with 10.0% margin 3
  • 4. Company Growth Gross Revenues – (R$ million) The Company’s Gross Revenues amounted to R$208.8 million in the first quarter of 2012, a 19.7% in 1Q12 comparing to 1Q11 4
  • 5. Gross Revenues Breakdown by Brand and Channel – Domestic Market Gross Revenues by brand – Domestic Market (R$ million) Gross Revenues by channel – Domestic Market (R$ million) 201.3 201.3 22.3% 22.3% 8.0 3.5 164.6 164.6 44.5 4.1 36.7% 63.1 1.8 65.5% 26.9 46.1 17.5% 55.7 47.4 13.8% 130.2 10.2% 114.4 88.5 97.6 1Q11 1Q12 1Q11 1Q12 Arezzo Schutz Others¹ Franchise Multi-brand Owned Stores Others² 1Q11 1Q12 SSS Sell-out (Owned Stores) 11.0% 12.1% SSS Sell-in (Franchises) 9.0% 6.5% Strong Gross Revenue growth, especially in the Schutz brand that increased by 36.7% in 1Q12 comparing to 1Q11. The Owned Stores channel recorded 65.5% growth in 1Q12 comparing to 1Q11 mainly due to Sales area growth and its SSS of 12.1% ¹ Other: Alexandre Birman’s and Anacapri’’s Gross Revenue: growth of 95.7%. ² Other: Growth of 97.0%. 5
  • 6. Distribution Channel Expansion Owned Stores and Franchises Expansion 21.6 23.2% 14.6% 17.6 . 15.2% . 15.3 13.3 338 296 +42 46 267 29 238 22 +29 14 +29 267 292 224 245 1Q09 1Q10 1Q11 1Q12 Franchises Owned Stores Area Sales area expansion of 23.2% year-over-year, ending 1Q12 with a 338 monobrand stores 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 6
  • 7. Gross Profit and EBITDA Gross Profit (R$ million) EBITDA (R$ million) 22.7 9.3% 8.0¹ 19.0% 67.2 20.7 56.4 -29.3% 14.7 1Q11 1Q12 1Q11 1Q12 Expansion of 0.9 p.p. in gross margin, due to channel mix. Excluding the non-recurring effect EBITDA would be R$ 22.7 with 14.0% margin ¹ Non-recurring expense 7
  • 8. Net Income Net Income (R$ million) 16.1 9.5% 5.3¹ 14.7 -26.3% 10.9 1Q11 1Q12 Company´s Net Income totaled R$ 10.9 million, with 6.7% margin. Excluding non-recurring impact in 1Q12, Net Income would have reached R$ 16.1 million with 10.0% margin ¹ Non-recurring expense 8
  • 9. Cash Generation Operating Cash Generation (R$ thousand) Growth or Cash flows from operating activies 1Q11 1Q12 spread Income before income taxes 21,321 15,636 (5,685) Depreciation and amortization 879 1,417 538 Others (1,868) (4,129) (2,261) Decrease (increase) in current assets / liabilities (12,068) 9,975 22,043 - Trade accounts reveivable (18,366) 5,994 24,360 Inventories (15,723) (8,579) 7,144 Suppliers 22,157 18,840 (3,317) Change in other current assets and liabilities (136) (6,280) (6,144) Change in other non current assets and liabilities (263) (700) (437) Tax and contributions (2,366) - 2,366 Net cash generated by operating activities 5,635 22,199 16,564 Net cash generated from operating activities totaled R$ 22.2 million, due to a lower of working capital need for accounts receivable and inventories in 1Q12 comparing to 1Q11 9
  • 10. Capital Expenditure (CAPEX) and Indebtedness CAPEX (R$ million) Indebtedness (R$ million) 17.3 Indebtedness 1Q11 4Q11 1Q12 0.2 Cash 187,293 173,550 166,741 3.6 Total indebtedness 33,586 38,659 30,844 Short term 12,813 20,885 14,059 As % of total debt 38.1% 54.0% 45.6% Long term 20,773 17,774 16,785 3.7 13.6 As % of total debt 61.9% 46.0% 54.4% 0.2 Net debt (153,707) (134,891) (135,897) 1.3 2.2 EBITDA LTM 98,930 117,729 111,662 Net debt /EBITDA LTM -1.6x -1.1x -1.2x 1Q11 1Q12 Stores Corporate Others¹ Arezzo&Co invested R$ 17.3 million in 1Q12, of which R$ 13.6 million in stores, including the opening of 2 new stores. About 70% of investments in stores are related to 8 future openings. Company’s indebtedness policy remained conservative. ¹ Other: Decreased of 5.9% in 1Q12 compared to 1Q11. 10
  • 11. Contacts CFO and IR Officer Thiago Borges IR Manager Daniel Maia Phone: +55 11 2132-4300 ri@arezzoco.com.br www.arezzoco.com.br 11