1. Tereos Internacional
Third Quarter 2012/13 Results
São Paulo – February 15th, 2013

2. 1. Market Update
2. Quarter Highlights
3. Operating Segment Review
4. Cash Flow and Debt Position
5. Top Priorities
6. Outlook
1
2
3
4
5
6

3. Brazilian Sugarcane Production (MT)
0
100
200
300
400
500
600
700
 2011/12: first drop in sugarcane
production in 10 years (-10%)
 2012/13: production recovery (+5%)
Source: UNICA and Company’s Estimates
-10%
 Drop followed by stabilization of raw sugar
prices around 18-20 USD cts/lb
 The prospect of another global sugar surplus in
2012/13 (between 6-7Mt) is keeping a lid on
prices at the moment
World Raw Sugar Prices (USD cts/lb)
Source: BLOOMBERG
+5%
Sugar: Stabilization of World Prices Between 18-20 USD cts/lb1
3
Weather impact in
Brazil
10
15
20
25
30
35
40

4. Y-o-Y: +31%
Y-o-Y: +38%
100
120
140
160
180
200
220
240
260
280
300
Wheat Corn
Source: MATIF
European Cereal Prices (€/t)
Starch: Cereal Prices Down From Peak, But Still at High Historical
Levels
4
1
 High price volatility to remain a main characteristic of cereal market
 Although slightly down from peak in December 2012, prices are sustained by challenging
weather in main producing countries (UK, France, Black Sea region and Argentina)
 Stock-to-use ratios remain at relatively low levels (corn 13% and wheat 27%)
 Demand for EU starch and derivatives in the food sector remains resilient

5. Source : Cepea Esalq Source : Bloomberg
Brazilian Ethanol Market
 Brazil surpassed the US as the world’s largest ethanol
exporter, as high cereal prices impacted North American
production
 Increases in gasoline prices at the refinery level by
6.6% and the ethanol blend mandate from 20% to 25%
should bring support for ethanol consumption
European and US Ethanol Market
 European ethanol consumption in the quarter declined,
as demand in the winter is tradionally lower
 In US, ethanol prices followed corn pricing, which had
dropped 16% since early August
 Longer term prospect for European ethanol market
constrained by willingness of EU to cap 1st generation
ethanol at 5% of blend (7% for France)
Ethanol Prices – SP State (R$/liter)
Ethanol: Prices Dropped in Europe and US, while stable in Brazil
Ethanol Prices - FOB Rotterdam & CBOT
5
1
0,50
1,00
1,50
2,00
2,50
3,00
Hydrous Anhydrous
1
1,5
2
2,5
3
3,5
350
400
450
500
550
600
650
700
750
800
€/m3
FOB Rotterdam T2 Ethanol CBOT
USD/Gal.

6. 1,820 1,965
(17)
+45
+138
(21)
Q3
2011/12
Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Q3
2012/13
1,820 1,965
+124 +33
(18)
+6
Q3
2011/12
Currency Volume Price & Mix Others Q3
2012/13
Q3 2012/13 – Revenues
Record Net Revenues Driven by Higher Volumes in the Starch & Sweeteners and Sugarcane
Segments
6
Net Revenues (R$ MM)
 Group revenues supported by good industrial and commercial performance in sugarcane and
starch & sweeteners segments but:
 Mixed pricing situation Y-o-Y: higher European ethanol & alcohol and isoglucose prices
but lower Brazilian sugar and ethanol prices
 Ethanol volumes in Europe decreased significantly due to the impact of the difficult start
of gluten production on the overall operations of Tereos BENP
 Positive perimeter and currency effect
2

7. 271
+34
+19
(4)
(38)
+2
284
Q3
2011/12
Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Holding Q3
2012/13
Q3 2012/13 - Adjusted EBITDA
Positive Impact from Sugarcane Divisions Offsetting Higher Grain Costs and Significant Drop
on the Alcohol & Ethanol Segment’s Contribution
7
 Adjusted EBITDA increased year-on-year thanks to higher volumes in the sugarcane
businesses, positive Y-o-Y price effect in certain products (European ethanol & alcohol,
isoglucose) and positive mix effect in Reunion Island…
 … more than offsetting lower prices (Y-o-Y) in the Brazilian sugar & ethanol business,
increase in cereal purchase price and significant drop on the alcohol & ethanol
segment’s contribution due to low utilization rates at Tereos BENP
Margin 14.5%
Adjusted EBITDA (R$ MM)
Margin 14.9%
2

8. 90 86
50
182
11843
57
30
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
91
151
115 99
143
40
40
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
375
249 251
401 380
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
2.6
4.7
8.1
5.4
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
Ethanol Sales (‘000 m³) Energy Sales (‘000 MWh)Sugarcane Crushing (MM t) Sugar Sales (‘000 t)
8
 Crushing
 Recovery in sugarcane volume: 18.2 million tonnes processed (+12%)
 5.4 million tonnes in Q3 12/13 (+107.7% Y-o-Y)
 Yields improved from 70 t/ha to 84 t/ha this crop but lower TRS (135 kg/ton vs. 138 kg/ton last year)
 55 thousand hectares planted in 2012/13 (25% expansion and 75% renewal)
 Flexibility of industrial set-up allows shift to more profitable sugar production:
 Sugar: 1.5 million tonnes 64% of mix vs. 62% last year
 Ethanol: 529,000 m³ 36% of mix
 Progress in cogeneration
 Own quarterly volumes up 31% Y-o-Y, with portion of volumes sold at higher spot prices
 On track to deliver a 50% growth in own cogeneration sales in 2013/14 crop
+1.3% YoY +57.5% YoY +31.1% YoY
Sugarcane Brazil – Production & Sales
Higher Crushing on Better Yields and Extended Crop Season (Ended Mid-December)
+107.7% YoY
Own Sales Trading Own Sales Trading
3

9. 593 577
(50)
+6
(21)
+64
(15)
Q3
2011/12
Price &
Mix
Volume Price &
Mix
Volume Others * Q3
2012/13
Sugarcane Brazil – Q3 Financials
Higher Volumes Compensating Lower Sugar and Ethanol Prices
* includes Cogeneration, Agricultural Products, Hedging and Ethanol Resales
Key Figures
In R$ Million
Q3
2012/13
Q3
2011/12
Change
Revenues 577 593 -3%
Gross Profit 87 118 -26%
Gross Margin 15.1% 19.9%
EBITDA 153 129 +19%
EBITDA Margin 26.5% 21.7%
Adjusted EBITDA 146 112 +30%
Adjusted EBITDA Margin 25.3% 18.9%
 Adjusted EBITDA: R$146 million
• EBITDA improvement in Q3 thanks to lower cash
COGS linked to extended crop period and higher
electricity sales
• Improvement of 640 bps on adjusted EBITDA
margin to 25.3%
• Adjusted EBITDA Margin1 including tilling as
depreciation: 34.6%
 Sugar: 64.0% of total net revenues
• Volumes increased +1.5% to 380,000 tonnes
• Prices down -8.0% Y-o-Y at 971.5 R$/tonne
 Ethanol: 26.6% of total net revenues
• Own Volume sold increased +10% to 143,000 m3
• Prices down -14.1% Y-o-Y at 1,074.2 R$/m3
 Cogeneration: own energy revenues amounted
R$20.3 million (+102.0%)
9
(1) Tereos Internacional allocates tilling expenses as
cost. If tilling expenses were allocated as investment,
Adjusted EBITDA would have reached R$199.4 million.
Net Revenues (R$ MM)
Sugar Ethanol
3

10. +0.2% YoY
Sugarcane Africa/Indian Ocean – Production and Q3 Financials
Another Quarter of Good Performance
10
Sugarcane Crushing (’000 t) Sugar sales (‘000 t)
 Sugarcane crushing
• Larger crop in Mozambique (YTD: 730k tonnes, +4.5% y-o-y)
although yields impacted by weather conditions (drought)
and irrigation issues
• In Reunion Island, slightly lower YTD crushing due to
drought, but higher sugar production on improved TRS
 Revenues +19% Y-o-Y
• Higher sugar prices for both divisions and increase in
volumes in Mozambique
 Adjusted EBITDA
• 29% increase in Adjusted EBITDA, despite higher labor costs
in Mozambique and sugarcane costs in Reunion Island
-3.4% YoY
Revenue Breakdown by Product
Key Figures
In R$ Million
Q3
2012/13
Q3
2011/12
Change
Revenues 281 236 +19%
Gross Profit 100 55 +83%
Gross Margin 35.7% 23.3%
EBITDA 84 69 +23%
EBITDA Margin 30.0% 29.1%
Adjusted EBITDA 85 66 +29%
Adjusted EBITDA Margin 30.3% 28.1%
1,173
43 116
1,267
1,176
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
89
77 67
76 86
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
Sugar
Reunion
35%
Sugar
Mozambique
21%
Trading and
others 44%
3

11. 204 210 217 237 215
66 62 60
66
52
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
267270 272 277
303
109
134
110 109
72
62
61
70
51
58
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
130
171
194
180
159
Cereal Segment - Production and Sales
Higher Volumes in Starch But Tereos BENP Gluten Start-up Impacting Alcohol & Ethanol
Production
 Grinding in Q3: -3.6% Y-o-Y
• Starch & Sweeteners: +5.1% Resilient conditions in starch & sweeteners in Europe
Positive perimeter effect with Haussimont acquisition
• Alcohol & Ethanol: -24.0% Collateral production disruptions due to technical difficulties for
the start-up of the gluten line at Tereos BENP (working below
installed capacity)
11
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
-3.6% YoY +5.1% YoY
Co-products Sales
(‘000 t)
-1.1% YoY
Alcohol & Ethanol
Sales (‘000 m3)
-24.0% YoY
Starch & Sweeteners Ethanol & Alcohol Own Sales Trading Starch & Sweeteners Ethanol & Alcohol
678 710 723 744 698
220 214 209 224
168
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13866898 924 932 968924 932 968
392
433 450 444
412
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
3

12. Starch & Sweeteners – Q3 Financials
Revenues Improvement on Good Sales Volumes, Helped as Well By Higher Perimeter
Key Figures
In R$ Million
Q3
2012/13
Q3
2011/12
Change
Revenues 843 705 +20%
Gross Profit 141 122 +16%
Gross Margin 16.8% 17.2%
EBITDA 50 57 -11%
EBITDA Margin 6.0% 8.0%
Adjusted EBITDA 52 56 -7%
Adjusted EBITDA Margin 6.2% 8.0%
12
Net Revenues (R$ MM)
+19.6%
 Revenues: R$843 million, up 19.6%
• Organic sales volumes growth (+1.8%) and positive perimeter effect (Haussimont
+3.2%)
• Other revenues impacted by higher energy sales and services rendered
 Adjusted EBITDA: R$52 million, down R$4 million
• Positive impact of increased volumes and isoglucose prices did not offset higher raw
material and energy costs
705 843
+71
+37
(3)
+33
Q3
2011/12
Currency Volume Price & Mix Others Q3
2012/13
3

13. 286 265
+29
(74)
+27
(3)
Q3
2011/12
Currency Volume Price & Mix Others Q3
2012/13
Alcohol & Ethanol Europe – Q3 Financials
Tereos BENP Collateral Disruption Led to a Strong Drop in Volumes and Profitability
 Revenues: R$265 million, down 8%
• Decrease in volumes (-23.8%) mainly due collateral
production disruptions on production
• Higher ethanol prices (+9.0% Y-o-Y) and better
average prices for co-products due to gluten
introduction
 Adjusted EBITDA: R$3 million, down 94%
• Significant increase of raw material prices purchased
at market prices
• Higher unitary energy costs y-o-y
13
Net Revenues (R$ MM)
Q3 Revenue Breakdown by Product
Key Figures
In R$ Million
Q3
2012/13
Q3
2011/12
Change
Revenues 265 286 -8%
Gross Profit 13 64 -79%
Gross Margin 5.0% 22.2%
EBITDA 3 40 -94%
EBITDA Margin 1.0% 14.0%
Adjusted EBITDA 3 40 -94%
Adjusted EBITDA Margin 1.0% 14.1%
Alcohol &
Ethanol own
sales 51%
Ethanol
traded 37%
Co-products
and other
12%
3

14. 14
Q3 Cash Flow Reconciliation
Ongoing Strategic Investments in Key Segments and Seasonal Working Capital
(1) Net debt as of September 30th 2012 restated to include capital increase of R$212 million from PBio into Guarani
Cash Flow
In R$ Million
Q3 2012/13(1)
Adjusted EBITDA 284
Working capital variance (133)
Other operating (including income tax paid) (35)
Operating Cash Flow (116)
Financial interests (63)
Dividends paid and received -
Capex (247)
Increase in capital -
Others 29
Free Cash Flow (164)
Forex impact (43)
Acquisition & Perimeter impact -
Net Debt Variation (207)
 CAPEX
Brazil: R$102 million
Mainly allocated for (i) planting program; (ii) cogen equipment
and (iii) maintenance costs with the beginning of the intercrop
period
Cereals: R$109 million
Mainly allocated for (i) starch project in Brazil; (ii) capacity
expansion in the starch & sweeteners segment and (iii) Tereos
BENP product diversification (gluten / dextrose)
 Working capital
Seasonal cash requirements mostly related to the crop’s
peak in the sugarcane division in Q3 (increasing stocks)
4

15. Debt
Increase Mostly Due to Seasonal Working Capital, Ongoing Investments and Currency Effect
 Net Debt/Adjusted EBITDA: 4.0x, stable sequentially considering 3.8x in Sep., 2012(1)
15
Debt
In R$ Million
December 31, 2012 March 31, 2012 Change
Current 2,257 1,291 967
Non-current 2,196 2,384 -188
Amortized cost (20) (25) 5
Total Gross Debt 4,453 3,650 783
In € 1,812 1,402 412
In USD 1,793 1,652 140
In R$ 783 557 226
Other currencies 65 64 -
Cash and Cash Equivalent (678) (624) -54
Total Net Debt 3,755 3,026 729
Related Parties Net Debt 35 17 18
Total Net Debt + Related Parties 3,790 3,043 747
4
Currency Variation
December 31, 2012 March 31, 2012 Change
USD/R$ 2.0462 1.8218 +12.3%
€ / R$ 2.6949 2.4295 +10.9%
(1) Net debt as of September 30th 2012 restated to include capital increase of R$212 million from PBio into Guarani

16. BRAZIL
 Continue efforts on agricultural mechanization, factories automation and improvement of
processes
 Expand electricity sales (1200 Gwh in 2015)
 Strengthen positioning with Petrobras
AFRICA/INDIAN OCEAN
 Exploit the agricultural potential of Mozambique
 Confirm the key role of sugarcane in the Reunion Island and valorize the Group’s competencies
 In Brazil: optimize cost competitiveness to better cope with macroeconomic dynamics
 Take part in the development of a growing market
Top Priorities: Sugarcane
16
5

17.  Adapt to higher price levels and volatility for cereals
 Expand presence into growing markets (Brazil/China)
 Adapt product mix and industrial base to higher price levels and volatility for cereals
 Adjust production of gluten and share of ethanol at Lillebone (Reconversion of the
plant to food industry)
 Develop sales of starch & sweeteners in growing markets
Top Priorities: Cereals
17
5

18.  Sugarcane
 Brazil: improving outlook for sugarcane and cogeneration
• Recovery of 10% in sugarcane production in 2013/14 crop (crushing above 20 million tonnes)
• Current cogeneration investments to double energy sales level in 2013/14
• Anhydrous blending returns to 25% as of May 1st 2013 should absorb a significant proportion of
additional sugarcane production of 2013/14 crop
• Higher gasoline prices at refinery (+6.6% as of January 31st) to also support ethanol
consumption
 Indian Ocean: positive commercial dynamics to continue
 Cereals
 Europe: diversification to cope with higher cereal prices
• Further prices increases passed onto customers in December negotiation round
• Volumes at Tereos BENP should not reach normalized levels in this fiscal year
• Cereal prices expected to remain high and volatile
 Emerging Markets: greenfield projects underway
• Brazil: Syral-Halotek corn-based starch production to start in H1 2013/14
• China: land work progressing at Dongguan site
18
Outlook6

19. 19
Investor Relations
Phone: +55 (11) 3544-4900
ir@tereosinternacional.com