Cia Hering reported strong financial results for 4Q09 and FY2009, with gross revenue increasing 39.4% and EBITDA margin expanding 4.0 percentage points to 21.4% for the full year. The company grew its store network, with same-store sales increasing 27.2% for existing Hering stores. Cia Hering also outlined plans to further expand its Hering store network to 405 locations by 2012.

1. ConferenceConference CallCall 4Q094Q09
MarchMarch 8, 20108, 2010

2. Disclaimer
This presentation contains forward-looking statements regarding the prospects of
the business, estimates for operating and financial results, and those regarding
Cia. Hering's growth prospects. These are merely projections and, as such, are
based exclusively on the expectations of Cia. Hering management concerning
the future of the business and its continued access to capital to fund the
Company’s business plan. Such forward-looking statements depend,
substantially, on changes in market conditions, government regulations,
competitive pressures, the performance of the Brazilian economy and the
industry, among other factors and risks disclosed in Cia. Hering’s filed disclosure
documents and are, therefore, subject to change without prior notice.documents and are, therefore, subject to change without prior notice.

3. Highlights
Operational
Performance
AGENDA
Performance
Economic-Financial
Performance
Outlooks

4. Highlights
MAIN INDICATORS
• 2009 total gross revenue: +39.4%, of which +44.5% in the domestic
market;
• EBITDA of R$ 154 MM and EBITDA Margin of 21.4% in 2009 (+4.0 p.p.);
• Hering Store Same-store sales: + 27.2% in 2009 and +32.6% in the 4Q09;
• Hering brand sales +50.6%, PUC +18.1% and dzarm. +34.9% in the 4Q09.• Hering brand sales +50.6%, PUC +18.1% and dzarm. +34.9% in the 4Q09.
OTHER HIGHLIGHTS
• Opening of 46 Hering Stores in 2009, 3 over the forecasted;
• Opening of15 PUC Stores, 10 in the 4Q09 (4 over the forecasted);
• Dzarm. repositiong plan execution shows its results with a 34.9% sales
growth in the 4Q09;
• The hybrid production model assured to attend production volumes over
the forecasted.
4

5. Highlights
Operational
Performance
AGENDA
Performance
Economic-Financial
Performance
Outlooks

6. 33.0
15.4
629.2
877.0
Gross Revenue (R$ million)
Sales Performance
44.5%
53.3%
39.4%
195.5
284.7
596.2
861.6
5.2
3.0200.6
287.7
4Q08 4Q09 2008 2009
Foreign Market Domestic Market
45.7%
42.6%
43.4%
6
With na expressive 43.4% growth in the 4Q09, the gross revenue
reached R$ 877.0 million in 2009 (+39.4%).
44.5%
Total

7. R$ 473.8 R$ 711.0
Sales Performance (cont.)
Domestic Market (R$ million)
2008 2009
+50.1%
R$ 61.9
R$ 47.6
83% 9%
6%
Highlight for the double digit growth of the three brands, specially
for Hering which represented 83% of the sales.
R$ 78.4
R$ 54.2
+26.5%
+14.0%

8. 59
74
76
19
23
22
15
15
209
248
311
365
416
Evolution of the Distribution Network
Distribution network- Hering Store and PUC
Goal: 172
Goal: 57
(+ 2 stores)
Goal: 224
(+ 6 stores)
Goal: 70
(+ 4 stores)
Goal: 273
(+ 3 stores)
151
181
230
276
32539
4419
2006 2007 2008 2009 2010*
Abroad PUC Hering Store
8
Goal: 172
(+ 9 stores)
(+ 6 stores)
In 2009, we opened 46 Hering Stores and 15 PUC Stores, reaching
350 stores in Brasil; 7 over the forecasted (+3 HS and +4 PUC).
* estimated Total

9. Hering Store Network Performance
Hering Store Performance 4Q08 4Q09 Chg. 2008 2009 Chg.
Number of Stores 230 276 20.0% 230 276 20.0%
Franchise 193 236 22.3% 193 236 22.3%
Own 37 40 8.1% 37 40 8.1%
Sales (R$ thousand) (1)
169,028 257,956 52.6% 438,844 645,999 47.2%
Franchise 133,983 204,088 52.3% 352,371 512,777 45.5%
Own 35,045 53,868 53.7% 86,473 133,222 54.1%
Same Store Sales growth (2)
29.1% 32.6% 3.5 p.p. 32.4% 27.2% -5.2 p.p.
9
Highlight fot the SSS, +32.6% in the 4T09 and +27.2 in 2009, boosted
mainly by the traffic increase in the stores.
Same Store Sales growth (2)
29.1% 32.6% 3.5 p.p. 32.4% 27.2% -5.2 p.p.
Sales Area (m²) 29,791 35,415 18.9% 29,791 35,415 18.9%
Sales (R$ per m²) 5,776 7,368 27.6% 16,256 19,864 22.2%
Check-Outs 2,040,928 3,001,915 47.1% 5,225,865 7,391,080 41.4%
Units 4,760,440 6,925,219 45.5% 12,222,332 16,851,285 37.9%
Average Sales Ticket (R$) 82.82 85.93 3.8% 83.98 87.40 4.1%
(2)
Compared to the same period of the previous year
(1)
The amounts reffered to the sales to final costumers. (sell out concept)

10. Highlights
Operational
Performance
AGENDA
Performance
Economic-Financial
Performance
Outlooks

11. Gross Profit (R$ million) and Gross Margin (%)
Gross Profit and Gross Margin
52.1%
51.0%
53.1% +2.8 p.p.
+1.1 p.p.
46.3%
47.3%48.0%
48.6%
+1.1 p.p.
+0.6 p.p.
11
83.2
123.8
238.5
340.9
4T08 4T09 2008 2009
Gross Profit Gross Margin Cash
50.3%
51.0%
Gross Margin
Highlight for the Gross Margin Cash, excluding depreciation, which
reached 53.1% in the 4Q09 and 48.6% in 2009.
4Q08 4Q09

12. EBITDA (R$ million) and EBITDA Margin (%) – Comparable Basis
EBITDA and EBITDA Margin
21.9%
26.2%+4.3 p.p.
17.4%
21.4%+4.0 p.p.
12
EBITDA reached R$ 154 million in 2009, with +71.9% growth in
comparable basis, and EBITDA Margin of 21.4% (+4.0 p.p.).
35.8
62.2
89.6
154.0
4Q08 4Q09 2008 2009
Comparable EBITDA
21.9%
Comparable EBITDA Margin

13. 14.6 20.2
23.5 3.1%
2.7%
3.3%
EBITDA and EBITDA Margin (cont.)
EBITDA (R$ million) and EBITDA Margin (%) – Annual Variation
EBITDA
2008
Non
Recurring
Result 2008
EBITDA
2008 - Base
Comparavel
Sales
Growth
Deduction -
Taxes and
AVP
Incentives
and
Subventions
CPV Dilution
and
Operating
Exp.
EBITDA
2009
105.4
15.8
89.6
35.3
14.6 20.2
154.0
EBITDA
Margin 2008
Non
Recurring
Result 2008
Margem
EBITDA 2008
- Base
Comparavel
Deduction -
Taxes and
AVP
Incentives
and
Subventions
CPV Dilution
and
Operating
Exp.
EBITDA
Margin 2009
20.5%
17.4%
2.0% 2.7%
21.4%
13
Expansion of EBITDA and EBITDA Margin are explained mainly by (i)
sales growth and (ii) dilution of cost of goods sold and expenses.

14. Net Profit
Net Profit (R$ million) and Net Margin (%)
20.4%
+14.7 p.p.
7.3%
15.9%+8.6 p.p.
80.0
100.0
120.0
140.0
14
Besides the EBITDA growth, the net profit was affected by the non
recurring gain of R$ 24.8 million (Derivatives rev) and R$ 6.6 million
(REFIS).
417.9%
203.7%
5.7%
Net Margin
9.3
48.4
37.7
114.6
0.0
20.0
40.0
60.0
4Q08 4Q09 2008 2009
Net Profit

15. By activity (R$ million)
CapEx
12.8%
1.2
2.7
6.1
4.8
35.8
31.2
15
In 2009, we invested R$ 31.2 million, mainly on production, logistics
and store openings (3 HS and 1 PUC).
26.7%
2.2
0.5
13.0
9.36.6
3.8
15.5
14.4
0.4
1.9
1.2
1.4
4Q08 4Q09 2008 2009
Stores Industry IT Other
10.5 7.7

16. Cash Flow - Consolidated 4Q08 4Q09 Chg. 2008 2009 Chg.
EBITDA 51,534 62,209 10,675 105,358 154,013 48,655
No cash items 3,940 24,813 20,873 4,594 26,757 22,163
Current IR&CS -10,971 -8,690 2,281 -22,798 -22,584 214
Cash Flow Capex -67,627 -54,394 13,233 -110,014 -45,213 64,801
Increase in trade accounts receivable -34,341 -42,751 -8,410 -52,241 -45,710 6,531
Cash Flow
Free Cash Flow (R$ million)
Increase in trade accounts receivable -34,341 -42,751 -8,410 -52,241 -45,710 6,531
Increase in inventories 8,871 15,820 6,949 -19,337 -14,010 5,327
(Decrease) in deffered taxes - REFIS - 31,773 31,773 0 31,773 31,773
Increase (decrease) in accounts payable to suppliers -16,102 -3,295 12,807 -12,477 36,372 48,849
Increase (decrease) in taxes payable -7,373 -34,434 -27,061 -13,437 -67,856 -54,419
Others -18,682 -21,507 -2,825 -12,522 14,218 26,740
CapEx -10,463 -7,670 2,793 -35,773 -31,189 4,584
Free Cash Flow -33,587 16,268 49,855 -58,633 81,784 140,417
16
In this year, the Free Cash Flow reached R$ 81.8 million, due to the
EBITDA growth and the better working capital management.

17. Indebteness Evolution Short Term x Long Term
Indebteness
201.3
184.6
4,6x
3,5x
Short
Long
Term
52%
* Last 12 months EBITDA
Total Debt = R$ 77.6 million
17
The management is focused on low leverage and new financing with
lower interest rate and longer terms.
-33.4
11.0 -25.1
3,5x
-0,7x
0,1x
-0,2x
2005 2006 2007 2008 2009
Net Debt (R$ million) Net Debt/Ebitda*
Short
Term
48%

18. Highlights
Operational
Performance
AGENDA
Performance
Economic-Finance
Performance
Outlooks

19. Expansion Plan – 2011 and 2012
New Expansion Plan - Hering Store Network
Location selection premises:
• Cities with > 100 thousand inhabitants
• Total and Retail Consumption Potential - IPC
(Target) and POF (IBGE)
• Actual and forecasted Shopping centers
analysis;
• Benchmark with other franchise networks
+42
+38
151 181
230
276
325
367
405
2006 2007 2008 2009 2010* 2011* 2012*
* estimated
• Benchmark with other franchise networks
• Evaluation of the Operational Potential
80 locations were selected which
presented greater potential
19
The new expansion plan, consistenly elaborated, renew the
perspectives for the Hering Store network growth.

20. Hering
• Hering Store Network: New expansion plan- 405 stores by 2012;
• Products with High Perceived Value and the concept “Retail is detail”;
• Continuity of the marketing campaign “eu uso Hering desde sempre”;
• Actions with the Hering Store Card and the Hering Webstore .
Outlooks
• Actions with the Hering Store Card and the Hering Webstore .
Research in the children market to evaluate the opportunities to better explore
the potential of the PUC and Hering Kids brands;
Continuity of the reposition plan for dzarm.: casual jeans concept, marketing
campaign and distribution channel qualification.
20

21. Investor Relation Team
Fabio Hering – CEO and IR Director
Frederico de Aguiar Oldani – Finance Director
Karina Koerich – IR Manager
Gracila Camargo Lopes – IR Analyst
Tel. +55 (47) 3321-3469
E-mail: ri@heringnet.com.br
Website: www.ciahering.com.br/irWebsite: www.ciahering.com.br/ir
FIRB – Financial Investor Relations Brasil
Tel. +55 (11) 3897-6857
E-mail: ligia.montagnani@firb.com