| Apresentação do Roadshow

1

As of June 30, 2011Sep , 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

6.9 million pairs of shoes(1)

459 thousand handbags(1)

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 48% in 2Q11

1,755 employees

Net revenues CAGR: 34% (07- 2Q11(1))

Net income CAGR: 45% (07- 2Q11(1))

Increased operating leverage

Notes:1. As of June 20112. 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 1

(1) 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 August, 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$ 525 million R$ 194 million

PopFlat shoesAffordableColorful

12 - 60 years old

R$ 99.00/pair

R$ 10 million

DesignExclusivityIdentitySeduction

R$ 900.00/pair

R$ 7.5 million

20 - 45 years old

66.9% 24.8% 1.3% 1.0%

Brands profile

Female target market

Sales Volume 3

% Gross Revenues 4

Retail price point

Foundation 1972 1995 2008 2009

O

6

MB

18

O

1

O

14

F

268

MB

775

Notes:1. Points of sales (2Q11); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports2. % gross revenues (2010)3. Last twelve months (2Q11) gross revenues, does not include other revenues and exports (not generated by the 4 brands) except for Alexandre Birman brand, which sales volume indicated above

already includes the exports of this brand.1. % total gross revenues (last twelve months -2Q11) 9

R$ 170.00/pair

MB

499

O

10

F

1

MB

1,124

Dis

trib

utio

n ch

anne

l1 POS 1

% gross rev.2

74% 12%13% 1% 70%22% 100%

EX

-

1%

EX

-

8%

EX

-

13% 21% 66%

50% 27% 16% 7% 100%

.6 Multiple distribution channels1

10

394

213

12554²

785

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

31 owned stores being 5 Flagship stores

More than 940 cities and 1,612 multi-brands

269 franchises in more than 140 cities

Broad distribution in every Brazilian

state

Franchises Multi-brands Owned stores Others Total

Notes:1. Last twelve months (2Q11) 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

Total sales area (m²)

1,044 1,3692,067

2,967

2007 2008 2009 2010

6974

6878

2007 2008 2009 2010

Average sales area / store (m²)

2

4 or more franchises

1 franchise

2 franchises

3 franchises

41%

13%

32%

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 8 years (ABF)

Best Franchise in Brazil (2005) and in the sector for 7 years since 2004

(# of Franchisees by # of Franchises)� Intense retail training

� Ongoing support: average of 10 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

1,6461,612

1,364

1,573

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

Multi-brand stores

19

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

Notes:1. Domestic market only

84108

134

1H10 1H11 2009

188

2010

Gross Revenue1 (R$ milhão) # Store

.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 - 2010

BrandAverage size

(m2)Net Revenue/ m2

(R$ 000s)Total

Stores 1,2

50 324 289

130 154 347

2,050 9 134

1,067 7 277

2,557 8 123

316 20 57

5

268 franchises + 11 owned stores + 3 outlets +775 multi-brand clients

1 franchise + 10 owned stores +1124 multi-brand clients

Points of sale (1Q11)

TOTAL

6 owned stores499 multi-brand clients

1 owned store +18 multi-brand clients

269 franchises + 28 owned stores + 3 outlets +1,612 multi-brand clients= 1,912 points of sales

Source: IBGE, Companies’ Reports; number of stores according to latest data provided by the CompaniesNotes:1. Considers only owned stores (Arezzo and Schutz) and Arezzo franchises;2. For Hering, considers only Hering Store chain stores;3. 2008 data;4. Net Revenue (assuming that sales taxes and deduction = 30% of gross revenues);5. Considers Arezzo + Schutz, except for outlets, handbags’ stores and Schutz franchise;

Geographic distribution vs. GDP

N

NE

MW

SE

S

Region Arezzo&Co 1 GDP3

4%

20%

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)

25

.2 Brazilian footwear market overview 3

+4% +6%

Footwear market (R$ bn)+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

4.7%

8.1%8.6%

11.1%

Footwear consumption

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

Arezzo&Co’s market share 1

Source: IBOPE Inteligência (Pyxis), Satra, World Bank, ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGENote: 1. Based on Euromonitor research and IBOPE Inteligência (Pyxis). Estimated market share, which includes both Arezzo and Schutz

Kids13%

2009

Men17%

Sports37%

WomanFootwear

37%2009

Class C33% Class B

44%

Class A17%Class D/E

6%

IncomeClass

689.5 717.4779.6

3.6 3.74.1

2008 2009 2010

Apparent consumption - # pairs (million)

Per capita consumption - # pairs

+4%+9%

+3% +11%

252.7

238.2

232.3

2010 2009 2008

26

.3 Brazilian footwear industry Overview3Brazilian Footwear Production

Leather Footwear Production(# pairs – million)

+6%+3%

Vale dos Sinos – Main Characteristics

Production - # pairs (million) 302

Exports - # pairs (million) 32

Exports (US$ million) 733

Employees (‘000) 130

Producers (‘000) 3.4

Source: ABICALÇADOS, IEMI, MTE, MDIC, / SECEX, IBGE

816 814 894

10,2339,455

12,340

2008 2009 2010

# Pairs (million) Value (US$ million)

-8%31%

0%+10%

Rubber55%

Leather28%

Sports10%

Other7%

2010

Arezzo&Co’s outsourced production is mainly located at Vale dos Sinos region, a Brazilian footwear cluster in Rio Grande do Sul State:

.4 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

27

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

CAGR 05-2Q11: 44%

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

9 1017

22

49

2005 2006 2007 2008 2009 2010 2Q11(1)

65

76

7%7%

9%

6%

12%11%

12%

(1) 2Q11 (Last twelve months)

| 1H11 and 2010 Financial highlights

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

29

272.9348.6

402.6 468.8662.5

23.119.7

56.944.2

50.4

1H10 1H11 2008 2009 2010

Exports Market Domestic Market

24.4%

296.0

368.4459.6

513.0

712.9

41.3%

14.0%

39.0%

27.7%

-14.4%

-22.4%

16.4%

11.6%

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

30

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

Owned StoresFranchises

SSS²

25.8%42.4%

15.6%19.1%

28.9%3.7%

17.6%29.1%

1

144.4 179.4260.9

358.783.6107.8

133.7

188.4

43.358.7

70.4

110.0

1.72.8

3.7

5.4

1H10 1H11 2009 2010

Other-Domestic Market Owned Stores Multi-Brand Retail Store Franchises

37.5%

40.9%

56.2%

35.6%

28.9%

24.3%

272.9348.6

468.8

662.541.3%

24.4%

237.9290.8

193.8

367.1412.1

571.5

1H10 1H11 2007 2008 2009 2010

89.4%

12.3%

38.7%

22.2%

4

31

.2 Operational and financial highlights

Key highlights

Strong growth for the main brands in first half of the year

The first half 2011 ended with 300 store chain and Sales area expansion of 13.6% year-over-year

1S11 Net Revenues increased by 22.2% year-over-year (38.7% 2010/ 2009)

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

CAGR 07-10: 43.4%

Net Revenues (R$ mn)

248 269208 227 242 267

25 316 10 21

29

15.8 18.0

11.7 13.3 14.9

17.6

1H10 1H11 2007 2008 2009 2010

Owned Stores Franchises Sales Area

273 300263+27

+23214

13.6%

237296

+26+33

13.2%12.5%

17.7%

Area CAGR 07-10: 14.4%

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

32Notes:1. Adjusted for interest on shareholders’ equity and goodwill amortization

.3 Operational and financial highlights

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

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

100122 138

167

232

42.2% 42.0%

37.7%40.5% 40.5%

1H10 1H11 2008 2009 2010

27

39

22

49

65

11.4%

13.3%

6.1%

11.8% 11.3%

1H10 1H11 2008 2009 2010

4049

42

61

95

17.0% 16.9%

11.5%

14.7%

16.7%

1H10 1H11 2008 2009 2010

33

4 .4 Operational and financial highlights

Cash Conversion Cycle (R$ thousand)

Cash Flows From Operating Activities (R$ thousand)

Cash flows from operating activities 2Q10 2Q11 Growth or Spread (%)

1H10 1H11 Growth or Spread (%)

Income before income taxes 22,200 30,345 8,145 37,907 51,666 13,759 Depreciation and amortization 559 961 402 1,167 1,840 673 Other (45) (4,395) (4,350) 49 (6,263) (6,312)

Decrease (increase) in current assets / liabilities 11,848 22,814 10,966 (6,579) 10,747 17,326

Trade accounts receivable 41,805 42,262 457 21,742 23,896 2,154 Inventories (7,920) (3,114) 4,806 (17,190) (18,837) (1,647) Suppliers (20,170) (13,629) 6,541 (2,065) 8,528 10,593 Change in other current assets and liabilities (1,867) (2,705) (838) (9,066) (2,840) 6,226

Change in other non current assets and liabilities (718) (907) (189) 1,880 (1,171) (3,051)

Tax and contributions (1,224) (5,974) (4,750) (2,080) (8,340) (6,260)

Net cash generated by operating activities 32,620 42,844 10,224 32,344 48,479 16,135

Summary of Investments (R$'m)

2Q10 2Q11 Growth or Spread (%)

1H10 1H11 Growth or Spread (%)

CAPEX - total 4.0 3.6 -10.0% 6.5 7.3 12.3%

Stores – expansion 2.1 2.1 0.0% 3.8 4.3 13.2%

Corporate 1.0 1.2 20.0% 1.7 2.5 47.1%

Others 0.9 0.2 -77.8% 1.0 0.5 -50.0%

Capex (R$ million)

#days R$ '000 #days R$ '000

70 92,934 81 139,003 11

Inventory 29 38,395 40 67,699 11

Accounts Receivable 61 81,548 63 108,576 2

(-)Accounts Payable 20 27,009 22 37,272 2

Cash Conversion Cycle1H10¹ 1H11¹ Change

(in days)

34

4 .4 Operational and financial highlights

Cash Position and Indebtness 2Q10 1Q11 2Q11

Cash and cash equivalents 48,957 187,293 199,339

Total Debt 42,677 33,586 32,276

Short Term Debt 21,998 12,813 12,547

As % of Total Debt 51.5% 38.1% 38.9%

Long Term Debt 20,679 20,773 19,729

As % of Total Debt 48.5% 61.9% 61.1%

Net Debt (6,280) (153,707) (167,063)

EBITDA LTM 79,178 98,930 104,200

Net Debt / EBITDA LTM -0.08x -1.55x -1.60x

Indebtedness (R$ ‘000)

Indebtedness totaled R$32.3 million in 2Q11 versus R$33.6 million in 1Q11

Long-term debt relevance stood at 61.1% in 2Q11 ver sus61.9% in 1Q11

Indebtedness policy remained conservative, with low weighted-average cost of Company's total debt

35

Appendix

36

.1 Key performance indicatorsASummary of Results 2Q10 2Q11

Growth or spread (%)

1H10 1H11 Growth or spread (%)

Net Revenue 125,302 152,240 21.5% 237,912 290,835 22.2%

Gross Profit 53,597 65,708 22.6% 100,350 122,153 21.7%

Gross Margin 42.8% 43.2% 0.4 p.p. 42.2% 42.0% -0.2 p.p.

EBITDA¹ 23,019 28,289 22.9% 40,395 49,024 21.4%

EBITDA¹ Margin 18.4% 18.6% 0.2 p.p. 17.0% 16.9% -0.1 p.p.

Net Income 16,772 24,039 43.3% 27,142 38,767 42.8%

Net Margin 13.4% 15.8% 2.4 p.p. 11.4% 13.3% 1.9 p.p.

Operating Indicators 2Q10 2Q11 Growth or spread (%)

1H10 1H11 Growth or spread (%)

# of pairs sold (in Thousands) 1,309 1,562 19.3% 2,545 2,994 17.6%

# of handbags sold (in Thousands) 66 103 56.0% 135 182 34.8%

# of employees 1,430 1,755 22.7% 1,430 1,755 22.7%

Number of Stores 273 300 9.9% 273 300 9.9%

Owned Stores 25 31 24.0% 25 31 24.0%

Franchises 248 269 8.5% 248 269 8.5%

Outsourcing (as % of Sales) 81.5% 83.6% 2.1 p.p. 80.3% 83.6% 3.3 p.p.

SSS² (Franchises – sell-in) 32.4% 24.2% 42.4% 19.1%

SSS² (Owned Stores – sell-out) 29.0% 19.2% 25.8% 15.6%

37

.2 Balance Sheet - IFRSAAssets 2T10 1T11 2T11 Liabilities 2T10 1T11 2T11

Current assets 183,429 419,920 389,423 Current liabilities 65,626 103,256 79,068 Cash and cash equivalents 44,139 6,809 3,261 Loans and financing 21,998 12,813 12,547 Short-term investments 4,818 180,484 196,078 Trade accounts payable 27,009 50,901 37,272 Trade accounts receivable 81,548 150,836 108,576 Dividends and interest on equity capital payable - 11,964 7,177 Inventories 38,395 64,585 67,699 Other liabilities 16,619 27,578 22,072

Taxes recoverable 7,921 8,889 6,196 Other receivables 6,608 8,317 7,613 Non-current liabilities 27,902 30,069 26,365

Loans and financing 20,679 20,773 19,729

Non-current assets 51,217 60,977 63,117 Related parties 2,367 2,079 762

Long-term assets 22,477 22,025 21,785 Other liabilities 4,856 7,217 5,874 Financial investments 103 96 66

Taxes recoverable 1,360 3,774 3,170 Equity 141,118 347,572 347,107 Deferred income and social contribution taxes 16,855 14,440 13,432 Capital 21,358 40,917 40,917 Other receivables 4,159 3,715 5,117 Capital reserve 71,019 238,086 238,086

Investments - - - Income reserves 25,069 37,779 37,779 Property, plant and equipment 16,840 22,134 22,904 Proposed additional dividends - 16,062 - Intangible assets 11,900 16,818 18,428 Retained Earnings 23,672 14,728 30,325

Total assets 234,646 480,897 452,540 Total liabilities and shareholders’ equity 234,646 480,897 452,540

38

.3 Income Statement - IFRSAIncome statement - IFRS 2Q10 2Q11 Growth (%) 1H10 1H11 Gr owth (%)

Net operating revenue 125,302 152,240 21.5% 237,912 290,835 22.2%Cost of sales and services (71,705) (86,532) 20.7% (137,562) (168,682) 22.6%

Gross profit 53,597 65,708 22.6% 100,350 122,153 21.7%Operating income (expenses): (31,137) (38,380) 23.3% (61,122) (74,969) 22.7% Selling (21,865) (26,476) 21.1% (42,009) (52,000) 23.8% Administrative and general (11,305) (11,967) 5.9% (21,393) (23,390) 9.3% Other operating income, net 2,033 63 -96.9% 2,280 421 -81.5%

Income before financial results 22,460 27,328 21.7% 39,228 47,184 20.3%Financial income (expenses) (260) 3,017 -1260.4% (1,321) 4,482 -439.3%

Income before income taxes 22,200 30,345 36.7% 37,907 51,666 36.3%Income and social contribution taxes (5,428) (6,306) 16.2% (10,765) (12,899) 19.8%

Current (3,767) (5,298) 40.6% (8,602) (7,265) -15.5%Deferred (1,661) (1,008) -39.3% (2,163) (5,634) 160.5%

Net income for the year 16,772 24,039 43.3% 27,142 38,767 42.8%

Income per share 0.2143 0.2715 26.7% 0.3468 0.4473 29.0%

39

.4 Cash Flow Statement - IFRSACash Flow Statement - IFRS 2Q10 2Q11 1H10 1H11

Cash flows from operating activities Income before income and social contribution taxes 22,200 30,345 37,907 51,666

Adjustments to reconcile to net cash generated by operating activities 514 (3,434) 1,216 (4,423)

Depreciation and amortization 559 961 1,167 1,840

Financial Investments 226 (3,396) 1,715 (5,898)

Other (271) (999) (1,666) (365)

Decrease (increase) in assets 32,534 41,744 5,389 5,095

Trade accounts receivable 41,805 42,262 21,742 23,896

Inventories (7,920) (3,114) (17,190) (18,837)

Taxes recoverable (1,350) 3,297 (1,551) 2,426

Variation in other current assets 2,079 701 3,169 (658)

Judicial deposits (2,080) (1,402) (781) (1,732)

(Decrease) increase in liabilities (21,404) (19,837) (10,088) 4,481

Trade accounts payable (20,170) (13,629) (2,065) 8,528

Labor liabilities 3,447 (3,670) (892) (2,613)

Tax and social liabilities (4,828) (2,165) (6,523) (1,960)

Change in other liabilities 147 (373) (608) 526

Paid incomes and social contribution taxes (1,224) (5,974) (2,080) (8,340)

Net cash generated by operating activities 32,620 42,844 32,344 48,479

Net cash used in investing activities (4,586) (15,346) (5,346) (191,477)

Net cash used in financing activities with third pa rties (3,397) (1,707) 1,466 (15,479)

Net cash used in financing activities with sharehol ders (23,066) (29,339) (23,316) 153,734

Increase (decrease) in cash and cash equivalents 1,571 (3,548) 5,148 (4,743)

Increase (decrease) in cash and cash equivalents 1,571 (3,548) 5,148 (4,743)

Arezzo&Co

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

Share price (06/30/2011) 21.75Market Cap (R$) 1,926 mn

Share price (08/09/2011) 17.67Market Cap (R$) 1,565 mn

Share performance1H11¹ 14.5%2011² -7.0% 2/1/2011

Arezzo Ibovespa

19,0

17,0

26,0

08/09/201102/02/2011

40

.5 Stock priceA

1. From February 2, 2011 to June 30, 20112. From February 2, 2011 to August 9, 2011

21% over Ibovespa Index

41

IR Contacts

� Thiago Borges

� Daniel Maia

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

CFO and IR Officer

IR Manager