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| Apresentação do Roadshow

1

Conference Call

3Q15

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2

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.

Important Disclaimer

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3

Gross revenue reached R$403.7 million in the 3Q15, an increase of 6.5% against 3Q14.

Gross Revenue

In 3Q15, net income reached R$36.1 million, with net margin of 11.5%, and an increase of 7.4% in comparison with 3Q14.

Net Profit

In 3Q15, gross profit was R$133.0 million, a growth of 6.5%. Gross Profit

EBITDA for 3Q15 amounted to R$49.7 million, with a margin of 15.8%. EBITDA

During the quarter, Arezzo&Co’s opened eight stores and expanded another four, with growth of 9.7% in the sales area. totaling 46 stores over the last 12 months.

Sales Area Expansion

3Q15 Highlights

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Gross revenue reached R$403.7 million in the 3Q15. an increase of 6.5% against 3Q14. with

particular mention to external market with a growth of 55.7%.

4

3.1%

55.7%

6.5%

5.4%

8.7%

68.5%

Company Growth

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

354.5 365.5

931.6 982.1

24.5 38.2

50.8 85.5

379.0 403.7

982.4

1,067.6

3Q14 3Q15 9M14 9M15

Domestic Market External Market

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In domestic market, the highlight was the Anacapri brand, growing 19.4%, leveraged by the

opening of 27 franchises in the last twelve months, and for the Schutz brand, which increased

11.9%, boosted by the strength strategy of monobrand stores and the great performance of

handbags category.

5

-3.4%

19.4%

3.1%

-0.2%

33.4%

5.4%

10.5%

11.9%

1) Others: Decreasing of 18.3% in the 3Q15 and an increasing of 9.4% in the 9M15.

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

Gross Revenue Breakdown by Brand –

Domestic Market

210.6 203.4

550.2 549.0 119.3 133.5

324.7 359.0

22.5 26.8

50.8 67.7

2.1 1.7

5.9 6.5

354.5

365.5

931.6 982.1

3Q14 3Q15 9M14 9M15

Arezzo Schutz Anacapri Others¹

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In 3Q15, the highlight for the Owned Stores channel, presenting a growth of 15.7%, leveraged by

the web commerce growth.

6

SSS Sell-out (owned stores + franchises) 8.0%

-0.4% SSS Sell-in (franchises)

-7.2%

-8.1%

SSS Sell-out (owned stores + web + franchises) 10.4% -6.8%

6.1%

2.7%

7.5%

-2.2%

-6.2%

-1.3%

-3.0%

5.9%

3.1%

-0.2%

8.9%

5.4%

14.6%

15.7%

1) Others: Decreasing of 81.1% in 3Q15 and 20.4% in 9M15.

180.9 175.5

477.9 476.8 75.4 87.3

214.3 245.5

96.8 102.5

236.1 257.2

1.3 0.2

3.3 2.6

354.5

365.5

931.6 982.1

3Q14 3Q15 9M14 9M15

Franchise Owned Stores Multi-brand Others¹

Gross Revenue Breakdown by

Channel – Domestic Market

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

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1

The sales area increased 9.7% in the 3Q15 due to the opening of 46 stores and expansion of ten

stores in the last 12 months.

7

13.3% 9.7%

18.2%

377

429

479

525

+52

+50

+46

Franchises

Multi Brands

Owned Stores

48

28

1,376

Multi Brands

Owned Stores 2

7

Franchises 61

Multi Brands

Owned Stores 4

1,060

Franchises

Multi Brands

Owned Stores

360

16

1,177

Distribution Channel Expansion

Owned Stores and Franchises Expansion Number of Stores – Domestic Market

1) Includes eight outlets with total area of 2,199 sqm

324 373

427 474

53

56

52

51

24.5 29.0

32.9 36.1

-

100

200

300

400

500

600

700

3Q12 3Q13 3Q14 3Q15

Franchises Owned Stores Area

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In 3Q15, gross profit reached R$133.0 million, an increase of 6.5%, with gross margin of 42.2%.

EBITDA for 3Q15 amounted to R$49.7 million, with a margin of 15.8%.

8

6.5%

Gross Profit Gross Margin EBITDA EBITDA Margin

-3.4%

42.2%

5.9%

43.2% 41.8%

17.4% 15.8% 15.9%

14.4%

-0.2% 42.2%

Gross Profit and EBITDA

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

124.9 133.0

329.9 349.5

3Q14 3Q15 9M14 9M15

51.4 49.7

121.0 120.8

3Q14 3Q15 9M14 9M15

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The Company’s net income totaled R$36.1 million in 3Q15, a growth of 7.4% in the quarter with a

11.5% net margin.

9

Net Margin Net Income

7.4%

11.3% 11.5%

4.2%

10.8% 10.3%

Net Income and Net Margin

Net Income (R$ million)

33.6 36.1

82.7 86.2

3Q14 3Q15 9M14 9M15

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10

Arezzo&Co generated R$4.6 million in operating cash in 3Q15, due mainly to the higher operating

profit for the period and impacted by an increase in working capital.

Cash Flow

Operating Cash Flow (R$ thousand)

Operating Cash Flow 3Q14 3Q15 Change

in R$

Change

in R$ 9M14 9M15

Change

in %

Change

in %

51,815 53,545 1,730 3.3% 121,845 122,806 961 0.8% 27,928

3,293 6,121 2,828 85.9% 9,599 18,026 8,427 87.8% -18,026

Other 1,249 1,169 (80) -6.4% (181) (17) 164 -90.6% 18,048

(9,957) (46,494) (36,537) 366.9% (21,610) (74,957) (53,347) 246.9% 14,717

(45,337) (50,216) (4,879) 10.8% (33,645) (63,630) (29,985) 89.1% 5,292

Inventories 4,666 (5,839) (10,505) n/a (31,269) (25,442) 5,827 -18.6% -11,121

Suppliers 28,843 15,857 (12,986) -45.0% 51,113 31,428 (19,685) -38.5% 30,963

1,871 (6,296) (8,167) n/a (7,809) (17,313) (9,504) 121.7% -10,418

(12,538) (9,733) 2,805 -22.4% (33,080) (23,861) 9,219 -27.9% -9,337

33,862 4,608 (29,254) -86.4% 76,573 41,997 (34,576) -45.2% 33,329

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

Decrease (increase) in current

assets / liabilities

Trade accounts receivables

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In 3Q15, the Company invested R$4.7 million, a decreasing of 62% over the same period of

3Q15, following the Cia. strategy of investment reduction in 2015. Indebtedness policy remained

conservative.

11

-54.7%

-40.7%

-43.1%

-14.0%

-63.5%

-62.0%

Capital Expenditure (CAPEX) and

Indebtedness

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

1) Others: Decreasing of 86.7% in 3Q15 and 38.2% in 9M15.

3T14 2T15 3T15

Cash 175,856 176,311 193,486

Total debt 86,473 98,387 126,928

Short term 61,249 67,946 98,422

% total debt 70.8% 69.1% 77.5%

Long-term 25,224 30,441 28,506

% total debt 29.2% 30.9% 22.5%

Net debt (89,383) (77,924) (66,558) -

EBITDA LTM 164,586 162,820 161,091

Net debt/EBITDA LTM -0.5x -0.5x -0.4x

Cash position and Indebtedness

1.3 1.2

7.1 3.2

8.9

3.2

25.0

14.8 2.1

0.3

4.4

2.7 12.3

4.7

36.5

20.8

3Q14 3Q15 9M14 9M15

Stores Corporate Others¹

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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

Leandro Vieira

IR Analyst