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| Apresentação do Roadshow

1

Conference Call

3Q14

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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$379 million in the 3Q14, an increase of 12.2% against 3Q13. Gross Revenue

In 3Q14, gross profit was R$124.9 million, a growth of 7.6% over 3Q13. Gross Profit

EBITDA for 3Q14 amounted to R$51.4 million, a growth of 10% in relation to 3Q13, with a margin of 17.4%.

EBITDA

In this quarter, Arezzo&Co opened 11 stores and expanded two stores, with a growth of 13.3% in sales area over the last 12 months.

Sales Area Expansion

In 3Q14, net income increased by 14.3% over 3Q13 to R$33.6 million, with a net margin of 11.3%.

Net Profit

3Q14 Highlights

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319.6 354.5

855.0 931.6

18.2 24.5

45.7

50.8

337.8 379.0

900.7

982.4

3Q13 3Q14 9M13 9M14

Domestic Market External Market

4

Gross revenue reached R$379.0 million in the 3Q14, an increase of 12.2% in comparison to 3Q13.

Company Growth

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

10.9%

34.5%

12.2%

9.0%

9.1%

11.0%

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201.7 210.6

523.9 550.2 106.5 119.3

296.1 324.7

9.7 22.5

26.7

50.8

1.6 2.1

8.2

5.9

319.6 354.5

855.0 931.6

3Q13 3Q14 9M13 9M14

Arezzo Schutz Anacapri Others¹

5

Growth of 10.9% from the domestic market gross revenues in 3Q14, with the main brands posting positive

results. Special mention to the growth of 130.8% for the Anacapri brand, leveraged by the opening of 32

franchises in the last twelve months.

1) Others: Increase of 27.8% in the 3Q14 and a reduction of 28.1% in the 9M14.

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

Gross Revenue Breakdown by Brand –

Domestic Market

4.4%

130.8%

10.9%

5.0%

89.9%

9.0%

9.7%

12.0%

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167.6 180.9

419.0 477.9

68.4 75.4

199.6

214.3

82.8 96.8

230.4

236.1

0.8 1.3

6.0

3.3

319.6 354.5

855.0

931.6

3Q13 3Q14 9M13 9M14

Franchise Owned Stores Multi-brand Others¹

In 3Q14, all the channels increased sales, with particular reference to the 16.9% growth in the Multibrand

channel, reinstating its growth. The SSS sell-out indicator reached 10.4% in this quarter.

Gross Revenue Breakdown by Channel –

Domestic Market

6

SSS Sell-out (owned stores + franchises)

SSS Sell-in (franchises)

1) Others: Increasing of 61.4% in 3Q14 and decreasing of 44.3% in 9M14.

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

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

-5.1%

0.6%

8,0%

-0,4%

-4.1% 10.4%

0,5%

4,3%

1,8%

6,1%

2,7%

7,5%

8.0%

10.3%

10.9%

16.9%

14.1%

7.3%

2.5%

9.0%

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282 324

373 427

36

53

56

52

19.7 24.5

29.0 32.9

3Q11 3Q12 3Q13 3Q14

Franchises Owned Stores Area

The sales area increased 13.3% in the 3Q14 due to the opening of 50 stores and expansion of 14 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

18.2% 13.3%

24.3%

+59

+52

+50 Franchises

Multi Brands

Owned Stores

43

27

1,348

Multi Brands

Owned Stores 2

7

Franchises 34

Multi Brands

Owned Stores 6

982

Franchises

Multi Brands

Owned Stores

350

17

1,057

318

377

429

479

1

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46.8 51.4

115.9 121.0

3Q13 3Q14 9M13 9M14

116.1 124.9

311.6 329.9

3Q13 3Q14 9M13 9M14

In 3Q14, gross profit reached R$124.9 million, an increase of 7.6%, with gross margin of 42.2%. EBITDA

in the quarter amounted to R$51.4 million, with a margin of 17.4%.

Gross Profit and EBITDA

8

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

Gross profit Gross Margin EBITDA EBITDA Margin

7.6%

43.5% 42.2% 5.9%

44.2% 43.2%

10.0%

17.5% 17.4%

16.4% 15.9%

4.4%

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29.4 33.6

77.8 82.7

3Q13 3Q14 9M13 9M14

In 3Q14, net income increased by 14.3% over 3Q13 to R$33.6 million, with a net margin of 11.3%.

Net Income and Net Margin

9

Net Income (R$ million)

Net Margin Net Income

14.3%

11.0%

11.3%

6.2%

11.0% 10.8%

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10

Arezzo&Co generated R$33.9 million in operating cash in 3Q14, primarily due to higher operating profit

related to a better working capital management.

Operating Cash Flow (R$ thousand)

3Q13 3Q14 Change

in R$

Change

in % 9M13 9M14

Change

in R$

Change

in %

45,630 51,815 6,185 13.6% 112,480 121,845 9,365 8.3% 27,928

2,807 3,293 486 17.3% 7,777 9,599 1,822 23.4% -9,599

(4,028) 1,249 5,277 n/a (4,314) (181) 4,133 -95.8% 9,621

(27,875) (9,957) 17,918 -64.3% (39,160) (21,610) 17,550 -44.8% 14,717

(41,250) (45,337) (4,087) 9.9% (32,153) (33,645) (1,492) 4.6% 5,292

(9,595) 4,666 14,261 n/a (23,785) (31,269) (7,484) 31.5% -11,121

22,559 28,843 6,284 27.9% 30,608 51,113 20,505 67.0% 30,963

411 1,871 1,460 355.2% (13,830) (7,809) 6,021 -43.5% -10,418

(5,907) (12,538) (6,631) 112.3% (23,505) (33,080) (9,575) 40.7% -9,337

10,627 33,862 23,235 218.6% 53,278 76,573 23,295 43.7% 33,329

Operating Cash Flow

Income before income tax and

social contribution

Depreciation and amortization

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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3.6 1.3

10.2 7.1 6.2 8.9

18.2 25.0

0.7 2.1

2.3

4.4

10.5 12.3

30.7

36.5

3Q13 3Q14 9M13 9M14

Stores Corporate Others¹

In 3Q14, the Company invested R$12.3 million, mainly due to corporate investments in infrastructure

technology. Indebtedness policy remained conservative.

Capital Expenditure (CAPEX) and

Indebtedness

11

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

1) Others: increasing 215.4% in 3Q14 and 94.0% in 9M14.

-62.8%

43.2%

17.5%

-30.5%

37.3%

19.1%

3Q13 2Q14 3Q14

Cash 199.780 159.196 175.856

Total debt 109.042 80.853 86.473

Short term 66.930 49.753 61.249

% total debt 61,4% 61,5% 70,8%

Long-term 42.112 31.100 25.224

% total debt 38,6% 38,5% 29,2%

Net debt (90.738) (78.343) (89.383)

EBITDA LTM 159.675 159.916 164.586

Net debt/EBITDA LTM -0,6x -0,5x -0,5x

Cash position and Indebtedness

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Thiago Borges

Leonardo Pontes dos Reis, CFA

Telephone: +55 11 2132-4300

ri@arezzoco.com.br

www.arezzoco.com.br

CFO and Investor Relations Officer

IR Manager

Leandro Vieira

IR Analyst