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Institutional Presentation As of 3Q17 November 2017 Apresentação do Roadshow 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 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 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 and accessories industry with presence in all Brazilian states Controlling shareholders are reference in the sector Development of collections with efficient supply chain Asset light: high operational efficiency Strong cash generation and high growth 11.6 million pairs of shoes (1) More than 45 years of experience in the sector ~11,500 models created per year 90.7% outsourced sdproduction Net revenues CAGR: 10.5% (2011-2016) 1,244 thousand handbags (1) 2,289 points of sale 12% market share (2) Wide recognition Lead time of 40 days 15 to 18 launches per year ROIC of 23.9% in 3Q17 2,355 employees Net Profit CAGR: 4.0% (2011-2016) Increased operating leverage 1. 3Q17 LTM 2. Refers to the Brazilian women footwear market (source: Company estimates). Estimated for 2016. 5

1 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 70 s 80 s 90 s 00 s Industry Reference 2011 2017 Founded in 1972 Focused on brand and product Consolidation of industrial business model located in Minas Gerais 1.5 mm pairs per year and 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 Opening of the first shoe factory Opening of the flagship store at Oscar Freire Launch of new brands Consolidate leadership position + Merger First store Launch of the first design with national success Schutz launch Commercial operations centralized in São Paulo Fast Fashion concept Strategic Partnership (November 2007) Initial Public Offering (February 2011) 6

1 Shareholder structure Others Aberdeen Management² 40.6% 8.0% 0.0% Birman family Float 51.4% 48.6% 1. Arezzo&Co capital stock is composed of 89,765,882 common shares, all nominative, book-entry shares with no par value 2. Shareholder structure as of September 2017 3. Includes Stock Options plan 7

1Principles of success at Arezzo&Co: Culture & Management 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

Distribution 1 Strong platform of brands Strong platform of brands, aimed at specific target markets, enables the Company to capture growth from different income segments Foundation 1972 1995 2008 2009 2015 Brands profile Female target market Trendy New Easy to use Eclectic Fashion Up to date Bold Provocative Pop Flat shoes Affordable Colorful Design Exclusivity Identity Seduction Casual Young Urban Modern 16 60 years 18 40 years 12 60 years 20 45 years 15 30 years channel 1 POS 1 % gross rev. 2 O F MB EX 15 369 1,136 75 14% 65% 13% 2% O F MB EX O F MB EX 22 62 27% 16% 29% 18% 1,200 136 4 89 1,201 10% 46% 36% 19 2% O MB EX 4 20 44 28% 4% 66% O MB EX 4 296 2 38% 53% 0% % Web Gross Revenue Retail price point R$55.5MM (6%) R$57.3MM (10%) R$8.7MM (6%) R$0.8MM (2%) R$1.5MM (9%) R$190 / pair R$330 / pair R$110 / pair R$960 / pair R$248 / pair Sales Volume 3 R$874MM R$557MM R$149MM R$50MM R$17MM % Gross Revenues 4 53.1% 33.8% 9.1% 3.0% 1.0% Notes: 1. Points of sales (LTM); O = Owned Stores; F = Franchised Stores; MB = Multi-brand Stores; EX = Exports (including US and ROW wholesalers). 2. % of each brand gross revenues (LTM) does not include other revenues (not generated by any of the 5 brands). 3. Gross revenues LTM, including external market; does not include other revenues (not generated by any of the 5 brands). 4. % of Company s total gross revenues LTM. 9

1 Multiple distribution channels Flexible platform through different distribution channels with specific strategies, maximizing the Company's profitability 520 franchises in more than 220 cities in Brazil 2,289 multibrand¹ clients in more than 1,220 cities 49 owned stores in Brazil Broad distribution network throughout Brazil Gross Revenue Breakdown by Channel (R$ mm)² 44.4% 20.4% 18.3% 7.5% 0.2% 9.2% 100% 302 124 3 152 1,650 337 733 Franchises Multibrand Owned Stores Web commerce Other External Market Total 1. Without store overlap between brands 2. Last twelve months 10

Business model

2 enhanced Unique business model in Brazil by. Customer focus: we are at the forefront of Brazilian women fashion and design 1 2 3 4 5 ABILITY TO INNOVATE SOLID MARKETING AND COMMUNICATION PROGRAM EFFICIENT SUPPLY CHAIN NATIONWIDE DISTRIBUTION STRATEGY SEASONED MANAGEMENT TEAM WITH PERFORMANCE BASED INCENTIVES R&D Communication & Marketing Sourcing & Logistics Multi-channel Management BRANDS OF REFERENCE 12

2 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 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 Digital communication Celebrity Endorsement Marketing Events +2.2 million accesses to site/month Over 6 million followers/ fans: Facebook, Demi Moore Gisele Bündchen Blake Lively 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 Average navigation time: 8 minutes 1 Source: Indexsocial/ Agência Espalhe, 2013 Arezzo is leader in interactions 1 the Red Carpet Season Stylists Fashion Advisors 14

2 reflected Communication & marketing program in every aspect of the stores Stores constantly modified to incorporate the concept of each new collection, creating desiredriven purchases POS materials (catalogs, packaging, and others) Store layout & visual merchandising Flagship stores All visual communication at stores is monitored and updated simultaneously throughout Brazil for each new collection 15

2 concepts Atmosphere of stores: differentiated for each brand Niches and lighting Iguatemi Faria Lima - SP Wall display Each theme is disposed in different niches Experimental and creative Closet Essentials Distinguished storefront Suspended Shelves Shelves, Niches and Suspended shelves Combos Visual merchandising: Window related to the brand s ZZ symbol To increase in 50% the number of models exposed Products highlighted in the center of the stores Lights that highlighting the product A better distribution of the furniture offers more comfort for clients Video Wall Jackets and accessories Campaigns and marketing actions Preeminence for products Differentiated products Accessories Storage Display of a large variety of products Inventory at the sales area: lower necessity of space for storage Sophisticated lighting Atmosphere of a jewelry store Private shop experience Focus on exclusivity, design and highly selected materials Oscar Freire St 1128 Experimental and creative space Interaction with the customer Collaborative experience (instore office) 16

2 store Large distribution network and scale of chain Mono-brand store chain with high distribution network, reaching more than 220 cities and wellpositioned among the retail companies Size and average sales per mono-brand stores 2016 Points of sale (3Q17) 3 Brand Average size (m 2 ) Net Revenue/m 2 (R$ 000s) Total Stores 1 69 32 562 140 16 644 1,317 10 444 1,040 6 398 59 11 327 Points of sale average size: new stores are increasing the network s average store size 85 sq m 2011 new stores 3 80 sq m 2012 new stores 55 sq m 2013 new stores 52 sq m 2014 new stores 69 sq m 2015 new stores 66 sq m 2016 new stores GDP³: 5% A&C¹: 5% GDP³: 9% A&C¹: 9% GDP³: 17% A&C¹: 14% GDP³: 14% A&C¹: 17% GDP³: 55% A&C¹: 55% 369 franchises + 15 owned stores + 1,211 multibrand clients 62 franchises + 22 owned stores (ii) + 1,336 multibrand clients 89 franchises 4 owned stores 1,220 multibrand clients 4 owned store + 64 multibrand clients 4 owned store 298 multibrand clients Source: IBGE, Companies filings. 1. Considers only mono-brand stores of Arezzo&Co. 2. Domestic market only. 3. Domestic and external market multibrand without overlap. 17

2 Flexible production process Production speed, flexibility and scalability to ensure Arezzo&Co s expected growth based on asset light model Sourcing Model Owned factory with capacity to produce 1,1mm pairs annually and a strong relationship with Vale dos Sinos production cluster as the main outsourcing region Gains of scale Arezzo s scale and structure gives flexibility to source a large number of SKU s from various factories on a short time frame at competitive prices Certification and auditing of suppliers In-house certification and auditing ensure quality and punctuality (ISO 9001 certification in 2008) New Distribution Center Joint purchases Coordination of material purchase jointly with shoe, handbag and accessories suppliers Sourcing model 91% of production outsourced¹ 9% 91% Arezzo&Co Owned Factories Others Consolidation and improvement of distribution in national scale 1 2 3 4 Reception: 100,000 units/day Storage: 100,000 units/day Picking: 150,000 units/day Distribution: 200,000 units/day 18

700 600 500 400 300 200 100-2... sold through owned stores Capturing value from the network while developing retail know-how and brands visibility Flagship Stores Greater brand awareness coupled with operational efficiencies Clustering higher productivity stores in main areas (mainly SP and RJ) improving operational efficiency and profitability: Average Sales per Store 3Q17 LTM Franchise Owned R$1.4mm R$6.2mm Arezzo Iguatemi / SP Direct costumers interaction develops retail assets which are also reflected at franchised stores Flagship stores ensure greater visibility and reinforce brand image Total sales area and # of stores (000 m 2 ) Anacapri Oscar Freire/ SP 1.1% -0.2% 0.5% 0.3% 37.7 38.8 38.6 38.9 39.4 Schutz Morumbi/ SP 47 +3-2 +1 50 48 49 +2 51 +18-1 +4 +7 497 515 514 518 525 Schutz Oscar Freire/ SP Arezzo Oscar Freire/ SP 3Q16 4Q16 1Q17 2Q17 3Q17 Franchises Owned Stores¹ Area (000 M²) 19

2 based on a retail oriented structure... Structure applied to retail in order to achieve better sales and margin results as well as to integrate and connect all monobrand stores back office Strong focus on franchise and owned store performance All sales team (4,000+) get connected through national internet broadcast for three sales conventions per year, creating an aligned sales pitch and a great sense of motivation before each season Large service program to assist franchisees on sales and profitability goals Recurring training programs in products, fashion trends, sales techniques, store management, IT, among others Strong visual merchandising, trade marketing and ambiance investments and training 20

2.10 with efficient management of the franchise network... Model allows rapid expansion with low invested capital by Arezzo&Co and high profitability to franchisees Successful Partnership: Win Win Intense 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 IT integration with our franchises amounts to 100% As mono-brand stores, franchises reinforce branding in each city they are located Best Franchise in Brazil (2005 and 2012) and in the industry for 7 years since 2004 Franchise Concentration per Operator (# of franchises by # of franchisees) 3 franchises 2 franchises 4 or more franchises 9% 24% 9% 57% 1 franchise Excellence in Franchising (ABF). Awarded in the last 8 years 96% satisfaction of franchisees 1 Notes: 1. 96% of the current franchisees indicated they would be interested in opening a franchise if they did not already have one 2. Annual sales of R$ 3.3 million + average initial investment of R$ 900 thousand + working capital of R$ 600 thousand 5-year contract and average payback of 48 months 2 21

2...and of the multi-brand stores Multi-brand stores widen the distribution network and the brands visibility, resulting in a strong retail footprint 00 50 00 50 00 50 00 Multi-brand stores Gross Revenue¹ 2,091 291 9.5% 15.9% 2,289 337 2016 2017 Multi-brand stores 2.400 2.300 2.200 Gross Revenue LTM 2.100 # Stores MB 2.000 1.900 1.800 Improved distribution and brand visibility Greater brand distribution network Presence in over 1,220 cities Rapid expansion at low investment and risk Main focus: share of wallet Owner s loyalty Schutz Club Relationship program that offers advantages to the 50 Top Multi-brand stores, such as better products display, training and awards to the best sales teams. Important sales channel for smaller cities Sales team optimization: internal team and commissioned sales representatives Notes: 1. Domestic market only 22

2 New Organizational Structure The new structure presents a reduction in the number of CEO reports, value chain integration and higher speed in decision making, with an increased focus on people and sustainability Board of Directors Risk, Audit and Finance Committee Internal Auditing People Committee CEO Strategy Committee Brands Silvia Machado Industrial & Operations Cisso Klaus e Cassiano Lemos New Business Development Administrative & Finance Daniel Levy HR & Management Marco Aurélio Vidal BU Arezzo BU Schutz BU Anacapri BU A.Birman E-commerce Commercial (Multiband/Exports) Sourcing Engineering Quality Industry Planning Logistics USA Fiever/ New Brands Strategic Planning /Innovation /Franchising /CRM /PMO Expansion* Portfolio Management /Competitive Finance/Legal/Fiscal IT Controller Investor Relations Risk Management People Sustainability*/PR Non productive purchase Management (Method, goals and indicators) intelligence * 2018 onwards

2 Corporate governance The Board is comprised of 7 members, of which 2 are independent, and has a very large engagement on the strategic planning of Arezzo&Co Board of Directors Name Experience Name Experience Title Title Alessandro Carlucci Chairman of the Board José Bolonha Vice Chairman of the Board Natura s CEO for over a decade and former Board Member of Lojas Renner, Redecard, Alcoa Latam and Itau-Unibanco Founder and CEO of Ethos Desenvolvimento Humano e Organizacional ; Board member of the Inter-American Economic and Social Council (UN, WHO) Alexandre Birman Member Juliana Rozenbaum Member Current CEO of Arezzo&Co and part of the controlling group. Founder of Schutz brand, with over 18 year of experience on the footwear industry. Over 13 years of experience as sell side equity research analyst, focused on retail and consumer sector Paula Bellizia Independent member CEO of Microsoft Brasil. Former CEO for Apple Brasil and Facebook Latam Sales Diretor. Member of the Economic and Social Development Council (CDES). Luiz Fernando Giorgi member 28 years of experience in Management and Leadership. Current member of people committees for Santander, Sul América and Grupo Martins Guilherme A. Ferreira Independent Member CEO of Bahema Participações, current board member of Petrobras, Valid, Sul América, Gafisa and T4F Committees Risk, Audit and Finance Committee Guilherme A. Ferreira (Coordinator) Members: Alessandro Carlucci, Guilherme A. Ferreira and Edward Ruiz Strategy and Brands Committee Juliana Rozenbaum (Coordinator) Members: Alexandre Birman, Paula Bellizia and Juliana Rozenbaum People Committee José Bolonha (Coordinator) Members: Luiz Fernando Giorgi, José Bolonha and Ligia Martins 24

Key messages 2Arezzo&Co keeps developing its business model in a sustainable way 1 2 3 4 5 Consolidated business model with multiple growth opportunities Launch of a new brand Fiever with encouraging results Improvement in the profitability of existing brands: Anacapri and Alexandre Birman Staff management an ongoing development Broad range of selection, training and retaining of staff at all levels Strengthening of organizational identity Ownership of the value chain, greater competitive advantage More agile and collaborative model Sell-out oriented to boost results in the value chain Financial strength allows for sustainable business growth History of cash generation together with consistent dividend payment policy Net cash position, an important differentiator in challenging economic times Multi-channel management know-how, excellent platform to lift brands Omni channel growth: Fiever debut, Schutz FIS, Arezzo consolidation, Anacapri expansion Strong knowledge in franchises management in addition to improving opportunities Multibrand channel leverages growth of new brands 25

a multi-brand and multichannel strategy 2Organic growth leveraged by multi-brand, multichannel strategy in footwear and handbags 26

2.aligned with a clear focus of the future 27

03 Financial Highlights

2.00 0,0 1.80 0,0 1.60 0,0 1.40 0,0 1.20 0,0 1.00 0,0 800,0 600,0 400,0 200,0-2.00 0,0 1.50 0,0 1.00 0,0 500,0 - -500,0-1.000, 0-1.500, 0-2.000, 0-2.500, 0-3.000, 0 Operational and financial highlights 3Gross Revenue Breakdown by Brand Domestic Market (R$ million) CAGR: 12% 815 1.070 1.170 1.,282 1.307 1.402 7% 11 0 216 18 0 357 10 41 400 9 9 72 93 434 467 21 119 458 390 416 567 663 719 767 738 804 33 6 42 11 130 126 220 238 2011 2012 2013 2014 2015 2016 3Q16 3Q17 Arezzo Schutz Anacapri Others Others: includes only domestic markets for Alexandre Birman and Fiever brands and other revenues. 29

200 0,00 180 0,00 160 0,00 140 0,00 120 0,00 100 0,00 800,00 600,00 400,00 200,00 200 0,00 150 0,00 100 0,00 500,00 (500,00 ) (1000,0 0) (1500,0 0) (2000,0 0) (2500,0 0) (3000,0 0) Operational and financial highlights 3Gross Revenue Breakdown by Channel Domestic Market (R$ million) CAGR: 13% 1.554 1.358 1.435 7% 1.232 1.109 863 3 3 108 5 390 416 69 7 44 301 292 15 23 272 10 268 246 304 9 300 305 1 151 289 286 234 686 1 0 661 638 29 35 583 71 68 420 512 107 111 182 202 47 39 62 76 128 152 36 39 2011 2012 2013 2014 2015 2016 3Q16 3Q17 Foreign Market Franchise Multibrands Owned Stores Web commerce Others Total Others: includes domestic market revenues that are not specific for distribution channels. 30

700 600 500 400 300 200 100-3 Key highlights Operational and financial highlights Gross revenue reached R$455 million in the 3Q17, a increase of 6.7% over 3Q16. Sales area increased 4.2% in the last twelve months. Net Revenues (R$ mln) CAGR 2007-2016: 20.4% 10.6% 6.4% 1,239 9.3% 1,121 1,053 11.9% 963 26.7% 860 18.8% 679 38.7% 572 12.3% 89.4% 412 367 Number of Stores (R$ mln) and Total Area (m 2-000) Area CAGR 2008-2016: 12.6% 1.1% -0.2% 0.3% 0.5% 37.7 38.8 38.6 38.9 39.4 47 +3 50-2 48 +1 49 +2 51 +18-1 +4 +7 497 515 514 518 525 194 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q16 4Q16 1Q17 2Q17 3Q17 Franchises Owned Stores¹ Area (000 M²) 31

800 700 600 500 400 300 200 100 50,0 % 45,0 % 40,0 % 35,0 % 30,0 % 25,0 % 20,0 % 15,0 % 10,0 % 5,0% 250,0 200,0 150,0 100,0 50,0-16, 0% 14, 0% 12, 0% 10, 0% 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % 3 Operational and financial highlights Gross Profit Evolution (R$ MM) and Gross Margin (%) Net Profit Evolution (R$ MM) and Net Margin (%) + 190 bps 41,5% 43,7% 44,2% 43,3% 42,5% 44,3% 43,9% 45,8% 13,5% 0 bps 281 376 426 456 476 549 11.6% 92 102 111 11,9% 11,5% 11,4% 10,7% 9,4% 120 120 116 10,2% 10,2% 6.3% 152 170 35 38 2011 2012 2013 2014 2015 2016 3Q16 3T17 2011 2012 2013 2014 2015 2016 3Q16 3Q17 Gross Profit Gross Margin Net Profit Net Margin 32

2.00 0,0 1.80 0,0 1.60 0,0 1.40 0,0 1.20 0,0 1.00 0,0 800,0 600,0 400,0 200,0 1.80 0,0 1.60 0,0 1.40 0,0 1.20 0,0 1.00 0,0 800,0 600,0 400,0 200,0 300,0 250,0 200,0 150,0 100,0 50,0-20, 0% 18, 0% 16, 0% 14, 0% 12, 0% 10, 0% 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % 3 Operational and financial highlights Gross Revenue (R$ MM) EBITDA Evolution (R$ MM) and EBITDA Margin (%) CAGR: 13% 1.232 1.358 1.435 1.554 17,3% 16,7% 16,6% 16,1% + 150 bps 17,6% 16,1% 14,8% 14,3% 1.109 863 815 1.070 1.170 1.282 1.307 1.402 6.7% 426 455 118 144 159 170 165 177 17.1% 65 56 390 416 47 39 62 76 128 152 36 39 2011 2012 2013 2014 2015 2016 3Q16 3Q17 Foreign Market Domestic Market 2011 2012 2013 2014 2015 2016 3Q16 3Q17 EBITDA EBITDA Margin 33

3 Operational and financial highlights Arezzo&Co has a solid balance sheet with a healthy net cash position, coupled with a strong ability to generate operating cash flow and dividend payments Operating cash flow yield¹ 5.9% Arezzo&Co generated R$173.6 mm in operating cash flow in 3Q17, translating into cash flow yield of 5,9% Dividend Payout (YTD) 111.3% Working Capital (% of Net Revenue) 23.5% Consistent dividend payments, with a payout of more than 90% of net profit in 2016. In 9M17, payout of more than 100% of net profit. Reduction in working capital needs by 560 bps from 3Q16 to 3Q17 Capex / Depreciation LTM 0.2x From 2015 onwards capex trended roughly in line with depreciation Net Debt / EBITDA - 0.6x The Company has a strong balance sheet and a net cash/ebitda ratio of -0.6x in Sep/17. 1) Operating cash flow yield = LTM Operating cash flow / Firm value. Considered Cash Flow LTM of R$ 2,835.4mm (as of 09/29/2017) 34

3 Operational and financial highlights Cash Conversion Cycle (R$ thousand) Cash Conversion Cycle 3Q16 3Q17 #days (R$'000) #days (R$'000) Change (in days) Capex (R$ thousand) Summary of investments 3Q17 3Q16 Δ 17 x 16 (%) 9M 115 355.827 97 347.924-18 Inventory¹ 68 124.019 59 116.783-10 Accounts Receivable² 103 334.858 93 340.155-10 (-) Accounts Payable¹ 57 103.050 55 109.014-1 ¹ Days of COGS ² Days of Net Revenues Total CAPEX 5.084 5.343 (4,9%) 13 Stores - expansion and refurbishing 1.798 856 109,9% 5 Corporate 2.517 3.174 (20,7%) 5 Other 770 1.313 (41,4%) 2 Operational Indicators Operating Indicators 3Q17 3Q16 Δ 17 x 16 # of pairs sold ('000) 3.414 3.231 5,7% 8.4 # of handbags sold ('000) 353 284 24,2% 8 # of employees 2.355 2.206 6,8% 2.3 # of stores* 576 544 32 5 Owned Stores 51 47 4 Franchises 525 497 28 5 Outsourcing (as % of total production) 90,7% 89,5% 1,2 p.p 90, SSS² Sell-in (franchises) 7,2% 2,1% 5,1 p.p 6, SSS² Sell-out (ow ned stores + franchises) 1,5% 5,6% -4,1 p.p 3, SSS² Sell-out (ow ned stores + franchises + w eb commer 2,7% 6,4% -3,7 p.p 4, 9M1 Cash Flow From Operating Activities (R$ thousand) Operating Cash Flow 3Q17 3Q16 Income before income tax and social contribution Depreciation and amortization Others Decrease (increase) in assets / liabilities Trade accounts receivables Inventories Suppliers Change in other noncurrent and current assets and liabilities Payment of income tax and social contribution Δ 17 x 16 (R$) Δ 17 x 16 (%) 9M1 58.213 52.769 5.444 10,3% 141.1 9.218 6.500 2.718 41,8% 22.6 (2.925) (880) (2.045) 232,4% (4.2 (18.260) (21.674) 3.414 (15,8%) (3.6 (50.078) (50.634) 556 (1,1%) (30.5 5.014 3.741 1.273 34,0% (9.7 19.670 21.930 (2.260) (10,3%) 42.5 7.134 3.289 3.845 116,9% (5.8 (13.040) (10.672) (2.368) 22,2% (27.9 Net cash flow generated by operational activities 33.206 26.043 7.163 27,5% 127.9 35

3 Operational and financial highlights Indebtedness (R$ thousand) Total indebtedness of R$93.2 million in 3Q17 against R$95.7 million in 3Q16. Long term indebtedness of 21.7% of total debt in 3Q17, compared to 30.7% in 3Q16. The weighted average cost of the company s total debt in 3Q17 remained at low levels. It is worth mentioning that during 3Q17, the Company distributed the amount of R$ 88.8 million in dividends. Cash position and Indebtedness 3Q17 2Q17 3Q16 Cash 218.254 310.115 221.591 Total debt 93.221 110.847 95.785 Short term 72.946 88.311 66.424 % total debt 78,3% 79,7% 69,3% Long-term 20.275 22.536 29.361 % total debt 21,7% 20,3% 30,7% Net debt (125.033) (199.268) (125.806) 36

Appendix 37

A 3Q17 Key financial indicators Key financial indicators 3Q16 Δ (%) 17 x 16 9M17 9M16 Δ (%) 17 x 16 Net revenues 370.793 346.941 6,9% 996.873 900.240 10,7% COGS (200.974) (194.741) 3,2% (542.659) (504.180) 7,6% Gross profit 169.819 152.200 11,6% 454.214 396.060 14,7% Gross margin 45,8% 43,9% 1,9 p.p 45,6% 44,0% 1,6 p.p SG&A (113.602) (102.804) 10,5% (325.061) (292.115) 11,3% % of net revenues (30,6%) (29,6%) (1,0 p.p) (32,6%) (32,4%) (0,2 p.p) Selling expenses (79.149) (75.208) 5,2% (226.054) (209.528) 7,9% Ow ned stores and w eb commerce (30.876) (30.625) 0,8% (91.132) (89.437) 1,9% Selling, logistics and supply (48.273) (44.583) 8,3% (134.922) (120.091) 12,4% General and administrative expenses (24.953) (19.570) 27,5% (75.560) (61.476) 22,9% Other operating revenues (expenses) (282) (1.526) (81,5%) (817) (1.830) (55,4%) Depreciation and amortization (9.218) (6.500) 41,8% (22.630) (19.282) 17,4% EBITDA 65.435 55.896 17,1% 151.783 123.226 23,2% EBITDA margin 17,6% 16,1% 1,5 p.p 15,2% 13,7% 1,5 p.p Net income 37.681 35.440 6,3% 99.126 80.332 23,4% Net margin 10,2% 10,2% - 9,9% 8,9% 1,0 p.p Working capital¹ - as % of revenues 23,5% 29,1% (5,6 p.p) 23,4% 29,1% (5,7 p.p) Invested capital² - as % of revenues 38,8% 45,3% (6,5 p.p) 38,7% 45,3% (6,6 p.p) Total debt 93.221 95.785 (2,7%) 110.847 95.785 15,7% Net debt³ (125.033) (125.806) (0,6%) (199.268) (125.806) 58,4% Net debt/ebitda LTM -0,6x -0,7x - -0,7x -0,7x - (1) Working Capital: current assets minus cash, cash equivalents and financial investments less from current liabilities minus loans and financing and dividends payable. (2) Invested Capital: working capital plus fixed assets and other long term assets less income tax and deferred social contributions. (3) Net debt is equal to total interest bearing debt position at the end of a period less cash, cash equivalents and short-term financial investments. 38

A 3Q16 History Franchises and Owned Stores History of Stores 4Q16 1Q17 2Q17 3Q17 Sales area 1,3 - Total (m²) 37.687 38.828 38.623 38.930 39.351 Sales area - franchises (m²) 31.410 32.440 32.374 32.660 33.029 Sales area - ow ned stores² (m²) 6.278 6.387 6.249 6.270 6.322 Total num ber of dom estic stores 537 558 555 560 569 # of franchises 492 510 509 513 520 Arezzo 365 369 368 369 369 Schutz 55 61 61 61 62 Anacapri 72 80 80 83 89 # of ow ned stores 45 48 46 47 49 Arezzo 15 15 15 14 15 Schutz 23 23 22 22 22 Alexandre Birman 2 3 3 3 4 Anacapri 4 4 4 4 4 Fiever 1 3 2 4 4 Total num ber of international stor 7 7 7 7 7 # of franchises 5 5 5 5 5 # of ow ned stores 2 2 2 2 2 (1) Include area in square meters of the seven stores abroad (2) Includes eight outlet stores with a total area of 1,959 m² (3) Includes areas in square meters of stores that were expanded 39

Balance Sheet - IFRS AAssets 3Q17 2Q17 3Q16 Liabilities 3Q17 2Q17 3Q16 Current assets 712.162 767.569 719.074 Cash and cash equivalents 4.920 7.695 7.155 Financial Investments 213.334 302.420 214.436 Trade accounts receivables 340.155 293.872 334.858 Inventory 116.783 123.048 124.019 Taxes recoverable 19.966 20.858 21.468 Other credits 17.004 19.676 17.138 Non-current assets 200.494 200.220 203.994 Long-term receivables 48.932 43.222 41.454 Trade accounts receivables 10.368 8.432 13.896 Deferred income and social contribution 16.907 14.049 10.004 Other credits 21.657 20.741 17.554 Investments 2.406 2.406 1.177 Property, plant and equipment 68.954 71.549 72.741 Intangible assets 80.202 83.043 88.622 Total Assets 912.656 967.789 923.068 Current liabilities 252.460 256.977 230.221 Loans and financing 72.946 88.311 66.424 Suppliers 109.014 89.346 103.050 Other liabilities 70.500 79.320 60.747 Non-current liabilities 29.957 32.160 37.887 Loans and financing 20.275 22.536 29.361 Related parties 1.180 1.232 1.208 Other liabilities 8.502 8.392 7.318 Equity 630.239 678.652 654.960 Capital 330.375 330.375 310.008 Capital reserve 43.268 41.758 38.371 Income reserves 217.024 269.024 261.249 Equity Valuation Adjustments -1.182-2.410-1.850 Profit 40.754 39.905 47.182 Additional proposed dividend - - - Total liabilities and shareholders' equity 912.656 967.789 923.068 40

A Income Income Statement - IFRS statement - IFRS 3Q17 3Q16 Var.% 9M17 9M16 Var.% Net operating revenue 370.793 346.941 6,9% 996.873 900.240 10,7% Cost of goods sold (200.974) (194.741) 3,2% (542.659) (504.180) 7,6% Gross profit 169.819 152.200 11,6% 454.214 396.060 14,7% Operating incom e (expenses): (113.602) (102.804) 10,5% (325.061) (292.116) 11,3% Selling (86.311) (80.003) 7,9% (242.651) (223.320) 8,7% Administrative and general expenses (27.009) (21.275) 27,0% (81.593) (66.966) 21,8% Other operating income net (282) (1.526) -81,5% (817) (1.830) -55,4% ROL LAIR Incom e before financial result 56.217 49.396 13,8% 129.153 103.944 24,3% IR Financial income 1.996 3.373-40,8% 11.994 6.518 84,0% Alíqu LL Incom e before incom e taxes 58.213 52.769 10,3% 141.147 110.462 27,8% M. Lí Income tax and social contribution (20.532) (17.329) 18,5% (42.021) (30.130) 39,5% Current (23.390) (20.079) 16,5% (50.523) (33.849) 49,3% ROL Deferred 2.858 2.750 3,9% 8.502 3.719 128,6% LAIR IR Net incom e for period 37.681 35.440 6,3% 99.126 80.332 23,4% Alíqu 41

A Cash Cash Flow Statement - IFRS Flow - IFRS 3Q17 3Q16 9M17 9M16 Operating activities Income before income tax and social contribution 58.213 52.769 141.147 110.462 Adjustm ents to reconcile net incom e w ith cash from operational activit 6.293 5.620 18.359 (3.273) Depreciation and amortization 9.218 6.500 22.630 19.282 Income from financial investments (6.485) (6.804) (21.351) (21.722) Interest and exchange rate (1.301) 6.203 940 (5.427) Other 4.861 (279) 16.140 4.594 Decrease (increase) in assets Trade accounts receivables (50.078) (50.634) (30.567) (53.991) Inventory 5.014 3.741 (9.794) (17.917) Recoverable taxes 350 2.188 (8.148) (5.820) Variation other current assets 4.015 3.405 (255) 6.813 Judicial deposits (1.281) (1.971) (3.835) (4.412) Decrease (increase) in liabilities Suppliers 19.670 21.930 42.575 38.169 Labor liabilities 8.726 6.045 12.234 10.744 Fiscal and social liabilities (2.803) (4.029) (5.860) (5.459) Variation in other liabilities (1.873) (2.349) (5) (77) Paym ent of incom e tax and social contribution (13.040) (10.672) (27.911) (19.209) 42

A Net Cash Flow Statement - IFRS cash flow from operating activities 33.206 26.043 127.940 56.030 Investing activities Sale of fixed and intangible assets 637 2.745 674 2.745 Acquisitions of fixed and intangible assets (5.084) (5.342) (13.944) (20.783) Financial Investments (180.541) (228.192) (665.071) (560.956) Redemption of financial investments 274.971 231.652 706.635 579.577 Net cash used in investing activities 89.983 863 28.294 583 Financing activities w ith third parties Increase in loans 11.138 22.485 50.245 46.248 Payments of loans (26.238) (30.858) (62.531) (63.818) Payments of Interest on loans (288) (140) (935) (1.321) Net cash used in financing activities w ith third parties (15.388) (8.513) (13.221) (18.891) Financing activities w ith shareholders Interest on equity (21.540) (21.893) (21.540) (21.893) Distribution of profits (88.832) 1 (141.807) (18.704) Receivables (payables) w ith shareholders (52) 67 (34) (183) Share Issuance - 950 20.367 1.931 Net cash used in financing activities (110.424) (20.875) (143.014) (38.849) Increase (decrease) in cash and cash equivalents (2.623) (2.482) (1) (1.127) Cash and cash equivalents Foreign exchange effect on cash and cash equivalents (152) 30 (99) (540) Cash and cash equivalents - Initial balance 7.695 9.607 7.155 8.822 Cash and cash equivalents - Closing balance 4.920 7.155 7.695 7.155 Increase (decrease) in cash and cash equivalents (2.623) (2.482) 639 (1.127) 43

Contacts CFO and IR Officer Daniel Levy IR Manager Aline Penna IR Coordinator Guilherme de Biagi IR Analyst Victoria Machado Telephone: +55 11 2132-4300 ri@arezzoco.com.br www.arezzoco.com.br