3Q11 and 9M11 Results

3Q11 and 9M11 Results November 11, 2011 1

Agenda Period Highlights Brazilian Fertilizer Market Heringer s Sales and Breakdown by Crop Specialty Products Client Base and Market Share Financial Results Income Statements Working Capital Days Financial Highlights Ownership Breakdown FHER3 Stock Performance 2011 Outlook International Raw Material Prices Seasonality Agricultural Commodities Prices Barter Ratio of Agricultural Products vs. Fertilizers Grain Production, Planted Area and Brazilian Fertilizer Market 2

(in thousands of tons) (in thousands of tons) Brazilian Fertilizer Market Deliveries 3Q11 9M11 + 5.0% +15.8 + 4.6% + 22.9% 7,662 8,042 9,315 15,928 16,669 20,487 3Q09 3Q10 3Q11 9M09 9M10 9M11 The increase in delivery volume in 3Q11 and 9M11 is due to the maintenance of the good barter ratio (agriculture products vs fertilizers) and purchase anticipation of some crops such as soybean and corn Source: Anda 3

(in thousands of tons) (in thousands of tons) Brazilian Fertilizer Market Local Production 3Q11 9M11 + 3.9% + 5.0% + 8.7% + 12.4% 2,644 2,749 6,904 7,247 2,433 6,145 3Q09 3Q10 3Q11 9M09 9M10 9M11 Higher local production driven by growing demand Source: Anda 4

(in thousands of tons) Brazilian Fertilizer Market Imports 3Q11 9M11 + 4.7% + 25.0% + 39.4% 4,539 4,751 5,938 (in thousands of tons) 7,900 + 35.4% 10,698 14,912 3Q09 3Q10 3Q11 9M09 9M10 9M11 Higher imports driven by market growth and anticipation of purchases Source: Anda 5

(in thousands of tons) Heringer s Deliveries by Crop 3Q11 The diversification of sales across crops continued in the period Good barter ratio (fertilizers vs. agricultural products) in 3Q11 Σ 1,240 + 9.4% + 9.1% Σ 1,479 Σ 1,352 282.2 370.2 368.1 251.0 167.8 168.2 268.2 232.0 227.0 65.7 61.0 48.3 317.0 183.2 255.6 245.2 265.4 294.9 3Q09 3Q10 3Q11 Market + 15.8% - 23.8% + 49.6% + 15.6% + 7.7% + 24.0% + 11.1% Soybean Corn Coffee Reforesting Sugarcane Other Agricultural Products 6

(in thousands of tons) Heringer s Deliveries by Crop 9M11 The diversification of sales across crops continued in the period Good barter ratio (fertilizers vs. agricultural products) in 9M11 Σ 2,539 + 10.0% Σ 3,285 + 17.5% Σ 2,985 626.2 566.200 458.7 404.400 417.9 437.800 170.3 125.700 406.900 588.7 541.9 552.2 550.7 205.9 660.8 598.900 723.3 773.5-13.5% + 20.4% + 31.8% + 20.9% + 12.3% + 6.9% 9M09 9M10 9M11 Market + 22.9% Soybean Corn Coffee Reforesting Sugarcane Other Agricultural Products 7

(in thousands of tons) Specialty Products Growth in Specialty Products share of overall sales in 9M11 Specialty products help boost margins and improve customer loyalty with their high quality and efficiency One of the largest portfolio of specialty products on the market (33 products) Share of Specialty Products Specialty Products Line Conventional Special 2,985 3,285 + 10.0% 989 1,220 + 23.4% 1,352 1,479 + 9.4% 506 526 + 3.9% 1,996 2,065 + 3.5% 846 954 + 12.7% 3Q10 3Q11 9M10 9M11 Sales Volume 3Q10 3Q11 9M10 9M11 63% 64% 67% 63% 37% 36% 33% 37% 8

Client Base and Market Share 3Q11 and 9M11 Solid client base and important market share 48,678 clients in the past 12 months Number of Clients 3Q11 Market Share 3Q11-6.6% + 17.9% 19,642 18,337 21,623 16.2% 16.8% 15.9% 3Q09 3Q10 3Q11 Number of Clients 9M11 3Q09 3Q10 3Q11 Market Share 9M11-3.5% + 20.8% 30,875 29,791 35,978 15.9% 17.9% 16.0% 9M09 9M10 9M11 9M09 9M10 9M11 9

Agenda Period Highlights Brazilian Fertilizer market Heringer s Sales and Breakdown by Crop Specialty Products Client Base and Market Share Financial Results Income Statements Working Capital Days Financial Highlights Ownership Breakdown FHER3 Stock Performance 2011 Outlook International Raw Material Prices Seasonality Agricultural Commodities Prices Barter Ratio of Agricultural Products vs. Fertilizers Grain Production, Planted Area and Brazilian Fertilizer Market 10

3Q11 and 9M11 Income Statement (R$ thousand) 3Q11 % NR 3Q10 % NR % 11/10 9M11 % NR 9M10 % NR % 11/10 Net Revenue 1,445,746 100.0% 1,000,514 100.0% 44.5% 3,054,416 100.0% 2,185,755 100.0% 39.7% COGS (1,203,189) -83.2% (891,942) -89.1% 34.9% (2,617,444) -85.7% (2,005,690) -91.8% 30.5% Gross Profit 242,557 16.8% 108,572 10.9% 123.4% 436,972 14.3% 180,065 8.2% 142.7% Freight and Commissions (64,022) -4.4% (54,143) -5.4% 18.2% (151,546) -5.0% (122,064) -5.6% 24.2% SG&A (35,421) -2.5% (31,313) -3.1% 13.1% (107,112) -3.5% (93,601) -4.3% 14.4% EBITDA 161,515 11.2% 37,746 3.8% 327.9% 226,601 7.4% 10,531 0.5% 2051.8% Net Fin. Income / (Exp.) (132,366) -9.2% (1,146) -0.1% 11453.6% (161,049) -5.3% (58,111) -2.7% 177.1% Net Income 9,831 0.7% 17,732 1.8% -44.6% 19,589 0.6% (49,981) -2.3% 139.2% Strong recovery in gross margin net margin and EBITDA in 9M11 Net Revenue growth due to higher sales volume and prices Decrease in SG&A expenses as a percentage of Net Revenue due to scale gains Excellent EBITDA in 3Q11 and in 9M11 already overcoming the year of 2010 Strong exchange depreciation in 3Q11 reduced the net revenue in the period not generating any cash impact due to hedge operations 11

9M11 Income Stmt. (Distribution and Production) Fertilizer Distribution SSP and Sulfuric Acid Production Total Results 9M11 % NR 9M10 % NR 9M11 % NR 9M10 % NR 9M11 9M10 Net Revenue 3,053,285 100.0% 2,150,661 100.0% 1,131 100.0% 35,094 100.0% 3,054,416 2,185,755 COGS (2,594,238) -85.0% (1,962,049) -91.2% (23,206) -2051.8% (43,641) -124.4% (2,617,444) (2,005,690) Gross Profit 459,047 15.0% 188,612 8.8% (22,075) -1951.8% (8,547) -24.4% 436,972 180,065 Freight & Commissions (151,546) -5.0% (122,064) -5.7% - 0.0% - 0.0% (151,546) (122,064) SG&A (107,112) -3.5% (93,601) -4.4% - 0.0% - 0.0% (107,112) (93,601) EBITDA 239,650 7.8% 16,718 0.8% (13,049) -1153.8% (6,187) -17.6% 226,601 10,531 Significant improvement in EBITDA margin in fertilizers distribution from 0.4 in 9M10 to 7.8% in 9M11 Impact of the costs at the SSP and sulfuric acid production unit in Paranaguá due to the temporary downtime 12

Working Capital Days Working capital days reflect seasonality Comparisons with same quarters are more appropriate Accounts Receivable Days Inventory Days Accounts Payable Days - adjusted by FINIMP 217 198 202 173 164 147 135 134 130 115 120 123 107 89 67 55 61 67 43 48 49 48 50 55 30 32 49 35 39 39 41 43 41 42 31 33 33 34 26 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Working Capital Days 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11-22 -59-113 -92-55 -58-83 -98-39 -31-32 -38-42 13

Financial Highlights Adequate working capital management Important improvement in 3Q11 vs 3T10 of the Net Current Assets and current Liquidity from 0.84 to 0.98 due to the result and reclassification of recoverable taxes to current assets Current Assets 3Q11 % 3Q10 % Cash and banks 329,636 14.7% 107,008 8.4% Accounts receivables 549,067 24.5% 369,349 28.9% Inventories 1,010,368 45.1% 665,433 52.0% Other Accounts 352,294 15.7% 138,336 10.8% Total Current Assets 2,241,365 100% 1,280,126 100% Local Suppliers 126,869 5.5% 132,172 8.7% Foreign Suppliers 879,477 38.4% 558,601 36.7% Imports Financing 727,820 31.8% 498,340 32.7% Total Accounts Payable 1,734,166 75.8% 1,189,113 78.1% Loans and Financing 198,475 8.7% 62,078 4.1% Advances received from clients 280,773 12.3% 190,920 12.5% Other Accounts 75,164 3.3% 80,446 5.3% Total Current Liabilities 2,288,578 100% 1,522,557 100% Net Current Capital (47,213) (242,431) Current Ratio 0.98 0.84 14

Heringer s Ownership Breakdown FHER3 is one of the 100 most liquid stocks on the BOVESPA and is a component of the SMLL, ITAG, IGC, IMAT, IBRA and IGCT stock indexes The free-float registered 91 foreign investors and 2,098 Brazilian investors Ownership Breakdown and Free-Float Foreign and Brazilian Investors in Free-Float 120% % Brazilians % Foreign Nº Foreign Nº Brazilians 4,500 100% 4,000 3,500 Controlling Group 67.8% Free-Float 32.2% 80% 60% 46% 51% 58% 58% 40% 47% 49% 52% 3,000 2,500 2,000 40% 1,500 20% 54% 49% 42% 42% 60% 53% 51% 48% 1,000 500 0% Mar/10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Aug-11 Sep-11 0 15

Market cap x EBITDA Average daily trading volume of R$ 802,754 Slight drop of 0.8% in 9M11 vs a drop of 24.6% of the IBOVESPA Index 12.17 12.07 11.07 10.75 10.0 8.91 8.04 7.54 9.25 10.10 8.05 9.25 7.65 5.80 6.92 7.25 3.52 03/30/09 06/30/09 09/30/09 12/31/09 03/31/10 06/30/10 09/30/10 12/31/10 03/31/11 06/30/11 09/30/11 Market cap x EBITDA Market cap EBITDA Multiple 2009 523,972 38,765 13.52 2010 449,326 212,331 2.12 9M11 445,933 226,601 1.97 Important EBITDA growth over the last periods not yet reflected in the market value of FHER3 16

Agenda Period Highlights Brazilian Fertilizer Market Heringer s Sales and Breakdown by Crop Specialty Products Client Base and Market Share Financial Results Income Statements Working Capital Days Financial Highlights Ownership Breakdown FHER3 Stock Performance 2011 Outlook International Raw Material Prices Seasonality Agricultural Commodities Prices Barter Ratio of Agricultural Products vs. Fertilizers Grain Production, Planted Area and Brazilian Fertilizer Market 17

Current Scenario Despite the crisis there are strong evidences of the continuity of the favorable fundamentals for agricultural commodities in 4Q11: Population increase (7 billion people in the world) and world urbanization (urban population is the same as rural population for the first time in history) Income expansion and population growth increasing the demand for food and agroenergy World consumption adjusted to production resulting in a low level of grains inventories Favorable profitability for farmers with good barter ratio of fertilizers versus agricultural products Strong real depreciation occurred in September 2011 contributes positively for the farmer income Credit conditions for agriculture are at very favorable levels Seasonality expected is of 42% in the 1 st half and of 58% in the 2 nd half based in an estimated market of 26.5 million tons for 2011 representing an 8.0% growth over 2010 Expected grains production increase for the 2010/2011 and 2011/2012 marketing years 18

International Raw Material Prices Average prices of fertilizer raw materials higher than in 2010 Brazil is a Price Taker Barter ratios remain at favorable levels 700 Urea Ammonium Sulfate Ammonium Nitrate Super single phosphate TSP Potassium Chloride DAP MAP 600 500 400 300 200 100 0 May/10 Jun/10 Jul/10 Aug/10 Sep/10 Oct/10 Nov/10 Dec/10 Jan/11 Feb/11 Mar/11 Apr/11 May/11 Jun/11 Jul/11 Aug/11 Sep/11 Source: Siacesp FOB - Prices in USD 19

Brazilian Fertilizer Market - Seasonality 37% 35% 42% 63% 65% 58% 2009 2010 2011E 1º Semester 2º Semester Source: Anda / Heringer 2011E Estimate 20

(in thousands of tons) Brazilian Fertilizer Market - Evolution and Expectations for 2011 Expected growth of 8% in 2011 10.8 12.2 13.8 14.6 13.6 16.3 17.0 19.1 22.8 22.8 20.2 21.0 24.6 22.4 22.4 24.5 26.5 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E Source: Anda / Heringer 2011E Company Estimates 21

Agricultural Commodities - Prices Soybean R$/bag (60kg/Paraná) Corn R$/bag (60kg/São Paulo) 60 55 50 45 44.08 41.32 49.63 44.32 44.26 49.05 35 30 25 25.10 31.68 28.69 30.91 40 35 35.73 20 20.05 18.67 30 25 15 20 10 Sugarcane R$/bag (50kg/São Paulo) Arabica Coffee R$/bag (60kg/Brazil) 90 80 70 60 59.29 69.58 71.67 70.74 58.39 65.29 550 500 450 433.34 525.46 511.61 50 40 30 20 10 40.41 400 350 300 250 247.50 281.38 289.46 326.48 0 200 Source and Projection: Agroconsult / R$/bag = Price per bag 22

Agricultural Commodities - International Prices: Recent Evolution Soybean US$/bushel Corn US$/bushel 5 min 15 min 30 min 60 min Daily Weekly Monthly 5 min 15 min 30 min 60 min Daily Weekly Monthly Sugar US$/pound Coffee US$/pound 5 min 15 min 30 min 60 min Daily Weekly Monthly 5 min 15 min 30 min 60 min Daily Weekly Monthly Source: Agroconsult/bg* = bags 23

Barter Ratio of Agricultural Products vs. Fertilizers Soybean R$/bag (60kg/Paraná) Corn R$/bag (60kg/Paraná) 41.83 109.87 22.78 25.54 24.81 18.55 25.06 55.80 62.06 65.29 59.35 46.68 Sugarcane São Paulo (ton) 79.72 Coffee R$/bag (60kg/Brazil) Robusta Coffee (sc 60kg) 8.23 Arabic Coffee (sc 60kg) 4.69 4.39 33.25 33.07 25.21 26.29 24.39 2.30 3.42 3.10 4.18 3.38 2.20 2.16 1.43 Source: Agroconsult/bg* = bags 24

Grain Production and Planted Area Expected growth of 5.0% in Brazil s planted area in 2010/2011 marketing year * Expected growth of 9.6% in Brazil s grain production in 2010/11 marketing year* 4.3% increase in Brazil s average grain yield in 2010/2011 marketing year 145,891 137,122 150,539 165,041 167,748 47,397 47,959 47,485 49,882 51,260 24,609 22,429 22,400 24,516 26,500 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012* Production (1000 t) Planted Area (1000 ha) Fertilizers Source: CONAB / Agroconsult/ * Agroconsult's Projection and Company's Estimate Grains: corn, soybeans, rice, beans, sorghum, castor beans, cotton, sunflowers, barley, rye, oats, peanuts, wheat and triticale Fertilizers: 2011 Estimate 25

This presentation may include forward-looking statements about future events or results in accordance with Brazilian and international regulations governing stock markets. Such statements are based on assumptions and analyses made by the Company based on its experience, the economic climate, market conditions and expected future events, many of which are beyond the Company s control. Important factors that can lead to significant differences between actual results and these forward-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 of the Company s future operations, plans, objectives, expectations, intentions, and other factors described in the item "Risk Factors of the IPO Prospectus filed with the Securities and Exchange Commission of Brazil (CVM). As a result of these factors, the Company s actual results may differ substantially from those expressed or implied by the forward-looking statements. The Financial Statements of the Company and its subsidiary were prepared and are being presented in accordance with the accounting practices adopted in Brazil, i.e., in accordance with the rules issued by the Accounting Pronouncements Committee (CPC) and approved by CVM, in effect for fiscal year 2010, as well as in accordance with the International Financial 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), in accordance with the new accounting standards mentioned above, with comparisons in relation to 2009, which also was adjusted for the rules in effect in 2010, until the date of presentation of the 1 st ITR of 2011, i.e., May 15, 2011. Therefore, as required by said rule, the Financial Statements for the fiscal year ended December 31, 2010 include an explanatory note that shows, for each quarter, the impacts on the results and shareholders equity resulting from the full adoption of the rules in effect for 2010. 26

Wilson Rio Mardonado Laís Cristina de Sá Bortolozzo Ingrid Gentina Palmeiro Investor Relations Tel: +55 19 3322-2294 ri@heringer.com.br 27