1

Global and Brazilian Fertilizer Market

Company Overview

May, 2011

2

World Fertilizer Consumption by Nutrient

Source : Heffer, IFA, December 2010; (e) estimated

Estimated average growth of 3.8% in 2011

28.9 23.4 23.5 27.4 29.3

38.4 33.7 37.5 39.8 41.7

100.5 98.5

102.6 104.2 106.9

2007 2008 2009 2010 2011 (e)

N P₂O₅ K₂O

Σ 167.8Σ 155.6

Σ 163.7 Σ 171.4

(mill

ion

s o

f to

ns

by

Nu

trie

nt

-N

PK

)

Σ 177.9

3

World’s Leading Fertilizer Producers - 2009

Phosphate Rock (P)

Potassium Chloride (K)

Source: IFA/ANDA

Ammonia (N)

America31.1%

Asia22.9%

Europe46.0%

America21.5%

Africa21.0%

Asia49.0%

Other Cont.8.4%

America14.8%

Africa2.6%

Asia56.5%

Other Cont.26.1%

4

World Markets and CAGR of Leading Markets, 2010

World’s Leading Fertilizer Markets (1) CAGR of Leading Markets

Note:(1) In nutrients consumption / Source: IFA/ANDA

Brazil is the 4th largest fertilizer market in the world and is growing above the global average

27

12.0

18.6

2.3

51.1

28.0

20.2

9.8

0

10

20

30

40

50

60

CHINA INDIA USA BRAZIL

1990 2010

3.5%

4.6%

0.4%

7.9%

% CAGR

CA

GR

1990

-20

10

51.1

28.0

20.2

9.8 4.9 3.8 3.1 2.9

47.6

0

10

20

30

40

50

60

Volume 2010

mm

to

ns

29.8%

16.3%

11.8%

5.7%

2.9% 2.2% 1.8%1.7%

27.8%

Market Share 2010

5

Evolution of the Brazilian Fertilizer Market

Source : Anda

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E

10.812.2

13.8 14.613.6

16.3 17.019.1

22.8 22.8

20.2 21.0

24.6

22.4 22.4

24.526.0

(in

mil

lio

ns

of

ton

s)

6

Sustainability and Technology Applied to Fertilizer Use in Brazil

*Planted area in hectares of soybean, corn, beans (grains), paddy rice, wheat (grains), herbaceous cotton (seeds), sorghum (grains), oats (grains), barley (grains), triticale (grains), sunflower (grains), rye (grains).*Agricultural production of the following crops: soybean, corn, beans (grains), paddy rice, wheat (grains), herbaceous cotton (seeds), sorghum (grains), oats (grains), barley (grains), triticale (grains), sunflower (grains), rye (grains).

Source: Agroconsult

CAGR of planted area was 2% from 1969 to 2009, while CAGR of agricultural production was 5%

The 7% CAGR in fertilizer consumption shows this input’s contribution to environmental preservation,combined with significant gain in agricultural productivity

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

19

69

19

70

19

71

19

72

19

73

19

74

19

75

19

76

19

77

19

78

19

79

19

80

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

*PLANTED AREA/ha (CAGR 2%)

*AGRI-PRODUCTION (CAGR 5%)

FERTILIZERS (CAGR 7%)

INDEX - Harvest 69/70 = 100

7

Brazil – Estimated Area (millions of hectares)

Source: IBGE, CONAB, MAPA , GV Agro

% total area

% available

area for

agricultureAmazon Forest 350 41.1%

Legal Reserve 58 6.8%

Cities, lakes, rivers and wetlands 20 2.4%

Others 78 9.2%

Reforest 5 0.6%

Sub-total 511 60.0%

Pasture 172 20.2% 50.6%

Annual and Permanent Crops 72 8.5% 21.2%

Available Area for Agriculture 96 11.3% 28.2%

Sub-total 340 40.0% 100.0%

Total Brazil 851 100.0%

Estimated Area - millions of ha

8

Brazilian Fertilizer Production Chain

Increased integration and concentration of fertilizer producers

In 2010 Brazil produced 38% of the total consumed

Basic Raw Material

PhosphateRock (P)

Natural Gas (N)

Potassium(K)

Vale Fert.Copebras Galvani

Petrobras Vale Fert.

Fertilizer Production

Phosphorus(P)

Nitrogen(N)

Potassium (K)

HeringerVale Fert. Copebras Galvani

YaraRoulierOthers

Vale Fert.Petrobras

Vale Fert.

FinalProduct

Mixtures and Distributors

(NPK)

BungeHeringer MosaicFertipar

YaraADM

Others

9

Heringer reached 18.5% of market share in 2010

Major Players in the NPK Market

Source: Heringer’s Estimates

20101995

30%

Takenaka4%

Manah10%

IAP7%

Serrana11%

Trevo 14%

Fertibras3%

Solorico7%

Fertiza4%

6%4%

COPAS

HERINGER

BUNGE 32%

MOSAIC 11%

YARA17%

OTHERS

18.5%

6 companies: 80%

Aprox. 100 companies:

20%

10

Production Cycle in Brazil

Production cycle of the five main crops with the highest fertilizer consumption in Brazil

CROPS

Harvest Winter Crop Harvest

Cotton

(Mato

Grosso)

Winter Crop Plantation / Coverage Crop Plantation

North East Harvest Mid-South Harvest North East

Harvest

Plantation/Coverage Plantation/Coverage

HarvestCoffee

CornWinter Crop Plantation Plantation

Winter Crop HarvestCrop Harvest

SoybeanPlantation

Harvest

SugarcaneSugarcane Summer and Spring Crops Plantation Sugarcane Summer Crop Platation

JUL AUG SEPT OCT NOV DECJAN FEB MAR APR MAY JUN

11

Brazil: Important Agribusiness Player

Brazil as a % of World Exports, 2010/11

Brazil is one of the largest producers/exporters of agricultural products, and has one of the lowest production costs worldwide

Source: USDA/ Agroconsult – in tons

Brazil as a % of World Production, 2010/11

Orange

Juice

Coffee

grain (bag)

Soybean -

grain

Sugar Cotton Corn

58%

39%

27% 24%

7% 6%

1st

1st

2nd

5th 3rd

Orange

Juice

Coffee

grain (bag)

Soybean -

grain

Sugar Cotton Corn

83%

31% 33%52%

7% 8%

1st

1st

1st

2nd

5th 3rd

12

Evolution of Brazilian Market and Heringer

3.7% Heringer Market Share 18.5%

Source: Anda

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0.40.7 0.8

1.01.1

1.5 1.51.7

2.1 2.22.0

2.5

3.3 3.2

3.9

4.5

( in

tho

usa

nd

s o

f to

ns)

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

10.8 12.213.8 14.6 13.6

16.3 17.019.1

22.8 22.820.2 21.0

24.622.4 22.4

24.5

( in

tho

usa

nd

s o

f to

ns)

13

Fertilizers Delivered by Crop

Heringer offers solutions for many different crops, minimizing the volatility associated with local climates and other specific conditions, such as price cyclicality and pests

Source: LSPA – IBGE/CEPE AGRO e ANDA

Heringer – 2010Brazilian Market - 2010

Sugarcane20%

Others22%

Reforest6%

Coffee17%

Corn17%

Soybean18%

Sugarcane14%

Others27%

Reforest3%

Coffee6%

Corn16%

Soybean34%

14

Sales by Segment and Number of Clients - 2010

Focus on the retail segment is important for increasing profitability and mitigating risks

Individuals/Companies = 86% of volume

Sales by Segment Number of Clients

Individuals

42%

Companies

44%

Cooperatives8%

Resale

6%

2008 2009 2010

34,99745,190 44,958

Mixing Units and Production Capacity

19 units located in the main consumer markets, installed mixing capacity of 5.7 million tons

1 Sulfuric Acid and Single Super Phosphate (SSP) Unit

15

1.9%

12.2%

29.7%28.6%

27.6%

Total deliveries per country region - 2010

North Northwest Midwest Southeast South

NORTH

Rosário do Catete

Camaçari

NORTHEAST

Legend

Mixing Units

SSP Unit

MIDWEST

Rondonópolis Anápolis

Dourados

Rio Verde

SOUTH

Paranaguá

Porto Alegre

Bebedouro

Ourinhos

ManhuaçuTrês Corações

Uberaba

Viana

Paulínia

Iguatama

SOUTHEAST

Rio Grande

São João doManhuaçu

Catalão

16

Financial Highlights

EBITDA in 2010 was the highest in Heringer's history

2006 2007 2008 2009 2010

Volume (Million Tons) 2,5 3,3 3,2 3,9 4,5

Net Revenue (R$ thousand) 1.435.969 2.260.839 3.524.559 3.192.314 3.521.473

EBITDA (R$ thousand) 58.606 83.266 90.113 38.765 212.331

EBITDA Margin 4,1% 3,7% 2,6% 1,2% 6,0%

17

1Q11 Results

May 13, 2011

18

Period Highlights

Brazilian Fertilizer Market Heringer’s Sales and Breakdown by CropSpecialty ProductsClient Base and Market ShareMixing Units and Production Capacity

Financial Results

Income StatementsWorking Capital DaysFinancial HighlightsCash Flow Ownership BreakdownFHER3 – Stock Performance

2011 Outlook

International Raw Material PricesSeasonalityAgricultural Commodities – PricesBarter Ratio of Agricultural Products vs. FertilizersGrain Production, Planted Area and Brazilian Fertilizer Market

Agenda

19

Significant growth in delivery volume in the period, driven by the increase in agriculture commodity prices combined with the good barter ratio in the period

Source: Anda

Brazilian Fertilizer Market – Deliveries

Quarter

1Q09 1Q10 1Q11

4,058 4,462 4,994

+ 10.0% + 11.9%

(in

tho

usa

nd

s o

f m

etr

ic t

on

s)

20

Brazilian Fertilizer Market – Local Production

Higher local production driven by growing demand

Quarter

Source: Anda

1Q09 1Q10 1Q11

1,6192,036 2,144

+ 25.8%+ 5.3%

(in

tho

usa

nd

s o

f m

etr

ic t

on

s)

21

Quarter

Brazilian Fertilizer Market – Imports

Source: Anda

Increase in imports driven by stronger demand

1Q09 1Q10 1Q11

802

2,452

4,084

+ 205.9%

+ 66.5%(i

nth

ou

san

ds

of

me

tric

to

ns)

Heringer’s Sales and Breakdown by Crop

22

The diversification of sales across crops continued in the period

Good barter ratio (fertilizers vs. agricultural products) in 1Q11

1Q09 1Q10 1Q11

77 151 133

191

249 247 41

59 80 162

149 181 175

236 193 26

71 38

Σ 873

+ 36.2% -4.7%

- 45.7%

-18.3%

+ 21.1%

+ 36.2%

- 0.7%

- 12.2%

Σ 672

Σ 915

Market+ 11.9%

Soybean Corn Coffee Reforest Others Sugarcane

(in

tho

usa

nd

s o

f m

etr

ic t

on

s)

Specialty Products

Share of Specialty Products Specialty Products Line

Sales Volume

23

Strong growth in Specialty Products’ share of overall sales in 1Q11Specialty products help boost margins and improve customer loyalty with their high quality and efficiency

One of the largest portfolios of specialty products on the market (31 products)

1Q09 1Q10 1Q11

521687

563

152

228309

Conventional Especialty

- 4.7%

- 18.0%

+ 35.5%Σ 673

Σ 915 Σ 872

(in

tho

usa

nd

s o

f m

etr

ic t

on

s)

23%

77%

25%

75%

35%

65%

1Q09 1Q10 1Q11

Client Base and Market Share

Solid client base with significant growth of 22.9%

24Source: Anda / Heringer

Number of Clients – 1Q11 Market Share

1Q09 1Q10 1Q11

14,830 14,48217,796

+ 22.9%- 2.3%

1Q09 1Q10 1Q11

16.6%20.5% 17.5%

25

Agenda

Period Highlights

Brazilian Fertilizer market Heringer’s Sales and Breakdown by CropSpecialty ProductsClient Base and Market ShareMixing Units and Production Capacity

Financial Results

Income StatementsWorking Capital DaysFinancial HighlightsCash Flow Ownership BreakdownFHER3 – Stock Performance

2011 Outlook

International Raw Material PricesSeasonalityAgricultural Commodities – PricesBarter Ratio of Agricultural Products vs. FertilizersGrain Production, Planted Area and Brazilian Fertilizer Market

1Q11 Income Statement (R$ thousand)

Strong gross margin recovery from 9.6% to 13.5% in the period

Improvement in EBITDA margin from 1.5% to 5.7% in the period

26

1Q11 % NR 1Q10 % NR ∆ % 1Q11/10

Gross Revenue 799,251 100.0% 669,831 100.0% 19.3%

Net Revenue 783,608 100.0% 652,715 100.0% 20.1%

COGS (677,584) -86.5% (590,293) -90.4% 14.8%

Gross Profit 106,024 13.5% 62,422 9.6% 69.9%

SG&A (77,478) -9.9% (68,075) -10.4% 13.8%

EBITDA 44,318 5.7% 9,954 1.5% 345.2%

Net Fin. Income / (Exp.) (20,945) -2.7% (28,631) -4.4% -26.8%

Net Income 8,323 1.1% (18,141) -2.8% 145.9%

1Q11 Income Statement (Distribution and Production)

27

Costs at the SSP and sulfuric acid production unit in Paranaguá were affected by the temporary downtime

2011 % NR 2010 % NR 2011 % NR 2010 % NR

Gross Revenue 798,883 648,522 368 21,309

Net Revenue 783,240 100.0% 631,406 100.0% 368 100.0% 21,309 100.0%

COGS (670,219) -85.6% (567,567) -89.9% (7,365) -2001.4% (22,726) -106.6%

Gross Profit 113,021 14.4% 63,839 10.1% (6,997) -1901.4% (1,417) -6.6%

SG&A (77,478) -9.9% (62,501) -9.9% - 0.0% - 0.0%

EBITDA 48,303 6.2% 7,644 1.2% (3,985) -1082.9% 2,310 10.8%

Fertilizer Distribution SSP and Sulfuric Acid Production

Working Capital Days

Working capital days reflect seasonality

Comparisons with same quarters are more appropriate

28

Working Capital Days

4434 35 39

4939

31 3341 43

3326

41

60

111 107

4355

67

48

30

4961

48

32

50

106

150

164

135

217

198

134

115

173

202

120

89

123

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Accounts Receivable Days Inventories Days Accounts Payable Days

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

-2 -5 -22 -59 -113 -92 -55 -58 -83 -98 -39 -31 -32

29

Financial Management

Adequate working capital management

1Q11 1Q10

Cash and Cash Equivalents 113.208 112.464

Local Suppliers 89.979 159.210

International Suppliers 365.130 405.343

Import Financing 471.393 567.289

Accounts Payble total 926.502 1.131.842

Loans and financing 328.560 67.204

Net total debt 1.141.854 1.199.046

Net Banking debt 686.745 634.493

Total suppliers + Finimp USD 513.614 597.183

Cash Flow (R$ thousand)

Adequate cash flow management

30

1Q11 1Q10

Income before Taxes and Social Contribution 11,929 (28,711)

Non cash flow impact expenses (revenues) 3,118 34,504

Assets reduction / (increase) (28,973) 8,481

Liabilities Increase / (reduction) (46,407) (38,614)

Operating Activities cash flow (60,333) (24,340)

Investing Activities cash flow (7,297) (12,654)

Financing Activities cash flow 4,784 (3,582)

Cash Generated (Used) (62,846) (40,576)

Net Increase (Decrease) In Cash

Initial Cash 176,054 153,040

Ending Cash 113,208 112,464

Net Increase (decrease) in Cash (62,846) (40,576)

Purchase of fixed assets using ICMS credits 6,462 9,231

Acquisition of fiscal credit - -

Transactions not involving cash 6,462 9,231

Heringer Ownership Breakdown

FHER3 is one of the 100 most liquid stocks on the BOVESPA and is a component of the SMLL, ITAG, INDX, IGC and IGCT stock indexes

At the end of March, the free-float registered 84 foreign investors and 2,475 Brazilian investors

Ownership Breakdown and Free-Float Foreign and Brazilian Investors in Free-Float

31

Controlling

Group67.8%

Free-Float32.2%

54% 49%42% 42%

60%

46% 51%58% 58%

40%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0%

20%

40%

60%

80%

100%

120%

Mar/10 Jun-10 Sep-10 Dec-10 Mar-11

% Brazilian % Foreign

No. Foreign No. Brazilian

FHER3 – Stock Performance in 1Q10

Average daily trading volume of R$1,173,249 Average trades per day of 124

Gain of 7.9% in 1Q11, vs. decline of 1.0% in the IBOVESPA

32

7.87

7.50

7.77

7.50

7.909.52

9.11 9.00

9.08

10.75

9.30

10.48

Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11

33

Agenda

Period Highlights

Brazilian Fertilizer Market Heringer’s Sales and Breakdown by CropSpecialty ProductsClient Base and Market ShareMixing Units and Production Capacity

Financial Results

Income StatementsWorking Capital DaysFinancial HighlightsCash Flow Ownership BreakdownFHER3 – Stock Performance

2011 Outlook

International Raw Material PricesSeasonalityAgricultural Commodities – PricesBarter Ratio of Agricultural Products vs. FertilizersGrain Production, Planted Area and Brazilian Fertilizer Market

2011 Outlook

Increase in the average price of fertilizer raw materials in relation to 2010

Positive scenario for agriculture commodities in 2011: profitability of rural producers, with good barter ratio of agricultural products versus fertilizers

Seasonality expected in 2011 is 39% in 1st half and 61% in the 2nd half

Brazilian fertilizer market expected to grow by 6.0% to 26.0 million metric tons in 2011

Grain output projected to increase in the 2010/11 season

34

International Raw Material Prices

Average prices for fertilizer raw materials higher than in 4Q10

Despite the recent increase, barter ratios still remain at favorable levels

Source: Heringer – Prices in U.S. dollarCFR* = cost and freight

35

0

80

160

240

320

400

480

560

640

720

800

880

Mar/09 Jun/09 Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11

MAP/DAP-CFR TSP - CFR KCL in Bulk - CFR Urea in Bulk - CFR Ammonium Nitrate - CFR Ammonium Sulphate - CFR

Brazilian Fertilizer Market – Seasonality

Source: Anda / Heringer2011E – Estimate 36

2009 2010 2011E

63% 65% 61%

37% 35% 39%

1st Half 2nd Half

37

Expected growth of 6% in 2011

Brazilian Fertilizer Market – Evolution and Expectations for 2011

Source : Anda / Heringer

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E

10.812.2

13.8 14.613.6

16.3 17.019.1

22.8 22.8

20.2 21.0

24.6

22.4 22.4

24.526.0

(in

mil

lio

n to

ns)

Agricultural Commodities – Prices

Source and Projection: Agroconsult/ Bag Prices (R$)

Soybean R$/bag (60kg/Paraná) Corn R$/bag (60kg/São Paulo)

Sugarcane R$/bag (50kg/São Paulo) Arabica Coffee R$/bag (60kg/Brazil)

38

44.6844.62

49.21 48.20

42.83

34.14

41.32

48.55

44.44

26.65

22.33

21.2819.69

20.56

28.24

30.27

26.16

36.7142.24

57.27

72.49

43.76

56.63

76.34

66.92

254.86 261.65 256.88280.37

313.93

388.99

524.50518.53

Agricultural Commodities – International Prices: Recent Evolution

Source: CME Group

Soybean US$/bushel Corn US$/bushel

Sugar US$/pound Coffee US$/pound

39

Barter Ratio of Agricultural Products vs. Fertilizers

Source: Agroconsult

Soybean Paraná (bag/60kg) Corn Paraná (bag/60kg)

Sugarcane São Paulo (tons) Coffee (Brazil)

40

4.9

7.6

6.0

4.6

5.2

4.5 4.2 4.3 4.5

3.73.5

4.3

6.5

5.1

3.8 4.2

3.32.7

2.3 2.4

1.81.5

Coffee Robusta (bag 60kg)

Coffee Arabica (bag 60kg)66.8

79.3

52.8

33.0

39.0

31.1

20.5 20.9

26.3 24.9 24.2

31.8

39.2

27.0

18.7

16.5

22.020.2

18.620.4

77.7

103.7

65.4

51.454.9 61.0 56.2 54.4

46.7

39.1

Grain Production and Planted Area

Expected growth of 3.1% in planted area in the 2010/2011 marketing year *

Expected growth of 7.3% in Brazilian grain production in the 2010/11 marketing year *

4.1% increase in Brazil’s average grain yield in the 2010/2011 marketing year

Source: Agroconsult/ * Agroconsult's Projection and Company's EstimateGrains: corn, soybeans, rice, beans, sorghum, castor beans, cotton, sunflowers, barley, rye, oats, peanuts, wheat and triticaleFertilizers: 2011 Estimate 41

145,867137,079

150,495161,563

167,476

47,373 47,927 47,448 48,912 50,528

24,609 22,429 22,400 24,516 26,000

10,000

30,000

50,000

70,000

90,000

110,000

130,000

150,000

170,000

190,000

2007/2008 2008/2009 2009/2010 2010/2011* 2011/2012*

Grain Production (1000 t) Planted Area (1000 ha) Fertilizers

42

Fertilizantes Heringer S.A.

(In thousand of Reais)

1Q11 %NR 1Q10 %NR 1Q11 x 1Q10

Sales Gross revenue 799.251 669.831 19,3%

Taxes and other deductions (15.643) (17.116) -8,6%

Sales Net revenue 783.608 100,0% 652.715 100,0% 20,1%

Cost of goods sold (677.584) -86,5% (590.293) -90,4% 14,8%

Gross profit 106.024 13,5% 62.422 9,6% 69,9%

Operational (expenses) revenues (73.150) -9,3% (62.501) -9,6% 17,0%

Selling expenses (60.527) -7,7% (52.562) -8,1% 15,2%

General and Administrative expenses (16.951) -2,2% (15.513) -2,4% 9,3%

Other Operational revenues (expenses) 4.328 0,6% 5.574 0,9% -22,3%

Operating profit (loss) before financial results 32.874 4,2% (79) 0,0% -41670,6%

Financial (expenses) Income (20.945) -2,7% (28.631) -4,4% -26,8%

Financial Income 45.253 5,8% 40.186 6,2% 12,6%

Financial expenses (66.198) -8,4% (46.072) -7,1% 43,7%

Foreign exchange, net - 0,0% (22.745) -3,5%

Operating profit (loss) 11.929 1,5% (28.710) -4,4% -141,5%

Income tax and social contribution (3.607) -0,5% 10.569 1,6% -134,1%

For the period (924) -0,1% - 0,0%

Deferred (2.683) -0,3% 10.569 1,6% -125,4%

Net income (loss) 8.322 1,1% (18.141) -2,8% -145,9%

EBITDA 44.318 5,7% 9.954 1,5% 345,2%

Income (loss) before financial results and taxes 32.874 4,2% (79) 0,0% -41670,6%

Depreciation and Amortization 11.444 1,5% 10.033 1,5% 14,1%

43

Fertilizantes Heringer S.A.(In thousand of Reais)

ASSETS Mar-11 Dec-10 LIABILITIES & SHAREHOLDERS' EQUITY Mar-11 Dec-10

Current Assets Current Liabilities

Cash and Banks 113,208 176,054 Local Suppliers 89,979 45,207

Accounts Receivable 365,293 387,256 Foreign Suppliers 365,130 516,299

Inventories 530,225 474,510 Loans and Financing 642,169 549,199

Taxes Recoverable / Deferred 115,531 127,221 Taxes payable / Deffered 6,257 17,014

Other Accounts Receivable 22,203 30,448 Advances received from customers 155,022 106,881

1,146,460 1,195,489 Other current liabilities 82,820 75,178

1,341,377 1,309,778

Non-current assets

Taxes Recoverable / Deferred 81,951 67,007 Long term liabilities 157,784 234,214

Other Credits 278,603 281,511 Loans and financing 70,421 68,615

Long Term Assets 360,554 348,518 Debentures 228,205 302,829

Other Accounts Payable

Investments 378 460 Shareholders' Equity 448,746 448,746

Property, plant and equipment 474,395 471,777 Capital -78,215 -86,808

Intangible 5,839 6,085 Retained Earnings / Loss 47,513 47,784

480,612 478,322 Accumulated Earnings / Loss

841,166 826,840 418,044 409,722

Total ASSETS 1,987,626 2,022,329 Total LIABILITIES & SHAREHOLDERS' EQUITY1,987,626 2,022,329

This presentation may include forward-looking statements about future events or results in accordance with Brazilian andinternational regulations governing stock markets. Such statements are based on assumptions and analyses made by theCompany based on its experience, the economic climate, market conditions and expected future events, many of which arebeyond the Company’s control. Important factors that can lead to significant differences between actual results and theseforward-looking statements include the Company's business strategy, economic conditions in Brazil and abroad, technology,financial strategy, developments in the fertilizer industry, financial market conditions, uncertainty regarding the results ofthe Company’s future operations, plans, objectives, expectations, intentions, and other factors described in the item "RiskFactors“ of the IPO Prospectus filed with the Securities and Exchange Commission of Brazil (CVM). As a result of thesefactors, the Company’s actual results may differ substantially from those expressed or implied by the forward-lookingstatements.

The Financial Statements of the Company and its subsidiary were prepared and are being presented in accordance with theaccounting practices adopted in Brazil, i.e., in accordance with the rules issued by the Accounting PronouncementsCommittee (CPC) and approved by CVM, in effect for fiscal year 2010, as well as in accordance with the InternationalFinancial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

In addition, pursuant to CVM Rule 656, the Company chose to present again its 2010 Quarterly Information (ITR) inaccordance with the new accounting standards mentioned above, with comparisons in relation to 2009, which also wasadjusted for the rules in effect in 2010, until the date of presentation of the 1st ITR of 2011, i.e., May 15, 2011. Therefore, asrequired by said rule, the Financial Statements for the fiscal year ended December 31, 2010 include an explanatory note thatshows, for each quarter, the impacts on the results and shareholders’ equity resulting from the full adoption of the rules ineffect for 2010.

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Wilson Rio Mardonado

Vinicius Alves de Lima

Laís Cristina de Sá Bortolozzo

Investor RelationsTelephone: +55 19 3322-2294

ri@heringer.com.br

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