Resultados do 2T 14/15

1. Tereos Internacional Second Quarter 2014/15 Results
São Paulo – November 12th, 2014

2. 2
 Operational
 Sugarcane Brazil:
 H1 crushing volumes up +5% YoY. Tonnes of ATR/ha at Guarani 26% above average of C/S region,
thanks to improvements in agricultural performance
 Own energy sales up 35% YoY to 344 GWh in Q2 14/15, due to start of cogeneration in Tanabi and
the ramp-up of Mandu and São José mills
 Inventories up on last year (+7% in sugar and +34% in ethanol, in volume)
 Efforts continue on “Guarani 2016” program
 Sugarcane Indian Ocean/Africa: Lower volumes on delayed shipments in Indian Ocean, and slower
progress on crushing in Mozambique due to rainfall
 Cereal Europe: Improved profitability thanks to “Performance 2015” benefits on track, despite
continuously soft demand in Europe
 Cereal Brazil: Ramp-up progressing satisfactorily, with corn grinding up 32% sequentially. Plant
reached nominal capacity level in August
 Cereal Asia: Improvements on corn grinding and stability of production at Tieling. Performance
improvements at Redwood
 Financial
 Guarani: R$240.2 million capital injection from Petrobras completed in October, 2014 as planned.
Tereos Internacional’s stake in Guarani now at 57.1%
 Indonesia: Results of Redwood fully consolidated from this quarter
 Strategy
 Tereos Group (TI controlling shareholder): creation of Tereos Commodities, entity responsible for the
trading activity and distribution of white sugar for the entire group
Key initiatives and major developments in Q2 2014/15

3. Sugar:
 During the quarter raw sugar prices dropped to 13.5 USDc/lb on
September 9th, the lowest level since December 2010
 Prices rebounded from these low levels on the back of UNICA’s
recent estimates for a lower Brazilian Center-South crop output
(~9%)
 Prices remain however at low levels, with March 15 NY#11 around
16 USDc/lb currently
Starch:
 Expectations of large crops in the US and in Europe pressured
corn and wheat prices down, which decreased 19% and 17%
respectively during the quarter
 Market demand for Starch & Sweeteners suffering from weak
economic conditions in Europe
Ethanol:
 In Brazil, anhydrous and hydrous ethanol prices remained
relatively stable around 1.35 and 1.20 R$/liter, respectively. Market
observers continue to await clarifications on various potential
incentive measures
 In Europe, FOB Rotterdam prices recovered temporarily by 13% in
the quarter but have since dropped below 500€/T again
3
Source: Bloomberg
Q2 2014/15 Market Highlights
12
13
14
15
16
17
18
19
20
21
360
390
420
450
480
510
540
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
LIFFE#5 NY#11
US$/MT US$ Cts/lb
110
130
150
170
190
210
230
250
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Corn MATIF Wheat MATIF
€/MT
400
450
500
550
600
650
0,7
0,9
1,1
1,3
1,5
1,7
1,9
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Brazil ESALQ Europe Rotterdam
R$/m³ €/m³

4. 246 117
1.112
1.066
258
231
591
574
Q2 2013/14 Q2 2014/15
Brazil
Africa/Indian Ocean
Starch & Sweeteners
Alcohol & Ethanol
Europe
Revenues
Lower revenues mostly due to the end of ethanol trading activity and lower S&S prices
4
Net Revenues (R$ MM)
-10%
 Lower revenues in the quarter driven by:
 Declining cereal prices and soft demand setting the tone for lower S&S and ethanol prices in Europe
 Ethanol trading sales for Tereos Group no longer consolidated at TI level (-R$ 88 million)
 Slightly lower sugar sales in the quarter leading to increased inventories to be sold in H2
 Somehow compensated by:
 Higher co-generation revenues in the quarter, due to higher volume and prices
 Increased ethanol sales volumes at higher prices
 Higher starch and syrups volumes at Syral Halotek with factory ramp-up and customer portfolio expansion
 Perimeter effect due to the first time consolidation of Redwood
2,207
1,988
2207
1988
(19) (61)
(161)
+21
Q2 2013/14 Currency Volume Price & Mix Others Q2 2014/15

5. 342
273
(77)
(18)
+15 +12
(1)
Q2
2013/14
Brazil Africa/IO S&S A&E
Europe
Holding Q2
-3 -4 2014/15
27 39
49
63
81
63
189
112
Q2 2013/14 Q2 2014/15
Brazil
Africa/Indian Ocean
Starch & Sweeteners
Alcohol & Ethanol
Europe
Holding
Adjusted EBITDA
Improved profitability of Cereals; lower Sugarcane performance
5
 Adjusted EBITDA down YoY as a consequence of:
 Lower sugar volume sold at Guarani, and higher costs, as benefits from “Guarani 2016” were limited by
impact of drought this year
 Reduced margins in Indian Ocean and Mozambique, on delayed raw sugar sales
 But partially compensated by:
 Benefits from “Performance 2015” initiatives in Cereal division
Adjusted EBITDA (R$ MM)
Margin 15.5% Margin 13.7%
342
273

6. Sugarcane Crushing (MM t) Sugar Sales (‘000 t) Ethanol Sales (‘000 m³)
6
-7.5% YoY + 30.3% YoY
Sugarcane Brazil – Production & Sales
YTD crushing remains higher
Energy Sales (‘000 MWh)
+1.5% YoY
 Crushing
 Crushing slightly down in the quarter, but +5% YoY in H1 at 14 million tonnes (equity consolidation)
 Good agricultural performance with tonnes of ATR/ha at 12.6 in H1, +26% above the average of the C/S
region, although yields were 7% lower than LY due to the impact of the drought
 Improvement in production
 H1 overall production (expressed in TRS) up 10% to 1,992 k tonnes (higher cane crushed and better
sugar content YoY)
 Mix more oriented towards ethanol in Q2, ratio up to 41% in H1 14/15 vs. 35% in H1 LY
 Sugar Production: 1,129 k tons; slightly up YoY – Inventories : 428 k tons, +7% vs. September 2013
 Ethanol Production: 479 k m³; +27% YoY – Inventories : 277 k m³ , +34% vs. September 2013
 Progress on cogeneration
 Own energy production up 35% at 344 GWh in Q2 14/15 vs. LY
-2.9% YoY
7,7 7,5
Q2
13/14
Q2
14/15
470 435
Q2
13/14
Q2
14/15
89
116
Q2
13/14
Q2
14/15
339 344
Q2
13/14
Q2
14/15

7. 591 574
(4)
(33)
+13
+30
(24)
Q2
2013/14
Price &
Mix
Volume Price &
Mix
Volume Others Q2
2014/15
Sugarcane Brazil – Financials
Lower sugar revenues on higher costs pressured results
* includes Cogeneration, Agricultural Products, Hedging and Ethanol Resale
7
(1) Tereos Internacional allocates tilling expenses as cost.
If tilling expenses were allocated as investment, Adjusted
EBITDA for Q2 14/15 would have reached R$158 million.
Net Revenues (R$ MM)
Sugar Ethanol
 Sugar: 62% of total net revenues
 Volumes reduced 7% to 435 k tonnes
 Average prices down 7% YoY at 817 R$/tonne
 Ethanol: 25% of total net revenues
 Volume sold up 30% to 116 k m3
 Prices up 11% YoY at 1,214 R$/m3
 Cogeneration: R$64 million vs. R$49 million, on
average realized prices +24% up and higher own
electricity production (+35%)
 Adjusted EBITDA: R$112 million, -41%
 Lower sugar sales combined with higher
costs (inflation effect, standing cane and
non-recurring expenses) impacted results;
benefits from “Guarani 2016” limited by
impact of drought this year
 Adjusted EBITDA Margin1 for Q2 14/15
including tilling as depreciation: 27.6%
Key Figures
In R$ Million
Q2 14/15 Q2 13/14 Change
Revenues 574 591 -3%
Gross Profit 103 121 -15%
Margin 17.9% 20.5%
EBIT (3) 37 -109%
Margin (0.6%) 6.3%
Adjusted EBITDA 112 189 -41%
Margin 19.5% 31.9%

8. 75
51
Q2
13/14
Q2
14/15
-0.2% YoY
Sugarcane Indian Ocean/Africa – Production and Financials
Lower sugar volumes drove results down
8
Sugarcane Crushing (’000 t) Sugar sales (‘000 t)
-32.7% YoY
Revenue Breakdown by Product  Sugarcane crushing
 Indian Ocean: similar crushing than LY expected
for the whole crop as drought impacts yields
 Africa: rainy weather delayed crushing (-21%
YTD), but overall crop expected to be materially
up on LY
 Revenues: -11% YoY
 Lower sales on delayed shipment in Reunion
Island and reduced sales volumes in Mozambique
 Adjusted EBITDA: -22% YoY
 Drop in sales/trading margins in Indian Ocean
together with low cost dilution in Mozambique
Key Figures
In R$ Million
Q2 14/15 Q2 13/14 Change
Revenues 231 258 -11%
Gross Profit 48 66 -27%
Margin 20.8% 25.6%
EBIT 13 30 -56%
Margin 5.8% 11.8%
Adjusted EBITDA 63 81 -22%
Margin 27.2% 31.3%
1.249 1.247
Q2
13/14
Q2
14/15
Sugar Indian
Ocean 28%
Sugar Africa
16%
Trading and
others 56%

9. 69 64
46
Q2
13/14
Q2
14/15
Own Sales Trading
Cereal Segment - Production and Sales
Softness in Europe volumes, but increased volume contribution from Brazil and Asia
9
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
+7.2% YoY +13.7% YoY
Alcohol & Ethanol
Sales (‘000 m3)
-44.1% YoY
 Grinding in Q2 14/15: +7% to 908 k tonnes
 Starch & Sweeteners sales: +14% Increased volumes from Cereal Brazil and Indonesia, but soft
market conditions continue in Europe
 Alcohol & Ethanol sales: -7% End of ethanol trading sales for Tereos Group last year and
soft market for ethanol in Europe
Co-products Sales
(‘000 t)
+ 6.1% YoY
293 311
Q2
13/14
Q2
14/15
847 908
Q2
13/14
Q2
14/15
468 533
Q2
13/14
Q2
14/15

10. Starch & Sweeteners – Financials
Benefits from “Performance 2015” despite continuing soft environment
10
Net Revenues (R$ MM)
 Revenues: R$1,066 million, slightly down YoY
 Prices lower YoY following cereal prices downward trend (and sugar price trend for isoglucose)
 Slightly lower volumes in Europe on soft market environment, positive perimeter effect of
Redwood plant in Indonesia (first time consolidation) and Syral Halotek ramp-up, reaching
nominal capacity in August (corn grinding +32% sequentially)
 Adjusted EBITDA: R$63 million, up 30% YoY
 YoY, benefits from “Performance 2015” initiatives in Cereals division (notably through optimized
energy consumption and lower energy unitary prices achieved)
 Vs. Q1 14/14, margins on raw material costs have gradually benefitted from lower cereal prices
and improved margin management
Key Figures
In R$ Million
Q2 14/15 Q2 13/14 Change
Revenues 1,066 1,112 -4%
Gross Profit 176 174 +1%
Margin 16.6% 15.7%
EBIT 15 6 +172%
Margin 1.4% 0.5%
Adjusted EBITDA 63 49 +30%
Margin 5.9% 4.4%
1112 1066
(15)
+86
(176)
+59
Q2 2013/14 Currency Volume Price & Mix Others Q2 2014/15

11. Alcohol & Ethanol Europe – Financials
Benefits from “Performance 2015” but lower ethanol prices and weak market
 Revenues: R$117 million, down R$ 129 million
 Termination of trading activities for Tereos Group (-R$ 88 million)
 Ethanol prices down on Q2 13/14 (-13%) and volumes impacted by weak demand and competition
from imports (-6%)
 Adjusted EBITDA: R$39 million, up 46%
 Results positively impacted by “Performance 2015”, although benefits lowered by T2 Rotterdam prices
drop vs. Q2 LY
 Strong improvement sequentially principally reflects the difference in proportion of wheat purchased at
convention price (from 0% to 90% this quarter)
11
Net Revenues (R$ MM)
Key Figures
In R$ Million
Q2 14/15 Q2 13/14 Change
Revenues 117 246 -52%
Gross Profit 36 28 +29%
Margin 30.5% 11.3%
EBIT 28 17 +61%
Margin 23.7% 7.0%
Adjusted EBITDA 39 27 +46%
Margin 33.3% 10.9%
246
117
(3)
(95)
(18) (12)
Q2 2013/14 Currency Volume Price & Mix Others Q2 2014/15

12. 180
118
(29) (2)
(29) (1)
Q2 2013/14 Brazil Africa/IO S&S A&E
Europe
Q2 2014/15
Capital Expenditures
Substantial reduction in CAPEX levels at major divisions
12
 Brazil: R$68 million
 Lower plantation and intercrop maintenance
reduced overall segment Capex
 97% of the expansion program completed
 Starch & Sweeteners: R$29 million
 ¾ related to maintenance and Performance
2015 initiatives
 No major capacity increase projects
CAPEX Breakdown CAPEX (R$ MM)
Starch &
Sweeteners
33%
Alcohol &
Ethanol
Europe
1%
Africa/Indian
Ocean
12%
Brazil
54%

13. 13
Cash Flow Reconciliation & Debt Composition
Increased working capital needs due to higher inventories
 Net Debt/Adjusted EBITDA: 4.8x vs. 4.5x on September 30th, 2013
 Mostly on the back of seasonal working capital for sugarcane division (on higher
inventories), negative forex impact, and lower Adjusted EBITDA
Cash Flow
In R$ Million
H1 14/15
Adjusted EBITDA 446
Working capital variance (609)
Financial interests (125)
Others (38)
Operating Cash Flow (326)
Recurring Capex (180)
Recurring Cash Flow (506)
Growth Capex (111)
Dividends paid and
received
(5)
Others (80)
Free Cash Flow (702)
Others (inc. Forex impact) (117)
Net Debt Variation (819)
Debt
In R$ Million
Pro-forma
September 30th,
2014
March 31st,
2014
Δ
Current 2,350 1,523 +54.3%
Non-current 2,496 2,734 -8.7%
Amortized cost (19) (23) -17.4%
Total Gross Debt 4,827 4,234 +14.0%
In € 1,562 1,413 +10.5%
In USD 2,056 1,890 +8.8%
In R$ 1,220 935 +30.5%
Other currencies 8 19 -57.9%
Cash and Cash Equivalent (748) (1) (682) +9.7%
Total Net Debt 4,079 3,551 +14.9%
Related Parties Net Debt 65 15 +333.3%
Total Net Debt + Related
Parties
4,144 3,566 +16.2%
(1) Cash and cash equivalent of September 30th 2014 restated to include capital increase of R$240 million from PBio into Guarani.

14.  Sugarcane Brazil:
 H2 sales volume to benefit from higher starting inventory (sugar +26kt and ethanol + 71km3 vs.
September 2013)
 Progress in co-generation, to reach over 1,000 GWh sales also boosted by efforts to optimize own
energy consumption
 Benefits in H2 from Reintegra tax credit (3% of exports revenues) and a recent increase in gasoline
price. Possible increase in the ethanol blend ratio (from 25% to 27.5%) could be a positive
development to support the S&E industry
 Sugarcane Africa/Indian Ocean:
 Indian Ocean crop volumes expected to be in line with last year despite drier than usual weather
 Yields in Africa to be better YoY as a result of improved agricultural performance and favorable rain
 Impact of lower European sugar prices to be more pronounced in H2
 Cereals:
 Europe:
 Benefits of “Performance 2015” to continue
 Despite lower cereal prices, soft demand for starch and lower isoglucose prices (following
European sugar prices) somewhat hinder potential for margin restoration
 Gradual phasing out of raw material conventional price mechanism and current lower ethanol prices
to limit improvements in Alcohol & Ethanol segment’s profits in H2
 International:
 Brazil: Focus on stability of plant performance at full capacity, and customer portfolio optimization
 Asia: In China, Dongguan facility to start production in H1 2015 (500k tons/year grinding capacity).
In Indonesia, capacity expansion and product diversification for Redwood being developed
14
Outlook

15. 15