Present from that woman, ultimate in lingerie (4)
I believe the answer is:
here
'present' is the definition.
(both can mean in attendance)
'that woman ultimate in lingerie' is the wordplay.
'that woman' becomes 'her' (pronoun for a woman).
'ultimate in' suggests the final letters.
The last letter of 'lingerie' is 'e'.
'her'+'e'='HERE'
'from' acts as a link.
(Other definitions for here that I've seen before include "In attendance" , "On this spot" , "At this stage" , "final clue?" , "Present - at this point" .)