| Apresentação do Roadshow As of March 2016 May 2016 1
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
| Company overview
1 .1 Platform of brands of reference Arezzo&Co is the leading Company in the footwear and accessories industry through its platform of Top of Mind brands 4
1 .2 Company overview Arezzo&Co is the reference in the Brazilian retail sector and has a unique positioning combining growth with high cash generation Leading company in the footwear Development of Asset light: high Strong cash Controlling and accessories collections with operational generation and shareholders are industry with efficient supply efficiency high growth reference in the presence in all chain sector Brazilian states 10.5 million pairs of shoes More than 43 years of ~11,500 models created 91.0% outsourced¹ Net revenues CAGR: (1) experience in the sector per year production 24.0% (2007- 2016¹) 906 thousand handbags (1) Wide recognition Lead time of 40 days ROIC of 19.8% in 1Q16 Net Profit CAGR: 25.9% (2007- 2016 1 ) 2,657 points of sale 15 to 18 launches per year 2,200 employees Increased operating leverage 12% market share (2) 1. 1Q16 LTM. 5 2. Refers to the Brazilian women footwear market (source: Euromonitor, IBGE and Company estimates). Estimated for 2014.
1 .3 Successful track record of entrepreneurship The right changes at the right time accelerated the Company's development Foundation and structuring Industrial Era Retail Era Corporate Era Industry Reference 70’s 80’s 90’s 00’s 2011 – 2016 Founded in 1972 Consolidation of industrial Focus on retail Specific brands for each business model located in segment Focused on brand and R&D and production Minas Gerais product outsourcing on Vale dos Sinos Expansion of distribution 1.5 mm pairs per year - RS channels and 2,000 employees Franchises expansion Efficient supply chain Launch of Consolidate new brands leadership Opening of the flagship Opening of the first store at Oscar Freire shoe factory position Merger + First store Schutz launch Strategic Partnership (November 2007) Commercial operations Launch of the centralized in São Paulo first design with national success Fast Fashion Initial Public Offering concept (February 2011) 6
1 .4 Shareholder structure Shareholder structure 1 Others Aberdeen² Dynamo² Management 14.9% 5.1% 0.4% 27.4% Birman family Float 52.2% 47.8% 1. Arezzo&Co capital stock is composed of 88,735,476 common shares, all nominative, book-entry shares with no par value. 2. As reported in the 2015 Reference Form. 3. Shareholder structure as of April 2016. 7
1 .5 Culture & Management Principles of success at Arezzo&Co: 01 That which cannot be transparent should not be done. 02 Always be true, so that at any point you are not false in your job. Always be authentic. 03 Clearly negotiate your goals and responsibilities, and consider achievement as a requirement for continuity and prosperity. 04 Do not uncover problems only. Blaming others will never be the solution. Take risks, propose solutions. In case of doubt, act! 05 Formalize everything, even if in an informal way. 06 Always be flexible. Be ready for changes. 07 Goals met are, at least, the basis for the next goal. 08 United we stand! Divergences are constructive, conflicts are destructive. 09 A humble stance: the key to our success. 10 Enjoy. Appreciate. Get involved. And always be happy! 2154 8
1 .6 Strong platform of brands Strong platform of brands, aimed at specific target markets, enables the Company to capture growth from different income segments 1972 2015 1995 2008 2009 Foundation Trendy Fashion Pop Design Casual New Up to date Flat shoes Exclusivity Young Brands Easy to wear Bold Affordable Identity profile Urban Eclectic Provocative Colorful Seduction Modern Women 16 - 60 years old 15 - 30 years old 18 - 40 years old 12 - 60 years old 20 - 45 years old target market O F MB EX O MB EX O F MB EX O F MB EX O MB EX Distribution channel 1 POS 1 366 1 0 0 15 1,163 67 26 52 4 70 1,050 21 2 12 43 1,300 169 % 100% 0% 0% gross 16% 68% 14% 2% 40% 15% 30% 15% 17% 45% 35% 4% 17% 2% 81% rev. 2 Retail price R$ 189.00/pair R$ 330.00/pair R$ 110.00/pair R$ 960.00/pair R$ 248.00/pair point Sales R$ 755.1 million R$ 126.1 thousand R$ 549.5 million R$ 96.5 million R$ 30.1 million Volume 3 % Gross 52.6 % 38.3 % 6.7 % 2.1 % 0.0 % Revenues 4 1. Points of sales (1Q16); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports. 2. % of each brand gross revenues (2015) does not include other revenues (not generated by any of the 5 brands). 3. Gross revenues in 2015, including external market; does not include other revenues (not generated by any of the 5 brands). 4. % of Company’s total gross revenues in 2016. 9
1 .7 Multiple distribution channels Flexible platform through different distribution channels with specific strategies, maximizing the Company's profitability Gross Revenues per Channel 488 franchises in About 1,230 cities 48 owned stores of Broad distribution in more than 160 cities and 2,114 which 11 flagship every Brazilian state in Brazil multi-brands stores Gross Revenue Breakdown – (R$ mm)¹ 44% 20% 20% 6% 10% 100% 149² 81 293 300 1,464 641 Franchises Multi-brands Owned stores Exports² Total Web Commerce 1. 1Q16 (LTM). 2. Also includes other revenues in the domestic market. 10
| Business model
2 Unique business model in Brazil Customer focus: we are at the forefront of Brazilian women fashion and design 1 2 3 4 5 SEASONED NATIONWIDE ABILITY TO SOLID MARKETING EFFICIENT MANAGEMENT DISTRIBUTION INNOVATE AND SUPPLY CHAIN TEAM WITH STRATEGY COMMUNICATION PERFORMANCE PROGRAM BASED INCENTIVES Communication & R&D Sourcing & Logistics Multi-channel Management Marketing BRANDS OF REFERENCE 12
2 .1 Ability to Innovate We produce 15 to 18 collections per year I. Research II. Development III. Sourcing IV. Delivery Creation: 11,500 SKUs / year Available for selection: 63% of SKUs created / year Stores: 52% of SKUs created / year Activities JAN FEV MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Creation Launch Orders Production Delivery Normal sale Discount sale Winter I Winter II Winter III Summer I Summer II Summer III Summer IV Arezzo&Co fulfills the various aspirations of women, delivering on average 5 new models at the stores per day, allowing for consistent desire-driven purchases 13
2 .2 Broad media plan Each brand has an integrated and expressive communication strategy, from the creation of campaigns to the point of sales Presence in electronic media and television Strong presence in printed media +71 inserts in printed media in 134 pages in 2014 (48 million readers) +270 exhibitions on Cable TV + 4 million impact Over 1,350 exhibitions in fashion editorials in 2014 Digital communication Celebrity Endorsement Marketing Events Demi Moore Gisele Bündchen Blake Lively +2.2 million accesses to site/month Over 6 million followers/ fans: Facebook, CRM – VIP sales +180k monthly access to Schutz’s Blog Instagram and Twitter (all 4 Brands) Seasonal showroom in Los Angeles near In-store events – PA Arezzo is leader in interactions 1 Average navigation time: 8 minutes the Red Carpet Season Stylists Fashion Advisors 14 1 Source: Indexsocial/ Agência Espalhe, 2013
2 .2 Communication & marketing program reflected in every aspect of the stores Stores constantly modified to incorporate the concept of each new collection, creating desire-driven purchases POS materials (catalogs, packaging, and others) Flagship stores Store layout & visual merchandising All visual communication at stores is monitored and updated simultaneously throughout Brazil for each new collection 15 15
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