Tereos Internacional reported strong financial results for Q3 2011/12, with revenues increasing 14.4% to R$1.8 billion driven by higher prices across key products. Adjusted EBITDA grew 4.4% to R$271 million. The Brazilian business was impacted by lower sugarcane volumes but this was offset by better results in other regions like the Indian Ocean and Europe. The company also advanced strategic initiatives through acquisitions and increased stakes in subsidiaries to reinforce its leadership positions.

1. Tereos Internacional
Third Quarter 2011/12 Results
São Paulo - February 15th, 2012

2. Quarter Highlights
Q3 2011/12 Financial Results
Operating Segment Review
Cash Flow, Debt Position and CAPEX
Outlook

3. Quarter Highlights

4.  Favorable sugar, starch and ethanol pricing drove double-digit revenue and
EBITDA growth
 Product and geographical diversification provided resilience
• Strong results for Indian Ocean and European Ethanol businesses
• Lower sales in Brazil following 2011/12 reduced crushing volumes
 Moved forward with strategic initiatives to reinforce leadership positions
and drive future growth
• Acquisition of a 75% interest in a French potato starch producer –
Haussimont plant
• Guarani to acquire the 32.56% remaining stake of its subsidiary Andrade
Açúcar e Álcool S.A.
• Share capital increase of the subsidiary in Mozambique. Guarani becomes
the shareholder of 99% of the Sena Holdings, in the Indian Ocean region
Q3 2011/12 – Key Takeaways
4

5. Q3 2011/12 - Financial Highlights
5
 Strong revenue performance: R$1.8 billion…
• Year-on-Year: +14.4% increase, as reported
 …due to:
• Increased year-on-year prices across key products categories, offsetting lower
sales volumes
 Record EBITDA: R$290 million
• Year-on-Year: +36.6% increase, as reported
 Adjusted EBITDA*: R$271 million
• +4.4% Year-on-Year and +2.7% Quarter-on-Quarter
 Net Result : R$75.7 million in Q3 11/12 and R$141.3 million in 9M 11/12
* Adjusted EBITDA/EBIT: EBITDA/EBIT excluding accounting effect of adjustments in the fair value of the financial instruments
and of the biological assets

6. Sugar:
 Prices still high, despite expectations for record Northern
hemisphere crops and reduced exposure of speculative
 Lack of supply from Brazil, still supports higher prices
Starch:
 Pressure increased on corn (stock/use ratio near historical
low) and declined on wheat (global balance increasing)
 European corn/wheat prices again moving in tandem
 Stable demand from food industry but lower volumes in the
non-food industry
Ethanol:
 Positive changes for global trade: elimination of US import tax
and the blending subsidy
Limited ethanol availability supported better prices in Brazil
Q3 2011/12 - Market Fundamentals
6 Source: Bloomberg

7. Q3 2011/12 Financial Results

8. 1591
1820
+100
(46)
+259
(84)
Q3
2010/11
Currency Volume Price& Mix Others Q3
2011/12
1591
(31)
+5 +190 +65
1820
Q3
2010/11
Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Q3
2011/12
Q3 2011/12 – Revenues
Revenue increase driven by higher prices for all key products
 Record Revenues of R$1.8 billion, up
14.4% Y-o-Y
 Sugarcane Revenues: R$829 million
• 45.5% of total revenues
 Cereal Revenues: R$991 million
• 54.5% of total revenues
8
 Revenue growth driven by:
• Higher average selling prices across all key product
categories
• Appreciation of the Euro against BRL
• Higher sales volumes for ethanol in Europe and for
sugar in Mozambique
• Compensating a decline in Brazilian sugarcane
production
• Other revenues mostly impacted by Guarani,
La Reunion and Syral
+14.4%
Net Revenues (R$ MM) Net Revenues (R$ MM)
+14.4%

9. 260
(39)
+22
+21
+14
(7)
271
Q3 2010/11 Brazil Indian Ocean Starch
Europe
Ethanol
Europe
Holding Q3 2011/12
Q3 2011/12 - Adjusted EBITDA
Impact of lower volumes in Brazil compensated by increase in our other activities
9
 Sugarcane
• Brazil: negatively impacted by lower production, which led to decline in sugar and ethanol sales, as well
by hedging effect (-R$25 MM in Q3 2011/12 against +R$6 MM in Q3 2010/11)
• Mozambique: higher sales volumes and prices
 Cereal
• Starch Europe: higher sales prices and almost no derivative impact this quarter
• Ethanol Europe: higher volumes and prices
 Adjustments
• Biological assets (-R$20 MM) and financial instruments (+R$1 MM) in Q3 11/12
+4.4 %
Margin14.9%
Adjusted EBITDA (R$ MM)
Margin16.3%

10. Operating Segment Review

11. Sugarcane
Brazil - Indian Ocean

12. 81
51
84
106
90
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
164 165
140
99
131
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
424
233
305
374 375
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
4,0
5,8
7,8
2,6
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Ethanol Sales (‘000 m³) Energy Sales (‘000 MWh)Sugarcane Crushing (MM t) Sugar Sales (‘000 t)
12
 Sugarcane crushing: 16.3 million tons in 2011/12
• Agricultural yield: 66.7 tons/ha in 2011/12 (below guidance, due to drought during last crop, frost &
flowering during this crop)
 Production mix: 62% sugar and 38% ethanol in 2011/12 crop
 Inventories:
• Sugar: 361,000 tons (–8.8% Y-o-Y)
• Ethanol: 219,000 m³ (–9.1% Y-o-Y)
 Mechanical harvesting: 88% of own sugarcane crushed in 2011/12
-35.3% YoY -11.6% YoY -20.5% YoY +11.1% YoY
Sugarcane Brazil – Production & Sales
Lower crushing volumes due to weather-related issues

13. Sugarcane Brazil – Q3 Financials
Higher prices for sugar and ethanol partially offset lower volumes
* includes Cogeneration, Agricultural Products and Hedging
Key Figures
In R$ Million
Q3
2011/12
Q3
2010/11
Change
Revenues 593 624 -5.0%
Gross Profit 118 163 -27.7%
Gross Margin 19.9% 26.1%
EBITDA 129 85 +51.4%
EBITDA Margin 21.7% 13.6%
Adjusted EBITDA 112 151 -25.9%
Adjusted EBITDA Margin 18.9% 24.2%
 Gross Profit: R$118 million
• Decline of 27.7% mainly due to lower volumes
 Adjusted EBITDA: R$112 million
• Fair value of biological assets + R$17.3 million in
Q3 2011/12 vs. –R$8.0 million in Q3 2010/11
 Adjusted EBITDA Margin1 including tilling
depreciation would have been 23.8%
 Sugar: 66.8% of total net revenues
• Volumes decreased 11.6% to 375,000 tons
• Sugar prices were 12.3% higher to 1,056.1 R$/ton
 Ethanol: 27.5% of total net revenues
• Volume sold reduced 20.5% to 131,000 m3
• Prices stood at 1,250.7 R$/m3
 Cogeneration: energy revenues remained stable at
R$10.2 million
13
(1) Tereos Internacional allocates tilling expenses as
cost. If tilling expenses were allocated as investment,
Adjusted EBITDA would have reached R$ 141
million.
Net Revenues (R$ MM)
-5.0%
Sugar Ethanol

14. 289
17 65
315
275
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
874
989
898
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Mozambique
 Sugarcane crushing: 699,000 tons
• Crop’s agricultural yields increased 14.4 ton/ha
year-on-year, as a result of irrigation
and planting programs
 Revenues: R$38 million
• 54% higher vs. Q3 2010/11 due to higher sales
volumes and better prices
 Adjusted EBITDA: R$21.2 million
• Up R$8.4 million vs. Q3 2010/11
• 390 bps increase in adjusted EBITDA margin
La Réunion
 Sugarcane crushing: 1.9 million tons in 2011/12
• Stable crop compared to 2010/11
 Revenues: R$198 million
• Lower by R$8 million vs. Q3 2010/11 due to time of
booking for shipment
 Adjusted EBITDA: R$45.0 million
• vs. R$31.2 million in Q3 2010/11
Sugarcane Indian Ocean – Production and Q3 Financials
Better results and improved efficiencies
Key Figures
In R$ Million
Q3
2011/12
Q3
2010/11
Change
Revenues 236 231 +2.2%
Gross Profit 55 78 -30.0%
Gross Margin 23.3% 34,0%
EBITDA 69 45 +52.4%
EBITDA Margin 29.1% 19.5%
Adjusted EBITDA 66 44 +50.4%
Adjusted EBITDA Margin 28.1% 19.1%
14
La Réunion
Sugarcane Crushing (’000 t)
Mozambique
Sugarcane Crushing (‘000 t)
+2.7% YoY -4.8% YoY

15. Cereal
Starch Europe - Ethanol Europe

16. 253 258 262 262 242
39 61 68 59 66
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
SYRAL BENP/DVO
42 44 43
48
44
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
398 409
440 424
392
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
696 696
739 720
678
Q3
10/11
Q4
10/11
Q1
11/12
Q2
11/12
Q3
11/12
Starch Europe - Production and Sales
Starch volumes stable; ethanol and co-product volumes increase
 Cereal grinding: 678,000 tons - 2.6% vs. Q3 2010/11
• Lower starch and sweeteners sales volume due to weaker demand from cyclical paper & corrugated
board industry
 Sales volumes
• Starch and Sweeteners: steady volumes for food industry, but industrial demand below historical
levels
• Alcohol & Ethanol: better production levels and capacity utilization
• Co-products: higher co-product sales due to better volumes at BENP
16
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
Ethanol & Alcohol Sales
(‘000 m3)
Co-products Sales
(‘000 t)
-2.6% YoY -1.5% YoY +4.8% YoY +5.5% YoY

17. 579
753
+63
(9)
+120
Q3 2010/11 Currency Volume Price& Mix Q3 2011/12
Starch Europe – Q3 Financials
Better results driven by higher prices for S&S and increased sales volumes for co-products
and ethanol
Starch and
Sweeteners
64.9%
Alcohol and
Ethanol
10.5%
Co-products
and others
24.6%
Key Figures
In R$ Million
Q3
2011/12
Q3
2010/11
Change
Revenues* 753 579 +30.1%
Gross Profit* 157 120 +30.8%
Gross Margin* 20.8% 20.7%
EBITDA 71 67 +5.1%
EBITDA Margin 9.4% 11.6%
Adjusted EBITDA 70 49 +43.0%
Adjusted EBITDA Margin 9.3% 8.5%
* Excludes the R$29.7 million in Q3 11/12 and R$14 million in Q3
10/11 related to financial impact of the sales of co-products
produced by Tereos BENP and sold by Tereos Syral17
Net Revenues* (R$ MM)
+30.1%
Revenue* Breakdown by Product
 Revenues*: +30.1%
• Due to higher prices and sales volumes for co-
products and ethanol
• Currency impact: +10.8%; volume impact: -1.5%;
and price impact: +20.8%
 Gross Profit*: R$157 million, gross margin of
20.8%
 Adjusted EBITDA: R$70 million, up R$21
million
• Margin improved Y-o-Y to 9.3%

18. Ethanol Europe – Q3 Financials
Higher sales volumes of company-owned ethanol and higher trading sales
Key Figures
In R$ Million
Q3
2011/12
Q3
2010/11
Change
Revenues* 238 158 +51.2%
Gross Profit* 28 17 +64.7%
Gross Margin* 11.8% 10.8%
EBITDA 26 12 +126.0%
EBITDA Margin 11.0% 7.3%
Adjusted EBITDA 26 12 +128.3%
Adjusted EBITDA Margin 11.1% 7.4%
 Ethanol sales**: 143,100 m³
• Higher sales volumes, including trading due to an
excellent beet crop for Tereos
 Revenues*: R$238 million, +51.2%
• FX impact: +10.1%
• Volume increase: +43.0%
• Price decline: -2.5%
 Higher production resulting from better utilization
ratios
 Gross profit at R$28 million and 11.8% margin
 Improved Adjusted EBITDA margin 370 bps higher
Y-o-Y
** Includes sales of ethanol produced by Tereos18
Net Revenues* (R$ MM)
+51.2%
* Excludes the R$29.7 million in Q3 11/12 and R$14 million in Q3
10/11 related to financial impact of the sales of co-products
produced by Tereos BENP and sold by Tereos Syral

19. Cash Flow, Debt Position and CAPEX

20. 20
+ 19
Fair value of biological assets: + R$20 MM
Fair value of financial instruments: - R$1 MM
271
290
- 157
133
83
- 50
- 18
+11
- 17
59
76
From Adjusted EBITDA to Net Income

21. Cash Flow
In R$ Million
Q3 2011/12
Adjusted EBITDA 271
Working capital variance (17)
Other operating (including income tax paid) 19
Operating Cash Flow 273
Financial interests (53)
Dividends paid and received -
Capex (364)
Others 14
Free Cash Flow (130)
Forex impact 33
Acquisition & Perimeter impact (47)
Net debt variation (144)
 Main Capex
• Brazil: R$ 160.6 million
• Cereals: R$ 149.8 million
• Indian Ocean: R$9.0 million
 R$ 30.0 million acquisition of
Feculerie d’Haussimont
21
Cash Flow Reconciliation
Debt increase due to CAPEX programs and acquisitions

22. Debt
Stable leverage at 3.4x (Net Debt / Adj. Ebitda)
 Net Debt increased slightly by 4.5% Q-o-Q
• Higher CAPEX program and acquisitions
 Net Debt / Adjusted EBITDA: 3.4x in line with 3.3x at Sept 30,
2011
(12 months Adjusted EBITDA = R$946 million)
22
Gross Debt
Breakdown by Currency
Leverage (R$ MM)
(Net Debt/ Adjusted EBITDA)
Debt
In R$ Million
December
31, 2011
September
30, 2011
December
31, 2010
Change
YoY
Current 1,471 1,435 1,645 -10.6%
Non-current 2,399 2,138 1,268 89.2%
Amortized cost (30) (25) (15) -
Total Gross Debt 3,840 3,547 2,898 32.5%
In € 1,600 1,575 1,365 17.2%
In USD 1,676 1,671 573 192.5%
In R$ 524 258 909 -42,4%
Other currencies 70 69 66 6.1%
Cash and cash Equivalent (579) (429) (299) 93.6%
Total Net Debt 3,261 3,119 2,599 25.5%
Related Parties Net Debt (38) (35) (29) 31.0%
Total Net Debt + Related
Parties
3,223 3,084 2,570 25.4%

23. 118
+103
(2)
+42
+58 319
Q3 2010/11 Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Q3 2011/12
Capital Expenditures by Operating Segment in Q3 2011/12
Investment programs underway
23
 Sugarcane Brazil: R$160.6 million
• Plantation: R$32.4 million
• Cogeneration and Industry: R$94.0 million
• Maintenance: R$34.4 million
 Sugarcane Indian Ocean: R$9.0 million
• Le Reunion: R$4.2 million
• Mozambique: R$4.8 million
 Starch Europe: R$87.5 million
• 94.4% increase over Q3 2010/11
• Marckolsheim (capacity increase for corn
processing), Saragosse (cogeneration), Selby
(potable alcohol)
 Ethanol Europe: R$62.3 million
• Equipment and building purchases for the gluten
project at BENP Lillebonne (start-up in 2012)
CAPEX (R$ MM)
R$62 MM
20%R$87 MM
27%
R$161 MM
50%
R$9 MM
3%
CAPEX (R$ MM)

24. Outlook

25. Sugarcane: focusing on operations, investing in production
 Brazil: a R$800 million plan to invest in production underway
Cereals: capitalizing on starch production knowledge by entering into
growing economies
 EU: improving mix
• New Lillebonne (gluten), Selby (potable alcohol) and Haussimont (potato
starch) activities to come on stream in the H1 2012
 Brazil & China: exposure to high-growth, emerging market economies
• Start-up of Syral-Halotek corn plant & diversification of production mix
• A project to develop starch in China with Wilmar
25
Company Outlook
Positioned to capture growth through a diversified product portfolio and geographical footprint

26. 26
Investors Relations
Phone: +55 (11) 3544-4900
ir@tereosinternacional.com