00

Non-Deal Road Show

January, 2010

New York, Boston and London

Disclaimer - Forward Looking StatementsThe material that follows is a presentation of general background information about Cremer as of the date of the

presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as

advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No

representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy,

fairness, or completeness of the information presented herein.

This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of

1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and

are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will

be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business

1

be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business

environments of Cremer and its subsidiaries that may cause the actual results of the companies to be materially different

from any future results expressed or implied in such forward-looking statements.

Although Cremer believes that the expectations and assumptions reflected in the forward-looking statements are

reasonable based on information currently available to Cremer’s management, Cremer cannot guarantee future results or

events. Cremer expressly disclaims a duty to update any of the forward-looking statement.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any

securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment

whatsoever.

Cremer� Founded in 1935

� Healthcare products supplier

� Products that facilitate and improve the healthcare in the areas of first aid, surgery,

treatment and hygiene for professional and domestical use

� Manufacturer of industrial adhesives and plastics

Quem Somos

Our Products

� National presence

Who we are

2

Sales &Distribution

Clients

� National presence

� Direct sales channel by call center and field sales force

� Integrated business model with state of the art systems

� 52,170 clients in 2008; ~90% in healthcare; largest client represented less

than 2% of total revenues

� Healthcare clients include hospitals (medical, dental and veterinary clinics),

labs, drugstores, dentists, supermarkets, clinical analysis and other distributors

� Other clients include footwear, automotive, home appliance, packaging

industries, and other clients for industrial adhesives and plastics

History

National distribution platform

Founded by medics, focused on manufacturing healthcare textiles

New management assume on May, focused on:

• Healthcare

• Growth with profitability

• Appropriated package of product offering

• Value Cremer’s brand

• Client needs; commercial relationships

FamilyControl

Applied“Control”

MLControl

DiffuseControl

Plásticos Cremer

Turnaround process with professional management

3

1935 1970 1974 1994 1997 1999 2008200720042002 2009

Inauguration of the new Adhesives plant(beginning of financial crisis)

Implantation of direct sales and call center

Acquisition of control by Merrill Lynch GPEBeginning of distribution business modelCompany's capitalization

Reach the position of largest distributor of disposable healthcare products of BrazilR$ 550 million IPOBovespa’s Novo Mercado

Implementation of the Adhesives plant and beginning of adhesive tapes production

Our Products� Hospital Product Line

� Gauze

� Lap Sponges

� Crepe Bandages

� Plaster Cast

� Cotton

� Adhesive Bandages

� Gloves

� Needles

� Syringes

4

� Syringes

� IV Sets

� Serum

� Cleaning Solutions

� Probes

� Collectors

Our Products� Retail Product Line

� Cotton

� Crepe Bandages

� Gauze

� Patches

� Adhesive Bandages

� Other Adhesive Bandages

� Diapers

� Gloves

� Syringes

5

� Syringes

Our Business – LTM Net Revenues 3Q09 (R$ million)

44.012.2%

317.6

Healthcare ProductsManufactured x 3rd Party

317.6100%

Manufactured178.856.3%

3rd Party138.841.7%

6

Healthcare Products

Industrial Adhesives + Plastics

361.6100%

317.687.8%

1. Other = Exports and Vet

317.6100%

Hospital193.360.9%

Retail80.0

25.2%

Dental31.19.8%

Other1

13.24.1%

Healthcare ProductsSegments

Our Business

� Leading manufacturer of

surgical textiles and

adhesives

� Strong brand recognition

Textile Plant

Adhesives Plant

Manufacturing Sales Distribution

7

� Solid reputation for the

quality and reliability

Adhesives Plant

Plastics Plant

� Integrated database with high technology

� Business Intelligence

• Teared pricing capabilities / yield management

Manufacturing Sales Distribution

Our Business

8

yield management

• Cross-selling

• Low customer acquisition cost

� Low cost sales channel

• State-of-the-art call center

• ~10,000 calls/day

• Over 1,200 orders/day

� National field sales force with ~30 people

� Only player with national footprint – 9 DC’s

� Differentiated service

Manufacturing Sales Distribution

Our Business

9

� Differentiated service

• Reliable and cost-efficient

• ~94% OTIF (On Time, In Full)

� 52,170 clients served in 2008

Board of Directors and Executive Committee

� Joined Cremer in November 2008 as a board member and as CEO since May 2009

� Investment manager at Tarpon Investimentos; Principal at Egon Zehnder, in Brazil; Vice-President of Investment Bank

Morgan Stanley for Latin America, in São Paulo; Associate of the Group of Financial Institutions of Goldman Sachs Investment

Bank Division, in New York; held several positions in the areas of Controllership, Finance and Strategic Planning at Esso

Brasileira de Petróleo, in Rio de Janeiro

� Economist from Universidade Federal do Rio de Janeiro; MBA from Columbia Business School

Board of Directors

Luiz S. Spinola S. (Chairman) José Eduardo Bandeira de Mello (Vice Chairman)

Mário Fleck Sergio Lisa de Figueiredo

J. Alexandre C. Borges Luiz Alves Paes de Barros

Pedro de Andrade Faria Anderson Birman

Alexandre

Borges

CEO

Paulo Andrade

� Joined Cremer in May 2009

� Regional CEO of Amanco Pavco Andina, COO for the south region at Amanco, Managing Director of Associated British

Foods, Vice President of Operations and Supply at Avery Dennison, Executive Operations Director of Parmalat Brasil S.A.,

10

Paulo Andrade

VP, COO

Rafael Grisolia

CFO, IRO

Luiz Sacco

CCO

ExecutiveCommittee

Foods, Vice President of Operations and Supply at Avery Dennison, Executive Operations Director of Parmalat Brasil S.A.,

Executive Manager of Support and Operations at Gessy Lever Ltda. and Corporate and Plant Manager at Nestlé in Brazil and

Switzerland

� Chemical Engineer from UNICAMP; International Executive MBA – FIA from the University of São Paulo

� Joined Cremer in April 2008

� Corporate Card Director at Banco Bradesco, Commercial Director and subsequently Vice-President at American Express,

Marketing and Sales Director for Latin America at Synavant (the former technology division of IMS Health); worked for almost 11

years at IBM Brazil, held many managerial posts, including Country Manager for the Healthcare segment

� Electronic Engineer from the Escola de Engenharia Mauá; completed a graduate program in Business Administration at the

Fundação Getúlio Vargas; Executive MBA from Business School São Paulo

� Joined Cremer in May 2009

� Head of the finance area of Esso Brasileira de Petróleo (current Cosan Combustíveis e Lubrificantes SA); financial director of

the pension fund PrevidExxon from 2001 to 2009; responsible for the sale of Esso jet fuel to domestic and international airlines

from 1997 to 1999 and then began acting on an international level in the regional office of ExxonMobil Aviation in Chile until

2001. Worked in several activities and finance and planning projects of Esso since he joined the company in 1989

� Production Engineer from the Federal University of Rio de Janeiro; MBA from Coppead

11

12 13 13 13

15 15 15 16

16 17 17

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Market

Brazilian Population – Over 60’s(million)

Healthcare expenses as a proportion of GDP In Brazil

7,9% 7,9%

8,1%8,2%

8,4%

8,6%8,7%

8,9%

9,1%

9,3%

7,0%

7,5%

8,0%

8,5%

9,0%

9,5%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Estimate

Forecast

Total Pop : CAGR 1.7%

11Source: Datasus, World Health Organization 2006, Banco Central and Cremer Estimates, Economist Intelligence Unit

Healthcare expenses as a proportion of GDP Evolution of Healthcare expenses in BrazilConstants Prices - 2008 (R$ billions)

Private

Public

U.S.

Switzerland

France

Canada

Australia

Norway

Spain

Japan

United Kingdom

Source:

Exp

enses w

ith h

ealthcare

as a

pro

port

ion

of G

PD

(%

)

Cremer

34.0%

Others66.0%

Cremer17.0%

Others83.0%

Market - Hospital Segment ~R$ 2.5 Bi

Lap Sponges(~R$ 240 million/year)

Gauze(~R$ 140 million/year)

12

Cremer4.0%

Others96.0%

Cremer3.3%

Others96.7%

¹ It only considers category of products that Cremer currently commercializes

Source: Cremer Estimates

Needles and Syringes*(~R$ 210 million/year)

IV Sets(~R$ 80 million/year)

Cremer17.5%

Others85.4%

Market – Retail Segment ~R$ 2.0 Bi

Drugstores- First Aid1

(~R$ 400 million/year)Drugstores- Patches

(~R$ 50 million/year)

Cremer5.1%

Others94.9%

13

Cremer24.6%

Others75.4%

Source: Cremer and Integration Estimates, Nielsen 2008

1 Adhesive Bandages, Gauze, Crepe, Cotton, Patches, Gloves, Needles and Syringes2 Gross prices of sell-in3 Disposable Diapers distributed by Cremer

Grocery Stores – Cloth Diapers2

(~R$ 100 million/year)Drugstores– Disposable Diapers 3

(~R$ 550 million/year)

Cremer0.5%

Others99.5%

Strategy from 2004 to 2008

� Transform the business into a national distributor of disposable healthcare products

� Grow through sales of 3rd party products

� Add new suppliers and items to the portfolio of products

� Expand client base

� Increase average sales per client

Hospitals~6,500

1,500+ distributors

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~6,500

Drugstores~55,000

Dentists100,000 +

Distributor 3Distributor 2Distributor 1

Regional Clients

Regional ClientsSuppliers500+

Strategy Execution

Net Revenue Client Base

2004 - R$ 169 million 2008 - R$ 324 million

CAGR 18%

74%

5%

4%

17% 53%

31%

3%

13%

Manufactured Healthcare Products 3rd Party Products

Plastics Industrial Adhesives

33,54937,307

41,173

50,114 52,170

2004 2005 2006 2007 2008

15

17.4

29.7

2004 2008

Hospital

1.9

2.1

2004 2008

Retail

0.5

1.1

2004 2008

Dental

Number of 3rd party items Average sales per client (R$000)

Plastics Industrial Adhesives2004 2005 2006 2007 2008

1,1681,410

2,385

2,947

4,217

2004 2005 2006 2007 2008

Strategic Committee – Dec 2008

� Objective

� Review Company’s strategy and focus

� Phase I:

� Detailed analysis and understanding of Company’s current performance

� Develop deep analysis of the business by segment and category of products

� Identify sources and hypothesis to enhance performance

� Prepare preliminary recommendations of focus and sources of growth

16

� Areas of initiatives

1. Human Resources

2. Manufacturing

3. Supply Chain

4. Commercial

5. Financial

1. Human Resources

� Variable compensation for management based on operational performance and broken

down into specific targets by areas and individuals

� Profit Sharing Program (PPR)

� New culture focused on results and ownership

� Safety program

� Change in the Company´s internal climate

17

51.7%

21.0%

2008 Sep-09

62.0%

71.7%

2008 Sep-09

1 September annualized1 September annualized

Turn Over 1 Retention until 180 days

2. Manufacturing

� Review of production process and commercial planning

� Improve capacity utilization, reducing bottlenecks

� Continuous improvement project (Lean and Kaizen tools)

18

Textile EficiencyTextile Production vs Plan

81.0%

102.8%

2008 3Q09

91.0%

101.3%

2008 3Q09

3. Supply Chain

� Combination of reducing freight expenses with improvement of service levels

� Effort to balance inventory and improve our sales planning

� Review entire logistics footprint

� Implementation of WMS (Warehouse Management System)

19

Freight Expenses1 OTIF (On Time, In Full) Inventory – R$ Million

1 as % of Net Revenue1 as % of Net Revenue

78.5%

94.0%

2008 3Q09

46.3

33.2

2008 3Q09

5.2%

4.1%

2008 3Q09

4. Commercial

� Changes in the commercial management model

� Review of product portfolio

� Achieve scale and profitability in each segment and category of products

� Discontinuation of products with negative margins

� Focus in understanding client´s needs

� Review of go-to-market strategy

� Enhance sales force efficiency

� Branding and marketing projects

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Number of Products in Portfolio Adjusted EBITDA Margin

4,586

2,158

Dec-08 Sep-09

13.2%

19.4%

2008 3Q09

5. Financial

� Improvement of Business Intelligence System: operating performance and return on

invested capital (ROIC) by segment and by category of products

� Capital structure optimization

� Financial planning

21

Financials (R$ millions)

Net Revenue Adjusted Gross Profit

Healthcare

Industrial

76.4 84.5 88.1

9.811.0

12.6

1Q09 2Q09 3Q09

86.295.5

100.7

61.0 66.877.3

13.413.2

13.3

1Q08 2Q08 3Q08

74.480.0

90.6

205.0

249.0

40.0

33.4

9M08 9M09

282.4

245.0

23.625.5

29.1

31.8% 31.9% 32.1%

1Q08 2Q08 3Q08

28.732.8

37.2

33.4% 34.3% 37.0%

1Q09 2Q09 3Q09

78.2

98.7

31.9%35.0%

9M08 9M09

22

24.1

32.9

9.8%11.6%

9M08 9M09

8.6

6.7

8.8

11.6%

8.4%

9.7%

1Q08 2Q08 3Q08

10.2

11.5 11.2

11.8% 12.1%11.1%

1Q09 2Q09 3Q09

Adjusted EBITDA Net Income

1Q09 2Q09 3Q091Q08 2Q08 3Q08 9M08 9M09

35.0

47.9

14.3%17.0%

9M08 9M09

10.7 11.213.1

14.4% 14.0% 14.5%

1Q08 2Q08 3Q08

12.4

15.9

19.6

14.4%16.7%

19.4%

1Q09 2Q09 3Q09

1Q08 2Q08 3Q08 1Q09 2Q09 3Q09 9M08 9M09

Financials (R$ millions)

Average Invested Capital/ ROIC Operating Cash Flow

123.4132.2

140.9

27,2%

17,1%

20,0%

158.7152.6

141.8

19,2%

19,6%

33,2%

132.2

151.0

20,2%22,3%

5.1

7.8 8.4

12.6

24.4

18.6

21.3

55.6

23

70.2 72.2 69.9

96.2 94.4

78.2 76.4

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

CapEx (R$ millions) Cash Cycle (Days)

1Q08 2Q08 3Q08 1Q09 2Q09 3Q09 9M08 9M09 1Q08 2Q08 3Q08 1Q09 2Q09 3Q09 9M08 9M09

1.72.2

1.8

1Q09 2Q09 3Q09

2.6

3.8

4.8

1Q08 2Q08 3Q08

11.2

5.7

9M08 9M09

Results per Segment (R$ 000)

Hospital Retail Dental Adhesives Others Consolidated

Net Revenue of Manufactured Products 28,616 15,237 834 10,724 4,693 60,104

Net Revenue of 3rd Party Products 23,797 4,827 7,740 267 3,985 40,616

Total Net Revenue 52,413 20,064 8,574 10,991 8,678 100,720

Gross Profit of Manufactured Products 9,428 7,493 314 4,086 1,157 22,478

Gross Margin of Manufactured Products 32.9% 49.2% 37.6% 38.1% 24.7% 37.4%

Gross Profit of 3rd Party Products 7,121 1,388 2,815 82 2,158 13,564

Gross Margin of 3rd Party Products 29.9% 28.8% 36.4% 30.7% 54.2% 33.4%

Total Gross Profit 16,549 8,881 3,129 4,168 3,315 36,042

3Q09

Operating Performance by Segment

24

Total Gross Profit 16,549 8,881 3,129 4,168 3,315 36,042

Gross Margin 31.6% 44.3% 36.5% 37.9% 38.2% 35.8%

SG&A as a % of Net Revenue 14.8% 21.9% 26.4% 14.6% 25.6% 18.1%

Manufactured Products Operational Performance 5,665 4,311 99 2,534 644 13,253

Manufactured Products OP Margin 19.8% 28.3% 11.8% 23.6% 13.7% 22.1%

3rd Party Products Operational Performance 3,143 173 769 31 454 4,570

3rd Party Products OP Margin 13.2% 3.6% 9.9% 11.6% 11.4% 11.3%

Operational Performance 8,808 4,484 868 2,565 1,098 17,823

OP Margin 16.8% 22.3% 10.1% 23.3% 12.7% 17.7%

Number of Clients Served 6,090 11,411 13,518 2,709 2,851 36,579

Strategical Guideline Evolution

� Continue focus on healthcare

� Growth with profitability in every business segment and category of product

� Develop relationships and deep knowledge of our clients needs

� Offer appropriated portfolio of products for our clients

� Manufactured products complemented by third party products

� Innovation

� Value our Brand

25

� Focus on return on invested capital, cash flow generation

� Focus on perpetuity– Built to Last

Strategical Guideline Evolution

Previous Present

Focus B2B B2B2C / B2C (Consumer)

Business Distribution Supplier of healthcare products

Product Manufactured + ThirdParty Products

Manufactured + Third Party Products, with Cremer’s brand or quality

Differential Capillarity; Logistics Brand, Relationship and Innovation (practical, applicability, package and attractive products)

26

package and attractive products)

Consumer Hospitals + Retail+ Dentists +Veterinarians+ Industrial

Final consumer, for example: users of first aid, sportsman, mothersHealthcare professionals : nurses, physicians, dentists

Client Hospital and Retail

Competition Regional + Diversified Suppliers / Brands of healthcare productsDistributors no longer perceived as main competitors

Sales Force Call Center Hospital: direct in majors and direct limited/ indirect in the smallRetail: direct in majors and indirect on small ones

Strategical GuidelineF

inan

cia

lM

ark

et

PerpetuityValue creation

Cash flow generationROIC

Profitable growth

Brand and Relationship

Technical Commercial Promote and enforce

Regulatory

Cli

en

ts

RetailHospitals and other

health service providers

Operational Excellence

Reference in healthcare products

Consumer

27

Inte

rnal

Pro

cesses

HR

&

Infr

as

tru

ctu

re

Competitive Intelligence

Continually review the portfolio

Innovation and Portfolio Management

New products

Monitor the development of healthcare products

Technical relationship

BrandingCommercial

strategyPromote and enforce

specifications

Design and maintain competitive intelligence to support decisions

Supply chain

Sourcing

Manufacturing

Promoting pride in working for Cremer

Employees Cremer´s

valuesInfrastructure

Contacts

Rafael Salvador GrisoliaChief Financial and Investor Relations Officer

Daniel Nozaki GushiInvestor Relations Manager

Giselle Ferreira

Bruno Maueler

28

Bruno Maueler

+ 55 47 3321 8290

acionistas@cremer.com.br

www.cremer.com.br/ir