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