- Brasil Ecodiesel produced 70,719 cubic meters of biodiesel in Q1 2008 and sold 86,968 cubic meters, supplied with stocks from 2007. Despite increased sales volume and higher prices, production costs increased due to higher vegetable oil costs, negatively impacting financial results. - Adjusted gross revenue was R$202.8 million in Q1 2008, with 98.2% from biodiesel sales of 86,968 cubic meters and the rest from byproduct sales like glycerin and fatty acids. However, cost of goods sold increased 29.3% from Q4 2007 due to higher vegetable oil costs, leading to a net loss of R$14.9 million.

2. Agenda
Results Presentation
Ricardo Vianna (CFO and IRO)
Eduardo de Come (Financial Officer)

3. Brazilian Biodiesel Market
With the mandatory adoption of B2, all diesel sold in Brazil as from January 1st, 2008
contains a blend of at least 2% biodiesel.
In the first three months of 2008, 10.38 million m³ of (B2 or Bx) diesel were sold. We can
perceive a 7.6% increase in the total sales volume of diesel fuels.
It was necessary to increase the imported volume of diesel, which amounted to 402,600 m³.
45.000.000
40.000.000
35.000.000
30.000.000
25.000.000
20.000.000
15.000.000
10.000.000
5.000.000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008
Diesel B2

4. Brazilian Biodiesel Market
Brasil Ecodiesel’s sales were 14.79% higher compared with the 4Q07, totaling 86,968 m³.
The increased consumption of B2 in the beginning of 2008 forced Petrobras to held another
auction for acquisition of biodiesel for strategic inventories – the second auction, in which the
Company’s selling price presented a 14% increase in relation to the prior auction carried out by
Petrobras.
FOB Sales CIF Sales* CIF Sales*
ANP Auction Petrobras Auction I Petrobras Auction II
Delivery 01/01 to 06/30 01/01 to 02/29 04/07 to 06/20
Vol Average Average Vol Average
Unit 3
(m ) Price** Vol (m3) Price** (m3) Price**
Iraquara (BA) 41,000 1,837.56 10,000 2,255.00 4,000 2,560.00
Itaqui (MA) 43,000 1,875.80 7,900 2,297.41 9,000 2,623.33
Porto Nacional
(TO) 35,000 1,837.97
Rosário do Sul
(RS) 42,000 1,840.17
Crateús (CE) 18,000 2,306.94
Floriano (PI) 2,000 2,665.00
Total 161,000 1,848.54 35,900 2,290.38 15,000 2,612.00
* Deliveries in basis DECAL (EP) and Candeias (BA).
** Without ICMS tax.

5. Brazilian Biodiesel Market
On March 14 the CNPE raised the biodiesel ratio in the diesel blend to 3% as from July 1
this year.
On April 10 and 11, the ANP held new auctions for biodiesel supply in the 3Q08. The
average selling price of Brasil Ecodiesel was 48.2% higher than in the auctions of November
2007.
FOB Sales
ANP Auction
Average
Unit Vol (m 3) Price*
Iraquara (BA) 21,600 2,739.99
Itaqui (MA) 19,800 2,739.99
Rosário do Sul (RS) 21,600 2,738.99
Total 63,000 2,739.65
*Delivery until 09/30/2008.
The Ministry of Mines and Energy (MME) estimates that the B3 blend will result in an
annual demand of approximately 1.3 million m³ of biodiesel, with a positive impact on Brazil’s
balance of trade through the reduction in imported diesel fuel.

6. Brazilian Biodiesel Market
Brazilian biodiesel production in clear expansion
The domestic production of biodiesel in the first two months of 2008 amounted to
144,5 m³, 37% of which were produced by Brasil Ecodiesel.
In accordance with preliminary estimates by the MME, biodiesel production totaled
80,000 72,721 90%
238,000 m³ from January to March 2008. 71,825
70,000 80%
60,000 66% 70%
61% 55,052 62%
57%
56% 60%
50,000 45,370
47% 55% 50%
40,000 43% 46% 40%
42% 39%
30,000 26,005 26,718 39%
31% 36% 30%
18,773
20,000 17,109 16,933 20%
10,000 10%
0 0%
07
08
07
7
7
07
7
7
07
07
7
08
07
7
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t/0
/0
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t/0
/0
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m
m
National Biodiesel Production % Produced by Ecodiesel
Source: ANP

7. 2008.
US$/ ton
02
/
17 01 /
/ 2
1,000
1,200
1,400
1,600
1,800
0
200
400
600
800
31 01 / 007
/ 2
14 01 / 007
/ 2
01 02 / 007
/ 2
15 03 / 007
/ 2
29 03 / 007
/ 2
13 03 / 007
/ 2
27 04 / 007
/ 2
11 04 / 007
/ 2
25 05 / 007
/ 2
11 05 / 007
Vegetable Oil Market
/ 2
25 06 / 007
/ 2
10 06 / 007
/ 2
24 07 / 007
/ 2
07 07 / 007
/ 2
21 08 / 007
/ 2
05 08 / 007
/ 2
19 09 / 007
/ 2
03 09 / 007
/ 2
17 10 / 007
/ 2
31 10 / 007
/ 2
14 10 / 007
/ 2
29 11 / 007
/ 2
13 11 / 007
/ 2
28 12 / 007
/ 2
14 12 / 007
/ 2
29 01 / 007
/ 2
12 01 / 008
/ 2
27 02 / 008
/ 2
12 02 / 008
/ 2
31 03 / 008
/0 20
3 / 08
20
08
Brazilian prices was partially offset by the 33.4% period appreciation of the Real.
Palm
Castor
Soybean
Sunflower
Rapessed
5.38% in 1Q08. Over the past 12 months, soybean oil appreciated 56.3%. The impact on
The market for the main vegetable oils produced worldwide continued to climb in early-
Soybean oil, the main oil used for production of biodiesel in Brazil, showed an increase of

8. Vegetable Oil Market
According to Abiove, Brazilian soybean production should reach 61.3 million tonnes in the
2008/2009 harvest, showing a 4% growth when compared to the previous harvest.
With this production, it would be possible to produce nearly 11.5 million m³ of soybean oil,
however the Brazilian demand is only 4.0 million, of which approximately 3.0 million are
destined to the food market and only 1.0 to biodiesel production, according to MME (Ministry
of Mines and Energy).
Grains 2008/ Meal 2008/ Oil 2008/
2006/ 2007/ 2008/ 2009 2006/ 2007/ 2008/ 2009 2006/ 2007/ 2008/ 2009
2007 2008 2009 F % 2007 2008 2009 F % 2007 2008 2009 F %
Initial Stock 1,220 2,289 2,027 -11% 818 864 862 0% 272 311 291 -6%
Production 56,942 58,726 61,300 4% 22,021 24,111 24,800 3% 5,512 6,047 6,200 3%
Importation 40 108 100 -7% 193 111 100 -10% 26 101 50 -50%
Internal Consumption 9,944 11,325 11,800 4% 3,238 3,647 4,100 12%
Seeds/ Losses 1,220 2,700 2,700 0%
Export 56,942 23,805 27,300 15% 12,224 12,899 13,100 2% 2,261 2,521 2,150 -15%
Processing 40 31,511 32,400 3%
Stocks End 2,289 2,027 1,500 -26% 864 862 862 0% 311 291 291 0%

9. Energy x Food
Over the past months, the discussion on energy x food grew stronger concerning the
destination to agricultural production.
The biofuels are not the cause to the increase in food prices. The factors which
determined such an increase are much more structural, such as:
1. The higher food demand and the increase in population in a lot of places, like China;
2. Increases in oil prices, impacting production costs (fertilizer and transport);
3. Some of the main international producers, such as Australia, have undergone severe
draughts that affected the production;
4. The growth of production of ethanol from corn in the US, reducing the corn used to food
and replacing land.
5. The history of subsidies to the agricultural sector and import fees imposed by developed
countries, especially the USA and the European Union.
6. The speculative component – the operation of speculative funds in the commodities
sector as a way to maintain profitability;
According to IBGE (Brazilian Institute for Geography and Statistics), Brazil has 152 million
hectares of agricultural land, 62 million of which in use; therefore, there are 90 million
hectares left to expand agriculture with no need for deforestation.

10. Plantations
We concluded the summer planting of 5,300 hectares of jatropha curcas on our own land,
giving a total of 7,945 hectares planted with this crop, part of which jointly with castor,
especially on some of the land acquired in 2007 in the state of Bahia.
City Total Area Legal Reserve Planted Area Area available for planting
Crateús / CE 3.980 ha. 796 ha. 899 ha. 2.285 ha.
Parambu / CE 12.394 ha. 2.479 ha. 205 ha. 9.710 ha.
Alvorada / PI 7.754 ha. 1.550 ha. 1.426 ha. 4.778 ha.
Setubinha / MG 2.622 ha. 524 ha. 515 ha. 1.583 ha.
Irecê / BA 19.802 ha. 3.960 ha. 4.900 ha. 10.942 ha.
46.552 ha. 9.309 ha. 7.945 ha. 29.298 ha.
We emphasize our strategy of its own production of vegetable oils for alternative crops
aimed at reducing our exposure to soybean oil.

11. Plantations
Jatropha Curcas Plantation
in our farms
Bahia
Minas Gerais

12. Plantations
Minas Gerais

13. Operating Performance
Brasil Ecodiesel produced 70,719 m³ of biodiesel and sold 86,968 m³ in 1Q08, supplied
with stocks maintained by the Company at the end of 2007.
Despite the increased sales and the higher prices seen last quarter, with a consequent
increase in revenue, the upturn in the cost of vegetable oil, pushed up production costs,
jeopardizing financial results.
1Q07 4Q07(*) 1Q08(*) % 1Q08 / 4Q07
Gross Revenue 61,130 160,517 202,794 26.33%
Net Revenue 48,290 134,277 167,264 24.57%
COGS -44,762 -139,457 -180,313 29.30%
Gross Income 3,528 -5,181 -13,049 151.86%
Gross Margin 7.30% -3.90% -7.80% 100.00%
Lucro (Prejuízo) Líquido -526 -24,352 -14,925 -38.71%
Margem Líquida -1.10% -18.10% -8.90% -50.83%
Sales (m³) 27,697 75,763 86,968 14.79%
Average price (with ICMS) 2,165.31 1,967.00 2,290.20 16.43%

14. Operating Performance
• Adjusted gross revenue stood at R$202.8 million in 1Q08, of which 98.2% (or R$199.2
million) came from the sale of 86,968 m³ of biodiesel and the remainder from the sale of
byproducts, especially glycerin and fatty acids.
Porto Rosário
Biodiesel Floriano Crateús Iraquara Itaquí Total
Nacional do Sul
1Q07 9,243.1 8,124.4 10,329.6 - - - 27,697.1
Sales
3 4Q07 6,947.41 12,357.19 18,520.36 10,690.42 13,717.82 13,529.81 75,763.00
(m )
1Q08 2.00 16,274.49 23,700.74 11,516.23 14,521.49 20,953.45 86,968.41
1Q07 19,954.10 7,177.00 22,841.70 - - - 59,972.9
Revenue
4Q07 13,670.52 24,293.13 36,409.36 21,020.00 27,004.83 26,628.22 149,026.05
(R$ ‘000)
1Q08 9.42 42,337.97 54,033.34 24,052.79 30,613.11 48,128.64 199,175.27

15. Operating Performance
Net Revenue totaled R$167.3 million in the first quarter.
The Cost of Goods Sold stood at R$180.3 million in 1Q08, R$179.8 million of which
from biodiesel sales.
In 1Q08, General and Administrative Expenses stood at nearly 14.2% below the
previous quarter, mainly due to the nationalization of the Company’s expenses.
Tax expenses : R$1.6 million in 1Q08.
Other Operating Revenues: we recorded an additional net operating revenue of R$20.0
million in the 1Q08, 90% of which related to fines to be paid by our clients for failure to
remove biodiesel from our plants.
We recorded net financial expenses of R$9.9 million in 1Q08, chiefly due to the
payment of charges related to short term loans (working capital).
We posted a net loss of R$14.9 million in 1Q08, primarily due to the increase in
production costs, especially in vegetable oil, against low average sale prices, due mainly
to the outcome of auctions held by ANP in November 2007.

16. Cash and Investments
Details of Use of Funds (R$ ‘000)
Most of cash and investments are in working
capital due to the higher operating volume of
Other
the company; 4%
The Company’s net debt totaled R$229.9
million on March 30th. Oil Extraction
17%
INDEBTEDNESS R$ 40,7
R&D millions
4% Working Capital
Units of & Inventory
Biodiesel 68%
2%
Agriculture
5%
Indebtedness (R$ ‘000) 4Q07 1Q08
Short term R$ 141,245 R$ 205,022
(+) Long term R$ 36,715 R$ 30,778
(=) Total Indebtedness R$ 177,960 R$ 235,800
(-) Cash and cash equivalents R$ 298 R$ 5,898
(=) Net Debt R$ 177,662 R$ 229,902

17. Capital Markets
ECOD3 performance
ECOD3 (R$ /share) 1Q07 2Q07 3Q07 4Q07 1Q08
Open 11,81 9,24 12,27 11,91 6,99
Low 8,77 8,80 9,51 6,01 3,84
High 12,65 14,50 15,39 12,17 7,01
Average 10,95 11,57 12,86 8,67
Close 9,15 12,27 11,89 6,89 4,55
% in quater -22,5% 34,0% -3,1% -42,1% -34,0%
Volume (R$ MM) 1Q07 2Q07 3Q07 4Q07 1Q08
Total 117,69 182,70 144,83 116,55 170,08
Daily Average 1,93 2,95 2,30 1,98 2,83
Transactions 1Q07 2Q07 3Q07 4Q07 1Q08
Nº of share (un.) 10.750.400 15.793.000 11.265.800 13.446.300 34.075.000
Nº of transaction (un.) 10.878 19.816 13.700 13.793 25.994

18. 2/
1/
2
0,00
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
8/ 00
1 8
14 /20
/1 0 8
18 /20
/1 08
24 /20
/1 08
/
Capital Markets
31 20
/1 08
/2
8/ 0 0
2 8
ECOD3 performance in the 4Q07
14 /20
/2 0 8
/
20 20
/2 08
26 /20
ECOD3
/2 08
/2
3/ 0 0
3/ 8
2
7/ 00
3 8
13 /20
IBOV
/3 0 8
19 /20
/3 08
/
26 20
/3 08
/2
00
8
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000

19. Investor Relations
Ricardo Luis de Lima Vianna
CFO and IRO
Marcos Leite
Investor relations
Phone: +55 21 2546-5031
Website: www.brasilecodiesel.com.br/ir

20. Disclosure
• This document may contain prospective statements, which are subject to risks and uncertainties, as they were based
on the expectations of Company’s management and on available information. These prospects include statements
concerning the Company’s current intensions or expectations for our clients; this presentation will also be available on
our website www.brasilecodiesel.com.br/ir and also in the IPE system at the Brazilian Security Exchange Commission
– CVM.
• Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating
results, market share and competitive positioning may differ substantially from those expressed or suggested by said
forward-looking statements. Many factors and values that can establish these results are outside Company’s control or
expectation. The reader/investor is prevented not to completely rely on the information above .
• The words “believe", “can", “predict", “estimate", “continue", “anticipate", “intend", “forecast" and similar words, are
intended to identify affirmations. Such estimates refer only to the date in which they were expressed, therefore
Company has no obligation to update said statements.
• This presentation does not consist of offering, invitation or request of subscription offer or purchase of any marketable
securities. And, this statement or any other information herein, does not consist of a contract base or commitment of
any kind.