| Apresentação do Roadshow

1

As of March 31st , 2011May , 2011

Disclaimer

The information contained here may include forward-looking information and reflects the executive office’scurrent perception and prospects for the macroeconomic environment, the industry situation, the Company'sperformance and financial results. Any statements, expectations, capacities, plans and projectionscontained here which do not describe historical facts, such as information about the dividend paymentstatement, the future course of operations, the introduction of relevant financial strategies, the investmentprogram and the factors or trends affecting the financial condition, liquidity or the operating results areconsidered forward-looking information as defined by the “U.S. Securities Litigation Reform Act” of 1995 andinvolve a number of risks and uncertainties. These results are not guaranteed to materialize. Thesestatements are based on several factors and expectations, including the economic and market conditions,level of competition in the industry and operating factors. Any changes in these expectations and factorsmay lead to real results materially different from the current expectations.

The consolidated financial information of Arezzo Indústria e Comércio S/A – Arezzo&Co presented herecomplies with the International Financial Reporting Standards – IFRS, issued by the InternationalAccounting Standards Board – IASB, based on audited financial information. The non-financial information,as well as other operating information, was not audited by the independent auditors

2

| Company overview

Platform of brands of reference

Arezzo&Co is the leading company in the footwear an d accessories sector through its platform of Top of M ind brands

1

4

.1 Company overview¹

Arezzo&Co is the reference in the Brazilian retail sector and has a unique positioning combining growth with high cas h generation

1Leading company in the footwear and accessories sector with presence in all Brazilian states

Controlling shareholders are the reference in the sector

Development of collections with efficient supply chain

Asset light: high operational efficiency

Strong cash generation and high growth

6.4 million pairs of shoes

412 thousand handbags

c.1,900 points of sale

11.1% market share ²

38 years of experience in the sector

Wide recognition

~11,500 models created per year

Lead time of 40 days

7 to 9 launches per year

84% outsourced production

ROIC of 43% in 2010

1,587 employees

Net revenues CAGR: 43% (07-10)

Net income CAGR: 55% (07-10)

Increased operating leverage

Notes:1. FY2010 data.2. Refers to the Brazilian women footwear market (source: Euromonitor, IBGE and Company estimates) . Estimated for 2010. 5

� Founded in 1972

� Focused on brand and product

� Consolidation of industrial business model located in Minas Gerais

� 1.5 mm pairs per yearand 2,000 employees

� Focus on retail

� R&D and production outsourcing on Vale dos Sinos -RS

� Franchises expansion

� Specific brands for each segment

� Expansion of distribution channels

� Efficient supply chain

First store

Fast Fashion concept

Launch of the first design with

national success

+

Schutz launch

Launch of new brands

Merger

Commercial operations centralized in São Paulo

Strategic Partnership(November 2007)

Industry Reference Foundation and structuring Industrial Era Corporate EraRetail Era

2011…70’s 80’s 90’s 00’s

Opening of the first shoe factoryOpening of the first shoe factory

Opening of the flagship store at Oscar FreireOpening of the flagship store at Oscar Freire IPO

.2 Successful track record of entrepreneurshipThe right changes at the right time accelerated the Company's development

1

R$196.0 mn in primary offering

.3 Shareholder structure

Arezzo&Co capital stock is composed of 88,542,410 common shares, all nominative, book-entry shares with no par value.Shareholder structure as of May, 2011.

7

Post-offering

53.6% 34.3%

Birman family Management Others

11.8% 0.4%

1

8

.4 Culture & Management: Arezzo towards 2154

Code of Ethics

� “Our behavior is a positive example for all activities and internal or external interactions; and we treat everyone with respect, equality and cooperation”

� “We properly protect the confidentiality of our information, documents, trademarks, intellectual property and cherish the proper use of our assets”

� “The Arezzo Group’s interests prevail over personal or third party interests and guide any decision-making in the company”

� “We act with fairness in our relationships with suppliers, franchisees and customers, eliminating any situation that may generate expectations of bias in the context of receipt of gifts and invitations”

� “Our suppliers are evaluated and contracted based on clear criteria and in line with our ethical standards and conduct”

� “We are committed to ensure a responsible environmental stewardship by ensuring and establishing high standards for the purposes of protecting the environment and conserving its resources”

� “We have a socially responsible conduct and do not use any resources for unethical or illegal purposes, or that violates local or international laws”

� “It is our duty to report any breach of the Code of Ethics irrespective of the public involved”

2010

2154

Meritocratic culture based on best practices makes Arezzo a company prepared to reach 2154

1

.5 Strong platform of brands

Strong platform of brands, aimed at specific target markets, enables the Company to capture growth from different income seg ments

1TrendyNewEasy to wearEclectic

FashionUp to dateBoldProvocative

16 - 60 years old 18 - 40 years old

R$ 270.00/pair

R$506 mn R$204 mn

PopFlat shoesAffordableColorful

12 - 60 years old

R$ 99.00/pair

R$4 mn

DesignExclusivityIdentitySeduction

R$ 900.00/pair

R$7 mn

20 - 45 years old

68% 27% 0.5% 0.9%

Brands profile

Female target market

Sales Volume²

% Gross Revenues³

Retail price point

Foundation 1972 1995 2008 2009

Dis

trib

utio

n ch

anne

l1

% gross rev.

POS 1

O

5

MB

20

O

1

16% 14%

O

13

F

266

74%

MB

709

12%13%

Notes:1. Points of sales (1Q11). O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports2. Last twelve months (1Q11) gross revenues, does not include Other Revenues (not generated by the 4 brands) which represents 3,6% of total Revenues 3. Total Gross Revenues

9

EX

-

1%

O

10

F

1

1%

MB

1.3k

69%22%

EX

-

8%

EX

-

71%

R$ 170.00/pair

MB

470

83% 17%

50% 27% 16% 7% 100%

.6 Multiple distribution channels1

10

373

202

11755²

713

Flexible platform through three distribution channe ls with differentiated strategies, maximizing the Company's profitability

Gross Revenue Breakdown (R$ mn)¹

Gross Revenues per Channel

29 owned stores in 5 Flagship stores

946 cities and 1,782 multi-brands

267 franchises in more than 140 cities

Broad distribution in every Brazilian

state

Franchises Multi-brands Owned stores Others Total

Notes:1. Last twelve months (1Q11) gross revenues2. Considers external market and other revenues in the domestic market

| Business model

Management

BRANDS OF REFERENCE

Customer focus: we are at the forefront of Brazilian women fashion and design

Multi-channelSourcing & LogisticsCommunication &

Marketing

SEASONED MANAGEMENT TEAM WITH PERFORMANCE BASED INCENTIVES

NATIONWIDE DISTRIBUTION STRATEGY

EFFICIENTSUPPLY CHAIN

SOLID MARKETING AND COMMUNICATION PROGRAM

ABILITY TO INNOVATE

R&D

1 2 3 4 5

12

Unique business model in Brazil 2

.1 Ability to Innovate

We produce 7 to 9 collections per year2I. Research

Creation: 11,500 SKUs / year

II. Development III. Sourcing IV. Delivery

Arezzo&Co fulfills the various aspirations of wome n, delivering on average 5 new models per day, allowing for consistent desire-driv en purchases

Available for selection: 4,600 SKUs / year

13

Stores: 3,100 SKUs / year

Creation

Launch Orders

Production

Delivery

Normal sale

Discount sale

Winter I Winter II Winter III Summer I Summer II Summer III Summer IV

Activities JAN FEV MAR APR MAY JUN JUL AUG SEP O CT NOV DEC

.2 Communication & marketing reflected in every aspect of the store…Stores constantly modified to incorporate the conce pt of each new collection, creating desire-driven purchases

2

All visual communication at stores is monitored and updated simultaneously throughout Brazil for each new collection

Flagship storesStore layout & visual merchandising

14

POS materials (catalogs, packaging, among others)

.2 ...allied with a broad media plan

Arezzo&Co promotes its brands through unique and wi despread campaigns in different media outlets

2Strong presence in printed media

117 insertions in printed media on 225 pages

Continuous insertions in fashion editorials

206 exhibitions in fashion editorials

Digital communication

423k visits / month to Arezzo website and 96k to Sc hutz website

Presenting electronic media and television

15

343 showings on TV and 620 in cinemas

.3 Flexible production process2

16%

84%

16

Arezzo’s size allows for large scale purchases from each supplier

Production speed, flexibility and scalability are a ble to ensure Arezzo&Co’s expected growth

Owned factory with capacity to produce 1.2 million pairs annually and strong relationship with Vale dos Sinos production cluster

Flexible supply model Gains of scale

Joint purchasesCertification and auditing of suppliers

In-house certification and auditing ensure quality and punctuality (ISO 9001 certification in 2008)

Negotiation of raw material jointly with local suppliers

Supply Profile Simultaneous consolidation and distribution in nati onal scale

Outsourced production

Owned plant

Reception: 60,000 units / day

Storage: 60,000 units / day

Separation: 100,000 units / day

Invoicing and labeling: 150,000 units / day

Distribution: 200,000 units / day

12

3

4

5

.4 ...leveraged by owned stores…

Multiple distribution model allows for capturing th e value in the chain while widening distribution capillarity and b rands’ visibility

2GREATER BRAND AWARENESS AND VISIBILITYCOUPLED WITH OPERATIONAL EFFICIENCIES

Owned stores strategy

17

Anacapri Schutz Arezzo Alexandre Birman

� Allows direct contact with consumer

� Main consumption centers (mainly SP and RJ)

� High profitability with great operational efficiency� Benchmark for franchisees

� Flagship stores ensure greater visibility and reinforce brand image

Number of owned stores

610

21

29

2007 2008 2009 2010/1Q11

2

4 or more franchises

1 franchise

2 franchises

3 franchises

44%

13%

29%

14%

18

.4 …with efficient management of the franchise network...Model allows rapid expansion with little invested c apital by Arezzo&Co and high profitability to franchisees

Successful Partnership: “Win – Win” Franchise Concentration per Operator

Average payback of 39 months2

100% of on-time payments

96% satisfaction of franchisees1

Excellency in Franchising Award in the last 7 years (ABF)

Best Franchise in Brazil (2005) and in the sector for 6 years (2004 - 2009)

(# of Franchisees by # of Franchises)� 88 thousand hours of retail training

� Ongoing support: average of 6 stores/ consultant and average of 22 visits per store/ year

� Strong relationship with and ongoing support to franchisee

Notes: FY2010 data1. 96% of the current franchisees indicated they would be interested in opening a

franchise if they did not already have one2. Annual sales of R$ 2,330 thousand + average initial investment of R$ 433 thousand

+ working capital of R$ 414 thousand

2008 2009 2010 1Q10 1Q11

.4 ...and of the multi-brand stores2

Multi-brand stores

19

Arezzo Schutz

40%

42%

122.2 131.3

187.0

33.2

39.4 42.5 56.211.7

82.8

Multi-brand stores’ Gross Revenue¹ (R$ mn) IMPROVED DISTRIBUTION AND BRAND VISIBILITY

� Greater brand capillarity

� Rapid expansion at low investment and risk

� Important sales channel for smaller cities

� Presence in over 940 cities

Multi-brand stores widen the distribution capillari ty and the brands’ visibility, resulting in a strong retail footprint

9.6

46.588.8

130.8

23.6 34.8

7%

Notes:1. Domestic market only

.4 Large capillarity and scale of store chain…Store chain with high capillarity, reaching more th an 140 cities and well-positioned among the retail companies

2

20

Size and average sales per exclusive stores

BrandAverage size

(m2)Gross Revenue/ m2 (R$ 000s) 4

Total Stores 1,2

57 45 296

128 15 324

2,072 8 126

1,097 4 249

2,573 8 117

345 23 46

5

6

266 franchises + 10 owned stores + 3 outlets +709 multi-brand clients

1 franchise + 10 owned stores +1277 multi-brand clients

Points of sale (1Q11)

TOTAL

5 owned stores470 multi-brand clients

1 owned store +18 multi-brand clients

267 franchises + 26 owned stores + 3 outlets +1,782 multi-brand clients= 2,078 points of sales

Source: IBGE, Companies’ Reports; number of stores according to latest data provided by the CompaniesNotes:1. Considers only owned stores and franchises of Arezzo&Co and Schutz. 2. For Hering, considers only Hering Store chain stores. 2010E data, as published on 3Q103. 2008 data4. Gross Revenue / average sales area. For Arezzo, considers Arezzo’s chain sell-out estimate5. Net Revenue per m2. Does not publish gross revenue6. Considers Arezzo + Schutz, except for outlets, purses’ stores and Schutz franchises

Geographic distribution vs. GDP

N

NE

MW

SE

S

Region Arezzo&Co 1 GDP3

5%

19%

7%

54%

15%

5%

13%

9%

56%

17%

Arezzo and Ana CapriSchutz and Alexandre

BirmanIndustrial Supply Chain Strategy and IT Financial

Alexandre Birman Cisso Klaus Marcio Jung Thiago BorgesKurt Richter

HR

Raquel Carneiro

Marco Coelho

Internal Auditing

Anderson Birman

Claudia Narciso

.5 Seasoned and professional management team2

Anderson Birman

Years at Arezzo

38

15

3

12

9

6

7

28

1

Years of experience

38

15

11

22

30

26

45

39

11

NameTitle

Anderson BirmanCEO

Alexandre BirmanCOO

Thiago Borges CFO and Investor Relations Officer

Claudia NarcisoDirector – R&D

Kurt RitchterDirector – Strategy and IT

Marcio Jung Director – Supply Chain

Cisso KlausDirector – Industrial

Marco CoelhoDirector – Internal Auditing

Raquel CarneiroDirector – HR

Highly qualified management team

21

� Stock option plan for key executives

� Performance based compensation package for all employees

� Independent business units for each brand but unified officers (Industrial, Logistics, Financial and HR) for the whole company

.5 Corporate governance

After the offering, the Board is composed by 8 memb ers being 2 appointed by Tarpon, 4 by the controlling sharehold ers and 2 independent members

2Name ExperienceTitle

Anderson BirmanChairman of the Board

Arezzo’s CEO since its foundation, with over 38 years of experience in the industry

Alexandre BirmanVice-Chairman of the Board

Arezzo’s COO and founder of Schutz, with 15 years of experience in the industry

Pedro FariaBoard Member

Tarpon’s partner since 2003, member of the Board of Directors of Direcional Engenharia, Omega Energia Renovável, Cremer and Comgás

Eduardo MufarejBoard Member

Tarpon’s partner since 2004, member of the Board of Directors of Tarpon, Omega Energia Renovável and Coteminas

José Murilo CarvalhoBoard Member

President of the Attorney’s Association of Minas Gerais

Board Member of the Brazilian Bar Association

José BolonhaBoard Member

Founder and CEO of “Ethos Desenvolvimento Humano e Organizacional"

Board member of the Inter-American Economic and Social Council (UN, WHO)

Guilherme A. FerreiraIndependent Board Member

CEO of Bahema Participações, board member of Pão de Açúcar, Banco Signatura Lazard, Eternit, Tavex and Rio Bravo Investimentos

22

Artur N. GrynbaumIndependent Board Member

CEO of Grupo Boticário (largest franchise company in Brazil) and Vice-President at Abihpec (Brazilian Association of Industries in the field of Personal Hygiene, Perfumes, and Cosmetics )

| Growth prospects

.1 Social upward mobility driving internal consumptionIncome growth and job creation lead to rapid social upward mobility and increasing internal consumption

3

24

2003

46 (24%)

30 (16%)

40 (20%)

16 (8%)

47 (27%)

49 (28%)

+18 mi(2003-14E)

+47 mi(2003-14E)

2014E2008

31 (16%)20 (11%)13 (8%)

66 (37%)93 (49%)

113 (56%)

...Resulting in a significant rise of consumer good s consumption, including Footwear and Apparel(Consumption growth as a result of the upward mobility in social classes; indexed 100 = class D/E)

Source: IBGE, FGV, LCA, Bain & Co., BCG, Roland Berger

Classes A/B: monthly income above R$4,808 | Class C: monthly income between R$1,115 and R$4,408 | Class D: monthly income between R$768 and R$1,115 | Class E: monthly income below R$768

Class

D/EClass

CClass

BClass

A

Food, Drinks and Cigarettes

Electronicsand Furniture

Footwear and Apparel

Prescription/OTC drugs

Hygiene and Personal Care

5.4x

10.1x

12.6x

9.3x

11.2x

Footwear and apparel have the largest growth potential

3.3x

4.4x

5.4x

4.3x

5.3x

1.7x

1.9x

2.3x

1.9x

2.3x

1.0x

1.0x

1.0x

1.0x

1.0x

Class C

Class A/B

Class D

Class E

Brazil experiences an accelerated process of social upward migration... (Millions of people)

37%

29%

17%

13%

4%

25

.2 Brazilian footwear market overview 3

+4% +6%

Footwear market (R$ bn)

Others

SportsMen

Kids

Women footwear +8%

2007 2008 2009 2010

29.7 31.032.9

35.4

8.6 9.0 9.5 10.3

2007 2008 2009 2010

Total footwear Women footwear

Income Class

4.7%

8.1%8.6%

11.1%

17%

44%33%

6%

Class B

Class AClass D/E

Class C

Footwear consumption (2009)

Arezzo&Co has a significant stake of the the women footwear market and has consistently increased its market share

Arezzo&Co’s market share 1

Source: IBOPE Inteligência (Pyxis), Satra, World BankNote:1. Based on Euromonitor research and IBOPE Inteligência (Pyxis). Estimated market share, which includes both Arezzo and Schutz

.3 Growth fundamentals3

Inventory management

Increase operational efficiencies and margins

Improve store productivity

Expand distribution footprint

Capitalize on strong growth fundamentals in Brazil

Key value drivers

26

Net income (R$ mm) Net margin (%)

CAGR 05-10: 51%

9 1017

22

49

65

2005 2006 2007 2008 2009 2010

7% 7%

9%

6%

12% 11%

Net income (R$ mn) and net margin (%)

| 1Q11 and 2010 Financial highlights

.1 Operational and financial highlights4Gross Revenues – Domestic Market and Exports Market s (R$ mn)

28

128.0 164.6

402.6 468.8662.5

11.3 9.8

56.944.2

50.4

1Q10 1Q11 2008 2009 2010

Domestic Market Exports Market

25.3%

139.2174.4

459.6513.0

712.9

41.3%

14.0%

39.0%

28.7%

-12.9%

-22.4%

11.6%

16.4%

.1 Operational and financial highlights4Gross Revenues per Channel (R$ mn) – Domestic Market

29

Notes:1. Others: Others channels in Domestic Market.2. SSS Owned Stores (Sell out); SSS Franchisees (Sell In).

Owned StoresFranchises

SSS²

21.9%53.4%

11.0%9.0%

28.9%3.7%

17.6%29.1%

73.9 88.5

260.9358.7

33.8 47.4

133.7

188.4

19.4 26.9

70.4

110.0

0.9 1.8

3.7

5.4

1Q10 1Q11 2009 2010

Franchises Multi-Brand Retail Stores Owned Stores Others - Domestic Market¹

37.5%

40.9%

56.2%

38.6%

40.3%

19.9%

128.0164.6

468.8

662.541.3%

28.7%

4

30

.2 Operational and financial highlights

Key highlights

Strong growth for the main brands with special performance delivered by Schutz, presenting a 51.8% year-over-year gross revenues increase in 1Q11

The first quarter 2011 ended with 296 store chain and Sales area expansion of 14.6% year-over-year

1Q11 Net Revenues increased by 23.1% year-over-year (38.7% 2010/ 2009)

208 227242

267

610

21

29

11.7

13.3

14.9

17.6

2007 2008 2009 2010

Franchisees Own Stores Area

214237

263

29613.2%

12.5%

17.7%

+23

+26

+33

Area CAGR 07-10: 14.4%

Number of Stores (R$ mn) and Total Area (m² - ‘000)

Owned Stores

112.6138.6

193.8

367.1412.1

571.5

1Q10 1Q11 2007 2008 2009 2010

89.4%

12.3%

38.7%

23.1%

CAGR 07-10: 43.4%Net Revenues (R$ mn)

1015

22

49

65

9.2%

10.6%

6.1%

11.8% 11.3%

1Q10 1Q11 2008 2009 2010

4Gross Profit (R$ mn) and Gross Margin (%)

31Notes:1. Adjusted for interest on shareholders’ equity and goodwill amortization

.3 Operational and financial highlights

Net Income (R$ mn) and Net Margin (%)

47 56

138167

232

41.5% 40.7%

37.7%40.5% 40.5%

1Q10 1Q11 2008 2009 2010

EBITDA (R$ mn) and EBITDA Margin (%)

17 21

42

61

95

15.4% 15.0%

11.5%

14.7%

16.7%

1Q10 1Q11 2008 2009 2010

32

4 .4 Operational and financial highlights

Operational Cash Flow (R$ thousand)

Capex (R$ thousand)

Summary of investments (R$ thousand) 1Q10 1Q11 Gr owth (%) 2009 2010 Growth (%)

CAPEX - total 2,517 3,661 45.5% 11,141 15,365 37.9%

Stores – expansion and reforming 1,689 2,215 31.1% 8,930 7,869 -11.9%

Corporate 709 1,237 74.5% 1,879 5,752 206.1%

Others 119 209 75.9% 332 1,744 425.1%

Cash flows from operating activities (R$ thousand) 1 Q10 1Q11 ∆ 2009 2010 ∆

Income before income taxes 15,707 21,321 5,614 58,852 89,289 30,437

Depreciation and amortization 608 879 271 1,655 2,670 Other 94 (1,868) (1,962) (7,261) 1,735

Decrease (increase) in assets (27,145) (36,649) (9,504) (25,743) (57,730) (31,987)

Trade accounts receivable (20,063) (18,366) 1,697 (13,218) (29,170) Inventories (9,270) (15,723) (6,453) (6,914) (27,657) Recoverable taxes (201) (871) (670) (1,810) (4,063) Other current assets 2,389 (1,689) (4,078) (3,801) 3,160

(Decrease) increase in liabilities 11,316 24,318 13,002 24,889 9,035 (15,854)

Suppliers 18,105 22,157 4,052 12,483 (330) Tax and contributions (1,695) 205 1,900 6,077 7,719 Other current liabilities (5,094) 1,956 7,050 6,329 1,646

Decrease (increase) in Working Capital (15,829) (12,331) 3,498 (854) (48,695) (47,841)

Tax and contributions (856) (2,366) (1,510) (12,481) (24,542) (12,061)

Net cash generated by operating activities (276) 5,635 5,911 39,911 20,457 (19,454)

33

Appendix

34

.1 Key performance indicatorsASummary of Results (R$ thousand) 1Q10 1Q11

Growth or spread (%)

2009 2010 Growth or spread (%)

Net Revenue 112,610 138,595 23.1% 412,063 571,525 38.7%

Gross Profit 46,753 56,445 20.7% 166,821 231,641 38.9%

Gross Margin 41.5% 40.7% -0.8 p.p. 40.5% 40.5% 0.0 p.p.

EBITDA 17,376 20,735 19.3% 60,533 95,490 57.7%

EBITDA Margin 15.4% 15.0% -0.5 p.p. 14.7% 16.7% 2.0 p.p.

Net Income 10,370 14,728 42.0% 48,739 64,534 32.4%

Net Margin 9.2% 10.6% 1.4 p.p. 11.8% 11.3% -0.5 p.p.

Operating Indicators (R$ thousand) 1Q10 1Q11 Growth or spread (%)

2009 2010 Growth or spread (%)

# of pairs sold (in Thousands) 1,236 1,432 15.8% 5,063 6,431 27.0%

# of handbags sold (in Thousands) 70 80 14.2% 337 412 22.2%

# of employees 1,299 1,587 22.2% 1,080 1,557 44.2%

Number of Stores 267 296 10.9% 263 296 12.5%

Own Stores 22 29 31.8% 21 29 38.1%

Franchises 245 267 9.0% 242 267 10.3%

Outsourcing (as % of Sales) 78.0% 84.0% 6.0 p.p. 57.6% 82.7% 43.6%

SSS (Franchises – sell-in) 53.4% 9.0% 3.7% 29.1%

SSS (Owned Stores – sell-out) 21.9% 11.0% 28.9% 17.6%

35

.2 Balance Sheet - IFRSAAssets (R$ thousand)

1Q11 4Q10 1Q10 4Q09

Current assetsCash and cash equivalents 6,809 8,004 42,568 38,991 Short-term investments 180,484 5,000 4,137 5,901

Trade accounts receivable 150,836 132,402 123,353 103,290 Inventories 64,585 48,862 30,475 21,205

Taxes recoverable 8,889 7,889 5,157 3,418 Other receivables 8,317 6,910 9,563 10,018

Total current assets 419,920 209,067 215,253 182,823

Non-current assetsLong-term assets

Financial investments 96 98 102 116 Taxes recoverable 3,774 3,903 2,773 4,311

Deferred income and social contribution taxes 14,440 14,449 18,516 19,697 Other receivables 3,715 4,491 8,344 7,644

Investments - - - - Property, plant and equipment 22,134 21,376 13,663 12,403

Intangible assets 16,818 14,772 11,689 11,033

Total non-current assets 60,977 59,089 55,087 55,204

Total assets 480,897 268,156 270,340 238,027

Liabilities (R$ thousand)

1Q11 4Q10 1Q10 4Q09 Current liabilities

Loans and financing 12,813 27,370 28,755 24,583 Trade accounts payable 50,901 28,744 47,179 29,074

Dividends and interest on equity capital payable 11,964 11,964 18,507 18,507 Other liabilities 27,578 25,708 18,012 20,494

Total current liabilities 103,256 93,786 112,453 92,658

Non-current liabilities Loans and financing 20,773 19,399 17,052 14,735 Related parties 2,079 2,075 3,026 1,514 Other liabilities 7,217 6,678 9,653 9,588

Total non-current liabilities 30,069 28,152 29,731 25,837

EquityCapital 40,917 21,358 21,358 21,358 Capital reserve 238,086 71,019 71,019 71,019 Income reserves 37,779 37,779 27,155 27,155

Proposed additional dividends 16,062 16,062 (1,746) -

Retained Earnings 14,728 - 10,370 -

Total shareholders’ equity 347,572 146,218 128,156 119,532 Total liabilities and shareholders’ equity 480,897 268,156 270,340 238,027

36

.3 Income Statement - IFRSAIncome statement - IFRS

(R$ thousand) 1Q11 1Q10 Growth (%) 2010 2009 Growth (%)

Net operating revenue 138,595 112,610 23.1% 571,525 412,063 38.7%- - Cost of sales and services (82,150) (65,857) 24.7% (339,884) (245,242) 38.6%

- - Gross profit 56,445 46,753 20.7% 231,641 166,821 38.9%- - Operating income (expenses): Selling (25,524) (20,144) 26.7% (96,597) (73,666) 31.1% Administrative and general (11,423) (10,088) 13.2% (45,679) (36,929) 23.7% Other operating income 358 247 44.8% 3,455 2,653 30.2%

Total Operating income (expenses): (36,589) (29,985) 22.0% (138,821) (107,942) 28.6%

Income before financial results 19,856 16,768 18.4% 92,820 58,879 57.6%

Financial income (expenses) 1,465 (1,061) -238.1% (3,531) (27) 12977.8%

Income before income taxes 21,321 15,707 35.7% 89,289 58,852 51.7%

Income and social contribution taxesCurrent (1,967) (4,835) -59.3% (19,507) (8,102) 140.8%Deferred (4,626) (502) 821.5% (5,248) (2,011) 161.0%

Net income for the year 14,728 10,370 42.0% 64,534 48,739 32.4%

37

.4 Cash Flow Statement - IFRSACash Flow Statement - IFRS(R$ thousand) 1Q11 1Q10 2010 2009Cash flows from operating activities

Income before income and social contribution taxes 21,321 15,707 89,289 58,852 Adjustments to reconcile to net cash generated by operating activities

Depreciation and amortization 879 608 2,670 1,655 Gain from disposal of permanent assets 55 - 131 18 Equity results - - - - Provision for labor, tax and civil contingencies 647 (1,395) (112) 817 Interests and foreign exchange variation 589 1,489 2,031 (7,634) Financial Investments (3,091) - Other (68) - (315) (462) - -

Decrease (increase) in assetsTrade accounts receivable (18,366) (20,063) (29,170) (13,218) Inventories (15,723) (9,270) (27,657) (6,914) Taxes recoverable (871) (201) (4,063) (1,810) Variation in other current assets - - 3,108 (2,387) Judicial deposits (330) 1,299 47 (1,382) Other accounts receivables (1,359) 1,090 5 (32) - -

(Decrease) increase in liabilitiesTrade accounts payable 22,157 18,105 (330) 12,483 Labor liabilities 1,057 (4,339) 2,843 6,052 Tax and social liabilities 205 (1,695) 7,719 6,077 Change in other liabilities 899 (755) (1,197) 277

Paid incomes and social contribution taxes (2,366) (856) (24,542) (12,481)

Net cash generated by operating activities 5,635 (276) 20,457 39,911

Net cash used in investing activities (176,131) (760) (12,891) (16,949)

Net cash used in financing activities with third parties (13,772) 4,863 5,399 (15,512)

Net cash used in financing activities with shareholders 183,073 (250) (43,952) (22,284) - - Cash and cash equivalents

Cash and cash equivalents - opening balance 8,004 38,991 38,991 53,825 Cash and cash equivalents - closing balance 6,809 42,568 8,004 38,991

Decrease in cash and cash equivalents (1,195) 3,577 (30,987) (14,834)

38

.5 Stock priceA

1. From Feb. 2nd 2011 to March 31st, 20112. From Feb. 2nd 2011 to May 10th, 2011

Arezzo&Co

O/S 88,542,410Ticker ARZZ3Listing 2/2/2011

Share price (03/31/2011) 22.75Market Cap (R$) 2,014 mn

Share price (05/10/2011) 24.72Market Cap (R$) 2,189 mn

Share performance1Q11¹ 19.7%2011² 30.1%

2/2/2011 3/1/2011 3/29/2011 4/26/2011

ARZZ3 Ibovespa

19.0

20.9

22.8

24.7

05/10/2011

36% over Ibovespa Index

39

IR Contacts

� Thiago Borges

� Daniel Maia

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

CFO and IR Officer

IR Manager