1) Brasil Ecodiesel executed an agreement concluding a process with Petrobras that will allow for large-scale soybean crushing in Rio Grande do Sul, reducing oil costs and generating soybean meal sales. 2) Soybean harvest in Mato Grosso was delayed due to rains, while yields in other regions exceeded targets. 3) Consolidation of accounting and operational integration between Brasil Ecodiesel and Maeda was completed.

1. Results – 1Q11
13/05/2011
1

2. SECTOR OF ACTIVITY
FOOD ENERGY
COTTON ETHANOL
SOYA BIODIESEL
CORN VEGETABLE OIL
2

3. BRAZILIAN BIODIESEL MARKET
2005 – 2007 1st Sem/08 Jul/08 – Jun/09 Jul/09 – Dec/09 2010 on
Blend: up to 2% Blend: min. 2% Blend: min. 3% Blend: min. 4% Blend: min. 5%
• The biodiesel industry operates in a
fully regulated market (quartely Brazillian Biodiesel
auctions coordinated by ANP).
Production (‘000 m³)
• The sector works with idleness at the 1 2005
rate of 60%.
69 2006
• The biodiesel sector remains dependent
on a new regulatory milistone that 190% 402 2007
signals an increase in the percentage of
biodiesel blend in diesel. 38% 1167 2008
• Social Fuel Stamp.
49% 1,608 2009
2,397 2010
• Variable cost industry (90% of the cost
come from soybean oil and methanol).
• B5, 3 years before the schedule.
Source: ANP.
3

4. B100 AND VEGETABLE OIL PRICES –
2011 VERSUS 2010
Description Unit 2010 2011 Variation (%)
Sale Price B100 with no ICMS R$/m³ 2,338.87 2,303.64 -1.5
B100 Factor / Market OV Cost 1.53 1.21 -20.8
4

5. PLANT LOCATIONS
Biodiesel
Biodiesel São Luís - MA
Porto Nacional - TO Cap./ year: 129,600m³
Cap./ year:129,600m³
Biodiesel and crusher.
(Mamona)
Iraquara – BA
Cap./year(bill): 129,600m³
Cap./year(crusher): 180,000ton
Crusher (Cotton)
Itumbiara – GO
Cap./year: 155,700ton
Crusher (Soya) Biodiesel Facilities
São Luiz Gonzaga - RS
Cap./year: 270,000ton
Crushing Facilities
Biodiesel
Rosário do Sul – RS
Cap./year:129,600m³

6. FOOD
 Strong demand (mainly from the emerging
markets) against the current offer seen in the
international market.
 High agricultural commodity prices due to,
among other reasons, the low inventories of the
most agricultural products.
 World population growth.
6

7. MAEDA PROJECT
Optimize the product Investments in Increase the Otimize the
tecnology leased farm New Crops
mix (Algodão –Soja- Milho) Industrialization
 Diversify the product portfolio,
 Optimize the cash in projects that provide a fast revenue growth and allow a boosting financial results;
Include new sectors.
Focus in markets that enable sustainable growth in the short, medium anf long terms that represent a natural
diversification.
7

8. FARMS
Violeto Bandeira
Dom Pedro Crateús – CE
São Desidério - BA Alvorada do Gurguéia –PI Planting (11/12): 0 ha
São Vicente
Planting (11/12): 16.237ha Planting (11/12): 0 ha Parambú – CE
Planting (11/12): 0 ha
São José
Campo N. P. - MT
Planting (11/12): 42.494ha
Sucesso
Irecê - BA
Guapirama Planting (11/12): 0 ha
Diamantino - MT
Planting (11/12): 10.496ha
São José II
Novo Cruzeiro - MG
Planting (11/12): 0 ha
Polo Catalão
Planting (11/12) Catalão - GO
Planting (11/12): 3.877ha
BA: 27.235 ha Amizade
MT: 52.990 ha Correntina - BA
GO: 12.287 ha Planting (11/12): 10.998ha
Batalha do
Total: 92.512 ha Bartolomeu
Guarda-Mor - MG
Planting (11/12): 8.410ha
8

9. LAND PORTFOLIO
AREAS STATEMENTS - 2010-11 HARVEST
Distribution per crop
Farms State Planting Total Cotton Soyabean Corn Others
Dom Pedro BA 15,921 8,742 6,390 - 789
Amizade BA 9,898 2,269 6,418 - 1,211
Sucesso BA - - - - -
Bandeira CE - - - - -
São Vicente CE/PI - - - - -
Catalão GO 3,877 - 3,006 456 415
Bartolomeu GO 8,410 - 7,652 758 -
São José II MG - - - - -
Guapirama MT 10,523 4,299 5,075 1,149 -
São José MT 34,464 3,442 24,228 4,774 2,020
Violeto PI - - - - -
Total 83,093 18,752 52,769 7,137 4,435
9

10. FARMING CALENDAR
CROP SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
SOYA
(MT)
Planting Treatment Harvesting Planting Treatment
SOYA
(BA)
Planting Treatment Harvesting Planting Treat..
SOYA
(GO)
Planting Treatment Harvesting Planting T.
COTTON
(MT)
Planting Treatment Harvesting Plant.
COTTON
(BA)
Planting Treatment Harvesting Planting T.
CORN
(MT)
Planting Treatment Harvesting
CORN
(BA)
Planting Treatment Harvesting Planting Treatment

11. REVENUES AVARAGE DISTRIBUTION
11

12. Results
12

13. HIGHLIGHTS
•Brasil Ecodiesel and Petrobras executed an agreement concluding an existing
process between the companies
• Crush on a large scale of soybeans in the Rio Grande do Sul. Reduction of
costs of the oil and sale of the soybean gran.
•Recovery the Social Fuel Stamp of the Iraquara Unit
• Delayed harvest of soybeans in Mato Grosso, due to the rains
•Achieve a higher levels of yield in soybean harvest; (MAEDA)
• Soybean yield rates achieved two years earlier than expected – 54.9 SC/Ha
• Consolidation of the integration (both of accounting and operational) with the
Maeda and its affiliates. (ECOD / MAEDA)
13

14. CONSOLIDATED HEADLINE RESULTS
Book Values Adjusted Values
Description
1Q11 VA (%) 1Q10 VA (%) HA (%) 1Q11 VA (%) 1Q10 VA (%) HA (%)
Gross Revenue 227,850 111.1% 166,290 111.3% 37.02% 227,850 111.1% 166,290 120.0% 37.02%
CPC07 Tax Incentives (10,841) ¹
Net Revenue 205,004 100.0% 149,384 100.0% 37.23% 205,004 100.0% 138,543 100.0% 47.97%
(-) Change in Biological Asset Fair Value 13,216 6.4% (612) -0.4% 13,216 6.4% (612) -0.4% 0.00%
(-) COGS (195,663) -95.4% (119.237) -79.8% 64.10% (195,663) -95.4% (119,237) -86.1% 64.10%
Gross Profit (Loss) 22,557 11.0% 29,535 19.8% -23.63% 22,557 11.0% 18,694 13.5% 20.66%
(-) Operating expenses (18,314) -8.9% (9,676) -6.5% 89.27% 14,164 6.9% 9,676 7.0% 46.38%
General and Administratives (19,526) (9,682) 101.67% (15,376) (9,682) 58.83%
Stock options 2,637 ²
Maeda Goodwill adjustment 1,512 ³
Taxes (tributárias) (265) (17) (265) -17
Others operating Income (expenses) 1,477 23 1,477 23
Operating Income (EBIT) 4,243 2.1% 19,859 13.3% -78.63% 8,393 4.1% 9,018 6.5% -6.94%
Financial Income 1,263 0.6% 234 0.2% 439.74% 1,263 0.6% 234 0.2% 439.74%
Lucro (Prejuízo) Líquido antes IR e CS 5,506 2.7% 20,093 13.5% -72.60% 9,655 4.7% 9,252 6.7% 4.36%
IR (Income Tax) and CSLL (Social Contribution) (6,371) (4,101) (6,371) (4,101)
New profit (loss) (865) 15,992 -105.41% 3,284 5,151 -36.25%
Net Margin -0.42% 10.71% 1.60% 3.72%
EBITDA 11,944 5.8% 22,819 15.3% -47.66% 16,093 7.9% 11,948 8.6% 34.69%
EBITDA Margin 5.83% 15.28% 7.85% 8.62%
(1) Non-recurring income amounting to R$ 10.8 million from accumulated ICMS tax benefits, in line with CPC07
(2) Accounting for granted options fair value 14
(3) Maeda goodwill amortization

15. REVENUE
Biodiesel Total
1Q10 61,977
Revenue B100 (m3) 4Q10 21,459
1Q11 47,612
1Q10 165,425
Revenue B100 (R$ thousands) 4Q10 41,864
1Q11 125,271
15

16. COGS
16

17. GROSS REVENUE, NET REVENUE
AND FINANCIAL INCOME
17

18. OPERATING EXPENSES
GENERAL AND ADMINISTRATIVE
19,525
9,682 2%V
2%
Holding
18

19. DEBT
3/31/2011 12/31/2010
Debt (in R$ thousands)
Maeda* Brasil Ecodiesel Total Maeda* Brasil Ecodiesel Total
Short Term (139,607) (16,051) (155,658) (109,454) (16,457) (125,911)
Long Term (59,144) (35,635) (94,779) (66,284) (39,272) (105,556)
(=) Total Indebtedness (198,751) (51,686) (250,437) (175,738) (55,729) (231,467)
Availability 5,759 78,949 84,708 12,980 113,361 126,341
(=) Net Cash/Debt Adjusted (192,992) 27,263 (165,729) (162,758) 57,632 (105,126)
Receivable Update - sales of asset 85,027 85,027 77,850 77,850
(=) Net Cash/Debt Adjusted (107,965) 27,263 (80,702) (84,908) 57,632 (27,276)
* Holding disregarding the consolidated data of Tropical Bioenergy enterprises, Jaborandi Agrícola and Jaborandi Propriedades.
19

20. RESULTS FOR THE PERIOD
Consolidated Results
1Q10 1Q11
Ecodiesel Maeda Total Ecodiesel Maeda Total
Net Income (Loss) 15,992 - (5,343) 4,479 (864)
Financial Income (234) - 140 (1,403) (1,263)
IR and CSLL 4,101 - 2 6,370 6,372
Depreciation and Amortization 2,960 - 3,104 4,596 7,700
EBITDA 22,819 - (2,098) 14,042 11,944
Tax Incentive CPC07 (10,871) - - - -
Share-based Payment - - 2,502 135 2,637
Maeda Goodwill Adjustment - PPA - - 1,512 - 1,512
Adjusted EBITDA 11,948 - 1,916 14,177 16,093
20

21. PRICE EVOLUTION
21

22. MARKET VALUE AND SHAREHOLDERS POSITION
Market Value
(March 31, 2011 )
Shareholders Position (%)
R$ 911 Milhões
20
8
Number of Shares 72
1,084,190,282
Vila Rica I Fundo de Investimento Bonsucex Holding Others
Number of Shareholders
24.172 22

23. INDEXES
23

24. Investor Relations
Phone: 55 11 3137-3114
ri@brasilecodiesel.com.br
www.brasilecodiesel.com.br
24