1. BTG Pactual CEO Conference
February 14th, 2012
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2. Disclaimer
This presentation may contain information that represent expectations of results, growth plans
and future strategies. Such statements are not only based on historical facts, but also reflect
the management’s objectives and expectations. The words “advance”, “want”, “expect”,
“estimate”, “intend”, “plan”, or similar expressions, spoken or written, tend to identify
statements that involve risks, be them known or unknown. Risks known involve uncertainties
including, but not limited to: weather, grains harvest, interest rate, products competition,
products acceptance in the market, competitors actions, regulatory issues, exchange rates,
money policy etc. The company’s income may be different from that expressed or implicit in
such estimates.
To evaluate these risks and uncertainties, and to obtain additional information about factors
that could lead to different results from those estimated by the company’s management,
please consult the section on Risk Factors included in the company’s Formulário de
Referência filed with the Brazilian Securities Commission (CVM).
All the information contained in this presentation shall be analyzed jointly with other
information publicly disclosed by the company. The company is under no obligation to update
this document in order to reflect future events not foreseen by the company’s management.
Nothing in this presentation shall be understood as an investment recommendation and the
company shall not be responsible for transactions or investment decisions made based on
the information herein included.
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3. Investment Highlights
New Business Model:  Focus on grain and cotton production exclusively in Brazil
Focus on Grain /  Value creation through a proven process of land appreciation
Cotton Production and  Divestment of industrial assets (crushing and biodiesel) to
Land Appreciation allocate resources into farming/land appreciation businesses
 Only grain production company included in Ibovespa
 ADTV (180 days): R$ 11.1MM, monthly trading volume
A True Corporation represents 27% of the current market cap
 Largest shareholder with no more than 17% and a significant
free float base
 More than 40 years of grain production / land appreciation
experience in Brazil
Experience Team  Capable and experience executives in every area of the
business: operation, financial, commercial, land appreciation
and planning
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4. Strategic Plan
Focus on grain/cotton production and land appreciation
 Capable management with expertise  Divestment of non-core assets(1) in
in key aspects of business: financial, 2H11, totalling R$ 257MM:
agro production and land appreciation  Sugar and ethanol plant(2) for R$
 CEO: Bento Moreira Franco 61.5MM
 COO: Cleiton Custódio  Cotton-seed crushing plant(3) for
 CCO: Gilmar Rossatto R$ 40MM (earn-out R$ 20MM)
 CFO: Eduardo de Come  Biodiesel and crushing plant(4)
New Execution of located in RS for R$ 55.5MM
Management Strategic Plan  Two biodiesel plants(5) located in
TO and BA for R$ 100MM
 Manage cash flow closely, with
plans to improve capital Hedge and Able to  Bargain power to acquire agro
structure Financial Capture supplies and machinery
 Financial decisions linked to Discipline Synergies  Rationalize machinery usage
operational needs, allowing a  G&A reduction already
fast decision-making process implemented:
 Hedge policy: creation of a  Itumbiara office: closed (50
internal treasury committee employees)
 SP office: reduction from 80
to 15 employees until
04/2012
(1) Other non-core assets: Crateus, Floriano and Itaqui biodiesel plant and 42k hectares of lands located in CE, BA, PI and MG
(2) Tropical Bioenergia
(3) Located at Itumbiara
(4) Rosário do Sul and São Luiz Gonzaga, respectively
(5) Porto Nacional and Iraquara, respectively 4

5. A True Corporation
Shareholders’ structure
 Entrepreneur in  Entrepreneur in  Investments in  Founder of  Entrepreneur in
agribusiness wood / wood wood / wood Bonsucex the Spanish real
 Owned one of related business related business  Investments in estate market
the largest  Investments in  Executive board Alpargatas,  Founder of
grain / cotton real estate of ABRAF Bombril, Veremonte
production  Owner and CEO  Member of IEDI Paranapanema,  Investments in
company in Leo Madeiras:  CEO of Satipel and Mineração real estate in
Brazil Wood related between 1992 Buritirama Brazil and
 Identify and and hardware and 2008  Board Member overseas
develop land in  Shareholder and  Shareholder and of Alpargatas,  Merger of
Brazil (600 ha in Board member Chaiman of Paranapanema Brazilian real
1985 grow to of Duratex and Duratex and and Mineração estate
70.000 ha in Leroy Merlin Leroy Merlin Buritirama companies
2011)  Experience in  Experience in  Experience in  Experience in
 Experience in finance and corporate corporate finance and
agribusiness and corporate governance and governance and strategy
land appreciation governance strategy finance
Otaviano Pivetta Helio Seibel Salo Seibel Bonsucex FIPs Veremonte Other
16.3%(1) 13.5% 5.0% 5.7%(2) 12.0% 47.5%
 91% of shareholders are Brazilians
 ADTV (180 days): R$ 11.1 MM
 Monthly trading value represents
27% of current market cap
-
(1) Considering Mr. Otaviano Olavo Pivetta directly and indirectly position
(2) Considering Mr. Silvio Tini de Araujo directly and indirectly position 5

6. Experience Team to Deliver Value Creation
Motivated team(1) with deep knowledge of agribusiness in Brazil
Name Age Previous Experiences Experience (Y)
Position
Bento Moreira Franco 39 Arion Capital, Angra Partners, Pactual and Dresdner 15
CEO/IRO
Cleiton Custódio 41 26 years of Maeda: operations, supply, planning 26
COO
Gilmar Rossatto 50 23 years at Bunge, manager of Mato Grosso 25
CCO
Eduardo de Come 46 Volkswagen, DF Vasconcellos e Brasil Ecodiesel 26
CFO
Cristiano Soares 30 Aliansce Shopping Center and Brasil Ecodiesel 8
Legal Officer
Izaias Fredderico Altoé 46 Acquisition of agri supplies and crop planning 24
Manager Operations
Fernando Braga 29 Vanguarda do Brasil 6
Manager MT West (120k ha)
Fernando Cirillo 31 Maeda 6
Manager MT East (110k ha)
Jairo Aguilar 34 Managed 100k ha located at MT 12
Agri Project Manager
João Batista 36 Managed 50k ha located at Bahia 14
Machinery Manager
Emilio Blanco Teles 43 Managed 220k ha located at MT 21
Land Bank Manager
Approved 5% stock option to key executives that needs to be redistributed
(1)
due to recent changes in business model and executives
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7. Value Creation Through Land Appreciation
Proven experience of identifying and adding value to land base
Department responsible for managing current land bank and identifying new land opportunities in Brazil
Appreciation of Current Portfolio of Arable Land - (R$ MM)
Ha 784.7
Ribeiro do Céu (1) 17,959
Mãe Margarida (1) 14,277
Terra Santa (1) 29,305
1,184%
São José (2) 17,865
572%
273%
157.8
157%
Valuation elaborated by Deloitte (12/30/2010)
(1)
Valuation elaborated by Valora Engenharia S/S Ltda. (2008)
(2)
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Obs: Not considered Iporanga farm and non arable lands for grains and cotton

8. Strategic Location of Assets
Climate risk diversification and better equipment usage
Distribution of Arable Land (2)
Lands Under Control
 350 k ha
 135 k ha - owned lands
Leased: 50.0 k ha
- 45 k ha - arable lands
- 48 K ha - land reserves
- 42 k ha - non arable for grains/cotton
 215 k ha - leased lands
Equipment such as PI
Tractors
Planters
Sprayers BA
MT
Agricultural Aircraft
Grain and cotton pickers GO Owned(1): 3.2 k ha
Owned: 89.9 k ha MG Leased(1): 30.1 k ha
Storage Capacity
Leased: 120.6 k ha
 13 units with static capacity of 256 k tons
Leased: 8.5 k ha
Leased: 5.8 k ha
(1)
Included participation of 10% in Jaborandi Propriedades and 50% in Jaborandi Agrícola
(2)
Not considered no arable lands for grains and cotton
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9. Crop 11/12
Following budget strictly to create value to shareholders
Only1st Crop
(1)
Rice, cooffee and gross seeds
(2)
2nd Crop planting unfinished
Climate Risk Management
Reducing climate risk by
respecting dates for planting period
Possible changes in crop planting
avoiding loss of yield
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10. Value Drivers
ARMAZENAGEM
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11. Commodities Market
Brazil is the most relevant player
Soybean (MM tons) 147% Corn (MM tons) 93%
243% 86%
21%
78%
73%
106%
292%
116%
Cotton (MM tons)
55%
45% OTHER COUNTRIES
CHINA
USA
80% BRAZIL
-%
200%
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Source: MBAgro and USDA

12. Available Arable Land Worldwide
Brazil is the most capable to supply commodities
Available Arable Land (000’ ha)
 Brazil and African countries have land available to supply worldwide demand of commodities
 African countries present institutional and logistic problems
 Brazil will be responsible to supply worldwide demand
Source: FAO 12

13. Land Evolution and Peers
V-Agro is one of largest farming company in Brazil
Planted Area (ha 000')
Crop 2010/11
(1) Vanguarda Agro SLC Agrícola Adeco Agro Brasil Agro
Under Control Area (ha 000')
(2)
Not considered owned lands from sugarcane and cattle grazing
(2)
Source: V-agro and companies website
(86.2k ha) and leased sugarcane (76.9k ha)
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14. Synergies
Capturing identified synergy to create value
Disposal of assets allow
Optimization and higher
reduction of freight
use due to location of
internally and externally
assets
Freight costs Integration of
reduction due offices and
to geographic management,
location of SYNERGIES significant
cotton reduction of
processing G&A (90
units employees)
Own Negotiation
Production of Agricultural
of Seeds Supplies
Producing 80% of own
demand of soybean Bargain power to
and cotton seeds negociate fertilizers,
defensives and
equipment
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15. Liquidity and Corporate Governance
Only grain production/land appreciation company in Ibovespa
In Ibovespa since May/2010 Presence in 100% of trading
floors since IPO in 2006
LIQUIDITY
ADTV (180 days): R$ 11.1 MM
More than 22,000
More than 2,500 trades per day
shareholders
in 2011
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16. Financial Updates
Discipline to keep commodities and USD hedged
 Financial statements in accordance with IFRS
 Difficulty to compare historical financial results due to recent change in business model
 9M11Maeda results (farming operation 100% under V-Agro control during this period)
indicates trend of positive results
 Hedge policy used to mitigate commodity and USD exposure
 V-Agro business is focused on agri operation, not on commodities and USD speculation
Sale of
Commodities
Sale of
Commodities
Acquisition of
Acquisition Defensives
on Fertilizers
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17. Environmental Responsability
 Respect and compliance with the
environmental legislation
 Protection of headwaters, such as fountains,
rivers and streams, in areas managed by
Vanguarda Agro
 Protection to biodiversity, with preservation of
percentages of legal reserve of each property
 Reduction and control of atmosphere
pollution by means of rational application of
defensives
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