1. 3Q09 Conference Call
November 5, 2009

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.

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

4. 3Q09 Highlights
MAIN INDICATORS
• Total Gross Revenue + 34.7%, of which +40.3% in the domestic market;
• Hering brand Sales +43.5%, PUC + 39.0% and dzarm. +12.6%;
• EBITDA Margin +5.5 p.p., ending the quarter with 21.9%;
• Hering Stores sales + 40.1% and same-store sales +20.9%.
OTHER HIGHLIGHTS
• Opening of 14 Hering Stores (1 owned) and 1 PUC Store (owned);
• Marketing Campaign “eu uso Hering...” for Father´s Day and Jeanswear;
• Execution of dzarm. brand repositioning plan.
4

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

6. Gross Revenue (R$ million)
By Market
589.2
12.4
37.5%
428.5
55.3%
27.8
Foreign
Market 576.8
43.9%
34.7% 210.8
4.0
Domestic 400.7
156.5 56.4% Market
9.2 206.8
147.3 40.3%
3Q08 3Q09 9M08 9M09
Domestic market accounts for 98.1% of the total gross revenue, indicating
a 40.3% growth.
6

7. Gross Revenue – Domestic Market (R$ million)
By Brand
576.8
43.9% 13.4
38.4
54.9
400.7
Others 8.9
40.3% 206.8 35.9
4.4 7.1%
14.6 dzarm. 42.1
12.6% 21.8 30.5%
147.3 PUC 470.1
3.0
13.0 39.0%
15.7 Hering 313.8 49.8%
166.0
43.5%
115.6
3Q08 3Q09 9M08 9M09
Hering brand stood out with 43.5% growth.
dzarm. shows the first results of its repositioning plan, with a 12.6%
increase in the quarter.
7

8. Gross Revenue – Domestic Market (R$ million)
By Distribution Channel
576.8
45.9%
400.7
313.6
Multi
brand
206.8
214.9
147.3 40.2% 41.7%
117.9 Franchise/
Own Store
84.1 263.4
40.5%
185.8
88.9
63.2
3Q08 3Q09 9M08 9M09
In 9M09, the multibrand retail grew 45.9%, due to the 57.6% expansion for
Hering and 34.8% for PUC in such channel.
8

9. Gross Revenue – Foreign Market (R$ million)
Private Label vs. Own Brands
27.8
55.3%
14.4
100.0% 12.4
56.4% Private
9.1 Label
7.6%
100.0%
4.1 13.4 12.4
4.0
Own
5.0 19.9% Brands
4.0
3Q08 3Q09 9M08 9M09
In the foreign market, the Company continues the strategy to focus in Latin
American countries with its own brands.
9

10. Gross Profit
Gross Profit (R$ million) and Gross Margin (%)
0.8 p.p.
44.9%
2 5 0 0.6
2 5 0 0 .4 5
44.1%
0.5 5
0 .4
2 00
2.0 p.p. 0.5
2 00
47.5% 0 .3 5
0.4 5
1 5 0
45.5% 0.4
1 5 0
0 .3
0.3 5
43.0% 39.7% 217.0 0 .2 5
1 00 0.3
1 00
0.2 5
155.3 0 .2
5 0 0.2
5 0
83.4
58.3
0 .1 5
0.1 5
0 0.1
0 0 .1
3Q08 3Q09 9M08 9M09
Gross Profit Gross Margin
Excluding the AVP (Current Value Adjustment), the gross margin in
9M09 would have been 45.5%. 10

11. EBITDA
EBITDA (R$ million) and EBITDA Margin (%)
0 .2 5 0 .2
19.0%
1 00 1 00
0 .1 8
21.9% 0 .2 0 .1 6
8 0 8 0
0 .1 4
15.3%
5.5 p.p. 0 .1 5
3.7 p.p. 0 .1 2
6 0
16.4% 6 0
0 .1
0 .1 91.8 0 .08
4 0
82.6% 4 0
70.6%
0 .06
53.8
0 .05 0 .04
2 0
38.5 2 0
21.0 0 .02
0 0 0 0
3Q08 3Q09 9M08 9M09
The improvement in operational performance, due to the increase in sales and
dilution of fixed expenses reflected in a 82.6% EBITDA growth in 3Q09.
11

12. Stores Distribution
15 stores were opened and the multibrand retail grew 7.0% in number of
clients in the 3Q09.
12

13. Distribution Network (Number of Stores)
Evolution of the Distribution Network
Goal:57 337
311 314 329
22 15
22 22
64
248 63
59 61
209 23 Goal:224
19 44 Goal:172
39
244 258
230 231
181
151
2006 2007 2008 1Q09 2Q09 3Q09
Hering PUC Abroad
In the 9M09, 33 stores were opened (28 Hering Stores and 5 PUC). In the
foreign market, the Company decided to discontinue the franchise stores
in markets that are not its current target.
13

14. Hering Store Expansion
Expansion Plan
325
273
258
230
209
181 274
151 233 218
193 176
156
141
37 40 51 33 40
10 25
2006 2007 2008 2009* 2010* 3Q08 3Q09
Own Stores Franchise
* estimated
Out of the 258 stores, 169 are already remodeled to the new architectural
project. The goal for 2009 went from 268 to 273 stores.
14

15. Hering Store Indicators
Hering Store Performance 3Q08 3Q09 Chg. 9M08 9M09 Chg.
Number of Stores 209 258 23.4% 209 258 23.4%
Franchise 176 218 23.9% 176 218 23.9%
Own 33 40 21.2% 33 40 21.2%
Sales (R$ thousand) 91,792 128,597 40.1% 269,816 388,043 43.8%
(1)
Same Store Sales growth 25.6% 20.9% -4.7 p.p. 34.4% 23.8% -10.6 p.p.
Sales Area (m²) 27,588 33,233 20.5% 27,588 33,233 20.5%
Sales (R$ per m²) 3,395 3,956 16.5% 10,481 12,497 19.2%
Check-Outs 1,123,907 1,507,785 34.2% 3,184,937 4,389,165 37.8%
Units 2,654,189 3,428,509 29.2% 7,461,892 9,926,066 33.0%
Average Sales Ticket (R$) 81.70 85.29 4.4% 83.84 87.34 4.2%
(1)
Compared to the same period of the previous year
Besides the expansion of 40.1% in the network sales, same-store sales growth of
20.9% and the average sales ticket increase of 4.4% were highlights of the quarter.
15

16. Capex (R$ million)
By Activity
7.1%
25.3
0.8 23.5
Others 0.8
4.9
30.6% 3.4
18.4%
12.2 IT
0.5 10.7 8.7
10.3 14.5% 1.3 18.6%
0.2
1.6
4.1 Stores
22.2%
5.2 19.4% 10.6
8.9
91.7% 6.3
Industry
3.3
3Q08 3Q09 9M08 9M09
Industry investment was the highlight of the quarter, 91.7% over the same
period of 2008.
16

17. Indebteness
Indebtedness Evolution Short Term x Long Term
Long
Term
44%
Short
Term
56%
Net Debt/EBITDA* Total Debt = R$ 95.1 million
Net Debt (R$ million)
* EBITDA of the last 12 months
17

18. Financial Result
R$ thousand 3Q08 3Q09 Chg. 9M09 9M08 Chg.
Net Financial Revenue (Expenses) (2,802) (15,174) 441.5% (10,258) (13,249) 29.2%
Net Financial Derivative Instruments Results - (193) - - 24,866 -
Total Financial Revenue (Expenses) (2,802) (15,367) 448.4% (10,258) 11,617 -
• Swap
– On July 7, 2009, Cia. Hering renegociated the swap operation in the amount
of R$ 30.0 million, eliminating four monthly verifications (Feb/2010 until
June/2010) at a cost of R$ 2.06 million and;
– On September 24, 2009, the Company terminated the swap operation, in an
agreement with the counterpart, paying R$ 150 thousand reais for it.
18

19. Shareholder´s remuneration
Payment of Interest on Shareholder’s Equity
The payment on 10/August/09 in the amount of R$ 15.2 million refers to:
R$0,1411/share - related to the year ended on December 31 2008;
R$0,1405/share - related to the first half of 2009;
Date of Gross Value Value per
Shareholders´ remuneration Year End
Payment (R$ million) Share (R$)
Payment of Interest on Equity 2007 02/22/08 4,853 0.09000
Payment of Interest on Equity 2008 09/17/08 4,853 0.09000
Dividends 2008 05/11/09 10,578 0.19616
Payment of Interest on Equity 2008 08/10/09 7,609 0.14110
Payment of Interest on Equity 2009 08/10/09 7,576 0.14050
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20. AGENDA:
• Highlights
• Operating Performance
• Businees Strategy and
Outlook
20

21. Strategy & Outlook
Hering Store
• Continuity of the growth plan– 325 store by the end of 2010, with the upside of 5 stores
for 2009, ending the year with 273 stores.
• Marketing Campaign “eu uso Hering …” focused on the commemorative year-end dates
• Hering Store Credit Card
• Hering Web Store
Opening of PUC stores in the new archictectural project and marketing campaign with
more commercial appeal;
Execution of the dzarm. repositioning plan with the launching of the High Summer
Collection;
Reestructure of the presence in the foreign market focusing on own brands´ sales to
the Latin American countries.
21

22. Investor Relations
Fabio Hering – CEO and IR Director
Frederico de Aguiar Oldani – CFO
Karina Koerich – IR Manager
Gracila Camargo Lopes – IR Analyst
Tel.: +55 (47) 3321-3469
3321-
E-mail: ri@heringnet.com.br
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