Grendene Business Overview

Grendene www.onlybyipanema.com RIO CHARM İPANEMA GrendeneⓇ Guidance Targets for: 2009 – 2013 / 2011-2015 - Growth of gross revenue at a CAGR between 8% and 12% in the five years. Growth of net profit at a CAGR between 12 and 15% in the five years. Advertising expenses: average: 8% - 10% of net revenue in this period. Our view is that, in this period, we may have years with greater growth that these rates, as was the case in 2009, and others with less growth, but on average we intend to meet this target.

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