1. 3Q11 RESULTS PRESENTATION
November 16th, 2011

2. Participants
Bento Moreira Franco
CEO
Sergio Malacrida
CFO
Fabio Tsubouchi
Investor Relations and Corporate Finance Officer
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3. 3Q11 Highlights
Creation of one of Brazil’s largest grain producers, with more than 342,000 hectares under control and 274,000
Merger of Vanguarda
hectares expected to be planted in the 2011/12 crop.
Management restructuring, resulting in the formation of the team with expertise and performance needed to
New Management
run the new strategic plan, in line with the focus on grain production
Divestment of non- Sale of non-core assets in 3T11 totaling R$ 155.8 million, improving the capital structure and sharpening the
core assets focus on agribusiness
Integration plan Company’s integration plan, aiming to capture financial, operational and administrative synergies from the
development merger of Vanguarda Participações
New risk management Creation of a internal treasury committee with an independent member, responsible for implementing and
policy integrated risk policies and financial planning
Single agribusiness company included in the Bovespa Index, with a daily average trading volume of $ 17.2
Liquidity
million in the last 12 months
Market Maker BTG Pactual hired as the new market maker for VAGR3 shares, effective as of fnovember 21 (subsequernt
event)
On October 31, 2011, the adjusted net debt was reduced from $ 101.3 million when compared to the value of
Reduction of Net Debt
30 September 2011 (subsequent event)
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4. New Strategic Plan
• New management with the aimed expertise to • Scale gaind in the purchase of inputs and equipment
execute the integration bettween the agricultural • Better equipment usage
and financial intelligence • Diversification of climate risk, presence in 6 states
 CEO: Bento Moreira Franco (MT, BA, PI, Go, MG and CE)
 CFO: Sergio Malacrida • Dilution of general adn administrative
 IRO: Fabio Tsubouchi expenses: concentration of activities in
São Paulo and Nova Mutum and
New Integration deactivation of Itumbiara and Cuiabá
offices
Management and Synergies
ENERGIA • Sale of non-core assets
ENERGIA
• Interest in Tropical Bioenergia for the amount • Active management of cash, with
of R$ 60 million
Focus on the Financial plans to improve capital structure
grain sector • Financial control integrated into the
• Itumbiara Oil Factory (cotonseed crushing Management field, allowing a fast decision-
unit for R$ 40 millions(and potentiall earn- (divestment of non-
out of R$ 20 million) core assets) and Control making
• Rosário do Sul biodiesel unit and São Luiz • Hedge policy: creation of a
Gonzaga crushing unit for R$ 55.5 million internal treasury committee with an
(subsequent event) independent member
• Total: R$ 155,8 million
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5. Strategic Location os Assets
Climate risk diversification and better equipment usage
Biodiesel Plant Biodiesel Plant
Production capacity: 129,600 m³/year Production capacity : 129,600 m³/year
Owned Area – 11,417 ha
Leased Area – 50,000 ha
Owned Area – 9,683 ha
MA CE
PI
MT TO
BA
GO Owned Area 18,499 ha
Leased Area 28,091 ha
Owned Area – 89,639 ha MG
Leased Area – 118,212 ha Biodiesel Plant
Cottonseed Crushing Unit Production capacity : 129,600 m³ /year
Crushing capacity: 75,000 ton /year
Owned Area – 2.464 ha
Leased Area – 8.486 ha
Leased Area – 5.976 ha
 The Company has 1,702 agricultural machinery and equipment
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6. Crop 2011/2012
Increase in the planted area and higher participation in the 2nd crop
Obtained Crop Estimated Crop
Mix of Cultures Share (%) Δ (%)
2010/11 (ha) 2011/12 (ha)
Cotton 18,726 49,588 18% 165%
st
1 Crop 15,572 32,332 12% 108%  Merger of Vanguarda Participações
st
2 Crop 3,154 17,256 6% 447% resulted in an increase of
approximately 229% of the total area
Soybean 52,770 162,718 59% 208% of the Company
Corn 7,069 54,582 20% 672%
st
1 Crop 1,213 3,010 1% 148%  Soyabean is still the main agricultural
st
2 Crop 5,856 51,572 19% 781% product of the Company, with 59% of
total planted area
Other Cultures 4,692 7,663 3% 63%
Total Area 83,257 274,551 100% 230%  With the merger of Vanguarda
Participações, the percentage of 2nd
Total 1st Crop(**) 74,247 204,723 crop increased from 12% to 34%
st
Total 2 Crop(**) 9,010 68,828
st
% 2 Crop 12% 34%
(**) Non considered“Other Culturas”
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7. Summary of Results
Book Value Book Value
Summary of Results ( ) ( )
3Q11 ** VA (%) 3Q10 VA (%) HA (%) 9M11 ** VA (%) 9M10 VA (%) HA (%)
Gross Revenue 309,730 111.0% 110,802 117.6% 179.5% 758,245 110.9% 404,013 114.9% 87.7%
Net Revenue 279,138 100.0% 94,253 100.0% 196.2% 683,834 100.0% 351,495 100.0% 94.6%
Gross Profit (Loss) 12,001 4.3% 9,105 9.7% 31.8% 35,251 5.2% 56,567 16.1% -37.7%
Operating Expenses (29,092) -10.4% (13,254) -14.1% 119.5% (64,533) -9.4% (34,085) -9.7% 89.3%
Operating Income Expenses (EBIT) (17,091) -6.1% (4,149) -4.4% 311.9% (29,282) -4.3% 22,482 6.4% -
Financial Results (83,094) -29.8% 1,171 1.2% - (64,818) -9.5% 2,331 0.7% -
Net Income (loss) (70,251)
0 -25.2% (2,590)
0.0% 0 -2.7%
0.0% 0.0%- (68,259)
0 -10.0% 20,948
0.0% 0 6.0%
0.0% 0.0%-
Gross Debt (672,775) - (60,198) - - (672,775) - (60,198) - -
Availability 55,504 - 140,252 - -60.4% 55,504 - 140,252 - -60.4%
Net Debt (617,271) - 80,054 - - (617,271) - 80,054 - -
EBITDA (3,102) -1.1% (904) -1.0% - (2,138) -0.3% 30,642 8.7% -
EBITDA adjusted (*) (3,793) -1.4% (904) -1.0% - 6,107 0.9% 30,642 8.7% -
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8. Financial Result
 In 3T11, we registered a net financial loss of R $ 83.1 million, compared with net financial revenue of R $ 17.0
million in 2Q11. This variation is mainly due to the appreciation of the U.S. dollar against the real, especially in
September.
Composition of Financial Results
2Q11 vs. 3Q11
 Note, however, that the impact of foreign exchange variation, which was a negative R$62.9 million, does not have
any direct impact on the Company’s cash in the short term. This amount represents the accounting effect of
exchange variation, mainly on the Company’s debt and will be disbursed upon debt maturity.
If the exchange rate was calculated considering the current dollar value (U.S. $ 1.75), its negative effect
on the financial result would be reduced from $ 21.0 million
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9. Indebtedness
 Vanguarda Agro’s gross debt,on eptember 30, 2011, totaled R $ 672.8 million. This amount will be repaid upon
receipt of values ​from the sale of assets, made ​in 2010 and 2011 in the amount of $ 171.4 million
Receivables
Debt (in R$ thousands) 9/30/2011 10/31/2011(1) Divestment Asset 09/30 10/31
Short Term 372,566 362,944 Tropical Bioenergia 60,300 60,300
Long Term 300,209 265,858 Edéia Farm (GO) 97,286 97,286
(=) Total indebtedness 672,775 628,802
Itumbiara Oil Factory 13,800 13,800
Avaliability (55,504) (57,365)
Total 171,386 171,386
(=) Net Cash / Net Debt 617,271 571,437
Rosário do Sul (RS) biodiesel plant
Receivable Update - sales of asset (171,386) (226,841) - 55,455
São Luiz Gonzaga (RS) crushing unit
(=) Net Cash / Net Debt Adjusted 445,885 344,596
Reduction of
R$ 101,289 thousand
¹ Non audited value; Adjusted net debt consider the result of Maeda (controller)
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10. Stock Performance, Liquidity and Indices
Daily average trading volume in the last 12 months of R$ 17 million
 Vanguarda Agro shares (VAGR3) ended the 3Q11 quoted at R$ 0,57 (R$ 0,59 on november 14, 2011)
 The VAGR3 share depreciated 18.6%, from R$0.70/share at the close of June 2011 to R$0.57/share at the close
of September 2011. In the same period, the benchmark Ibovespa index lost 16.2%.
 The daily average trading volume in the last 12 months
was R$ 17 million.
 The Company is the only agribusiness company
focused on grain production that is included in the
Bovespa index and other major indices of
BMF&BOVESPA.
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11. Próximos Passos
 Vanguarda Day
 Non deal roadshows
 Coverage beggining (sell side)
 Market maker (BTG)
 Activie visit to investors
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12. Investor Relations Contacts
Fabio Tsubouchi
Investor Relations Officer
Maria Luisa Soares de Almeida
Investor Relations Coordinator
Bruno Fernandes Jardim
Investor Relations Analyst
E-mail: ri@v-agro.com.br
Site: www.v-agro.com.br/ri
Telephone: (0xx11) 3137-3114
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