This presentation provides an overview of Cia. Hering's 1Q09 performance and business strategy. Some key points: - 1Q09 gross revenue increased 42.6% year-over-year driven by a 48.3% increase in Hering brand sales. Same-store sales grew 19%. - EBITDA margin was 15.2%, up from 14.3% in 1Q08. Excluding an inventory adjustment, gross margin would have been 42.4%. - The company opened 1 new Hering store in 1Q09 and has plans to open 38 Hering stores and 8 PUC stores in 2009. - Cia. Hering will continue expanding its H

1. 1

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.
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3. AGENDA:
• Highlights
• Operating Performance
• Business Strategy and Outlook

4. 1Q09 Highlights
CIA. HERING ENDS UP 1Q09 WITH GROWTH
• Gross revenue in domestic market increased 42.6%
• Hering brand sales rose 48.3%
• Same-store sales growth of 19.0% in the Hering Stores
• EBITDA Margin of 15.2%
CONTINUED GROWTH PLAN
• 1 Hering Store opened in the 1Q09
• Marketing campaign “eu uso Hering desde sempre” with new celebrities
• Actions focused on store operating performance optimization
• 2 PUC stores opened in the new architectural project
SUSTAINABLE GROWTH
• Capex of R$ 6.5 million
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5. AGENDA:
• Highlights
• Operating Performance
• Business Strategy and Outlook

6. Gross Revenue (R$ million)
By Market
169.2
4.9
125.2 35.2% Foreign
Market
10.0
50.5%
42.6% 164.3
Domestic
Market
115.2
1Q08 1Q09
Domestic Market represented 97.1% of the total gross revenue in the 1Q09.
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7. Gross Revenue – Domestic Market (R$ million)
By Brand By Distribution Channel
Others
42.6% 164.3 dzarm
164.3
PUC 42.6%
4.3
11.2
Multi-
16.3 115.2 Brand
115.2 80.0
4.3%
Hering 33.6%
2.6 29.9%
10.7
59.9
12.6 132.5 Franchise/
48.3% 52.4% Own Store
84.3
89.3
55.3
1Q08 1Q09 1Q08 1Q09
Relevant franchise and owned stores growth in the domestic market.
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8. Gross Revenue – Foreign Market (R$ million)
Private Label vs. Own Brands By Destination
10.0 50.5% 10.0
Private 3.0
5.1 Label North
4.9 4.9 America
Own 4.7 Mercosul
Brands Europe
1.8% 3.3
4.9 4.9 Latin
1.0
1.1 America
1.0 Others
0.3 0.4
1Q08 1Q09 1Q08 1Q09
Own brands are the focus on exports, specially for Latin America.
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9. Gross Profit and EBITDA (R$ million)
Gross Profit (R$ million) and
Gross Margin (%) EBITDA (R$ million) and EBITDA Margin (%)
1 2 0 -0.5p.p 0 .4 5 1 2 0 0 .1 6
0.9 p.p
0 .4
15.2%
0 .1 4
1 00 42.2% 41.6% 1 00
0 .3 5
14.3%
0 .1 2
8 0 0 .3 8 0
0 .1
0 .2 5
6 0 0 .0 8
6 0
0 .2
0 .0 6
4 0
4 0 0 .1 5
31.0% 41.2%
57.2
0 .0 4
0 .1
2 0 43.6 2 0
0 .0 2
0 .0 5
14.8 20.8
0 0
0 0
1Q08 1Q09 1Q08 1Q09
Excluding the AVP, the gross margin would reach 42.4% in the 1Q09.
The higher EBITDA margin is due to the increase of the domestic market
revenue and the dilution of the operational expenses. 9

10. Stores Distribution
1 franchise Hering Store and 2 PUC Stores were opened in the
quarter and we have 122 Hering Stores and 8 PUC Stores in the
respective new archictetural project. 10

11. Hering Store Expansion
Expansion Plan
325
268
230 231
181 274 182
151 226
193 194
156 157
141
37 42 51 37
10 25 25
2006 2007 2008 2009* 2010* 1Q08 1Q09
Owned Stores Franchises
* estimated
The remodeling of the owned stores is the priority for 2009.
The goal of 325 stores is kept for 2010.
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12. Distribution Network (number of stores)
Distribution Network Evolution
423
357 23
Goal:57
75
311 22
22 67
248 59
209 23 Goal:224
Goal:172
19 44
39 325
268
230
151 181
2006 2007 2008 2009* 2010*
Hering PUC Abroad
Goal of 38 Hering Stores and 8 PUC stores opening for 2009.
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13. Expansion Plan 2009 – Franchise
Period State City Location Status
Status
1Q09 SP São Paulo Rua São Bento Opened
2Q09 SP Bauru Bauru Shopping Forecasted
1Q09
2Q09 AM Manaus Shopping Manauara U.C. Forecasted
1 Franchise opened
2Q09 CE Fortaleza Shopping Via Sul Forecasted
2Q09 DF Taguatinga Shopping Taguatinga Forecasted
2Q09
2Q09 RS Caxias Do Sul Shopping Iguatemi Forecasted
11 Franchises forecasted
2Q09 RS Pelotas Galeria Malcom Forecasted
2Q09 SP São Paulo Rua Damasceno Vieira Forecasted
2Q09 SP Diadema Shopping Praça Da Moça U.C. Forecasted
2Q09 SP São B.do Campo Rua Joao Pessoa Forecasted
2Q09 SP Itatiba Rua Rui Barbosa Forecasted
2Q09 SP Araraquara Centro Forecasted
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14. Expansion Plan 2009 – Franchise
Period State City Location Status
Status
3Q09 PB Petrolina Shopping River / Rua Forecasted
3Q09 PR Maringa Shopping Catuaí U.C. Forecasted
3Q09 SC Lages Rua Forecasted
3Q09
3Q09 SP Spaulo / Ribeirão Preto Novo Shopping Ribeirão Forecasted
10 Franchises forecasted
3Q09 SP São Paulo Rua Cardoso De Almeida Forecasted
3Q09 MG Varginha Rua Forecasted
3Q09 RJ Cabo Frio Rua Forecasted
4Q09
3Q09 SP Sorocaba Shopping Villagio Forecasted
3Q09 SP São Paulo Tatuapé (Rua) Forecasted 11 Franchises forecasted
4Q09 BA Salvador Shopping Paralela Forecasted
4Q09 DF Brasilia Shopping Iguatemi Forecasted
4Q09 PA Belem Doca Boulevard Forecasted
4Q09 RS Canoas Shopping Canoas Forecasted
4Q09 SP Bertioga Centro Forecasted
4Q09 SP São Paulo Av. Cantareira Forecasted
4Q09 SP Sto Andre Rua Das Figueiras Forecasted
4Q09 SP Guarulhos Centro (Rua) Forecasted
4Q09 RJ Rio De Janeiro Shopping Botafogo Forecasted
4Q09 SP Jundiai Centro (R Barao De Jundiai) Forecasted
4Q09 SP Campinas Rua Cel. Quirino Forecasted
4Q09 PE Recife Centro, Rua Nova Forecasted
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15. Expansion Plan 2009 – Own Stores
Period State City Location Status
Status
2Q09 SP Itupeva Premium Outlet São Paulo Forecasted
2Q09 SP Osasco Shopping União Osasco Forecasted 2Q09
2Q09 SP São Paulo Avenida Paulista Forecasted 3 Stores forecasted
3Q09 RJ Niteroi Rua Moreira Cesar Forecasted
4Q09 SP São Paulo Metro Tucuruvi Forecasted 3Q09
1 Store forecasted
4Q09
1 Store forecasted
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16. Hering Store Indicators
Hering Store Performance 1Q08 1Q09 Var.
Number of Stores 182 231 26.9%
Franchise 157 194 23.6%
Own 25 37 48.0%
Sales (R$ thousand) 68,652 96,457 40.5%
Same Store Sales growth 39.9% 19.0% -20.9 p.p.
Sales Area (m²) 24,399 29,893 22.5%
Sales (R$ per m²) 2,826 3,240 14.6%
Check-Outs 915,577 1,274,257 39.2%
Units 2,150,542 2,899,517 34.8%
Average Sales Ticket (R$) 75.00 75.70 0.9%
Same store sale growth of 19.0%
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17. Capex (R$ million)
By activity
29.3% 6.5
Other
5.0 0.1
0.8 IT
0.3 50.0%
1.6 3.2 Industry
190.9%
1.1 Stores
15.0% 2.3
2.0
1Q08 1Q09
Investments in the industry with the ampliation and update of the
units, including the new one in Parnamirim - RN
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18. Indebteness
Indebtedness Evolution Short Term x Long Term
201.3
184.6
Short
Term
55%
4.6 Long
3.5
Term
45%
11.0 -0.2
-0.7
0.1
2005 2006 2007 2008 1Q09
-33.4 -17.3
Net Debt/EBITDA*
Total Debt in 03/31/09 = R$ 116.2 million
Net Debt (R$ million)
* Last 12 months EBITDA
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19. Financial Result
R$ thousand 1Q08 1Q09 Var.
Net Financial Revenues (Expenses) (1,222) (1,098) -10.1%
Net Financial Derivative Instruments Results - 22,038 -
Total Financial Revenues (Expenses) (1,222) 20,940 -1813.6%
• Positive Financial Result
- On 03/31/09, Cia. Hering registered a revenue of R$ 22.4 million due to the
reversal of part of the expense accrued at the end of 2008, referring to the fair
value of derivatives.
• Swap with 19 dollar verifications (April/09 to Oct/10)
– April/09 and May/09 verifications: exchange rate lower than R$/USD 2.80
– On 05/04/09, Cia. Hering renegotiated the contract, eliminating nine monthly
verifications, from June/09 up to Feb/10 (included), at a R$ 3.1 million cost.
• The Company will remain searching alternatives to minimize and/or to eliminate the
exchange risk of the remaining derivatives operations.
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20. Payment to Shareholders
Dividends
The payment of dividends amounting to R$ 10.6 million (R$ 0.19616/share),
related to the year ended on December 31, 2008, was proposed and approved
at the General Shareholders’ Meeting held on April 28, 2009.
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21. AGENDA:
• Highlights
• Operating Performance
• Business Strategy and Outlook

22. Strategy & Outlook
Hering Store chain
Continue expansion plan – 325 stores by the end of 2010
Maximize operation performance
– Store space allocation review and optimization
– Automatic replenishment for basic items
– Fast response for best sellers and continuous promotional sales for slow movers
Promote the Hering Store credit card
Marketing campaign “eu uso Hering porque”
Opening of PUC Stores in the new architectural project
Implementation of dzarm. relaunching plan
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23. Investor Relations
Fabio Hering – President and IR Director
Frederico de Aguiar Oldani – Financial Director
Karina Koerich – IR Manager
Gracila Camargo Lopes – IR Analyst
Tel.: +55 (47) 3321-3469
3321-
E-mail: ri@heringnet.com.br
mail:
Website:
Website: www.ciahering.com.br/ir
Investor Relations Consulting Firm
FIRB – Financial Investor Relations Brasil
Ligia Montagnani – IR Consultant
Tel: +55 (11) 3897-6857
E-mail: ligia.montagnani@firb.com
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