1. Tereos Internacional Second Quarter 2013/14 Results
São Paulo – November 14th, 2013

2. Q2 2013/14 Highlights Operational Guarani:
Strong yields thanks to past investments and favorable climate (+14.4% on a YTD basis), on stable TRS
Sharp increase in cogeneration sales (+48.9% on a YTD basis)
Guarani 2016 efficiency improvement plan amplified
Syral Europe:
Performance 2015 program launched to improve efficiency and enhance financial performance
Syral Brazil:
Corn starch sales from Palmital facility progressing, and glucose commercial production to begin at the end of Q3 13/14.
Strategic
Syral China: Formal approvals from Chinese authorities for Tieling joint-venture granted and acquisition of a 49% stake completed on 8th November, 2013
Finance
Guarani: R$225.1 million capital injection from Petrobras to reach 39.6% stake in Guarani completed in October
Guarani: Refinancing of USD 190 million of Guarani export notes. Duration extended for 5 years, with grace period of 3 years, at lower rates 2

3. Market Highlights Sugar:
Raw sugar prices reached 17.5 cents/lb at the end of Q2 13/14 (+4.7% since 1st of July) due to strong demand, weather concerns in C/S of Brazil and reversion of funds’ position from net short to net long
The weakening of BRL against the USD supported Brazilian producers’ remuneration
Starch:
Wheat prices evolved in a range of 182 to 199 €/t in the quarter, for November 2013 and March 2014 future contracts
Expectation of a bumper corn crop in the US on the back of strong yields. Prices stood on average at 188 €/t in the quarter and wheat corn spread continues at historical highs
Ethanol:
During the quarter, ethanol prices in Brazil have been falling steadily on the back of higher production level vs. last year (-2.9% and -4.0% for hydrous and anhydrous, respectively)
FOB Rotterdam prices have dropped significantly (-7.7% since 1st July) to c.590 €/m3 at the end of the quarter, on the back of a rebound in supply from US encouraged by declining corn prices 3
Source: Bloomberg

4. Q2 2013/14 – Revenues
Better Volumes for Sugarcane Division and Price and Mix for Starch and Sweeteners
Net Revenues (R$ MM)
+17.8%
+17.8%
Revenue growth supported by:
Improved overall sugar volumes and energy sales in Brazil
Higher volumes, prices and positive mix effect in the starch and sweeteners segment
Positive Forex impact on the back of weakening Real vs. Euro (-13.7% on average Y-o-Y)
But partially offset by:
Lower world sugar prices impacting Brazilian sales and lower ethanol prices in Europe
Lower ethanol volumes (plant conversion, Lillebonne maintenance stoppage, lower beet ethanol trading activity)
At Constant Currency: +3.9% 4

5. Adjusted EBITDA (R$ MM)
Q2 2013/14 - Adjusted EBITDA
Improvement on Better Efficiency Levels at Sugarcane Operations
Adjusted EBITDA (R$ MM)
+18.4%
+18.4%
Margin 15.4%
Margin 15.5%
Adjusted EBITDA improved year-on-year as a consequence of:
Cost dilution in Brazil due to higher volumes, together with positive effect of rising energy volumes & prices
Higher gross profit in the quarter in Africa/Indian Ocean
Improved margins for the Alcohol/Ethanol Europe segment, on lower cereal input price
However, starch & sweeteners margins remain under pressure in the current environment, despite beginning of benefits from lower cereal input costs 5

6. Sugarcane Crushing (MM t)
Sugarcane Brazil – Production & Sales
Harvesting at Good Pace to Reach c. 20 Million Tonnes(1) of Crushing
Sugarcane Crushing (MM t)
Sugar Sales (‘000 t)
Ethanol Sales (‘000 m³)
Energy Sales (‘000 MWh)
+21.2% YoY
-3.3% YoY
+44.0 YoY
+3.9% YoY
Crushing
Higher crushing in H1: 13.4 million tonnes (+15.1% vs. H1 12/13)
Strong agricultural yields (expected improvement in FY yield to c.90 t/ha vs. 84 t/ha in 2012/13) and stable TRS levels at kg/ton
Improvement in production
Overall production (expressed in TRS) up 17.0% to 1.8 Mt
Mix: 65% sugar, 35% ethanol
Sugar: Mt +17.8% YoY
Ethanol: 377 Km³ +15.5% YoY
Progress on cogeneration
YTD energy sales (including trading) up 48.9% to 486 GWh, on better prices (+6.7% to R$144/MWh)
Considered full consolidation basis and excluding the JV contribution of Vertente at c million tonnes 6

7. Sugarcane Brazil – Financials
Higher Sugar Volumes Lowering Unitary Costs Led to an Improvement in EBITDA
Net Revenues (R$ MM)
Key Figures
In R$ Million Q2
2013/14
2012/13
Change
Revenues
591
525
+13%
Gross Profit
121
119
+2%
Gross Margin
20.5%
22.7%
EBIT 37 51
-27%
EBIT Margin
6.3%
9.7%
Adjusted EBITDA
189
151
+25%
Adjusted EBITDA Margin
31.9%
28.7%
+12.7%
Sugar
Ethanol
Sugar: 70% of total net revenues
Volumes increased +21.2% to 470 Kt
Average selling price: -6.5% Y-o-Y at 934 R$/tonne
Ethanol: 17% of total net revenues
Volume sold down -3.3% to 89 Km3
Average price up 2.1% Y-o-Y at 1,098 R$/m3
Cogeneration (ex-trading): R$38.3 million vs. R$8.7 million in Q2 12/13
Adjusted EBITDA: R$189 million
Higher profit from increased sugar and energy volumes
Adjusted EBITDA Margin1 for Q2 13/14 including tilling as depreciation: 37.9%
(1) Tereos Internacional allocates tilling expenses as cost. If tilling expenses were allocated as investment, Adjusted EBITDA for Q2 13/14 would have reached R$224 million. 7
Note: Figures for Brazil now exclude JVs

8. Sugarcane Crushing (’000 t) Revenue Breakdown by Product
Sugarcane Africa/Indian Ocean – Production and Financials
Steady Performance in the quarter
Key Figures
In R$ Million Q2
2013/14
2012/13
Change
Revenues
258
215
+20%
Gross Profit 66 39
+70%
Gross Margin
25.6%
18.1%
EBIT 30 24
+28%
EBIT Margin
11.8%
11.1%
Adjusted EBITDA 81 69
+17%
Adjusted EBITDA Margin
31.3%
32.4%
Sugarcane Crushing (’000 t)
Sugar sales (‘000 t)
-1.4% YoY
-0.4% YoY
Revenue Breakdown by Product
Sugarcane crushing
Indian Ocean: 960 Kt (+1.7%), although recent drought should lower full year crushing to c.1.7 Mt
Africa: lower crushing (-10.2%) on deteriorated yields, but production volume only slightly down this quarter
Revenues: +20% Y-o-Y
Higher volumes, mostly trading in the Indian Ocean, and higher prices in Mozambique, and positive currency effect
Adjusted EBITDA: +17% Y-o-Y
Positive contribution from both segments 8

9. Cereal Segment - Production and Sales
Growth in volumes in starch & sweeteners, counterbalanced by lower ethanol volumes
Cereal Grinding (‘000 t)
Starch & Sweeteners Sales (‘000 t)
Alcohol & Ethanol Sales (‘000 m3)
Co-products Sales (‘000 t)
-2.4% YoY
+2.5% YoY
-17.5% YoY
-0.3% YoY
Grinding in Q2 13/14: -2.4% drop mostly due to the impact of a maintenance in Nesle and Lillebonne plants
Starch & Sweeteners sales: +2.5% Growth in most of the product categories, but reduced volumes of regular sweeteners
Alcohol & Ethanol sales: -17.5% Factory diversification (impact of gluten and dextrose complementary lines) and maintenance carried out in Q2 reduced volumes at Lillebonne, coupled with lower ethanol trading sales from Tereos 9

10. Starch & Sweeteners – Financials
Higher Revenues on Improved Volumes and Prices, and a Positive Currency Effect
Net Revenues (R$ MM)
Key Figures
In R$ Million Q2
2013/14
2012/13
Change
Revenues
1,112
851
+31%
Gross Profit
174
141
+24%
Gross Margin
15.7%
16.5%
EBIT 6 22
-74%
EBIT Margin
0.5%
2.5%
Adjusted EBITDA 49 51
-4%
Adjusted EBITDA Margin
4.4%
6.0%
+30.8%
Revenues: R$1,112 million, up 31%
Overall better volumes (+7.6% in Europe) particularly for gluten, specialties and functional sweeteners. However, revenue growth hampered by softness in certain segments (notably sweeteners) due to economic conditions. Higher prices y-o-y.
Start of positive perimeter effect of dextrose sales in Europe, and ramp-up of Syral Halotek sales in Brazil
Positive Forex translation effect on the back of sharp drop of Real vs. Euro (-13.7% Y-o-Y)
Adjusted EBITDA: R$49 million, down 4% Y-o-Y
Profitability remained under pressure in the quarter, despite beginning of benefits from lower cereal input prices, as economic condition hampered our ability to rebuild margins and fully benefit from recent investments (Saragosse, Lillebonne, Marckolsheim) 10

11. Revenue Breakdown by Product
Alcohol & Ethanol Europe – Financials
Adjusted EBITDA margin Improvement on Lower Wheat Prices
Net Revenues (R$ MM)
Key Figures
In R$ Million Q2
2013/14
2012/13
Change
Revenues
246
283
-13%
Gross Profit 28 29
-3%
Gross Margin
11.3%
10.1%
EBIT 17 11
64%
EBIT Margin
7.0%
3.7%
Adjusted EBITDA 27 21
29%
Adjusted EBITDA Margin
10.9%
7.3%
-13.1%
Revenue Breakdown by Product
Revenues: R$246 million, down 13%
Own volumes affected by factory diversification and maintenance carried out in Q2
Lower trading activity for Tereos Group
Drop in FOB Rotterdam prices (-14.7% on average Y-o-Y)
Adjusted EBITDA: R$27 million, up both Y-o-Y
Benefit from lower input prices, in particular as major portion of wheat purchased at conventional prices this quarter 11
Note: Figures for Alcohol & Ethanol segment now exclude JVs

12. Cash Flow Reconciliation
In R$ Million
H1 13/14
Adjusted EBITDA
551
Working capital variance
(577)
Others
(72)
Operating Cash Flow
(98)
Financial interests
(94)
Dividends paid and received
(41)
Capex
(431) 22
Free Cash Flow
(642)
Forex impact
(408) 1
Net Debt Variation
(1,051)
Working Capital
Mostly due to higher seasonal inventories and currency impact on inventories
CAPEX (-25.3% Y-o-Y)
Brazil: 54% of total (+9% Y-o-Y):
Capacity & cogen expansion program
78% of the expansion-program completed
Cereals: 34% of total (-52% Y-o-Y):
Mostly related to starch project in Brazil
Currency Effect on Debt
Devaluation of the Real against Euro and USD,
(-13.5% Y-o-Y as at 30th September) 12

13. Debt
Increase of Net Debt Mostly on Higher Seasonal Working Capital and Currency
Debt
In R$ Million
Pro Forma
Sep 30th,2013
March 31st,
2013 (Restated) ∆
Current
2,174
1,829
345
Non-current
2,574
2,399
175
Amortized cost
(23)
(26) 3
Total Gross Debt
4,725
4,202
523
In €
1,827
1,596
231
In USD
1,657
1,688
(31)
In R$
1,213
882
331
Other currencies 51 62
(11)
Cash and Cash Equivalent
(702)1
(893)
191
Total Net Debt
4,023
3,309
714
Related Parties Net Debt
125 12
113
Total Net Debt + Related Parties
4,148
3,321
827
Net Debt/Adjusted EBITDA: 4.5x vs. 4.4x on March 31st, 2013
Guarani: R$225.1 million capital injection from Petrobras to reach 39.6% stake in Guarani completed in October
Guarani: Refinancing of USD 190 million of Guarani export notes. Duration extended for 5 years, with grace period of 2 years, at lower rates
Cash and cash equivalent of September 30th 2013 restated to include capital increase of R$225 million from PBio into Guarani. 13

14. Outlook Sugarcane Cereals Brazil
Guarani confirms target of c.18.5 million tonnes of sugarcane crushing (excluding the JV contribution of Vertente and equivalent to c.20 million tonnes on a full consolidation basis)
Higher production to continue diluting fixed costs, despite challenging sugar prices.
Guarani 2016 program to enhance efficiency and profitability has been stepped up
Africa/Indian Ocean
Exceptionally dry weather in the Reunion Island and lower yields in Mozambique expected to lead to decrease in volumes of sugarcane crushed in the segment (total combined of c.2.1 Mt)
Cereals
Europe
Cereal prices expected to remain below last year’s peak levels in the 3rd quarter.
Focus remains on performance improvement plan.
Production of corn starch progressively ramping up. Sales of glucose expected to start towards the end of Q3 13/14
China
Engineering and equipment purchases mostly done at Dongguan, while civil works is underway
Following the Tieling joint-venture formation, product diversification and productivity improvement plan to be completed and progressively implemented over the next 18 months 14

15. IR Contact Marcus Thieme Investor Relations Officer Felipe Mendes Investor Relations Manager Phone: +55 (11)