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| Apresentação do Roadshow
                         Conference Call
                                  2Q12
                                           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
2Q12 Highlights



Net
               Net Revenue increased by 31.0% in 2Q12, reaching R$199.5 million
Revenue




Gross Profit   Gross Profit reached R$ 89.9 million, 36.9 % growth and 45.1% margin




EBITDA         EBITDA totaled R$ 34.6 million, increase of 22.4% and 17.4% margin



Net Profit     R$25.8 million net profit, with 12.9% margin and growth of 7.2%



               Opening of 13 stores in Brazil: 4 owned stores – 1 Arezzo and 3 Schutz; 9 franchises: 5 Arezzo and
Expansion
               4 Schutz. Expansion of 4 existing stores: 2 owned and 2 franchises, adding 212 sq m.




                                                                                                                    3
Company Growth


Gross Revenues – (R$ million)




The Company’s Gross Revenues amounted to R$258.7 million in the second quarter of 2012,
a 33.4% growth when comparing with 2Q11

                                                                                          4
Gross Revenue Breakdown by Channel –
Domestic Market
Gross Revenue by channel – Domestic Market (R$ million)


                                                                                                            29.2%
                                                                                                                        450.3
                                                                                                                         6.5
                                                                                                  348.6
                                                                        35.3%                               78.4%        104.7
                                                                                 249.0             2.8
                                                                                                   58.7     20.4%
                                                             184.0                3.0                                    129.8
                                                                        89.3%
                                                                                                  107.8     16.7%
                                                                                  60.2
                                                              1.0
                                                              31.8      22.6%
                                                                                  74.0
                                                              60.4                                                       209.3
                                                                        23.1%                     179.4
                                                              90.8                111.8

                                                             2Q11                2Q12             1H11                   1H12
                                                                     Franchise   Multi-brand   Owned Stores         Others¹

  SSS Sell-out (owned stores)                               19.2%                 11.2%             15.6%                     11.6%
  SSS Sell-in (franchises)                                  24.2%                 14.5%             19.1%                     10.4%


 Strong growth, especially for Owned Stores that increased by 89.3% in 2Q12. The good SSS
 of Owned Stores and Franchises is driven by good product mix results and solid winter
 collection sell-through.

 ¹ Other: Growth of 211.1% in 2Q12 and of 136.9% in 1H12.
                                                                                                                                      5
Gross Revenue Breakdown by Brand –
Domestic Market
Gross Revenues by brand – Domestic Market (R$ million)




                                                                                                                   29.2%     450.3

                                                                                                       348.6                  19.8
                                                         35.3%
                                                                        249.0                               11.8             145.0
                                                                                                                    50.2%
                                                                                                            96.5
                                          184.0
                                                                          11.8
                                                         62.7%                                                      18.8%
                                           7.7                            81.9
                                           50.4                                                                              285.6
                                                         23.4%                                          240.3
                                          125.9                          155.3


                                         2Q11                            2Q12                           1H11                 1H12
                                                                   Arezzo                    Schutz                Others¹




  Strong growth of 35.3% in 2Q12, specially for the Schutz brand, whose gross revenue growth
  stood by 62.7% in 2Q12 and by 50.2% in 1H12.

 ¹ Other: Alexandre Birman’s and Anacapri’’s Gross Revenue: growth of 52.0% in 2Q12 and of 67.1% in 1H12.
                                                                                                                                     6
Distribution Channel Expansion

 Owned Stores and Franchises Expansion



                                                                      26.0%
                                                      13.6%                       22.6    Franchises     295
                                                                      .
                        18.8%                                                            Owned Stores¹    19
                                                .                                        Multi Brands²   878
                                                              18.0
                                        15.8                                      351
             13.3                                                         +51             Franchises      6
                                                              300
                                        273           +27                          50    Owned Stores¹    22
             238          +35                                  31
                                        25                                               Multi Brands²   1,551
              15

                                                               269                301    Owned Stores     1
             223                        248
                                                                                         Multi Brands²    16



           2Q09                       2Q10                    2Q11               2Q12    Owned Stores     8
                                                                                         Multi Brands²   767
                          Franchises                   Owned Stores         Total m²



 The Company ended 2Q12 with 351 stores and sales area expansion of 26.0% comparing
 with the same period of the previous year
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                                                                                                7
Gross Profit and EBITDA

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




                       45.1%                   43.5%   18.6%
   43.2%                       42.0%                                     17.4%      16.9%
                                       28.6%                                                       13.7%
                                               157.1
             36.9%
                               122.2                                                        0.6%
                                                                22.4%
                      89.9
                                                                                    49.0           49.3
      65.7                                                              34.6
                                                         28.3



     2Q11            2Q12      1H11            1H12      2Q11           2Q12        1H11           1H12

               Gross Profit    Gross Margin                       EBITDA         EBITDA Margin




Gross margin expansion of 1.9 p.p., due to the increased presence of Owned Stores in the
channel mix. Excluding the 1Q12 non-recurring effect EBITDA would be R$ 57.3 with 15.9%
margin
                                                                                                           8
Net Income


Net Income (R$ million)




                          15.8%
                                           12.9%   13.3%

                                                                  10.1%
                                   7.2%                    -5.6
                                                   38.8           36.6
                            24.0          25.8



                           2Q11           2Q12     1H11           1H12

                                    Net Income     Net Margin




Company´s Net Income totaled R$ 25.8 million, with 12.9% margin in 2Q12. Excluding non-
recurring impact in 1Q12, Net Income would have reached R$ 41.9 million with 8.1% growth

                                                                                           9
Cash Generation


Operating Cash Generation (R$ thousand)



                                                                                 Growth or                           Growth or
   Cash flows from operating activies                    2Q11        2Q12                      1H11       1H12
                                                                                  spread                              spread
   Income before income taxes                             30,345      33,695         3,350     51,666     49,331        (2,335)
   Depreciation and amortization                             961       1,749           788      1,840      3,166         1,326
   Others                                                 (4,395)     (1,518)        2,877     (6,263)    (5,647)          616

   Decrease (increase) in current assets / liabilities    22,815      16,544         (6,271)   10,747     26,519        15,772
                                                                                         -
      Trade accounts reveivable                            42,262      22,801       (19,461)    23,896    28,795         4,899
      Inventories                                          (3,114)       (108)        3,006    (18,837)   (8,687)       10,150
      Suppliers                                           (13,629)    (12,798)          831      8,528     6,042        (2,486)
      Change in other current assets and liabilities       (2,704)      6,649         9,353     (2,840)      369         3,209

   Change in other non current assets and liabilities        (908)       (928)          (21)    (1,171)    (1,628)        (457)

   Tax and contributions                                   (5,974)    (11,652)       (5,678)    (8,340)   (11,652)      (3,312)

   Net cash generated by operating activities             42,844      37,890         (4,955)   48,479     60,089        11,610




 Net cash generated from operating activities totaled R$ 37.9 million, with a slightly stretch on
 the balance of accounts payable due to the greater importance of owned store channel in the
 sales mix.
                                                                                                                                  10
Capital Expenditure (CAPEX) and
Indebtedness
CAPEX (R$ million)                                                                                     Indebtedness (R$ million)


                                                                                 31.8
                                                                                  0.5                 Indebtedness                 2Q11        1Q12        2Q12
                                                              334.7%
                                                                                 10.3                  Cash                        199,339     166,741     205,819
                                                                                                                                                    -
                                                                                                       Total indebtedness           32,276      30,844      51,117
                             14.5                                                                           Short term              12,547      14,059      25,548
                304.2%
                              0.3
                                                                                                            As % of total debt       38.9%       45.6%       50.0%
                                                       7.3                                                  Long term               19,729      16,785      25,569
                              6.8                                                21.0
     3.6                                                                                                    As % of total debt       61.1%       54.4%       50.0%
                                                        0.5                                                                                          -
                                                        2.5
          0.2                 7.4                                                                      Net debt                    (167,063)   (135,897)   (154,702)
    1.2                                                 4.3                                                                                          -
    2.1
                                                                                                       EBITDA LTM                  104,201     111,662     118,007
  2Q11                      2Q12                      1H11                      1H12
                                                                                                       Net debt /EBITDA LTM            -1.6x       -1.2x       -1.3x
                          Stores       Corporate         Others¹




Arezzo&Co invested R$ 14.5 million in 2Q12, of which R$ 7.4 million in stores, including 4
openings and 2 stores expansions, and 6 other refurbishments not yet inaugurated. Corporate
investments are mainly related to the new Company’s head office, in Campo Bom - RS

¹ Other: Increase of 17.2% in 2Q12 and of 6.0% in1H12 compared with the same period of the previous year.

                                                                                                                                                                       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
                          12

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357 2 q12_arezzo_presentation

  • 1. | Apresentação do Roadshow Conference Call 2Q12 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. 2Q12 Highlights Net Net Revenue increased by 31.0% in 2Q12, reaching R$199.5 million Revenue Gross Profit Gross Profit reached R$ 89.9 million, 36.9 % growth and 45.1% margin EBITDA EBITDA totaled R$ 34.6 million, increase of 22.4% and 17.4% margin Net Profit R$25.8 million net profit, with 12.9% margin and growth of 7.2% Opening of 13 stores in Brazil: 4 owned stores – 1 Arezzo and 3 Schutz; 9 franchises: 5 Arezzo and Expansion 4 Schutz. Expansion of 4 existing stores: 2 owned and 2 franchises, adding 212 sq m. 3
  • 4. Company Growth Gross Revenues – (R$ million) The Company’s Gross Revenues amounted to R$258.7 million in the second quarter of 2012, a 33.4% growth when comparing with 2Q11 4
  • 5. Gross Revenue Breakdown by Channel – Domestic Market Gross Revenue by channel – Domestic Market (R$ million) 29.2% 450.3 6.5 348.6 35.3% 78.4% 104.7 249.0 2.8 58.7 20.4% 184.0 3.0 129.8 89.3% 107.8 16.7% 60.2 1.0 31.8 22.6% 74.0 60.4 209.3 23.1% 179.4 90.8 111.8 2Q11 2Q12 1H11 1H12 Franchise Multi-brand Owned Stores Others¹ SSS Sell-out (owned stores) 19.2% 11.2% 15.6% 11.6% SSS Sell-in (franchises) 24.2% 14.5% 19.1% 10.4% Strong growth, especially for Owned Stores that increased by 89.3% in 2Q12. The good SSS of Owned Stores and Franchises is driven by good product mix results and solid winter collection sell-through. ¹ Other: Growth of 211.1% in 2Q12 and of 136.9% in 1H12. 5
  • 6. Gross Revenue Breakdown by Brand – Domestic Market Gross Revenues by brand – Domestic Market (R$ million) 29.2% 450.3 348.6 19.8 35.3% 249.0 11.8 145.0 50.2% 96.5 184.0 11.8 62.7% 18.8% 7.7 81.9 50.4 285.6 23.4% 240.3 125.9 155.3 2Q11 2Q12 1H11 1H12 Arezzo Schutz Others¹ Strong growth of 35.3% in 2Q12, specially for the Schutz brand, whose gross revenue growth stood by 62.7% in 2Q12 and by 50.2% in 1H12. ¹ Other: Alexandre Birman’s and Anacapri’’s Gross Revenue: growth of 52.0% in 2Q12 and of 67.1% in 1H12. 6
  • 7. Distribution Channel Expansion Owned Stores and Franchises Expansion 26.0% 13.6% 22.6 Franchises 295 . 18.8% Owned Stores¹ 19 . Multi Brands² 878 18.0 15.8 351 13.3 +51 Franchises 6 300 273 +27 50 Owned Stores¹ 22 238 +35 31 25 Multi Brands² 1,551 15 269 301 Owned Stores 1 223 248 Multi Brands² 16 2Q09 2Q10 2Q11 2Q12 Owned Stores 8 Multi Brands² 767 Franchises Owned Stores Total m² The Company ended 2Q12 with 351 stores and sales area expansion of 26.0% comparing with the same period of the previous year 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 7
  • 8. Gross Profit and EBITDA Gross Profit (R$ million) EBITDA (R$ million) 45.1% 43.5% 18.6% 43.2% 42.0% 17.4% 16.9% 28.6% 13.7% 157.1 36.9% 122.2 0.6% 22.4% 89.9 49.0 49.3 65.7 34.6 28.3 2Q11 2Q12 1H11 1H12 2Q11 2Q12 1H11 1H12 Gross Profit Gross Margin EBITDA EBITDA Margin Gross margin expansion of 1.9 p.p., due to the increased presence of Owned Stores in the channel mix. Excluding the 1Q12 non-recurring effect EBITDA would be R$ 57.3 with 15.9% margin 8
  • 9. Net Income Net Income (R$ million) 15.8% 12.9% 13.3% 10.1% 7.2% -5.6 38.8 36.6 24.0 25.8 2Q11 2Q12 1H11 1H12 Net Income Net Margin Company´s Net Income totaled R$ 25.8 million, with 12.9% margin in 2Q12. Excluding non- recurring impact in 1Q12, Net Income would have reached R$ 41.9 million with 8.1% growth 9
  • 10. Cash Generation Operating Cash Generation (R$ thousand) Growth or Growth or Cash flows from operating activies 2Q11 2Q12 1H11 1H12 spread spread Income before income taxes 30,345 33,695 3,350 51,666 49,331 (2,335) Depreciation and amortization 961 1,749 788 1,840 3,166 1,326 Others (4,395) (1,518) 2,877 (6,263) (5,647) 616 Decrease (increase) in current assets / liabilities 22,815 16,544 (6,271) 10,747 26,519 15,772 - Trade accounts reveivable 42,262 22,801 (19,461) 23,896 28,795 4,899 Inventories (3,114) (108) 3,006 (18,837) (8,687) 10,150 Suppliers (13,629) (12,798) 831 8,528 6,042 (2,486) Change in other current assets and liabilities (2,704) 6,649 9,353 (2,840) 369 3,209 Change in other non current assets and liabilities (908) (928) (21) (1,171) (1,628) (457) Tax and contributions (5,974) (11,652) (5,678) (8,340) (11,652) (3,312) Net cash generated by operating activities 42,844 37,890 (4,955) 48,479 60,089 11,610 Net cash generated from operating activities totaled R$ 37.9 million, with a slightly stretch on the balance of accounts payable due to the greater importance of owned store channel in the sales mix. 10
  • 11. Capital Expenditure (CAPEX) and Indebtedness CAPEX (R$ million) Indebtedness (R$ million) 31.8 0.5 Indebtedness 2Q11 1Q12 2Q12 334.7% 10.3 Cash 199,339 166,741 205,819 - Total indebtedness 32,276 30,844 51,117 14.5 Short term 12,547 14,059 25,548 304.2% 0.3 As % of total debt 38.9% 45.6% 50.0% 7.3 Long term 19,729 16,785 25,569 6.8 21.0 3.6 As % of total debt 61.1% 54.4% 50.0% 0.5 - 2.5 0.2 7.4 Net debt (167,063) (135,897) (154,702) 1.2 4.3 - 2.1 EBITDA LTM 104,201 111,662 118,007 2Q11 2Q12 1H11 1H12 Net debt /EBITDA LTM -1.6x -1.2x -1.3x Stores Corporate Others¹ Arezzo&Co invested R$ 14.5 million in 2Q12, of which R$ 7.4 million in stores, including 4 openings and 2 stores expansions, and 6 other refurbishments not yet inaugurated. Corporate investments are mainly related to the new Company’s head office, in Campo Bom - RS ¹ Other: Increase of 17.2% in 2Q12 and of 6.0% in1H12 compared with the same period of the previous year. 11
  • 12. Contacts CFO and IR Officer Thiago Borges IR Manager Daniel Maia Phone: +55 11 2132-4300 ri@arezzoco.com.br www.arezzoco.com.br 12