3Q11 RESULTS PRESENTATIONNovember 16th, 2011

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Participants

Sergio MalacridaCFO

Bento Moreira FrancoCEO

Fabio TsubouchiInvestor Relations and Corporate Finance Officer

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3Q11 Highlights

Company’s integration plan, aiming to capture financial, operational and administrative synergies from the merger of Vanguarda Participações

Creation of one of Brazil’s largest grain producers, with more than 342,000 hectares under control and 274,000 hectares expected to be planted in the 2011/12 crop.Merger of Vanguarda

New Management

Divestment of non-core assets

Integration plan development

New risk management policy

Liquidity

Market Maker

Reduction of Net Debt

Management restructuring, resulting in the formation of the team with expertise and performance needed to run the new strategic plan, in line with the focus on grain production

Sale of non-core assets in 3T11 totaling R$ 155.8 million, improving the capital structure and sharpening the focus on agribusiness

Creation of a internal treasury committee with an independent member, responsible for implementing and integrated risk policies and financial planning

Single agribusiness company included in the Bovespa Index, with a daily average trading volume of $ 17.2 million in the last 12 months

BTG Pactual hired as the new market maker for VAGR3 shares, effective as of fnovember 21 (subsequernt event)

On October 31, 2011, the adjusted net debt was reduced from $ 101.3 million when compared to the value of 30 September 2011 (subsequent event)

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New Strategic Plan

ENERGIAENERGIA

• Active management of cash, with plans to improve capital structure

• Financial control integrated into the field, allowing a fast decision-making

• Hedge policy: creation of a internal treasury committee with an independent member

• Scale gaind in the purchase of inputs and equipment• Better equipment usage

• Diversification of climate risk, presence in 6 states (MT, BA, PI, Go, MG and CE)

• Dilution of general adn administrative expenses: concentration of activities in São Paulo and Nova Mutum and deactivation of Itumbiara and Cuiabá offices• Sale of non-core assets

• New management with the aimed expertise to execute the integration bettween the agricultural and financial intelligence CEO: Bento Moreira Franco CFO: Sergio Malacrida IRO: Fabio Tsubouchi

New Management

Integration and Synergies

Financial Management and Control

• Interest in Tropical Bioenergia for the amount of R$ 60 million

• Itumbiara Oil Factory (cotonseed crushing unit for R$ 40 millions(and potentiall earn-out of R$ 20 million)

• Rosário do Sul biodiesel unit and São Luiz Gonzaga crushing unit for R$ 55.5 million (subsequent event)

• Total: R$ 155,8 million

Focus on the grain sector

(divestment of non-core assets)

Biodiesel PlantProduction capacity : 129,600

Owned Area 89,639 haLeased Area 118,212 haCottonseed Crushing Unit Crushing capacity: 75,000 ton

Owned Area – 2.464 haLeased Area

– 8.486 ha

Biodiesel PlantProduction capacity : 129,600

Owned Area 11,417 haLeased Area – 50,000 ha

Owned Area – 9,683 ha

Biodiesel Plant Production capacity: 129,600 m³/year

Leased Area

– 5.976 ha

MT

GO

MG

BATO

MAPI

CE

Owned Area 18,499 haLeased Area

28,091 ha

m³/year

–

––

/year

m³ /year

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Strategic Location os AssetsClimate risk diversification and better equipment usage

The Company has 1,702 agricultural machinery and equipment

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Mix of CulturesObtained Crop

2010/11 (ha)

Estimated Crop

2011/12 (ha)Share (%) Δ (%)

Cotton 18,726 49,588 18% 165%

1st Crop 15,572 32,332 12% 108%

2st Crop 3,154 17,256 6% 447%

Soybean 52,770 162,718 59% 208%

Corn 7,069 54,582 20% 672%

1st Crop 1,213 3,010 1% 148%

2st Crop 5,856 51,572 19% 781%

Other Cultures 4,692 7,663 3% 63%

Total Area 83,257 274,551 100% 230%

Total 1st Crop(**) 74,247 204,723

Total 2st Crop(**) 9,010 68,828

% 2st Crop 12% 34%

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Crop 2011/2012Increase in the planted area and higher participation in the 2nd crop

Merger of Vanguarda Participações resulted in an increase of approximately 229% of the total area of the Company

Soyabean is still the main agricultural product of the Company, with 59% of total planted area

With the merger of Vanguarda Participações, the percentage of 2nd

crop increased from 12% to 34%

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(**) Non considered“Other Culturas”

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Summary of Results

3Q11(**) VA (%) 3Q10 VA (%) HA (%) 9M11(**) VA (%) 9M10 VA (%) HA (%)

Gross Revenue 309,730 111.0% 110,802 117.6% 179.5% 758,245 110.9% 404,013 114.9% 87.7%Net Revenue 279,138 100.0% 94,253 100.0% 196.2% 683,834 100.0% 351,495 100.0% 94.6%Gross Profit (Loss) 12,001 4.3% 9,105 9.7% 31.8% 35,251 5.2% 56,567 16.1% -37.7%Operating Expenses (29,092) -10.4% (13,254) -14.1% 119.5% (64,533) -9.4% (34,085) -9.7% 89.3%Operating Income Expenses (EBIT) (17,091) -6.1% (4,149) -4.4% 311.9% (29,282) -4.3% 22,482 6.4% -Financial Results (83,094) -29.8% 1,171 1.2% - (64,818) -9.5% 2,331 0.7% -Net Income (loss) (70,251) -25.2% (2,590) -2.7% - (68,259) -10.0% 20,948 6.0% -0 0.0% 0 0.0% 0.0% 0 0.0% 0 0.0% 0.0%Gross Debt (672,775) - (60,198) - - (672,775) - (60,198) - -Availability 55,504 - 140,252 - -60.4% 55,504 - 140,252 - -60.4%Net Debt (617,271) - 80,054 - - (617,271) - 80,054 - -EBITDA (3,102) -1.1% (904) -1.0% - (2,138) -0.3% 30,642 8.7% -EBITDA adjusted (*) (3,793) -1.4% (904) -1.0% - 6,107 0.9% 30,642 8.7% -

Book Value Book ValueSummary of Results

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Financial Result

In 3T11, we registered a net financial loss of R $ 83.1 million, compared with net financial revenue of R $ 17.0 million in 2Q11. This variation is mainly due to the appreciation of the U.S. dollar against the real, especially in September.

Note, however, that the impact of foreign exchange variation, which was a negative R$62.9 million, does not have any direct impact on the Company’s cash in the short term. This amount represents the accounting effect of exchange variation, mainly on the Company’s debt and will be disbursed upon debt maturity.

If the exchange rate was calculated considering the current dollar value (U.S. $ 1.75), its negative effect

on the financial result would be reduced from $ 21.0 million

2Q11 vs. 3Q11

Composition of Financial Results

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Indebtedness

¹ Non audited value; Adjusted net debt consider the result of Maeda (controller)

Vanguarda Agro’s gross debt,on eptember 30, 2011, totaled R $ 672.8 million. This amount will be repaid upon receipt of values from the sale of assets, made in 2010 and 2011 in the amount of $ 171.4 million

Reduction ofR$ 101,289 thousand

Debt (in R$ thousands) 9/30/2011 10/31/2011(1)

Short Term 372,566 362,944 Long Term 300,209 265,858 (=) Total indebtedness 672,775 628,802

Avaliability (55,504) (57,365)(=) Net Cash / Net Debt 617,271 571,437

Receivable Update - sales of asset (171,386) (226,841)

(=) Net Cash / Net Debt Adjusted 445,885 344,596

ReceivablesDivestment Asset 09/30 10/31

Tropical Bioenergia 60,300 60,300 Edéia Farm (GO) 97,286 97,286 Itumbiara Oil Factory 13,800 13,800 Total 171,386 171,386 Rosário do Sul (RS) biodiesel plant

São Luiz Gonzaga (RS) crushing unit- 55,455

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Stock Performance, Liquidity and IndicesDaily average trading volume in the last 12 months of R$ 17 million

Vanguarda Agro shares (VAGR3) ended the 3Q11 quoted at R$ 0,57 (R$ 0,59 on november 14, 2011) The VAGR3 share depreciated 18.6%, from R$0.70/share at the close of June 2011 to R$0.57/share at the close

of September 2011. In the same period, the benchmark Ibovespa index lost 16.2%.

The daily average trading volume in the last 12 months was R$ 17 million.

The Company is the only agribusiness company focused on grain production that is included in the Bovespa index and other major indices of BMF&BOVESPA.

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Próximos Passos

Vanguarda Day

Non deal roadshows

Coverage beggining (sell side)

Market maker (BTG)

Activie visit to investors

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Investor Relations Contacts

Maria Luisa Soares de AlmeidaInvestor Relations Coordinator

E-mail: ri@v-agro.com.br

Site: www.v-agro.com.br/ri

Telephone: (0xx11) 3137-3114

Fabio TsubouchiInvestor Relations Officer

Bruno Fernandes JardimInvestor Relations Analyst