INVESTMENTS

                                                                
Initial Inventory

Starting at US$ 75,000.00

Working capital

Starting at US$ 70,000.00

Royalties

Equivalent to 3% of the monthly value of purchases made by the franchise operation. Royalties provide the maintenance of the network services, and the use of the brand.

Advertising Fees

Equivalent to 1.5% of the value of monthly purchases of the franchise operation.

Comments

- The minimum space of a commercial location is 120m². Cia. Hering will provide guidance as to the proper size for each unit in accordance with market studies.

- Estimated values are based in São Paulo.

* The costs are estimated and may fluctuate according to the condition and the location of the unit. These estimates include; mezzanine, air conditioning, facade, floor, lighting, furniture, mannequins and hangers. The values relating to the initial inventory, working capital, business location and the constitution of the company are not included.