Tereos Presentation 1T 2015/16 EN

1. Tereos Internacional
First Quarter 2015/16 Results
São Paulo – August 6th, 2015

2. 2
Key highlights and major initiatives in Q1 2015/16
 Operational
 Sugar & Energy Brazil:
 Good start of the crop in Brazil with notable progress in harvesting and industrial efficiency vs. LY
 Volumes harvested up 4% vs. LY in the first 100 days of the crop
 Sugar Indian Ocean/Africa: Good crop volume prospects both in Indian Ocean and Africa. Impact of
drop of sugar prices in Europe
 Starch & Sweeteners and Alcohol & Ethanol in Europe:
 Higher ethanol prices contributed to improved performance in the A&E segment
 Sales volumes picked up slightly both YoY and QoQ, however tough conditions for pass-through
continue to pressure margins for S&S
 Starch & Sweeteners Overseas: Higher volumes YoY both in Brazil and Indonesia. Good progress in
ramp-up of Dongguan facility
 Corporate
 Sugar & Energy Brazil: Full consolidation of Vertente mill (no change to ownership)
 Governance
 Fiscal Board: Reelection of the current members approved at AGM

3. 110
130
150
170
190
210
230
250
Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
Corn Matif Wheat Matif
€/MT
3 Source: Bloomberg
Q1 2015/16 Market Highlights
Sugar:
 NY#11 prices continued to slide downwards towards the end of Q1
15/16. High inventories on a global basis, expectations of a higher
crop and lower BRL vs. the USD, keep on weighing on the market.
Starch:
 Grains prices were mostly steady during Q1 15/16 as weather
conditions in the main grain producing regions were mostly
favorable
 A short lived rally took place at the end of June because of
temporary weather concerns in the US
Ethanol:
 In Brazil, despite ethanol demand being boosted by last year’s
incentives, prices remained stable in the quarter driven by
seasonal stock build-up and production mix oriented towards
ethanol
 In Europe, FOB Rotterdam prices kept their upward trend on
seasonal decrease of the stocks and mothballing of competitor
capacity
10
12
14
16
18
20
300
360
420
480
540
600
Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
LIFFE#5 NY#11
US$/MT US$ Cts/lb
400
450
500
550
600
0,70
0,90
1,10
1,30
1,50
1,70
1,90
Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
Brazil Esalq Europe Rotterdam
R$/m³ €/m³

4. Revenues
Stable revenues at constant currency on increased consolidation perimeter effect
4
Net Revenues (R$ MM)
145 138
1.012 1.137
190
197
457
478
1,805
1,950
Q1 14/15 Q1 15/16
Brazil
Africa/Indian Ocean
Starch & Sweeteners
Alcohol & Ethanol Europe
1805 1950
+147 +65
(72)
+5
Q1 14/15 Currency Volume Price & Mix Others Q1 15/16
 Revenues up 8% YoY, but stable at constant currency
 Positive translation effect of BRL devaluation vs. Euro (+11% YoY)
 Revenue growth in Sugar & Energy Brazil driven by better sugar prices in BRL terms and consolidation
perimeter change (Vertente at 100%). Energy sales delayed (to be recovered in the coming quarters)
 In Europe, better ethanol prices making up for lower ethanol sales volumes
 Starch & Sweeteners volumes improved while prices were lower YoY (cereal and sugar price effect)
 Delayed sales in Indian Ocean and impact of lower European prices

5. Adjusted EBITDA
Improved contribution from A&E segment, while lower prices in Europe impacted S&S and
Africa/Indian Ocean segments
5
Adjusted EBITDA (R$ MM)
Margin 6.3%Margin 9.6%
-3 -3
1 17
55 21
25
-6
95
93
173
123
Q1 14/15 Q1 15/16
Brazil
Africa/Indian Ocean
Starch & Sweeteners
Alcohol & Ethanol Europe
Holding
173
123
(2)
(31)
(34)
+17
(0)
Q1 14/15 Brazil Africa/IO S&S A&E
Europe
Holding Q1 15/16
 Sugar & Energy Brazil results in line with LY reflecting good start of the crop
 Price improvement in the A&E Europe segment
 Continuous pressure on Starch & Sweeteners margins on raw materials although benefits from Score
18 and lower energy costs
 Sugar Africa/Indian Ocean contribution reflecting lower European sugar prices

6. +12% YoY
114 131 128
Q1
14/15
Q1
14/15
Q1
15/16
-22% YoY
257 274
202
Q1
14/15
Q1
14/15
Q1
15/16
+2% YoY
296 297 303
Q1
14/15
Q1
14/15
Q1
15/16
+1% YoY
6.5 7.1 6,6
Q1
14/15
Q1
14/15
Q1
15/16
Ethanol Sales (‘000 m³)Sugarcane Crushing (MM t) Sugar Sales (‘000 t)
6
Sugar and Energy Brazil – Production & Sales
Good start of the crop, despite rainy weather
Energy Sales (‘000 MWh)
* Proforma figures consider 100% of Vertente
 Crushing (proforma basis)
 Satisfactory progress on mechanical harvesting efficiency vs. LY
 Yields at 87 ton/ha (vs. 95 ton/ha LY) and TRS at 123 kg/t (vs. 133 kg/t LY)
 TRS/ha at 10.6 t, 4% above C/S region average (-16% YoY)
 Crushing down 7% due to higher rain levels in Q1 this year. But 4% ahead of LY in the first 100 days of the crop
 Improvement in production efficiency (proforma basis)
 Overall production (expressed in TRS) at 806 kt (-13%). Sugar Production: 427 kt, -16% YoY;
Ethanol Production: 213 km³, -10% YoY
 Substantial progress in industrial efficiency vs. LY, as a result of improvement in intercrop maintenance
 Improved relative attractiveness of ethanol and lower yields resulted in a mix less oriented towards sugar (55% vs.
57%)
 Progress on cogeneration (proforma basis)
 Own energy sales delayed, at 202 GWh in Q1 15/16 (to be recovered in coming quarters)
As Reported Proforma* Q1 15/16 As Reported Proforma* Q1 15/16 As Reported Proforma* Q1 15/16 As Reported Proforma* Q1 15/16

7. Sugar & Energy Brazil – Financials
Revenues supported by better sugar prices on stable Adjusted EBITDA (as reported)
* includes Cogeneration, Agricultural Products, Hedging and Ethanol Resale
7
(1) Tereos Internacional allocates tilling expenses as cost.
If tilling expenses were allocated as investment, Adjusted
EBITDA for Q1 15/16 would have reached R$153 million.
Net Revenues (R$ MM)
Sugar Ethanol
 Adjusted EBITDA: R$93 million, -2%
 Change in consolidation of Vertente beginning
this quarter
 Results in line with LY (as reported)
 When including tilling as depreciation margins
at 32.0% vs. 30.0% LY
Key Figures
In R$ Million
Q1 15/16
Q1 14/15
Proforma*
Q1 14/15
As
reported
Change
As
Reported
Revenues 478 483 457 +5%
Gross Profit 15 70 74 -80%
Margin 3.1% 14.4% 16.1%
EBIT (77) (21) (14) n/m
Margin (16.2%) (4.3%) (3.0%)
Adjusted EBITDA 93 105 95 -2%
Margin 19.5% 21.8% 20.8%
*
* Proforma figures consider 100% of Vertente
457 478
+30 +6
(5)
+18
(27)
Q1 14/15 Price & Mix Volume Price & Mix Volume Others Q1 15/16
 Sugar: 58% of total net revenues
 Volumes: +2% to 303 k tonnes
 Prices: +7% YoY at 913 R$/tonne
 Ethanol: 32% of total net revenues
 Volumes: +12% to 128 k m3
 Prices: -3% YoY at 1,216 R$/m3
 Cogeneration: R$37 million vs. R$43 million

8. -7% YoY
63
59
Q1
14/15
Q1
15/16
Sugar Africa/Indian Ocean – Production and Financials
Results reflect lower sugar prices in the European market vs. LY
8
Sugarcane Crushing (’000 t) Sugar sales (‘000 t)
Revenue Breakdown by Product  Sugarcane crushing
 Indian Ocean: no processing activities, as usual
 Africa: Good operational progress in crushing (79
kt vs. 15 kt)
 Revenues: +4% YoY
 Lower specialty sugar sales this quarter, but
should be caught up. Lower European prices and
positive currency effect
 Adjusted EBITDA: -122% YoY
 Drop mostly related to Indian Ocean’s lower
revenues on similar cost base, while stable
Adjusted EBITDA for Africa (traditionally negative
at the start of the crop)
Key Figures
In R$ Million
Q1 15/16 Q1 14/15 Change
Revenues 197 190 +4%
Gross Profit 26 35 -27%
Margin 13.0% 18.5%
EBIT (14) 11 n/m
Margin (7.3%) 5.6%
Adjusted EBITDA (6) 25 n/m
Margin (2.9%) 13.3%
+424% YoY
15
79
Q1
14/15
Q1
15/16
Sugar Indian
Ocean 51%
Sugar Africa
4%
Trading and
others 45%

9. Cereals Consolidated - Production and Sales Volumes
Growth in Starch & Sweeteners sales volumes
9
Cereals Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
Alcohol & Ethanol
Sales (‘000 m3)
 Grinding in Q1 15/16: +5% to 900k tonnes
 Starch & Sweeteners sales: +15% Volume growth in Europe, Brazil and Asia
 Alcohol & Ethanol Europe sales: -21% Sales volumes of ethanol in Europe in line with
production, but lower than LY (destocking effect in
Q1 LY). Alcohol sales remain stable
Co-products Sales
(‘000 t)
-21% YoY
83
66
Q1
14/15
Q1
15/16
+5% YoY
301 315
Q1
14/15
Q1
15/16
+15% YoY
474
544
Q1
14/15
Q1
15/16
+5% YoY
858
900
Q1
14/15
Q1
15/16

10. Starch & Sweeteners – Financials
Growth in volumes, but margin pressure remains
10
Net Revenues (R$ MM)
 Revenues: R$1,137 million, 12% up YoY
 Sales volume pick-up in Europe but lower prices YoY, particularly for sweeteners and functional
sweeteners (cereal and sugar price effect)
 Higher volumes in Brazil and perimeter effect of Indonesia contributed positively to revenues
 Adjusted EBITDA: R$21 million, down 62% YoY
 Pressure on margins on raw materials remained strong in Q1, especially on sweeteners and
functional sweeteners (sugar)
 However, performance improvement plan and lower energy prices contributed to improved
results sequentially
Key Figures
In R$ Million
Q1 15/16 Q1 14/15 Change
Revenues 1,137 1,012 +12%
Gross Profit 175 176 -1%
Margin 14.5% 16.0%
EBIT Europe -26 24 n/m
EBIT Start-up Operations -13 -13 +1%
EBIT Total -39 10 n/m
EBIT Total Margin (3.3%) 1.0%
Adjusted EBITDA 21 55 -62%
Margin 1.7% 5.4%
1012
1137
+110
+110
(97)
+3
Q1 14/15 Currency Volume Price & Mix Others Q1 15/16

11. 145 138
+16
(33)
+7 +3
Q1 14/15 Currency Volume Price & Mix Others Q1 15/16
Alcohol & Ethanol Europe – Financials
Recovery in ethanol prices on improved market conditions
 Revenues: R$138 million, down 5%
 Improved price conditions with Rotterdam T2 prices up on LY (+14%)
 Sales volume in line with production, but lower than LY (destocking effect in Q1 last year)
 Adjusted EBITDA: R$17 million vs. R$1 million LY
 Better ethanol prices and lower energy costs more than compensated for lower volumes sold
 Segment’s results on a like-for-like basis, with ethanol trading for Tereos Group no longer impacting
analysis
11
Net Revenues (R$ MM)
Key Figures
In R$ Million
Q1 15/16 Q1 14/15 Change
Revenues 138 145 -5%
Gross Profit 25 (4) n/m
Margin 17.3% (2.8%)
EBIT 6 (11) n/m
Margin 4.6% (7.4%)
Adjusted EBITDA 17 1 n/m
Margin 12.0% 0.4%

12. 172 188 188
+1
+14
(2)
+3
(0)
Q1 14/15 Brazil Africa/IO S&S A&E
Europe
Holding Q1 15/16
Capital Expenditures
Slight increase in CAPEX focused on planting of sugarcane
12
 Sugarcane: R$157 million
 Increased focus on planting to keep fields
average age at comfortable levels
 Starch & Sweeteners: R$27 million
 Stable investments YoY mostly focused on
industrial efficiency gains
CAPEX (R$ MM)CAPEX Breakdown
Starch &
Sweeteners
15%
Alcohol &
Ethanol Europe
2%
Africa/Indian
Ocean
28%
Brazil
55%

13. 13
Cash Flow Reconciliation & Debt Composition
Seasonal working capital impacted net debt
 Vertente mill consolidation since this quarter impacted debt as well. On a like-for-like basis, net debt
would be 12% higher due to seasonal effect coupled with delayed crop impact
 Higher leverage from 5.5x on March 31st, 2015 to 6.7x on June 30th, 2015 on weaker trailing
Adjusted EBITDA
Cash Flow
In R$ Million
Q1 15/16
Adjusted EBITDA 123
Working capital variance (544)
Financial interests (72)
Others (68)
Operating Cash Flow (562)
Recurring Capex (151)
Recurring Cash Flow (712)
Growth Capex (36)
Dividends paid and
received
-
Others (464)
Free Cash Flow (1,212)
Others (inc. Forex impact) 153
Net Debt Variation (1,059)
Debt
In R$ Million
June 30th,
2015
March 31st,
2015
∆
Current 2,217 1,908 +16%
Non-current 3,641 3,419 +6%
Amortized cost (23) (23) -2%
Total Gross Debt 5,835 5,304 +10%
In € 1,466 1,312 +12%
In USD 3,224 3,069 +5%
In R$ 1,155 931 +24%
Other currencies 13 15 -14%
Cash and Cash Equivalent (661) (1,180) -44%
Total Net Debt 5,174 4,124 +26%
Related Parties Net Debt 149 140 +6%
Total Net Debt + Related
Parties
5,323 4,264 +25%
Proforma (100% Vertente) 5,323 4,734 +12%

14. 14
Outlook
 Sugar & Ethanol Brazil:
 High stocks worldwide and USD appreciation vs. Real to continue weighing on world sugar prices in 2015/16
 Ethanol demand expected to remain strong in H2
 Current expectation is for similar crushing volumes as LY
 Overall operational efficiency expected to continue improving along the crop
 Sugar Africa/Indian Ocean:
 Lower sugar prices in Europe on average to impact results contribution
 Higher crop volumes expected both in Indian Ocean and Africa
 Starch & Sweeteners and Alcohol & Ethanol:
 Europe:
 Better ethanol prices on average to benefit Alcohol & Ethanol segment
 Performance program to be felt progressively, but market for Starch & Sweeteners in Europe remains
difficult
 Overseas:
 Brazil: Volumes to remain stable on maximization of mix despite weak economic environment
 Asia: Increasing grinding volumes in Indonesia driven by improvement in industrial efficiency and good
demand levels. Growing sales of starch in Tieling factory coupled with good start of Dongguan factory