1. Tereos Internacional
Fourth Quarter and Annual 2011/12 Results
Conference Call Presentation
São Paulo – June 13th, 2012

2. Quarter and FY Highlights
Q4 and FY 2011/12 Financial Results
Operating Segment Review
Cash Flow and Debt Position
Outlook

3. Quarter and FY Highlights

4.  Record revenues: R$6.9 billion (Y-o-Y: +18.8%, at constant currency)
• Favorable pricing across all segments drove revenue growth
 Adjusted EBITDA: R$959 million (Y-o-Y: +12.8%, at constant currency)
• Strong performance in Indian Ocean business and recovery in the ethanol in Europe
 Net Profit: R$156.7 million (Y-o-Y: +24.8% on recurring net profit at constant
currency, and –20% including non-recurring item in 2010/11)
• Stable dividends : R$ 0.066 per share
 Tereos announces a new corporate structure resulting in the free float increase
from 10.7% to 30.4%
• Cereal cooperatives to become individual shareholders of Tereos Internacional
 Tereos Internacional will proceed with a share capital increase from R$252.2 million
to R$369.2 million to finance its expansion plan
• Tereos will subscribe all its proportional participation in the capital increase, for an
amount of R$252.2 million
4
FY 2011/12 – Financial Highlights
Product portfolio and geographical diversification provided resilience

5.  Tereos and 11 cereal cooperatives announced an agreement on June 12th to
simplify the shareholding structure of Tereos Internacional
 The new shareholding structure will be:
• Tereos – through Tereos Agro-Industrie and Tereos do Brasil – to own 68.3% of
Tereos Internacional
• 11 cereal cooperatives - previously minority shareholders of Tereos Agro-Industrie –
to own directly a total of 19.7% of Tereos Internacional
• Free float to increase from 10.7% to 30.4%. Controlling shareholders to own 69.6%
- including Tereos and 1.33% owned by historical shareholders
 Shares owned by cereal cooperatives not subject to any shareholders
agreement nor to any lock-up
A New Shareholder Structure
Free float up from 10.7% to 30.4%
5

6. 6
A New Shareholder Structure
Free float up from 10.7% to 30.4%
Historical Shareholders
Tereos
UCA
Tereos
Agro-Industrie
Tereos
Participations
Tereos do Brasil
92.7%
30.4%
99%
1.3% 63.8%
New Free Float
10.7%
100.0%
C.A. d’Hochefelden
Theal
Noralliance Dév.
Axereal
Noriap
Agrial
Uneal
Agralys
Epis-Centre
Acolyance
Thémis Agro-Industrie
0.5%
0.3%
0.5%
0.4%
0.8%
7.9% 1.2%
2.7%
1.2%
3.2%
1.3%
Current Minority
Shareholders

7.  Sugarcane: Enhancing production and efficiency
• Renewing sugarcane fields: completion in 2011 of the 50,000 hectares renovation
and expansion plan and in May 2012 of the 36,000 hectares 18 months sugarcane
planting
• Enhancing productivity: acquisition of a 35% stake in Teapar terminal;
improvement mill’s flexibility with the inauguration of the São José distillery and
second phase of the cogeneration investment, funded by the BNDES
• Maximizing synergies: acquisition of remaining minority participation in Andrade and
share capital increase in Sena, Mozambique for a 99% stake in the company
 Cereals: diversification of product mix & geography
• Entering in fast growing markets: the Brazilian starch market, with Halotek’s
acquisition (68% stake) and Chinese market, with a partnership with Wilmar
• Improving product mix: acquisition of 75% stake of Haussimont, a potato starch
producer in France; start up of Selby potable alcohol plant and gluten investments in
Lillebonne
FY 2011/12 – Key Takeaways
7

8.  Tereos Internacional’s Board of Directors approved on June 12th a share
capital increase of minimum of R$252.2 million to a maximum of R$369.2
million
 Indicative use of proceeds :
• 1/3 to Brazilian starch investment in Halotek and in corn greenfield project
• 1/3 to Asian starch investment in 2 plants in China with Wilmar
• 1/3 to European starch investment for diversification of Lillebonne plant
 Subscription period from June 15th to July 17th. Subscription price:
R$2,60/share
 Tereos to subscribe 97.000.000 shares (R$252.2 million), corresponding to its
proportional participation in the Company
Tereos Internacional to Proceed with a Capital Increase
8

9. Subscription price: R$2.60/share
Average share price until June 11, 2012 (trading days)
9
-20%
-13%
-4%
-18%

10. Key Conditions of the Capital Increase (Offering)
10
Offering Structure
Minimum: 97 million stocks offered
Maximum: 142 million stocks offered
0,21 new stock for 1 existing stock of TERI3
Tereos’ commitment: R$252,2 million (~ EUR100 million)
Offering Size Up to R$369,2 million = 21% of Tereos Internacional’s share capital
Subscription Price R$2,60 per new stock
Shareholding structure
post-offering
Tereos: from a minimum of 68,3% to a maximum of 72,2%
Free float: from a minimum of 26,6% to a maximum of 30,5%
Use of Proceeds
1/3: Brazilian starch investment in Halotek and in corn greenfield project
1/3: Asian starch investment in 2 plants in China with Wilmar
1/3: European starch investment for diversification of Lillebonne plant

11. Indicative Transaction Timetable
Wednesday 13 June
 Relevant Fact
 Documents Filing Date
Tuesday 17 July  End of the Capital Increase Subscription Period
Wednesday 25 July  Expected Transaction Closure
Friday 15 June  Notice to Shareholders
Tuesday 12 June  Tereos Internacional’s Board of Directors Meeting
11

12. Sugar:
 Weakness in sugar prices in USD was offset by BRL
depreciation, from an exporter’s perspective (Guarani)
 Better crops in the Northern hemisphere improving stock-to-
use levels
Price direction to be dictated by outlook for 2012/13 harvests
Starch:
 Rally in wheat prices, as conditions deteriorate in Northern
hemisphere
 Damage to corn in the Black Sea offset by improvements in
2011/12 production expectations in Brazil
 Paper and corrugated board vulnerable to economic
downturn, while demand for food industry remain resilient
Ethanol:
 Prices remained stable in Q4 11/12 in Brazil, changing in
regulation on the way
 T2 FOB Rotterdam prices trended up at quarter-end, following
new European regulatory environment
 Lower US corn prices and higher blending percentage to be
supportive for US producers
Q4 2011/12 – Market Fundamentals
12 Source: Bloomberg
400
470
540
610
680
750
Jan-11 May-11 Sep-11 Jan-12
NY#11 LIFFE #5
US$/MT
170
190
210
230
250
270
Jan-11 May-11 Sep-11 Jan-12
Corn Matif Wheat Matif
€/MT
400
500
600
700
800
700
1000
1300
1600
1900
Jan-11 May-11 Sep-11 Jan-12
Brazil ESALQ Europe Rotterdam
R$/m³ €/m³

13. Q4 and FY 2011/12 Financial Results

14. Q4 2011/12 – Revenues
Higher revenues across all segments
14
+18.8% +20.9%
(1) Adjusted to reflect the actual contribution of the BENP co-products’
sales at BENP’s revenues and not at Syral’s revenues
Net Revenues (R$ MM)¹
 Sugarcane Revenues: R$766 million (42.5% of total)
 Brazil: R$518 million +20%, as reported stable prices and volume effect: +11%
 Indian Ocean: R$248 million +104%, at constant currency price &
mix effect:+5%, volume effect:+23% one-off
sugar trading transaction (R$87 MM)
 Cereal Revenues: R$1,038 million (57.5% of total)
 Starch Europe: R$784 million +11%, at constant currency price & mix effect:+7% and volume
effect:+4%
 Ethanol Europe: R$254 million +8%, at constant currency price & mix effect:-9% and volume
effect:+18%
1492
1804
+27
+87
+123 +59 +16
Q4
2010/11
CC
Currency Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Q4
2011/12

15. Q4 2011/12 - Adjusted EBITDA
Higher contribution from sugarcane segment
15
 Sugarcane Adjusted EBITDA: R$116 million (51.0% of total)1
• Brazil: higher sugar & ethanol sales
• Indian Ocean: higher prices coupled with better volumes in Mozambique
 Cereal Adjusted EBITDA: R$111 million (49.0% of total)1
• Starch Europe: stable EBITDA (positive impact of Haussimont acquisition)
• Ethanol Europe: increase in costs partially offset by higher sales volumes
 Adjustments
• Biological assets (-R$27 MM), financial instruments (+R$6 MM) and non-recurring items (-R$16 MM)
Margin 12.0%
Adjusted EBITDA (R$ MM)
Margin 13.5%
+18.8%
(1) excluding holding
205
+11
+9 +3
(6)
(5)
217
Q4
2010/11
Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Holding Q4
2011/12

16. FY 2011/12 – Revenues
Revenue growth driven by higher prices for all key products
16
(1) Adjusted to reflect the actual contribution of the BENP co-products’
sales at BENP’s revenues and not at Syral’s revenues
+18.8%
Net Revenues (R$ MM)¹
 Sugarcane Revenues: R$2,941 million (43% of total)
 Brazil: R$2,115 million +8%, as reported price & mix effect:+12% and volume
effect:-3%
 Indian Ocean: R$826 million +47%, at constant currency price&mix effect: +7% and volume
effect:+11%
 Cereal Revenues: R$3,935 million (57% of total)
 Starch Europe: R$3,042 million +20%, at constant currency price & mix effect:+20% and stable
volumes
 Ethanol Europe: R$893 million +21%, at constant currency price&mix effect:+6% and volume
effect:+16%
5786
6876
(98)
+159
+286
+644
+100
FY 2010/11
CC
Currency Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
FY 2011/12

17. FY 2011/12 - Adjusted EBITDA
Improved performance across key segments offset lower volumes in Brazil
17
 Sugarcane Adjusted EBITDA: R$581 million (60% of total)1
• Brazil: higher prices offset lower production
• Indian Ocean: better production levels in Mozambique and perimeter effect (acquisition of GQF)
 Cereal Adjusted EBITDA: R$397 million (40% of total)1
• Starch Europe: stable Adjusted EBITDA due to pass-through of cereal costs
• Ethanol Europe: higher Adjusted EBITDA driven by better volumes vs. lower production in 2010/11
 Adjustments
• Biological assets (-R$11 MM), financial instruments (+R$35 MM) and non-recurring items (-R$16 MM)
+12.8 %
Margin 13.9%
Adjusted EBITDA (R$ MM)
Margin 14.9%
(1) excluding holding
850
(4)
+64 +10
+44
(5)
959
FY 2010/11 Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Holding FY 2011/12

18. Operating Segment Review

19. Sugarcane
Brazil - Indian Ocean

20. Ethanol Sales (‘000 m³) Energy Sales (‘000 MWh)Sugarcane Crushing (MM t) Sugar Sales (‘000 t)
20
 Sugarcane crushing: 16.3 million tons in 2011/12 (2/3 from sugarcane suppliers)
• Agricultural yield: 67 tons/ha in 2011/12 vs. 83 tons/ha in previous crop due to drought during last
crop and frost & flowering during this crop
 Production mix: 62% sugar and 38% ethanol in 2011/12 crop
 Production:
• Sugar: 1,344 thousand tons
• Ethanol: 504,000 m³
 Mechanical harvesting: 88% of own sugarcane crushed in 2011/12
 Cogeneration: annual increase in volume sold to 365 GWh (+27.0%)
+6.9% YoY +15.8% YoY +68.6% YoY
Sugarcane Brazil – Production & Sales
Lower crushing volumes due to weather-related issues
5.8
7.8
2.6
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12
233
305
374 375
249
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12
165
140
99 91
151
40
40
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12
51
84
106
90 86
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12

21. Sugarcane Brazil – Q4 Financials
Higher volumes drive 20.2% increase in revenues
* includes Cogeneration, Agricultural Products and Hedging
Key Figures
In R$ Million
Q4
2011/12
Q4
2010/11
Change
Revenues 518 431 20%
Gross Profit 121 127 -5%
Gross Margin 23.4% 29.4%
EBITDA 73 132 -45%
EBITDA Margin 14.2% 30.7%
Adjusted EBITDA 90 79 14%
Adjusted EBITDA Margin 17.4% 18.3%
CAPEX 280 205 37%
 Gross Profit: R$121 million
• Decline of 5% mainly due to higher leasing and
maintenance costs
 Adjusted EBITDA: R$90.4 million
• Fair value of biological assets: -R$17.2 million
• Financial instruments: R$0.2 million
• Adjusted EBITDA Margin1 including tilling as
depreciation & excluding ethanol resale: 19.3%
 CAPEX: R$280 million (plantation R$47 MM;
cogeneration & industry: R$191 MM and
maintenance: R$43 MM)
 Sugar: 51.8% of total net revenues
• Volumes increased 6.9% to 249,000 tons
• Sugar prices were 1.4% lower to 1,077.2 R$/ton
 Ethanol: 42.7% of total net revenues
• Volume sold increased 15.8% to 191,000 m3
• Prices were at 1,157.3 R$/m3
 Cogeneration: energy revenues amounted R$9.0
million
21
(1) Tereos Internacional allocates tilling expenses as cost. If tilling expenses were allocated as investment &
ethanol resales excluded, Adjusted EBITDA would have reached R$ 90.6 million.
Net Revenues (R$ MM)
+20.2%
431
518
(4)
+17 +3 +27
+44
4T
2010/11
Preço &
Mix
Volume Preço &
Mix
Volume Outros * 4T
2011/12
Sugar Ethanol

22. Sugarcane Brazil – FY Financials
Higher prices for sugar and ethanol partially offset by lower volumes
* includes Cogeneration, Agricultural Products and Hedging
Key Figures
In R$ Million
FY
2011/12
FY
2010/11
Change
Revenues 2,115 1,957 8%
Gross Profit 369 456 -19%
Gross Margin 17.5% 23.3%
EBITDA 453 381 19%
EBITDA Margin 21.4% 19.5%
Adjusted EBITDA 424 428 -1%
Adjusted EBITDA Margin 20.0% 21.9%
CAPEX 675 378 79%
 Gross Profit: R$369 million
• Decline of 19% mainly due to drop in volumes and
higher unitary costs
 Adjusted EBITDA: R$424 million
• Fair value of biological assets: -R$4 million
• Financial instruments: R$33 million
• Adjusted EBITDA Margin1 including tilling as
depreciation & excluding ethanol resale: 26.1%
 CAPEX: R$675 million (plantation R$189 MM;
cogeneration & industry: R$363 MM and
maintenance: R$123 MM)
 Sugar: 64.7% of total net revenues
• Volumes decreased 4.2% to 1.3 million tons
• Sugar prices were 15.4% higher to 1,053 R$/ton
 Ethanol: 32.8% of total net revenues
• Volume sold decreased 8.1% to 560,000 m3
• Prices were up 30.1% to 1,242 R$/m3
 Cogeneration: energy revenues increased 45.6%
to R$44.7 million
22
(1) Tereos Internacional allocates tilling expenses as cost. If tilling expenses were allocated as investment & ethanol resales
excluded, Adjusted EBITDA would have reached R$525 million.
Net Revenues (R$ MM)
+8.1%
Sugar Ethanol1,957
2,115
+183
(52)
+161
(47) (87)
FY
2010/11
Price &
Mix
Volume Price &
Mix
Volume Others * 2011/12

23. Sugarcane Indian Ocean – Production and Q4 Financials
Adjusted EBITDA increased 70% on an annual basis
23
La Réunion
Sugarcane Crushing (’000 t)
Mozambique
Sugarcane Crushing (‘000 t)
+152.9% YoY
17 65
315
275
43
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12
Key Figures
In R$ Million
Q4
2011/12
Q4
2010/11
FY
2011/12
FY
2010/11
Revenues 248 124 826 540
Gross Profit 24 54 146 80
Gross Margin 9.8% 43.7% 17.7% 14.8%
EBITDA 16 37 151 108
EBITDA Margin 6.4% 29.8% 18.3% 20.1%
Adjusted EBITDA 26 16 158 93
Adjusted EBITDA Margin 10.3% 13.2% 19.1% 17.2%
CAPEX 30 30 87 101
Reunion Island
 Sugarcane crushing: 1.9 million tons, stable on YTD
basis & sugar production: 208,000 tons
 Revenues
• Q4 2011/12¹: R$229.0 million & FY 2011/12: R$732.8
million
 Adjusted EBITDA
• Q4 2011/12: R$23.7 million & FY 2011/12: R$132.3 million
• Adjusted EBITDA margin 18.0% for FY 2011/12,
Excluding trading operation, adjusted EBITDA margin
20.5%, 210 bps increase vs.2010/11 margin
 CAPEX: R$68 MM in 2011/12 allocated for maintenance
costs and regular replacement of industrial equipment
Mozambique
 Sugarcane crushing: 700,000 tons & sugar production:
42.6% higher at 66,000 tons
 Improved yields to 73 tons/ha vs. 53 tons/ha in 2010/11
 Revenues
• Q4 2011/12: R$18.9 million & FY 2011/12: R$92.9 million
 Adjusted EBITDA
• Q4 2011/12: R$2.0 million & FY 2011/12: R$25.4 million
• Adjusted EBITDA margin 2011/12 : 27.3%
 CAPEX: R$19 MM in 2011/12 allocated for ongoing
irrigation and planting programs
(1) Including one off trading operation for R$ 88 million
989 898
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12

24. Cereal
Starch Europe - Ethanol Europe

25. Starch Europe - Production and Sales
Slight increase in volumes sold
 Cereal grinding: 710,000 tons +2.0% vs. Q4 2010/11
• Stable level of operations and perimeter impact from Haussimont acquisition
 Sales volumes
• Starch & Sweeteners: better volumes for food industry, but industrial demand below historical levels
• Alcohol & Ethanol: better production levels
• Co-products: lower co-product sales, as a consequence of a modestly lower demand
25
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
Ethanol & Alcohol Sales
(‘000 m3)
Co-products Sales
(‘000 t)
+2.0% YoY +5.9% YoY +5.7% YoY -2.8% YoY
696
739 720
678
710
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12
409
440 424
392
433Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12
258 262 262 242 248
61 68 59 66 62
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12
44 43
48
44
47
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Q4
11/12

26. Starch Europe – Q4 Financials
Higher revenues driven by better prices for S&S and increased sales volumes for ethanol
Key Figures
In R$ Million
Q4
2011/12
Q4
2010/11
Change
Revenues* 784 725 +8%
Gross Profit* 179 120 +49%
Gross Margin* 22.8% 16.6%
EBITDA 99 72 +37%
EBITDA Margin 12.2% 9.6%
Adjusted EBITDA 92 88 +3%
Adjusted EBITDA Margin 11.3% 11.8%
CAPEX 64 39 +64%
* Excludes the R$26.2 million in Q4 11/12 and R$26.5 million in
Q4 10/11 related to financial impact of the sales of co-products
produced by Tereos BENP and sold by Tereos Syral
26
Net Revenues* (R$ MM)
+8.2%
Revenue* Breakdown by Product
 Revenues*: +8.2%
• Due to higher prices for starch & sweeteners and
better volumes for ethanol & potable alcohol
 Gross Profit*: R$179 million, gross margin of
22.8%
 Adjusted EBITDA: R$92 million, up R$4 MM
• Financial instruments: R$5 million
• Non-recurring items: R$2 million
 CAPEX: R$64 MM allocated for
Marckolsheim, Saragossa and Selby in
Europe and Syral-Halotek in Brazil
725
784
(20)
+26
+45 +8
Q4
2010/11
Currency Volume Price &
Mix
Others Q4
2011/12
Starch &
Sweeteners
65%
Alcohol and
Ethanol 11%
Co-products
and others
24%

27. Starch Europe – FY Financials
Better results driven by higher prices
Key Figures
In R$ Million
FY
2011/12
FY
2010/11
Change
Revenues* 3,042 2,472 +23%
Gross Profit* 647 556 +16%
Gross Margin* 21.3% 22.5%
EBITDA 305 289 +5%
EBITDA Margin 9.7% 11.5%
Adjusted EBITDA 302 292 +3%
Adjusted EBITDA Margin 9.6% 11.6%
CAPEX 230 124 +85%
* Excludes the R$113.9 million in FY 11/12 and R$25.2 million in
FY 10/11 related to financial impact of the sales of co-products
produced by Tereos BENP and sold by Tereos Syral27
Net Revenues* (R$ MM)
+23.1%
Revenue* Breakdown by Product  Revenues*: +23.1%
• Due to higher prices across all products’ range
 Gross Profit*: R$647 million, gross margin of
21.3%
 Adjusted EBITDA: R$302 million, up R$10 MM
• Financial instruments: R$1 million
• Non-recurring items: R$2 million
 CAPEX: R$230 MM mainly allocated for
Selby plant in Europe
2,472
3,042
+59 +11
+543
(43)
FY
2010/11
Currency Volume Price &
Mix
Others FY
2011/12
Starch &
Sweeteners
65%
Alcohol and
Ethanol 11%
Co-products
and others
24%

28. Ethanol Europe – FY Financials
Results boosted by the recovery of processing levels and higher prices
Key Figures
In R$ Million
Q4
2011/12
Q4
2010/11
FY
2011/12
FY
2010/11
Revenues* 255 239 893 719
Gross Profit* 26 33 120 54
Gross Margin* 10.0% 13.8% 13.4% 8.0%
EBITDA 20 26 95 51
EBITDA Margin 8.7% 12.3% 12.2% 7.6%
Adjusted EBITDA 20 26 95 51
Adjusted EBITDA Margin 8.7% 12.3% 12.2% 7.6%
CAPEX 40 10 162 28
 Higher production resulting from recovery in
utilization ratios vs. last year (factory stoppage)
 Ethanol sales**: 542,000 m3
 Gross profit: R$120 million and 13.4% margin
 Improved Adjusted EBITDA margin 460 bps
higher Y-o-Y
 CAPEX: R$162 MM mainly allocated for the gluten
project at BENP Lillebonne
** Includes sales of ethanol produced by Tereos
28
Net Revenues* (R$ MM)
+24.2%
* Includes the R$113.9 million in FY 11/12 and R$25.2 million in
FY 10/11 related to financial impact of the sales of co-products
produced by Tereos BENP and sold by Tereos Syral
Revenue* Breakdown by Product
719
893
+17
+112
+78
(33)
FY
2010/11
Currency Volume Price &
Mix
Others FY
2011/12
Ethanol own
sales 55%Ethanol
traded 32%
Co-products
and other
13%

29. Cash Flow, Debt Position

30. 30
Fair value of biological assets: - R$ 11 million
Fair value of financial instruments: +R$ 35 million
Non-recurring operating result: -R$ 16 million
959
From Adjusted EBITDA to Net Income – FY 2011/2012
Adjusted
EBITDA
Adjustments EBITDA Depreciation &
Amortization
Operating
Income
Net Financial
Expenses
Net Income
Before Tax
Income Tax Share of Profit in
Associates
Net Income Minority Interest Net Income
Group Share
+8 967
(580)
387
(138)
(103)
+11 138157
249
(19)
Lower interest on debt Y-o-Y (-22.0%) due to debt
refinancing in Brazil and Europe
Including -R$44 million related to a non-cash effect
on tax losses carried forward

31. Cash Flow
In R$ Million
Q4 2011/12
Adjusted EBITDA 217
Working capital variance 355
Other operating (including income tax paid) (28)
Operating Cash Flow 544
Financial interests (3)
Dividends paid and received -
Capex (384)
Others 30
Free Cash Flow 187
Forex impact 45
Acquisition & Perimeter impact 3
Net debt variation 235
31
Q4 Cash Flow Reconciliation
Decrease due to seasonal working capital
 Positive effect of seasonal
destocking
 Main CAPEX:
Brazil: R$280.4 million
Cereals: R$103.6 million
Indian Ocean: R$29.9 million

32. Debt
Leverage at 3.2x (Net Debt / Adj. EBITDA), declined sequentially
 Net Debt dropped by 5.6% Q-o-Q
 Net Debt / Adjusted EBITDA: 3.2x, lower compared to
3.4x last quarter
32
Gross Debt
Breakdown by Currency
Leverage (R$ MM)
(Net Debt/ Adjusted EBITDA)
Debt
In R$ Million
March 31,
2012
December
31, 2011 Change
Current 1,291 1,471 -12,2%
Non-current 2,384 2,399 -0,6%
Amortized cost (25) (30) -16,7%
Total Gross Debt 3,650 3,840 -4,9%
In € 1,402 1,600 -12,4%
In USD 1,652 1,676 -1,4%
In R$ 557 524 6,3%
Other currencies 64 70 -8,6%
Cash and cash Equivalent (624) (579) 7,8%
Total Net Debt 3,026 3,261 -7,2%
Related Parties Net Debt 17 (38) -144,7%
Total Net Debt + Related
Parties
3,043 3,223 -5,6%
Real 15%
US Dollar
45%
Euro 38%
Others
2%
3.001
2.293 2.150
2.498
3.084
3.223
3.043
4.8x
3.0x
2.5x 2.6x
3.3x 3.4x
3.2x
0
500
1000
1500
2000
2500
3000
3500
2
4
6
08/09 09/10 10/11 Q1
11/12
Q2
11/12
Q3
11/12
11/12

33. Outlook

34.  Sugarcane: Investing to enhance productivity and expand cogeneration
 Brazil:
• Agricultural: focus on renewal of sugarcane planting and increasing
mechanization levels
• Industrial: improving sugarcane processing efficiency, while increasing
cogeneration
 Mozambique:
• Investments in irrigation to further improve yields
 Cereals: Increasing exposure to high-growth, emerging market economies
 Brazil & China: greenfields expected for 2013/14
• Syral-Halotek corn plant
• First wheat plant in Canton with Wilmar in China
34
Outlook

35. 35
Investor Relations
Phone: +55 (11) 3544-4900
ir@tereosinternacional.com