Now, I turn the conference to Mr. Adalberto Pereira dos Santos, CFO and IRO, who will start the presentation. Mr. Santos, you may proceed.

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1 Operator: Good afternoon and thank you for waiting. Welcome to the conference call for Marisa Lojas Associadas, and the results of the 4Q15. Here with us we have Mr. Marcio Goldfarb, CEO of the Company, Adalberto Pereira dos Santos, CFO and Investor Relations Officer, and Francisco Bianchi, Financial and IR Manager. We would like to inform you that this events is being recorded and all participants will be in listen-only mode during the Company s presentation. After that, we will start the Q&A session. At the time further instructions will be given. Should any participant need assistance during this call, please press *0 to reach the operator. There will be a replay facility for this call shortly after its end during one week. Before proceeding, let me mention that forward-looking statements that may be made during this conference are based on the beliefs and assumptions of Marisa Lojas SA management and on information currently available to the Company. They involve risks, uncertainties and assumptions, because they relate to future events and, therefore, depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Marisa Lojas SA, and could cause the results to differ materially from those expressed in such forward-looking statements. Now, I turn the conference to Mr. Adalberto Pereira dos Santos, CFO and IRO, who will start the presentation. Mr. Santos, you may proceed. Good afternoon, everyone. Welcome to the conference call to the results of the 4Q15 of Marisa Lojas. Here with us we have Marcio Goldfarb, our CEO, Janaina Machado, our Officer of Procurement and Style, Rene Silva, Director of Operations, and Francisco Bianchi, our Financial and IR Officer. As said in our release, the 4Q was a rather difficult period with a marked loss of traffic in our stores at a significant impact in our sales. The Company that was in a gradual process of recovering its margin chose to maintain the health of its inventories, which, as mentioned many times, had negative effects in the gross margins, with negative reflexes in EBITDA and net income. The weak result of the period does not change our focus in the restructuring measures that have been implemented and have shown and continue to show important results. The better inventory management had a reduction of 11%, allowing us several growth in the gross margin and was an important component in our cash generation. The strict treatment of expenses allowed us to end the year with almost the same nominal value of SG&A of the previous year, with a savings of R$110 million, given an inflation of 1

2 10%. The area of financial product and services continues to make an important contribution with its robust performance. Finally, we had a record in cash from operations, close to R$300 million, which allowed us, despite this adverse scenario, to increase our net cash position and reduce the balance sheet leverage. Despite the positive signs of the actions taken in the first quarters of the year, with a reading more and more clear the continuous deterioration of the macroeconomic scenario, we decided to anticipate some additional measures we were studying. Therefore, we completed the discontinuing of direct sales or catalogue sales, we chose to close 12 brickand-mortar stores, we advanced and redesigned our loyalty program. In addition to such actions, several others had relevant impact which, together, will allow us to offset a good portion of this pre-contracted inflation for 2016, and, considering the increase in payroll taxes, in our specific case, to reach 17%. Despite the weak results of the quarter and the prospect of 2016 still difficult, the Company remains confident that such measures or actions adopted so far will lead us into a much more efficient operation direction, which is consistent and focused on good execution. Now, I will start the presentation with slide number 3, highlighting the main points of the 4Q. Net revenue of retail had a reduction of 9.1%. The retail gross margin had an important decrease of 4.3 p.p., dropping to 44.7%, and the consolidated EBITDA was reduced by 25.6%. On the positive side, SG&A had a nominal reduction of 8.2%, cash from operations had a record level, reaching R$290 million in the year. The continuous improvement in the inventory level ended the year with a reduction of 11% and the losses in private card with a drop of 12% in the fiscal year 2015, in line with a reduction of the portfolio. Slide number four. We see a reduction in sales that in the 4Q had a decrease in 9.1%, and that s highly affected by the decrease in store traffic, which started in November. This decrease was higher than 10% starting in November, even with some recovery in the average price, already in course, it ended up impacting sales of the quarter. E-commerce channels that sold a two digit growth also slowed down, despite Black Friday. It is still positive, but the growth is one digit now. On slide number five we see the gross margin and the gross income. We had a 4.3 p.p. drop, which ended up offsetting completely, when you look at the whole year, all the gains we had in the former quarter. It is worth remembering that we had gains in all the quarters since 4Q15. However, absolutely in line with our strategy, between choosing a quick growth in the gross margin and maintaining a healthy inventory level, we always chose the second option. We are quite confident that this was the best decision, because, in addition to preparing 2

3 the Company for a change in the collection that is healthier, it ends up boosting our cash generation. When looking at the inventory composition, we have seen throughout the year substantial reduction in so-called old, that is, inventory older than 90 days, and throughout 2016 we will continue to work in this item specifically, because there is still some room for additional improvement. Now, moving on to slide number six. Once again, we have a confirmation of positive results coming from the restructuring of our operation. The SG&A of the quarter was inferior to 4Q14 and a significant percentage of 8.2%, which allowed us to end the year almost at the same level observed in Worth remembering that we had an average inflation rate of 10% and some items, such as electric energy that reached 45% in some areas of the country. As already mentioned, in the quarter we decided to trigger some structural measures that will, once again, allow us to offset a good portion of the pre-contracted inflation for 2016, which is not trivial at all. If we consider the increase in payroll taxes, we are talking about an impact that reaches 17% in the year. On slide number seven, we have the EBITDA and EBITDA margin, both with significant drops in the period. The retail EBITDA had a drop of 43.1% in the quarter, and the EBITDA coming from financial products area had an increase of 9.3%. Taking off the non-recurrent event of sales at the FIDC, would have had a drop of 28%. It is necessary to say that the main villain was the drop in sales and margin. It is worth remembering, however, that those in retail and FPS, we have had good performances and management of SG&A. Now on slide number eight, on the left side, we see a reduction of the net revenue of the area, that went from R$187 million to R$165 million, mainly due to the slower activity in retail, lower participation of our private card and also the new taxation of PIS/COFINS, with an impact of around R$3 million in the quarter only. On the left side too, we have the EBITDA for the area, that went from R$49.9 to R$53.4 million, but offsetting the non-recurrent event of the FIDC sale, would have had a reduction of R$35 million. The joint venture operation with Itaú has had a small drop in its contribution margin of R$6.6 million on the right, especially due to higher provisioning. The operation of home products has had a drop in the contribution of R$9 million, affected both by the lower income or revenue, as well as higher funding costs. The positive contributions coming from area expenses with a reduction of 28.4% in the quarter and the loyalty programs, which, with the new design, has allowed an economy of R$10 million in the period. Slide number nine. We see the indicators of our private labels portfolio. As we highlight in 3

4 the beginning, this portfolio continues to perform in a very resilient manner, which allowed us to end the year with a drop in the level of losses, 12%, which is in line with the reduction seen in the portfolio, as well as in net revenues. Credit granting policies are being adjusted dynamically, according to the development of the macroeconomic scenario. We had a small result in this last quarter on the approval rate, which went from 68% to 66%. On slide ten, we see a chart for the private loan portfolio, which had a behavior similar to that seen in the private label portfolio, but with a better condition in the last month. Actually, as already mentioned in the last call, this portfolio was rather affected throughout 2015 by the product s 16 installments, which was discontinued, and now it has been removed slowly. And even if we do not isolate the effect of such product, our reading is that is the rising losses in this product happened at a lever much lower than we have seen in similar operations of other players. On slide eleven, we see the Company s consolidated EBITDA, which reflects the negative impact we suffered in our main retail operations. Despite the good results in SG&A management, we had a drop of 25.6% in the total EBITDA for the quarter and 28% year to date. The EBITDA of FDS had a small growth, but basically due to the non-recurring fact already mentioned: the sale of the FDIC. If we remove such a fact, we would have had a reduction of 28% in the quarter and 20% in the year. On slide twelve, we see the net income that both due to the weak results in operations as well as from the increase in interest rates, had a drop of 61.8% in the quarter. And in the year, the Company had a loss of R$35.8 million. On slide thirteen, we have a summary of our cash flow, confirming again the strong generation of cash from operations, due to a very active management of working capital and reduction in investment. We ended the year with a record amount of R$290 million in cash from operations, which allowed us to reduce our net debt and have a small deleveraging of our balance sheet. On slide fourteen, we see the development of the profile of amortization of our structural debt, showing a small level of capital needed for 2016 and 2017, which allows us to have a comfortable cash position to continue throughout 2016, making the necessary adjustments to improve and make the operations more modern. Now I would like to comment on the following slide. We completed in February the agreement to redesign our loyalty program with an important partnership with net point, in which we had some ownership of shares. And according to this agreement, that is now valid for ten years, we would heavily on a joint development and the alignment of the gross strategy for both operations. So we believe that with this new design, this is a very important tool for our stores and would be a very important differentiation factor. So these were remarks. Now, let us start the Q&A session and at the end Marcio will make his comments. 4

5 Guilherme Assis, Brasil Plural: Good afternoon, Adalberto and everyone. Thank you for letting me ask the question. What are your prospects in terms You said that on 4Q, there was a negative impact of in store traffic, which decreased the sales, and the Company did some sales promotions and increase prices to try to change the inventory levels. And you ended the year with a healthy inventory level. And you were successful in your strategy of promotion. But last year, during the Christmas and New Year s Eve, I mean for next year, do you think that in store traffic is a problem? Or have you seen a change in this trend? And if not, were you able to adapt the collection? And what has been done in terms of prices and discount level to try to maintain the inventory at a healthy level? Should we expect the margin to continue under pressure? Because one of the main results I had in terms of expectations was the margin to become stronger and the pressure was stronger than I thought. But do you think it will continue throughout 1Q16 or do you think you can adjust the collection? That is my first question. And the second question is regarding financial products and services. What is your expectation for 2016? You said in the press release and you mentioned the actions being taken to try to contain the increase in default rates. It did not drop a lot, but it did drop. Do you think that it will remain strong in 2016 in terms of its contribution to the financial results or would that change given the worsening thing of the macroeconomic scenario? Thank you. Guilherme, thank you for your question. Well, actually the tendency of this trend of lower traffic in store was seen as of November. Black Friday, I think was a problem for retail throughout the country and in December, it continued low. And based on that, we prepared the Company for 2016 at that in store traffic level. We assumed that that was the new reality. And this is why we decided to anticipate some measures. The decision to reduce the inventory level was also a result of that. We preferred to get rid of the stock and change the year at a healthy level to wait for the new collections to come, rather than running the risk of delivering at better margin, as you mentioned, closer to other years, but having a negative impact when the new collections come in. So the in store traffic level is low. But because we cleared the stock, January was much better. The margin showed an important recovery, and what is best is that this recovery seen in January has a small part of new products. And it is mainly due to the good management of inventory. The new products come now in February. Inflation plus something in terms of price adjustment, as mentioned by Janaina in the last call, and we will try to observe the decrease in in store traffic with change in prices that we want to move in the area very carefully. We worked with other collections with an even stronger worsening that this quarter. The 5

6 margin of January was a bit better, especially because it arrives only from a more efficient inventory management. I think I mentioned everything I had to say about retail. In terms of financial products and services, the reading If you look at what happened to the private label portfolio throughout the year, we had -20 in the 2Q, -200 in the 3Q. So we interpreted it that next year we will not have any surprised in this product, because the level of losses in terms of the revenue generated should remain stable. And IP in personal loan is different, and therefore you should expect some greater losses. Our joint venture with Itaú. They announced a greater provisioning, so the results are not so good. We think the losses will be offset by the expenses that are still being implemented. We had an acceleration in the operation of stocks. There is a lot being done. Célio is helping me in this process. It is a new dynamic that is being implemented for the process as a whole. There is a lot to be done in terms of expenses and improvement of process. On the negative side, a bit more losses, less share, lower retail activity. On the positive side, the expenses will be absolutely controlled, with some reduction and greater effectiveness of the loyalty program. Guilherme Assis: But with regard to retail, can we assume that the 4Q was the bottom you had, in terms of gross margins, since now you are working with a better inventory profile, and you made the adjustment in the 1Q? Yes, you are totally right. This is a tactic vision. We could have ended the 4Q with a good margin, even with a gain as we were delivering, and see some deterioration in inventory, given the gains we had accumulated up to the 3Q, these would not even be noticed, so we would end the year with an inventory reduction of 5% instead of 11%. But we decided differently, we decided to sacrifice the inventory and make room for the new collection entry. It may sound strange to you, but this margin of the 4Q, you can consider as a non-recurring event. Guilherme Assis: OK, thank you very much. Alan Cardoso, Banco Safra: Good afternoon, Adalberto. I was in another call, so I do not know if I missed something. If this question has been asked, I am sorry. First question, could you comment on the same-store sales of 2016? Does it reflect the 6

7 strong trend of drop in the 4Q? That is my first question. No, the same-store sales of the 1Q, specifically January and February, as it has so far, remain rather weak. What we have is a better offsetting in this ratio of price and traffic. The traffic in store is continuously weak. There is no major differentiation between streets, stores and mall stores, or in different areas of the country, but the acceptance of the new collections that are coming, if you think of the smaller price reduction given the better inventory, we were able to have a change in the average price, which offset the reduction in store traffic. So the margin is still better, because we managed the inventory and had new items entering the stores. Alan Cardoso: One more question. When we look at the drop in same-store sales in the 4Q, is that given by the decrease in the macroeconomic scenario, which was even worse than in the previous quarters, or maybe your collection was not as good as in the previous quarters? I would like to understand this dynamic for the drop in the 4Q. I have already mentioned this, but I will repeat. Specifically in the 4Q, there was a decrease in store traffic, specifically in November. In November, we were not so sure whether it had to do with the Black Friday, so it was quite distorted for the Brazilian version. In December, the decrease in this ended, so it had important decreases in store traffic in November and December. In terms of product, we were going through a transformation period, we needed a change in the mix of product. This is why this new team is working, Janaína is here with us, their Style Officer. But in February, the new items of the collection start to arrive and that accounts for 20% of what is going to be in store. Regardless of that, our margins are improving because of the change in the inventory profile. Alan Cardoso: OK, I understand, thank you. When you talk about financial products and services, your results in the 3Q, you see an improvement in losses, and in the 4Q there was a deterioration in losses again, specially in personal loans. I know that the macroeconomic scenario is unfavorable, but what are your initiatives to try to improve the result of financial products? Can you give us an update on this process, what is being done and what should we expect for 2016, in terms of this division? 7

8 I also had mentioned this topic, but that is OK. The private label had a reduction in its losses in the 2Q and 3Q, and in the 4Q had a small worsening, but much lower than what we observed in similar operations from other companies, so we are confident about that. We are working in other drivers, which is to recover the share of the card, which dropped drastically; I am talking about 5 p.p. in drop from the end of 2013 to At the end of the year, we lost 5 p.p. in the share of the card, and the impact on any retail company that works with such an operation is absurd, because you lost in retail and there are several statistics showing that a customer that buys with a private card buys 30% to 40% more, and there are losses also coming from FPS, because some people buy with interest, other buy without interest, but even those who buy without interest, you have insurance. So we are working in recovering this product. We had this Amiga program that had a different proposition and now we are working to adapt this loyalty program and the first results started to show in January and February, with positive results. So the key in the private label is to maintain the card, but working on the recovery of the market share. As for personal loans, the reduction of the portfolio does not concern us, because it is in line with what we expected. This is an ancillary product, it is a service you give to customers, so a smaller portfolio does not bother us in this area. But of course, we will try to improve the performance of that portfolio. The vision for the area for 2016 and 2017 is that, basically, this is a product that supports retail. Alan Cardoso: In view of financial products, do you have any idea what pipeline of new product you expect to launch this year? Not yet, we are working on that. There are some initiatives to get rid of products, such as some types of insurance. We offered 10 types of insurance, now we got rid of four; we are simplifying the area a lot, only sticking with products that really have a value perceived by our customers, products that really make sense. Alan Cardoso: OK, thank you very much for your answer. Operator: 8

9 We have now ended the Q&A session. I would like to return the floor to Mr. Márcio Goldfarb for his final remarks. Márcio Goldfarb: Good afternoon, everyone. As Adalberto already mentioned in detail, we had now in the 4Q a rather difficult period. The situation of a continuous deterioration of the economy, which catches us in a moment of transition. We are improving our collections and the operations of stores, which prevented us from benefiting from this moment to gain market share. Despite that, we remain confident about the importance of the gains obtained throughout 2015 and we are sure that the Company today is much stronger, robust and resilient than that we had in the end of I am also confident that in scenarios that are challenging, such as the current one, our task force can make all the difference. Despite everything that has been done already, we will remain attentive to the development of this scenario, always seeking opportunities that will lead us to increase the levels of efficiency and consistency of our operation. Thank you very much. Operator: The conference call of Marisa has now ended. We thank you all for attending and have a good day. This document is a transcript produced by MZ. MZ uses its best efforts to guarantee the quality (current, accurate and complete) of the transcript. However, it is not responsible for possible flaws, as outputs depend on the quality of the audio and on the clarity of speech of participants. Therefore, MZ is not responsible or liable, contingent or otherwise, for any injury or damages, arising in connection with the use, access, security, maintenance, distribution or transmission of this transcript. This document is a simple transcript and does not reflect any investment opinion of MZ. The entire content of this document is sole and total responsibility of the company hosting this event, which was transcribed by MZ. Please, refer to the company s investor relations (and/or institutional) website for further specific and important terms and conditions related to the usage of this transcript. 9

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