1. | Apresentação do Roadshow
Conference call
3Q11
1

2. Important Disclaimer
Statements regarding the Company’s future business perspectives and projections of operational and financial results are
merely estimates and projections, and as such they are subject to different risks and uncertainties, including, but not
limited to, market conditions, domestic and foreign performance in general and in the Company’s line of business. These
risks and uncertainties cannot be controlled or sufficiently predicted by the Company management and may significantly
affect its perspectives, estimates, and projections. Statements on future perspectives, estimates, and projections do not
represent and should not be construed as a guarantee of performance. The operational information contained herein, as
well as information not directly derived from the financial statements, have not been subject to a special review by the
Company’s independent auditors and may involve premises and estimates adopted by the management.
2

3. 3Q11 Highlights
Net
Net revenues amounted to R$ 188.9 million, growing 18.9% over 3Q10
Revenue
Gross
Gross margin stood at 41.8% in 3Q11, 2.1 p.p. higher than in 3Q10
Margin
EBITDA EBITDA amounted to R$ 35.5 million, growth of 47.5% over 3Q10 and margin of 18.8%
Net Income Net income in 3Q11 was R$ 25.9, 63.3% higher than in 3Q10 and margin of 13.7%
In 3Q11, Arezzo&Co expanded its store network opening 11 points of sale: 8 Arezzo stores
Expansion
and 3 Schutz within the new store concept
3

4. Company Growth
Gross Revenues – (R$ million)
The Company continues presenting a strong growth of gross revenues in both third quarter
and in the nine months of the year
4

5. Gross Revenues Breakdown by Channel
Gross Revenues by channel – Domestic Market (R$ million)
25.8% 575.5
457.5 4.8
93.3
5.1 28.8%
22.9%
226.9 72.5
177.1
184.6 33.8%
132.4
18.7%
2.0
3.4 34.6 21.3%
42.1%
29.2 69.2 300.4
48.7 247.6
17.2%
103.2 121.0
3Q10 3Q11 9M10 9M11
SSS Sell-out (Owned Stores) 26.5% 0.4% 25.8% 9.6%
SSS Sell-in (Franchises) 25.8% 11.6% 34.5% 15.6%
Solid performance of all distribution channels, specially for owned stores and multi-brand
(1) Others: reduction of 40.2% in 3Q11 and of 6.2% in 9M11.
5

6. Gross Revenues Breakdown by Brand
Gross Revenues by brand – Domestic Market (R$ million)
25.8% 575.5
457.5 20.2
155.8
8.3 30.5%
22.9% 119.4
226.9
184.6
8.4 21.1%
34.0% 399.5
4.6 59.3
44.3 329.8
17.3%
135.7 159.2
3Q10 3Q11 9M10 9M11
Great sales performance for all brands. Arezzo, main brand of the Group, keeps growing over
20% in the year, while Schutz has grown more than 30% both in third quarter and in 9M11
(1) Other brands: Alexandre Birman and Anacapri’ s Domestic market. Gross revenues presented a growth of 81.6% in 3Q11 and of 142.7% in 9M11.
6

7. Distribution Channel Expansion
Owned Stores and Franchises Expansion
15.5%
19.8% 19.3
10.1%
16.7
13.9
12.7 311
280 +31
246 36
227 +34 27
+19 17
9
253 275
218 229
3Q08 3Q09 3Q10 3Q11
The Company ended the third quarter with 311 stores and 15.5% of sales area expansion
when compared to 3Q10
Note: area given in thousand m²
(1) Includes 4 Arezzo outlets and 1 Schutz outlet
(2) Domestic Market
7

8. Gross Profit
Gross Profit (R$ million) and Gross Margin (%)
41.8% 41.2% 41.9%
39.7%
23.0%
201.1
163.5
25.1%
78.9
63.1
3Q10 3Q11 9M10 9M11
Gross Profit Gross Margin
Gross profit rose by 25.1% in 3Q11 with margin expansion of 2.1 p.p., mainly reflecting the
change in distribution channel mix and a higher share of imported handbags in the product
mix
8

9. EBITDA
EBITDA (R$ million) and EBITDA Margin (%)
18.8%
17.6%
16.3%
15.2%
31.1% 84.6
64.5
47.5%
35.5
24.1
3Q10 3Q11 9M10 9M11
EBITDA EBITDA Margin
Significant growth in 3Q11 EBITDA, with margin expansion of 3.6 p.p. over 3Q10
9

10. Net Income and Net Margin
Net Income (R$ million) and Net Margin (%)
13.7% 13.5%
10.8%
10.0%
64.7
50.4%
63.3% 43.0
25.9
15.9
3Q10 3Q11 9M10 9M11
Net Income Net Margin
Company’s net income rose by 63.3% in 3Q11, with margin expansion of 3.7 p.p.
10

11. Cash Generation
Operating Cash Generation (R$ thousand)
Growth or Growth or
Cash flows from operating activity 3Q10 3Q11 9M10 9M11
spread spread
Income before income taxes 21,851 38,854 17,003 59,758 90,520 30,762
Depreciation and amortization 680 1,050 370 1,847 2,890 1,043
Others 499 (1,680) (2,179) 548 (7,943) (8,491)
Decrease (increase) in current assets / liabilities (15,848) (38,949) (23,101) (22,406) (28,200) (5,794)
Trade accounts reveivable (30,203) (51,314) (21,111) (8,461) (27,418) (18,957)
Inventories (13,003) (3,983) 9,020 (30,193) (22,820) 7,373
Suppliers 16,350 12,778 (3,572) 14,285 21,306 7,021
Change in other current assets and liabilities 11,008 3,570 (7,438) 1,963 732 (1,231)
Change in other non current assets and liabilities 2,215 (946) (3,161) 4,074 (2,119) (6,193)
Tax and contributions (10,686) (6,363) 4,323 (12,766) (14,703) (1,937)
Net cash generated by operating activities (1,289) (8,034) (6,745) 31,055 40,445 9,391
Company disbursed R$ 8.0 million of operating cash, aligned with its deliveries calendar
11

12. Capital Expenditure (CAPEX) and
Indebtedness
CAPEX (R$ million) Indebtedness (R$ million)
Indebtedness 3Q10 2Q11 3Q11
Cash 18,754 199,339 178,999
Total indebtedness 37,457 32,276 35,065
Short term 17,288 12,547 16,270
% da Dívida Total 46% 39% 46%
Long term 20,169 19,729 18,795
% da Dívida Total 54% 61% 54%
Net debt 18,703 (167,063) (143,934)
EBITDA LTM 85,567 104,119 115,561
Net debt /EBITDA LTM 0.22x -1.60x -1.25x
Capex in 3Q11 was mainly concentrated in the opening of 5 stores, purchase of points of sale for
future openings and expansion of existing stores
(1) Others: reduction of 33.3% in 3Q11 over 3Q10 and of 46.2% in 9M11 over 9M10.
12

13. Greater National Presence
Strengthening its multi channel distribution strategy, Arezzo&Co has structured GTM-
Schutz project for brand’s roll out over the country
Enlarge Schutz national presence leveraged by mono brand stores
Big cities
Focus on Shopping Centers
Target audience A/B1
Multi brand distribution
Mono brand and multi
brand distribution
13

14. Mono Brand Stores Strategy
 Schutz new project for owned stores and franchises:
 Emphasizing the products and the campaigns;
 Reinforcing the brand with a complete presentation of each collection;
Schutz – Higienópolis Shopping / São Paulo Schutz – Iguatemi Shopping / Salvador
 Pilot project:
 Opening of 2 stores within the new project: Higienópolis Shopping – SP and Barra
Sul Shopping – POA;
 Launch of first pilot franchise in the city of Salvador - BA
14

15. Multi Brand Market Analysis
 Smaller regions for sales person, with an Exemple – “South” Coordinator
increased team
 Regional Coordinator
 Consultants in areas with a greater
concentration of stores
 Sales representatives in less dense but with
potential growth areas
 Incentive for the prospect of new clients
and more frequent visits
 Geographical limits (e.g. mountains) and
higher travel costs control
 Internal targets: cities covered, number of
clients and sales per customer
15

16. Flexible Distribution Strategy
 Arezzo&Co has been consolidating different distribution channels in which has
developed the expertise for its brands portfolio
 Retail expertise, increasing channel’s relevance;
Owned stores:  Schutz owned store in 5 cities: Sao Paulo, Rio de Janeiro, Porto Alegre,
Brasília e Belo Horizonte.
 Expansion of the most representative channel of the Group, now for Schutz brand;
Franchises:
 Relationship with local consumers.
 Greater presence and brand’s national visibility;
Multi Brand:
 Sales team optimization: internal team and commissioned sales representatives.
 Reach consumers all over the country;
Webcommerce:
 Wide range of models in each collections.
16

17. Expansion Guidance Update – Arezzo&Co
392
# Owned stores
11
# Franchises
47 54
334
7
43
311 16 +17%
7
296 36
8
+7%
29 338
291
+5%
275
267
2010 3Q11 2011 2012
 Reinforce our commitment to the opening of 38 stores in 2011;
 Existing stores were expanded in 391m² over last nine months, in line with the 1,000m² target until 2012;
 We increased in 20 stores the 2012 guidance, specially due to GTM project.
17

18. Contacts
CFO and IRO
Thiago Borges
IR Manager
Daniel Maia
Telephone: +55 11 2132-4300
ri@arezzoco.com.br
www.arezzoco.com.br
18