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Page 1: Slide presentation 2 q10
Page 2: Slide presentation 2 q10

2Q10 2Q10 ConferenceConference CallCall

July 30, 2010July 30, 2010

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DISCLAIMERDISCLAIMERDISCLAIMERDISCLAIMER

Company’s business plan.

Such forward-looking

statements depend,

substantially, on changes in

market conditions,

government regulations,

This presentation contains

forward-looking statements

regarding the prospects of

the business, estimates for

operating and financial

results, and those regarding 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.

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

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AGENDAAGENDAAGENDAAGENDA

HighlightsHighlightsHighlightsHighlights

2Q10 Operational 2Q10 Operational 2Q10 Operational 2Q10 Operational PerformancePerformancePerformancePerformance

OutlooksOutlooksOutlooksOutlooks

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MAIN INDICATORSMAIN INDICATORSMAIN INDICATORSMAIN INDICATORS

Gross Revenue grew 46,5% Gross Revenue grew 46,5% Gross Revenue grew 46,5% Gross Revenue grew 46,5% totaling R$ 306.7 R$ 306.7 R$ 306.7 R$ 306.7 million

Sales Sales Sales Sales increased over 35% over 35% over 35% over 35% for the three brands three brands three brands three brands

+ 21.7% same+ 21.7% same+ 21.7% same+ 21.7% same----store sales store sales store sales store sales in the Hering Store chain

EBITDA Margin EBITDA Margin EBITDA Margin EBITDA Margin of 27.4% 27.4% 27.4% 27.4% reaching an EBITDAEBITDAEBITDAEBITDA of R$ 69.3 R$ 69.3 R$ 69.3 R$ 69.3 million (+113.2%)(+113.2%)(+113.2%)(+113.2%)

2Q10 2Q10 2Q10 2Q10 HighlightsHighlightsHighlightsHighlights

Net profit Net profit Net profit Net profit with 290.1%290.1%290.1%290.1% growth totaling R$ 42.6 R$ 42.6 R$ 42.6 R$ 42.6 million....

OTHER HIGHLIGHTSOTHER HIGHLIGHTSOTHER HIGHLIGHTSOTHER HIGHLIGHTS

OpeningOpeningOpeningOpening of 14 Hering Stores 14 Hering Stores 14 Hering Stores 14 Hering Stores and 2 PUC 2 PUC 2 PUC 2 PUC StoresStoresStoresStores

Same store sales Same store sales Same store sales Same store sales of 15.4% 15.4% 15.4% 15.4% in the PUC store PUC store PUC store PUC store chain

CapEx’sCapEx’sCapEx’sCapEx’s Review Review Review Review for 2010: from R$ 58.7 from R$ 58.7 from R$ 58.7 from R$ 58.7 million to R$ 86.7 to R$ 86.7 to R$ 86.7 to R$ 86.7 million

Dividend Dividend Dividend Dividend Payment and Interest on Equity Payment and Interest on Equity Payment and Interest on Equity Payment and Interest on Equity approval approval approval approval in the 2H10 amounting R$ R$ R$ R$ 27.1 27.1 27.1 27.1 million 5

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AGENDAAGENDAAGENDAAGENDA

HighlightsHighlightsHighlightsHighlights

OutlooksOutlooksOutlooksOutlooks

2Q10 Operational 2Q10 Operational 2Q10 Operational 2Q10 Operational PerformancePerformancePerformancePerformance

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8.4

9.9

Gross Revenue Gross Revenue Gross Revenue Gross Revenue (R$ million)

Sales PerformanceSales PerformanceSales PerformanceSales Performance

17.2%17.2%17.2%17.2%

306.7 306.7 306.7 306.7

378.5 378.5 378.5 378.5

540.4 540.4 540.4 540.4

46.5%46.5%46.5%46.5%

42.8%42.8%42.8%42.8%

2Q09 2Q10 1H09 1H10

205.8 302.1

370.0

530.6

3.5

4.6

8.4

Domestic Market Foreign Market

In the 2Q10, the Gross Revenue grew 46.5%46.5%46.5%46.5%, reaching R$ 306.7 R$ 306.7 R$ 306.7 R$ 306.7 million and the domesticdomesticdomesticdomestic marketmarketmarketmarket was responsible for 98.5%98.5%98.5%98.5% for Cia. Hering sales.

43.4%43.4%43.4%43.4%

Total

46.8%46.8%46.8%46.8%

30.7%30.7%30.7%30.7%

7

209.3 209.3 209.3 209.3

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R$ 171.6R$ 171.6R$ 171.6R$ 171.6 R$ 255.1R$ 255.1R$ 255.1R$ 255.1

Sales Performance (cont.)Sales Performance (cont.)Sales Performance (cont.)Sales Performance (cont.)

2Q092Q092Q092Q09 2Q102Q102Q102Q10

+48.7%+48.7%+48.7%+48.7%

Domestic Market Domestic Market Domestic Market Domestic Market (R$ million)

Hering84%

R$ 16.9R$ 16.9R$ 16.9R$ 16.9

R$ 12.6R$ 12.6R$ 12.6R$ 12.6

R$ 23.0R$ 23.0R$ 23.0R$ 23.0

R$ 18.0R$ 18.0R$ 18.0R$ 18.0++

+36.3%+36.3%+36.3%+36.3%

+42.9%+42.9%+42.9%+42.9%

8

Over 35% Over 35% Over 35% Over 35% growth for the threethreethreethree brandsbrandsbrandsbrands: Hering (48.7%), PUC : Hering (48.7%), PUC : Hering (48.7%), PUC : Hering (48.7%), PUC (36.3%) (36.3%) (36.3%) (36.3%) and dzarmdzarmdzarmdzarm (42.9%), (42.9%), (42.9%), (42.9%), of which Hering accounted for 84% 84% 84% 84% ofthe total sales.

PUC7%

dzarm. 6%

Other2%

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63

7580

22

1515382382382382

DistributionDistributionDistributionDistribution ChainChainChainChain –––– Hering Hering Hering Hering StoreStoreStoreStore andandandand PUCPUCPUCPUC

329329329329

420420420420

StoreStoreStoreStore ChainChainChainChain EvolutionEvolutionEvolutionEvolution

2Q09 2Q10 2010*

244292 325

Total Hering Store Total PUC Foreign - Franchised

* estimated

9

48 Hering 48 Hering 48 Hering 48 Hering StoresStoresStoresStores and 12 PUC 12 PUC 12 PUC 12 PUC StoresStoresStoresStores were opened compared to the2Q09, and the Company maintains the forecast to end 2010 with325 325 325 325 HS HS HS HS and 80 PUC.80 PUC.80 PUC.80 PUC.

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Hering Store Chain PerformanceHering Store Chain PerformanceHering Store Chain PerformanceHering Store Chain Performance

Hering Hering Hering Hering StoreStoreStoreStore PerformancePerformancePerformancePerformance 2Q092Q092Q092Q09 2Q102Q102Q102Q10 Chg.Chg.Chg.Chg. 1H091H091H091H09 1H101H101H101H10 Chg.Chg.Chg.Chg.

Number of StoresNumber of StoresNumber of StoresNumber of Stores 244 244 244 244 292 292 292 292 19.7%19.7%19.7%19.7% 244 244 244 244 292 292 292 292 19.7%19.7%19.7%19.7%

Franchise 205 251 22.4% 205 251 22.4%

Owned 39 41 5.1% 39 41 5.1%

Sales (R$ thousand) Sales (R$ thousand) Sales (R$ thousand) Sales (R$ thousand) (1)(1)(1)(1) 162,989 162,989 162,989 162,989 227,161 227,161 227,161 227,161 39.4%39.4%39.4%39.4% 259,352 259,352 259,352 259,352 364,524 364,524 364,524 364,524 40.6%40.6%40.6%40.6%

Franchise 130,884 185,827 42.0% 207,208 294,797 42.3%

Owned 32,105 41,334 28.7% 52,143 69,726 33.7%

Same Store Sales growthSame Store Sales growthSame Store Sales growthSame Store Sales growth (2)(2)(2)(2) 29.3%29.3%29.3%29.3% 21.7%21.7%21.7%21.7% ----7.6 7.6 7.6 7.6 p.p.p.p.p.p.p.p. 25.3%25.3%25.3%25.3% 23.5%23.5%23.5%23.5% ----1.8 1.8 1.8 1.8 p.p.p.p.p.p.p.p.

Sales Area (m²)Sales Area (m²)Sales Area (m²)Sales Area (m²) 31,275 37,168 18.8% 31,275 37,168 18.8%

10

The SSSSSSSSSSSS of the Hering Store chain reached +21.7% in +21.7% in +21.7% in +21.7% in the 2Q10, mainly boosted by the increase in the store traffic (+39.7%).(+39.7%).(+39.7%).(+39.7%).

Sales Area (m²)Sales Area (m²)Sales Area (m²)Sales Area (m²) 31,275 37,168 18.8% 31,275 37,168 18.8%

Sales (R$ per m²)Sales (R$ per m²)Sales (R$ per m²)Sales (R$ per m²) 5,301 6,186 16.7% 8,537 10,064 17.9%

CheckCheckCheckCheck----OutsOutsOutsOuts 1,607,123 2,244,418 39.7% 2,880,353 4,030,106 39.9%

UnitsUnitsUnitsUnits 3,598,040 4,881,751 35.7% 6,494,812 8,867,474 36.5%

Units per CheckUnits per CheckUnits per CheckUnits per Check----OutOutOutOut 2.24 2.18 -2.7% 2.25 2.20 -2.2%

Average Sales Price (R$)Average Sales Price (R$)Average Sales Price (R$)Average Sales Price (R$) 45.30 46.53 2.7% 39.93 41.11 3.0%

Average Sales Ticket (R$)Average Sales Ticket (R$)Average Sales Ticket (R$)Average Sales Ticket (R$) 101.42 101.21 -0.2% 90.04 90.45 0.5%(1) The amounts referred to the sales to final costumers. (sell out concept)(2) Compared to the same period of the previous year

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Gross Profit (R$ million) and Gross Margin (%)Gross Profit (R$ million) and Gross Margin (%)Gross Profit (R$ million) and Gross Margin (%)Gross Profit (R$ million) and Gross Margin (%)

Gross Profit and Gross MarginGross Profit and Gross MarginGross Profit and Gross MarginGross Profit and Gross Margin

43.4%43.4%43.4%43.4%

47.9%47.9%47.9%47.9%45.0%45.0%45.0%45.0%

49.8%49.8%49.8%49.8%

+4.5 +4.5 +4.5 +4.5 p.p.p.p.p.p.p.p.

+4.8 +4.8 +4.8 +4.8 p.p.p.p.p.p.p.p.

44.9%44.9%44.9%44.9%

48.2%48.2%48.2%48.2%46.3%46.3%46.3%46.3%

49.9%49.9%49.9%49.9%

+3.3 +3.3 +3.3 +3.3 p.p.p.p.p.p.p.p.

+3.6 +3.6 +3.6 +3.6 p.p.p.p.p.p.p.p. 60.3%60.3%60.3%60.3%

2Q09 2Q10 1H09 1H10

76.5 76.5 76.5 76.5 121.8 121.8 121.8 121.8 133.6 133.6 133.6 133.6

214.2 214.2 214.2 214.2

11

Gross Margin CashGross Margin

The Gross Profit Cash Gross Profit Cash Gross Profit Cash Gross Profit Cash (without depreciation) rose 3.6 p.p. rose 3.6 p.p. rose 3.6 p.p. rose 3.6 p.p. compared to the 2Q09 and reached 49.9%49.9%49.9%49.9% in this quarter.

59.3%59.3%59.3%59.3%

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EBITDA and EBITDA MarginEBITDA and EBITDA MarginEBITDA and EBITDA MarginEBITDA and EBITDA Margin

EBITDA (R$ million) and EBITDA Margin (%)EBITDA (R$ million) and EBITDA Margin (%)EBITDA (R$ million) and EBITDA Margin (%)EBITDA (R$ million) and EBITDA Margin (%)

+8.3 +8.3 +8.3 +8.3 p.p.p.p.p.p.p.p. +8.7 +8.7 +8.7 +8.7 p.p.p.p.p.p.p.p.

113.2%113.2%113.2%113.2%

118.4%118.4%118.4%118.4%

19.1%19.1%19.1%19.1%

27.4%27.4%27.4%27.4%

17.3%17.3%17.3%17.3%

26.0%26.0%26.0%26.0%

2Q09 2Q10 1H09 1H10

32.5 69.3

53.3

116.5

12

EBITDA Margin

113.2%113.2%113.2%113.2%

The EBITDA EBITDA EBITDA EBITDA reached R$ 69.3 R$ 69.3 R$ 69.3 R$ 69.3 millionmillionmillionmillion,,,, with 113.2% growth in the 2Q10 and

an EBITDA EBITDA EBITDA EBITDA MarginMarginMarginMargin of 27.4% (+8.3 27.4% (+8.3 27.4% (+8.3 27.4% (+8.3 p.p.p.p.p.p.p.p.))))

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15.1

1.3 5.3

6.6

11.0

EBITDA and EBITDA Margin (EBITDA and EBITDA Margin (EBITDA and EBITDA Margin (EBITDA and EBITDA Margin (contcontcontcont.).).).)

EBITDA (R$ million) and EBITDA Margin (%) EBITDA (R$ million) and EBITDA Margin (%) EBITDA (R$ million) and EBITDA Margin (%) EBITDA (R$ million) and EBITDA Margin (%) –––– Quarter VariationQuarter VariationQuarter VariationQuarter Variation

0.3% 1.7%

2.6%

4.4%

EBITDA 2Q09

Sales Growth

Deduction Tax Incentives

Net Gross Margin (ex TI and ded)

SG&A Dilution

EBITDA 1Q10

32.5

69.3

13

TheTheTheThe EBITDA EBITDA EBITDA EBITDA and the EBITDAEBITDAEBITDAEBITDA MarginMarginMarginMargin increased were mainly due to the(i) salessalessalessales growthgrowthgrowthgrowth; ; ; ; (ii) thethethethe dilutiondilutiondilutiondilution ofofofof fixedfixedfixedfixed costscostscostscosts and operationalexpenses; iii) costcostcostcost ofofofof goodgoodgoodgood soldsoldsoldsold optimization and; iv) taxtaxtaxtax incentivesincentivesincentivesincentives.

Mg EBITDA 2Q09

Deduction Tax Incentives

Net Gross Margin (ex TI and ded)

SG&A Dilution

Mg EBITDA 1Q10

19.1%

27.4%

Page 14: Slide presentation 2 q10

67.9%67.9%67.9%67.9%

Net ProfitNet ProfitNet ProfitNet Profit

10.4 10.4 10.4 10.4 p.p.p.p.p.p.p.p.

Net Profit (R$ million) and Net Margin (%)Net Profit (R$ million) and Net Margin (%)Net Profit (R$ million) and Net Margin (%)Net Profit (R$ million) and Net Margin (%)

2.2 2.2 2.2 2.2 p.p.p.p.p.p.p.p.

6.4%6.4%6.4%6.4%

16.8%16.8%16.8%16.8% 14.0%14.0%14.0%14.0%16.2%16.2%16.2%16.2%

2Q09 2Q10 1H09 1H10

10.9 10.9 10.9 10.9

42.6 42.6 42.6 42.6 43.2 43.2 43.2 43.2

72.5 72.5 72.5 72.5

14

290.1%290.1%290.1%290.1%

The Net Net Net Net ProfitProfitProfitProfit growth was positively affected by the negative impact ofthe exchangeexchangeexchangeexchange variationvariationvariationvariation onononon deferreddeferreddeferreddeferred taxes in 2Q09taxes in 2Q09taxes in 2Q09taxes in 2Q09. If this effect was notconsidered, the Net Net Net Net ProfitProfitProfitProfit growthgrowthgrowthgrowth in in in in thethethethe 2Q10 2Q10 2Q10 2Q10 would have been 62.8%.62.8%.62.8%.62.8%.

Net Margin

Page 15: Slide presentation 2 q10

CapExCapExCapExCapEx

By Activity (R$ million) By Activity (R$ million) By Activity (R$ million) By Activity (R$ million)

From R$ 58.7 R$ 58.7 R$ 58.7 R$ 58.7 to R$ 86.7 R$ 86.7 R$ 86.7 R$ 86.7 millionmillionmillionmillion

CapEx Revision for 2010CapEx Revision for 2010CapEx Revision for 2010CapEx Revision for 2010

23.5 23.5 23.5 23.5

34.8 34.8 34.8 34.8

388.4%388.4%388.4%388.4%

208.1%208.1%208.1%208.1%

3.5 0.9

8.2

CapexCapexCapexCapex2010201020102010

Capex 2010 Capex 2010 Capex 2010 Capex 2010 reviewedreviewedreviewedreviewed

Stores 20.0 27.4

15

In this quarter R$ 23.5 million R$ 23.5 million R$ 23.5 million R$ 23.5 million was invested and due to the growth and due to the growth and due to the growth and due to the growth over the estimatesover the estimatesover the estimatesover the estimates, Cia. Hering’s CapEx for 2010 was revised in order to meet the market demands.

4.8 4.8 4.8 4.8

11.3 11.3 11.3 11.3

2Q09 2Q10 1H09 1H10

1.1

12.5

4.3

22.1

1.3

2.8

2.0

3.5

0.1

0.7

0.3 2.4

7.5

4.7

Industry IT Other Stores

Industry 28.1 48.2

IT/Others 10.6 11.1

TotalTotalTotalTotal 58.7 58.7 58.7 58.7 86.7 86.7 86.7 86.7 In R$ Million

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Cash FlowCash FlowCash FlowCash Flow

CashCashCashCash FlowFlowFlowFlow (R$ (R$ (R$ (R$ thousandthousandthousandthousand))))

CashCashCashCash FlowFlowFlowFlow ---- ConsolidatedConsolidatedConsolidatedConsolidated 2Q092Q092Q092Q09 2Q102Q102Q102Q10 Chg.Chg.Chg.Chg. 1H091H091H091H09 1H101H101H101H10 Chg.Chg.Chg.Chg.

EBITDAEBITDAEBITDAEBITDA 32.493 32.493 32.493 32.493 69.287 69.287 69.287 69.287 36.794 36.794 36.794 36.794 53.339 53.339 53.339 53.339 116.513 116.513 116.513 116.513 63.174 63.174 63.174 63.174

No cash items 159 251 92 315 537 222

Current IR&CS (7.944) (23.134) (15.190) (10.709) (31.709) (21.000)

Cash Flow CapexCash Flow CapexCash Flow CapexCash Flow Capex (15.890)(15.890)(15.890)(15.890) (9.610)(9.610)(9.610)(9.610) 6.280 6.280 6.280 6.280 4.991 4.991 4.991 4.991 16.979 16.979 16.979 16.979 11.988 11.988 11.988 11.988

16

The free cash flow reached R$ R$ R$ R$ 13.3 13.3 13.3 13.3 millionmillionmillionmillion in in in in thethethethe 2Q10 due to theEBITDA EBITDA EBITDA EBITDA growthgrowthgrowthgrowth, , , , as well as the less need of investments in workingcapital.

Cash Flow CapexCash Flow CapexCash Flow CapexCash Flow Capex (15.890)(15.890)(15.890)(15.890) (9.610)(9.610)(9.610)(9.610) 6.280 6.280 6.280 6.280 4.991 4.991 4.991 4.991 16.979 16.979 16.979 16.979 11.988 11.988 11.988 11.988

Increase in trade accounts receivable (24.069) (47.376) (23.307) (13.048) (17.760) (4.712)

Decrease (increase) in inventories 1.716 896 (820) (15.475) (10.777) 4.698

Increase in accounts payable to suppliers 9.628 15.639 6.011 23.219 26.920 3.701

Increase (decrease) in taxes payable (6.293) 10.250 16.543 873 12.478 11.605

Others 3.128 10.981 7.853 9.422 6.118 (3.304)

CapExCapExCapExCapEx (4.810)(4.810)(4.810)(4.810) (23.488)(23.488)(23.488)(23.488) (18.678)(18.678)(18.678)(18.678) (11.326)(11.326)(11.326)(11.326) (33.581)(33.581)(33.581)(33.581) (22.255)(22.255)(22.255)(22.255)

Free Cash FlowFree Cash FlowFree Cash FlowFree Cash Flow 4.008 4.008 4.008 4.008 13.306 13.306 13.306 13.306 9.298 9.298 9.298 9.298 36.610 36.610 36.610 36.610 68.739 68.739 68.739 68.739 32.129 32.129 32.129 32.129

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IndebtednessIndebtednessIndebtednessIndebtedness

Net Debt (R$ million)Net Debt (R$ million)Net Debt (R$ million)Net Debt (R$ million) Short Term x Long TermShort Term x Long TermShort Term x Long TermShort Term x Long Term

Short Term, 19.3%

Long Term, 80.7%

201.3 184.6

4.64.64.64.6 3.53.53.53.5

----0.70.70.70.7 0.10.10.10.1 ----0.20.20.20.2 ----0.30.30.30.3

* Last 12 months EBITDA

Gross Gross Gross Gross DebtDebtDebtDebt= R$ 49.3 = R$ 49.3 = R$ 49.3 = R$ 49.3 millionmillionmillionmillionNet Debt / EBITDA*

19.3%

17

Cia. Hering ended the 2Q10 with RRRR$ $ $ $ 72.4 72.4 72.4 72.4 ofofofof Net Net Net Net CashCashCashCash, and the loweramount (compared to the R$ 77. 2 million in the 2Q09) was due to thepaymentpaymentpaymentpayment ofofofof dividendsdividendsdividendsdividends amoutingamoutingamoutingamouting R$ 19.7 R$ 19.7 R$ 19.7 R$ 19.7 millionmillionmillionmillion onononon MayMayMayMay, 2010., 2010., 2010., 2010.

2005 2006 2007 2008 2009 2Q10

184.6

-33.4 11.0 -25.1-72.4

Page 18: Slide presentation 2 q10

Shareholder RemunerationShareholder RemunerationShareholder RemunerationShareholder Remuneration

DividendsDividendsDividendsDividends

� Payment of R$ 19.7 million R$ 19.7 million R$ 19.7 million R$ 19.7 million on May 3, 2010, of which RRRR$ 0,36 $ 0,36 $ 0,36 $ 0,36 per per per per

shareshareshareshare.

18

� The Company’s Board of Directors at a meeting held on July 28, 2010

approved the distribution of dividends in the amount of R$ 17.6 million R$ 17.6 million R$ 17.6 million R$ 17.6 million

(R$ 0.325 per share)(R$ 0.325 per share)(R$ 0.325 per share)(R$ 0.325 per share) and Payment of Interest on Equity in the amount

of R$ 9.5 million (R$ 0,175 per share)R$ 9.5 million (R$ 0,175 per share)R$ 9.5 million (R$ 0,175 per share)R$ 9.5 million (R$ 0,175 per share), totaling R$ 27.1 million (R$ R$ 27.1 million (R$ R$ 27.1 million (R$ R$ 27.1 million (R$

0.50 per share)0.50 per share)0.50 per share)0.50 per share), to be paid in the 3Q10.

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AGENDAAGENDAAGENDAAGENDA

HighlightsHighlightsHighlightsHighlights

OutlooksOutlooksOutlooksOutlooks

2Q10 Operational 2Q10 Operational 2Q10 Operational 2Q10 Operational PerformancePerformancePerformancePerformance

Page 20: Slide presentation 2 q10

HeringHeringHeringHering

• Chain expansion: to end 2010 with 325 325 325 325 storesstoresstoresstores andandandand open 80 more open 80 more open 80 more open 80 more untiluntiluntiluntil 2012

• Total sales growth as well as the SSS in the store chain

• Campaign “I “I “I “I amamamam / I / I / I / I wearwearwearwear Hering” Hering” Hering” Hering” with new approach

• Actions with the Hering Hering Hering Hering StoreStoreStoreStore CardCardCardCard and Hering Hering Hering Hering WebstoreWebstoreWebstoreWebstore.

OutlooksOutlooksOutlooksOutlooks

Children Market with opportunitiesopportunitiesopportunitiesopportunities to be explored.

• Launch of the flagship pilot store project for HeringHeringHeringHering KidsKidsKidsKids and Hering Kids + PUC

• GrowthGrowthGrowthGrowth inininin thethethethe multibrandmultibrandmultibrandmultibrand retailretailretailretail salessalessalessales as well as samesamesamesame clientsclientsclientsclients salessalessalessales.

• AssortmentAssortmentAssortmentAssortment andandandand PricePricePricePrice AdjustmentAdjustmentAdjustmentAdjustment forforforfor thethethethe brandsbrandsbrandsbrands:::: Hering Kids (Value &Moderate) and PUC (Better & Premium).

dzarmdzarmdzarmdzarm....

• Continuity of repositioningrepositioningrepositioningrepositioning planplanplanplan: : : : casual jeans concept

• Marketing CampaignCampaignCampaignCampaign withwithwithwith celebritiescelebritiescelebritiescelebrities....

20

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INVESTOR RELATION TEAMINVESTOR RELATION TEAMINVESTOR RELATION TEAMINVESTOR RELATION TEAM

Fabio HeringFabio HeringFabio HeringFabio Hering - President Frederico OldaniFrederico OldaniFrederico OldaniFrederico Oldani – Finance and IR Director

Karina KoerichKarina KoerichKarina KoerichKarina Koerich – IR ManagerGracila Camargo LopesGracila Camargo LopesGracila Camargo LopesGracila Camargo Lopes – IR Analyst

Admar A. Topazio Junior Admar A. Topazio Junior Admar A. Topazio Junior Admar A. Topazio Junior – IR Analyst

FIRB – Financial Investor Relations BrasilTel. +55 (11) 3897-6857

E-mail: [email protected]

Tel. +55 (47) 3321-3469E-mail: [email protected]

Website: www.ciahering.com.br/ir

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