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| Apresentaç ão do Roadshow

This document provides an overview of Arezzo&Co's performance and financial results for the second quarter of 2016, including gross revenue, net income, and sales area expansion. Please note that forward-looking statements are included.

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| Apresentaç ão do Roadshow

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  1. | Apresentação do Roadshow ConferenceCall 2Q16

  2. ImportantDisclaimer 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.

  3. 2Q16 Highlights Gross Revenue Gross Profit EBITDA In 2Q16, grossprofitwas R$132.1 million, with a 44.7% margin, upby 16.5% versus 2Q15. EBITDA amountedto R$41.0 million, with a 13.9% margin, falling 4.6% versus 2Q15. Arezzo&Coregisteredgrowthof 3.9% in grossrevenuenas for 2Q16, withhighlightstoexportsand web commerce as themaingrowth drivers Net Income Sales Area Expansion This quarter, net profit reached R$30.2 million, with a net margin of 10.2%. Arezzo&Co ended 2Q16 with a 6.7% growth in sales area, excluding outlets, in the last twelve months.

  4. CompanyGrowth Gross Revenue – DomesticandExternal Market (R$ million) 6.6% 3.9% 64.7% 39.9% 2.2% 0.6% The Company achieved a gross revenue of R$377.8 million in the second quarter of 2016, a 3.9% growth compared to the 2Q15, with a highlight to the foreign market, which reached growth of 39.9%.

  5. Gross Revenue Breakdown by Brand – Domestic Market Gross Revenue Breakdown by Brand – Domestic Market (R$ million) 2.2% 0.6% 12.9% -5.7% -5.7% -6.1% 5.6% 5.7% In the domestic market, highlights to the Arezzo brand, with growth of 5.7% in the 2Q16, and for the category of bags with a 20% volume increase. Others: Growthof 39.3% in the 2Q16 andof 36.1% in the 1H16.

  6. Gross Revenue Breakdown by Channel – Domestic Market Gross Revenues by channel – Domestic Market (R$ million) 2.2% 0.6% 90.2% 84.6% -12.2% -15.2% 2.3% 1.6% 2.5% 2.7% SSS Sell-out (OwnedStores + web + franchises) 1.4% 2.6% 1.8% -0.4% SSS Sell-out (OwnedStores + franchises) 0.6% 2.5% 0.6% -0.6% SSS Sell-in (franchises) -6.0% 1.9% -5.0% 0.3% The company's revenue from monobrand stores increased by 6.8% in the 2Q16, mainly due to the strong increase in revenue from the webcommerce channel of 84.6%. The same-store sales grew by 2.6% in the period.

  7. Distribution Channel Expansion Owned Stores and Franchises Expansion NumberofStores – Domestic Market 365 Franchises 15 • OwnedStores 1 • OwnedStores 0.8% -0.1% 1.147 • MultiBrands 3.6% 52 Franchises 26 • OwnedStores 0 +1 1.253 • MultiBrands -2 +1 -1 2 • OwnedStores +20 12 • MultiBrands 72 Franchises 4 • OwnedStores 998 • MultiBrands The sales area increased by 6.7% due to the opening of 27 stores and the refurbishment of 12 others in the last 12 months. Includes 7 Outlets, with a total areaof1.952m²

  8. Gross Profit and EBITDA Gross Profit (R$ million) EBITDA (R$ million) 12.7% 9.6% 5.3% -4.6% Gross profit reached R$132.1 million in 2Q16, with a gross margin of 44.7%, having increased by 9.6%. The 2Q16 EBITDA reached R$41.0 million with a margin of 13.9%.

  9. Net Income and Net Margin Net Income (R$ million) -10.4% -5.4% In the quarter, net income decreased by 5.4% to R $ 30.2 million, with net margin of 10.2%.

  10. Operating Cash Flow Operating Cash Flow (R$ thousand) Arezzo&Cogenerated R$5.8 million of operating cash in the 2Q16, below the generation of the same period last year, mainly due to the fall of the EBT.

  11. Capital Expenditure (CAPEX) and Indebtedness CAPEX (R$ million) Indebtedness (R$ million) -4.0% 116.5% 30.2% 2,477.5% -55.4% -19.4% 142.5% -51.5% In the 2Q16, the Company invested R$7.5 million, mainly due to the opening of the second store of the pilot project in the US and the implementation of the distribution center. The indebtednesspolicyremainedconservative. 1)Other: reduction of 92.3% in 2Q15, and increase of 5.2% in 1H15.

  12. Contacts CFO and IR Officer Thiago Borges IR Manager Fernando Caligaris IR Analyst Lucas Pontes de Oliveira Telephone: +55 11 2132-4300 ri@arezzoco.com.br www.arezzoco.com.br

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