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| Apresentação do Roadshow

1

Conference Call

2Q14

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2

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.

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3

Gross revenue reached R$327.5 million in the 2Q14, an increase of 7.2% against 2Q13. Gross Revenue

In 2Q14, gross profit was R$112.9 million, a growth of 6.5% over 2Q13. Gross Profit

EBITDA for 2Q14 amounted to R$42.3 million, a growth of 4.5% in relation to 2Q13, with a margin of 16.7%.

EBITDA

In this quarter, Arezzo&Co opened nine stores and expanded six stores, with a growth of 15.7% in sales area over the last 12 months.

Sales Area Expansion

In 2Q14, net income reached R$31.6 million, with net margin of 12.5%, and an increase of 8.9% in comparison with 2Q13.

Net Profit

2Q14 Highlights

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293.9 310.8

535.4 577.1

11.6 16.7

27.5

26.2

305.5

327.5

562.9 603.4

2Q13 2Q14 1H13 1H14

Domestic Market External Market

4

Gross revenue reached R$327.5 million in the 2Q14, an increase of 7.2% against 2Q13.

Company Growth

Gross Revenues – Domestic and Export Market (R$ million)

5.8%

44.1%

7.2%

7.8%

-4.6%

7.2%

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171.5 175.0

322.3 339.6

110.6 117.2

189.6 205.4

9.1 16.5

17.0

28.3

2.7 2.1

6.6

3.8

293.9

310.8

535.4

577.1

2Q13 2Q14 1H13 1H14

Arezzo Schutz Anacapri Others¹

5

Growth of 5.8% from the domestic market gross revenues in 2Q14, namely the growth of 82.3% for the

Anacapri brand, leveraged by the opening of 26 stores in the last twelve months.

1) Others: Reduction of 21.5% in the 2Q14 and 42.1% in the 1H14.

Gross Revenues by brand – Domestic Market (R$ million)

Gross Revenue Breakdown by Brand –

Domestic Market

2.0%

82.3%

5.8%

5.4%

66.6%

7.8%

8.4%

6.0%

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134.5 151.1

251.4 297.0

69.8 74.9

131.3

138.8

87.6 83.6

147.6

139.2

1.9 1.2

5.2

2.1

293.9

310.8

535.4 577.1

2Q13 2Q14 1H13 1H14

Franchise Owned Stores Multi-brand Others¹

In 2Q14, monobrand stores (Franchises and Owned Stores) increased sales, namely a 12.3% growth in

Franchise channel, leveraged by the opening of 58 stores and expansion of 14 in the last twelve months.

Gross Revenue Breakdown by Channel –

Domestic Market

6

SSS Sell-out (owned stores + franchises)

SSS Sell-in (franchises)

1) Others: Decreasing 38.7% in 2Q14 and 60.2% in 1H14.

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

SSS Sell-out (owned stores + web + franchises)

1.2%

5.5%

6.7%

1.1%

2.5% 7.7%

3.7%

6.7%

5.3 %

5.1%

4.7%

5.9 %

18.1%

5.8%

7.8%

12.3%

7.3%

5.8%

-4.5%

-5.7%

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276 309

361 417

31

50

56

51

18.4 23.1

28.0 32.4

2Q11 2Q12 2Q13 2Q14

Franchises Owned Stores Area

The sales area increased 15.7% in the 2Q14 due to the opening of 51 stores and expansion of 17 stores

in the last 12 months.

Distribution Channel Expansion

7

Owned Stores and Franchises Expansion

1) Includes 6 outlets with total area of 2,217 sqm

The numbers of Multi Brand stores refers to the domestic market

21.1% 15.7%

25.6%

+45

+50

+51 Franchises

Multi Brands

Owned Stores

43

26

1.383

Multi Brands

Owned Stores 2

9

Franchises 26

Multi Brands

Owned Stores 6

987

Franchises

Multi Brands

Owned Stores

348

17

1.040

307

359

417

468

1

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106.1 112.9

195.5 205.0

2Q13 2Q14 1H13 1H14

40.5 42.3

69.1 69.6

2Q13 2Q14 1H13 1H14

In 2Q14, gross profit reached R$112.9 million, an increase of 6.5%, with gross margin of 44.5%. EBITDA

for 2Q14 amounted to R$42.3 million, with a margin of 16.7%.

Gross Profit and EBITDA

8

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

Gross profit Gross Margin EBITDA EBITDA Margin

6.5%

4.5%

44.6% 44.5%

4.8%

44.6% 43.9%

17.0% 16.7%

15.8% 14.9%

0.7%

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29.1 31.6

48.4 49.1

2Q13 2Q14 1H13 1H14

The Company’s net income totaled R$31.6 million in 2Q14, a growth of 8.9% in the quarter with a 12.5%

net margin.

Net Income and Net Margin

9

Net Income (R$ million)

Net Margin Net Income

8.9%

12.2%

12.5%

1.3%

11.0% 10.5%

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10

Arezzo&Co generated R$8.8 million of net cash flow in 2Q14, in line with the generation of operating cash

of the same period last year.

Operating Cash Flow (R$ thousand)

2Q13 2Q14 Change

in R$

Change

in % 1H13 1H14

Change

in R$

Change

in %

38,759 43,033 4,274 11.0% 66,850 70,030 3,180 4.8%

2,385 3,097 712 29.9% 4,970 6,306 1,336 26.9%

973 1,754 781 80.3% (286) (1,430) (1,144) 400.0%

(19,522) (20,855) (1,333) 6.8% (11,285) (11,653) (368) 3.3%

11,471 9,189 (2,282) -19.9% 9,097 11,692 2,595 28.5%

(2,716) (18,161) (15,445) 568.7% (14,190) (35,935) (21,745) 153.2%

(25,464) (17,130) 8,334 -32.7% 8,049 22,270 14,221 176.7%

(2,813) 5,247 8,060 n/a (14,241) (9,680) 4,561 -32.0%

(13,935) (18,200) (4,265) 30.6% (17,598) (20,542) (2,944) 16.7%

8,660 8,829 169 2.0% 42,651 42,711 60 0.1%

Operating Cash Flow

Income before income tax and

social contribution

Depreciações e amortizações

Change in other noncurrent and

current assets and liabilities

Payment of income tax and

social contribution

Net cash flow generated by

operational activities

Other

Decrease (increase) in current

assets / liabilities

Trade accounts receivables

Inventories

Suppliers

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4.2 2.5

6.5 5.7

4.0 10.0

12.0 16.1

0.8

1.8

1.6

2.3

8.9

14.3

20.2

24.2

2Q13 2Q14 1H13 1H14

Stores Corporate Others¹

In 2Q14, the Company invested R$14.3 million, mainly due to corporate investment in infrastructure

technology. Indebtedness policy remained conservative.

Capital Expenditure (CAPEX) and

Indebtedness

11

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

1) Others: increasing of 114.2% in 2Q14 and 44.2 in 1H14.

-12.6%

34.2%

19.8%

-39.0%

152.3%

60.1%

2Q13 1Q14 2Q14

Cash 214,411 207,553 159,196

Total debt 107,862 96,652 80,853

Short term 60,763 59,680 49,753

% total debt 56.3% 61.7% 61.5%

Long-term 47,099 36,972 31,100

% total debt 43.7% 38.3% 38.5%

Net debt (106,549) (110,901) (78,343)

EBITDA LTM 155,575 158,113 159,916

Net Debt/EBITDA LTM -0.7X -0.7x -0.5X

Cash position and Indebtedness

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B:232 Contacts

Thiago Borges

Leonardo Pontes, CFA

Telephone: +55 11 2132-4300

ri@arezzoco.com.br

www.arezzoco.com.br

CFO and Investor Relations Officer

IR Manager

Vanessa Sorechio

Leandro Vieira

IR Specialist

IR Analyst