The document is a quarterly report on the Q1 09/10 results of Açúcar Guarani S.A. It summarizes that sugar prices increased significantly due to lower global production. Guarani's revenue and profits increased due to higher sugar prices in Reais. Adjusted EBITDA more than doubled to R$49.9 million due to strong prices and cost controls. The outlook for Guarani and the sugar market remains positive.

1. Q1 09/10 Results
August 18th, 2009

2. 2
Disclaimer
This presentation contains forward-looking statements related to the prospects of our
business and estimates for operating and financial results. Those related to growth
prospects of Açúcar Guarani S.A. are merely projections and, as such, based exclusively on
the expectations of the management concerning the future of the business. Such forward-
looking statements depend substantially on changes in market conditions, government
regulations, competitive pressures, the performance of the Brazilian and international
economies and the industry and are therefore subject to change without prior notice.

3. 300
500
700
900
Q107/08
Q207/08
Q307/08
Q407/08
Q108/09
Q208/09
Q308/09
Q408/09
Q109/10
3
Growth in sugar prices as a
consequence of the decrease in
production by major producers, such
as India and EU
Sugar prices closing the quarter at the
highest level in three years, both in
US$ and in R$ terms
Increase in sugar prices also
supported by the increased net
position of index-funds, speculative
funds and the trading sector
Q1 09/10 Sugar Market Overview
Guarani’s Sugar Average Prices
(R$/ton)

4. 400
600
800
1000
Q107/08
Q207/08
Q307/08
Q407/08
Q108/09
Q208/09
Q308/09
Q408/09
Q109/10
4
Increase of 25% in volume of
hydrous ethanol sold in the domestic
market (Brazilian Center-south),
compared to Q1 08/09, sustained by
the increased flex fuel vehicle fleet
Q1 09/10 ethanol prices were lower in
comparison to the previous year due to
high offer caused by cash
requirements of Brazilian producers
Exports slightly lower: 1 billion litres
(-9.4% compared to Q1 08/09) due to
reduction in US imports, but with
increase in deliveries to Japan, India
and South Korea
Q1 09/10 Ethanol Market Overview
Guarani’s Ethanol Average Prices
(R$/m³)

5. 5
9.5% Increase in Volume of Sugarcane
Crushed in Q1 09/10
Sugarcane
Crushed (MM t)
Increase due to own sugar cane crushed
• Strategy to increase plantation last
year allowed additional supply of
own sugarcane
• Third party sugarcane strategy timely
due to credit crisis
2009/10 Crushing target at 14.8 million
tons
• Brazil: 14.2 million tons
• Mozambique: 0.6 million tons
1.4 1.8
2.7
2.7
Q1 08/09 Q1 09/10
Own 3rd Party
4.5
4.1

6. 96
146
145
90
37 33
Q1 08/09 Q1 09/10
Refined Crystal VHP
278 269
6
Strong Increase in Refined Sugar
Production and Solid Ethanol Production
Sugar Production
(‘000 t)
Ethanol Production
(‘000 m³)
Increased refined sugar production to address industrial markets and benefit from
white premium
Ethanol production increase in Q1 due to weather conditions that favored
sugarcane allocation to ethanol
Mix to shift towards sugar to benefit from high prices during the crop
22 29
107
122
Q1 08/09 Q1 09/10
Anhydrous Hydrous
151
129

7. 7
Net Revenue
(R$ MM)
Growth in net revenue driven mainly by:
• Increase in average sugar prices in Reais
(+50.8%), reaching 703.3 R$/ton
• Increase in sugar sales by 1.7%
• Concentration of sugar sales in the
domestic market (67.7%)
Ethanol revenue down by 18.6%
Guarani’s Net Revenue breakdown was:
Sugar: 64.3%
Ethanol: 28.1%
Energy: 1.7%
Other products: 5.9%
18.1% Increase in Net Revenue Driven by
Higher Sugar Prices in Q1 09/10
98
151
81
6619
18
Q1 08/09 Q1 09/10
Sugar Ethanol Others
198
234

8. 8
Adjusted EBITDA
(R$ MM)
Sharp increase in Adjusted EBITDA due to higher
sugar prices and controlled costs and G&A
expenses
Adjusted EBITDA Margin of 21.3% versus 8.8% in
Q1 08/09
Adjusted EBITDA measured by ton of TRS sold of
R$122.5 in Q1 09/10 (+194.5%)
Sharp Rise in Adjusted EBITDA:
R$49.9 Million, +185.1% over Q1 08/09
Adjusted EBITDA
Margin1
(1) 2007/08 figures have been reclassified and changed due to law 11638/07, as compared to figures previously disclosed.
17.5
49.9
8.8%
21.3%
5,0%
7,0%
9,0%
11,0%
13,0%
15,0%
17,0%
19,0%
21,0%
23,0%
0
20
40
60
80
100
Q1 08/09 Q1 09/10
Adjusted EBITDA Adjusted EBITDA Margin
0%
10%
20%
30%
40%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
07/08 08/09 09/10

9. 9
Net Profit
(R$ MM)
Net Profit: R$ 14.3 million in Q1 09/10, compared
with a net loss of R$26.6 million in the same period of
the prior year
Net profit impacted mainly by:
• Strong price recovery for sugar (+50.8%)
• Net non-cash FOREX effect of R$86.0 million
Net Profit of R$14.3 million Driven by
Strong Prices and Positive FOREX
Impact
(27)
14
Q1 08/09 Q1 09/10

10. 10
Net debt at R$ 1.1 billion, up 6.4% over the
previous quarter, due to working capital
requirements
Short-term debt net of cash and cash-equivalents
totaled R$ 233.5 million, representing 37% of total
Net Debt, excluding intercompany loans
The increase in Guarani’s net debt is mainly due to
increased finished products inventories
Net Debt/Adjusted EBTIDA ratio at 4.1x in June,
2009 versus 4.3x in March, 09. Excluding
intercompany loans, Net Debt/Adjusted EBITDA
ratio stood at 2.4x
Net Debt
per Term1
Net Debt
per Currency1
(1) Excludes intercompany loans and cash & cash equivalent
(1) Includes R$112.1 million related to SHL in Mozambique
Net Debt Up but Improved Indebtedness
Ratios
Foreign
Currency
61%
BRL
39%
Current
37%
Non-
Current
63%

11. 11
CAPEX: Focus on Sugarcane Plantation,
Cost Reduction and Efficiency Programs
CAPEX
(R$ MM)1
Continued selectivity on CAPEX: R$52 million in
Q1 09/10 compared to R$91 million in Q1 08/09
Focus on plantation CAPEX (R$30 million) to
ensure adequate raw material availability and
productivity for next crop
Selective industrial CAPEX (R$22 million) to
eliminate bottlenecks and further develop marginal
capacity to lower fixed costs at São José and Tanabi
plants
CAPEX approved to allow sugar production in
Tanabi as from next crop
1) CAPEX does not consider maintenance.
61
22
30
30
Q1 08/09 Q1 09/10
PPE Planting
91
52

12. 100
120
140
160
180
30
40
50
60
98/99
99/00
00/01
01/02
02/03
03/04
04/05
05/06
06/07
07/08
08/09E
09/10E
Production/Consumption(MMton)
Inventories(MMton)
Inventories Production Consumption
Source: LMC
15
18
21
24
27
30
33
36
8
10
12
14
16
18
01-Apr-08
01-Jul-08
01-Oct-08
01-Jan-09
01-Apr-09
01-Jul-09
centsR$/lb
centsUS$/lb
cents US$/lb cents R$/lb
Q209 Q110Q109 Q309 Q409
Source: ICE
12
Global sugar deficit expected to continue
supporting sugar prices
Brazilian position favoured by lower output of
major producers such as India, China and EU
Weather driving crop yields in India (drought
caused by weak Monsoons) and in Brazil (heavy
rains during winter)
Strong growth in global demand, unaffected by
crisis
Raw Sugar Prices
(NY 11)
World Sugar Balance
Sugar Market Outlook: Positive Trend in
08/09 and 09/10 World Crops

13. 0
50
100
150
200
250
300
350
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
'000units
Ethanol + Flex-Fuel Gas + Diesel
Q209 Q110Q109 Q309 Q409
Source: Anfavea
13
Ethanol Market Outlook: Consumption
Growth Supported by Higher Sales of
Flex-Fuel Vehicles
Vehicles Sales per Fuel Type
(Brazil)
Domestic Market
Sustained demand from strong sales of flex fuel
vehicles
Increased hydrous ethanol consumption due to
the competitive price parity to gasoline at the pump
Prices expected to recover beginning in Q2 09/10
International Market
Increased ethanol prices in the US market due to
stronger corn, gasoline and oil prices
Increased exports to Asia and stable sales to the
European market

14. 14
Outlook: Guarani Solidly Positioned to Seize
Opportunities and Benefit from a Market Upturn
Sugarcane crushed expected to reach 14.8 million tons in 2009/10 crop versus 14.4
million tons in previous crop
Production mix geared towards sugar to allow Guarani to take advantage of the upturn in
sugar prices
Increased demand for ethanol due to attractive ratio between ethanol and gasoline
prices at the pump. Positive price outlook as of second half of 09/10
Plants to take advantage of increased volumes and lower fixed costs per ton produced
Disciplined CAPEX allocation in order to ensure expected sugarcane availability and
profit from rapid pay-back programs
Continued focus on balance sheet strengthening
Positive non-cash effect in P&L of Brazilian Real appreciation vis-à-vis the US Dollar
Strong commitment and support from Tereos, Guarani’s controlling shareholder, to
seize opportunities

15. Thank You!
Reynaldo F. Benitez
CFO and Investor Relations Officer
Alexandre L. Menezio
Investor Relations Manager
Felipe F. Mendes
Investor Relations Analyst
Renato N. Zanetti Neto
Investor Relations Analyst
Leonardo T. Goes
Investor Relations Assistant
phone: +55 (11) 3544-4900
e-mail: ri@aguarani.com.br
website:www.acucarguarani.com.br/ir