1

Viana, May 10, 2012 – Fertilizantes Heringer (Bovespa: FHER3) announces its results for the first quarter of 2012 (1Q12)

1Q12 HIGHLIGHTS

Deliveries totaled 972 thousand metric tons in 1Q12, 11.3% up on the 873 thousand metric tons in 1Q11;

Deliveries of specialty products grew significantly, by 14.3%, increasing their share of total sales

from 35% to 36% in 1Q12;

Net revenue amounted to R$959.1 million in 1Q12, up 22.4% on the R$783.6 million in 1Q11;

The client base grew substantially, by 4.8%, in 1Q12 over the same period in 2011, to reach 18.6 thousand clients in the quarter. In the past 12 months the number of active clients stood at over 50,000;

Market share went up from 17.6% in 1Q11 to 18.3% in 1Q12;

EBITDA totaled R$10.8 million in 1Q12, representing margin of 1.1%, versus 5.7% in 1Q11, impacted by the fall in raw material prices and volatility of the exchange rate;

Net income in 1Q12 reached R$3.2 million, compared to R$8.3 million in 1Q11.

Portuguese 11:00 a.m. Brazil (10:00 AM U.S. ET)

Tel: +55 (11) 3127-4971

Code: Fertilizantes Heringer

English 11:00 a.m. Brazil (10:00 AM U.S. ET)

Tel: +1 (866) 866-2673

Code: Fertilizantes Heringer

Investor Relations

Tel: +55 (19) 3322-2294/2313 ri@heringer.com.br

www.heringer.com.br/ir

1Q12 Results Conference Call – May 11, 2012

2

BRAZIL’S FERTILIZER MARKET

According to the National Fertilizer Association (ANDA), fertilizer deliveries in Brazil totaled 5.3 million metric tons in

1Q12 up 7% from 1Q11. This growth was mainly the result of the demand for nitrogen-based fertilizers, driven by

sugarcane, coffee and second-crop corn crops as well as phosphate-based fertilizers used for cotton, second-corn crop

and sugarcane crops.

The significant 7% growth in 1Q12 over 1Q11, which had registered 11.2% year-on-year growth, was driven by the

excellent barter ratios (agricultural products versus fertilizers) and the continuation of excellent agricultural prices.

Mato Grosso was the main destination of product deliveries in the quarter at 1.0 million metric tons, followed by São

Paulo with 0.9 million metric tons and Minas Gerais and Paraná, both with 0.7 million metric tons.

Domestic production rose from 2.1 to 2.2 million metric tons, up 1.7%, due to heavier market demand. Imports fell by 27.9%, from 4.2 million metric tons in 1Q11 to 3.0 million metric tons in 1Q12, caused by the postponement of imports to 1Q12 on account of the fall in the international raw material prices. However, raw material prices reversed the declining trend since April 2012.

BRAZILIAN FERTILIZER MARKET – DELIVERIES

Source: ANDA

4,462

4,960

5,308

1Q10 1Q11 1Q12

1Q12

+ 11.2%

+ 7.0%

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BRAZILIAN FERTILIZER MARKET – DOMESTIC PRODUCTION

Source: ANDA

BRAZILIAN FERTILIZER MARKET – IMPORTS

Source: ANDA

2,036

2,162

2,199

1Q10 1Q11 1Q12

1Q12

+ 6.2%

+ 1.7%

In th

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san

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of

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tric

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ns

2,452

4,157

2,999

1Q10 1Q11 1Q12

1Q12

+ 69.5% - 27.9%

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HERINGER’S SALES AND DISTRIBUTION BY CROP

In 1Q12, Heringer’s deliveries were 972 thousand metric tons, an 11.3% increase on the 873 thousand metric tons in

1Q11 and 7% higher than the market growth.

In comparison with the same period in 2011, the highlights this quarter were the sales growth of 31.9% in corn, 19.3%

in sugarcane and 7.3% in other crops, and the 17.2% decrease in deliveries for the soybean crop.

Another highlight was the delivery of 265 thousand metric tons for other crops such as pasture, cotton, greens, beans

and citrus. Other crops (approximately 65) represented 27.3% of the Company’s total deliveries this quarter.

Heringer has been investing in developing new technologies for fertilization. It has two research centers (CEPEC and

CEMAP), where new products are tested and lectures/training programs are held for farmers, agricultural

professionals, students, among others, thus spreading awareness about the importance of adequate crop

management practices.

The Eloy Carlos Heringer Coffee Experimental Extension and Research Center (CEPEC), located in Martins Soares,

Minas Gerais, is an initiative by Heringer in partnership with the Ministry of Agriculture, Livestock and Supply (MAPA)

created in 1994. It is considered a national reference in technological development for high-altitude coffee cultivation,

receiving each year some 1,000 rural producers and technicians at its meetings to present research results.

Located in Viana, Espírito Santo, the Pasture Management and Fertilization Center (CEMAP) has been testing different

levels of fertilizers on different species of grass, in order to understand and demonstrate the nutritional requirements

of each species. Meetings are held with farmers, researchers, livestock producers and technicians from all over Brazil

to disseminate the technology developed by it.

Heringer’s nationwide footprint also helps to mitigate any problems associated with weather, pests and disease that

may affect certain regions. The diversification of deliveries across crops continued in the period.

5

HERINGER DELIVERIES BY CROP – 1Q12

SPECIALTY PRODUCTS Specialty products are fertilizers that are largely produced exclusively by Heringer and provide agronomic

characteristics superior to those of the market in general.

Each year, specialty products contribute a greater share to Heringer's total volume, improving its results and boosting

customer loyalty.

In 1Q12, specialty product deliveries stood at 354 thousand metric tons, representing a significant growth of 14.3%

over the 309 thousand metric tons in 1Q11.

The share of specialty products in 1Q11 had increased to 36% from 35% in 1Q10.

The important growth in Heringer’s specialty product sales in recent years has sustained the positive agronomic

results obtained by its clients.

Heringer continues to invest in the R&D of new technologies and products that may be added to the specialty product

portfolio. It has one of the largest portfolios of specialty products in the market, most of which were developed using

in-house technology.

1Q10

249,2

151,4

58,7

149,4

236,2

70,7

Soybean

Corn

Coffee

Reforestation

Sugarcane

Others Crops

1Q11

247,4

132,9

80,0

180,9

192,9

38,4

1Q12

265,5

158,5

84,9

176,1

254,5

31,8

- 4.7% + 11.3%

- 17.2%

+ 31.9%

- 2.7%

+ 6.1%

+ 19.3%

+ 7.3%

Market+ 7.0%

Σ 971.3

Σ 872.5Σ 915.6

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CLIENT BASE AND MARKET SHARE

The client base grew 4.8% in 1Q12 over 1Q11 to reach 18,642 clients.

Market share in 1Q12 was 18.3%, compared to 17.6% in 1Q11, with corn and sugarcane crops significantly driving this

growth.

Source: ANDA/Heringer

SHARE OF SPECIALTY PRODUCTS

1Q11 1Q12

64%

36%

Convencional Especial

35%

65%

25%

75%

1Q10

1Q10 1Q11 1Q12

687.3 563.2 617.8

228.3309.3

353.5

971.6872.5

971.3 + 11.3%

+ 14.3%

+ 9.7%

Conventional

Specialty

SALES VOLUME

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14,482

17,796 18,642

1Q10 1Q11 1Q12

Number of Clients – 1Q12

+22.9%+ 4.8%

20.5%

17.6%18.3%

1Q10 1Q11 1Q12

Market Share – 1Q12

7

FINANCIAL RESULTS 1Q12 Income Statement

Another highlight of 1Q12 was the substantial growth of net revenue, from R$783.6 million in 1Q11 to R$959.1 million

in 1Q12, up 22.4%, thanks to the 10.0% increase in the average sales price and the 11.3% increase in deliveries over

1Q11.

The share of specialty products increased from 35% of the sales volume in 1Q11 to 36% in 1Q12. These have been

making an important contribution to net revenue, not just because of the growing volume but also because of better

margins.

COGS amounted to R$882.8 million in 1Q12, up 30.3% from R$677.6 million in 1Q11. COGS as a percentage of net

revenue was 92.0% in 1Q12, up from 86.5% in 1Q11.

Gross profit in 1Q12 was R$76.4 million, as against R$106.0 million in 1Q11, while gross margin stood at 8%, down

from 13.5% in 1Q11.

The drop in raw material prices and the volatile exchange rate scenario in 1Q12, in contrast to 4Q11, negatively

impacted margins in 1Q12.

Freight and commissions in 1Q12 came to R$43.5 million, corresponding to 4.5% of net revenue, versus R$44.7

million, or 5.7% of net revenue, in 1Q11. Note that freight and commissions are included in sales prices.

Selling, General and Administrative (SG&A) expenses, excluding freight and commissions, totaled R$35.6 million,

equivalent to 3.7% of net revenue, compared to 4.2% in 1Q11. Due to the higher volume of deliveries in 1Q12

compared to 1Q11, the fall in the ratio of SG&A expenses to net revenue in 1Q12 demonstrates productivity gains and

improved operating performance.

The percentage of SG&A expenses (excluding freight and commissions) is also impacted by the increase or decrease in

the average sales price and scale gains.

EBITDA in 1Q12 was R$10.8 million, with EBITDA margin of 1.1%, down from 5.7% in 1Q11. Just like gross profit,

EBITDA too was impacted by the fall in fertilizer raw material prices and the volatility of the exchange rate.

Net financial revenues in 1Q12 amounted to R$4.8 million. This amount consists of net interest, discounts granted,

expenses with adjustment to present value (AVP) and other items, which amounted to R$17.5 million, foreign

exchange gain of R$34.7 million, made up of a foreign exchange loss of R$35.1 million and an unrealized foreign

exchange gain of R$69.8 million, as well as revenues from currency hedge operations, in the negative amount of

R$12.4 million.

Heringer maintains a hedge policy to mitigate the foreign exchange risk on its dollar-denominated liabilities related to

raw material imports. On March 31, 2012, Heringer held a hedge position formed through swap contracts of USD247.8

million, with a weighted average rate of R$ 1.74.

Net income in 1Q12 was R$3.1 million, versus R$8.3 million in 1Q11.

8

WORKING CAPITAL MANAGEMENT

Heringer’s working capital reflects the seasonality of its business. Therefore, comparisons between similar quarters of

the year provide a clearer understanding. Heringer maintains a working capital policy to provide the capital needed

for its operations, while maintaining a cash position that is adequate for its needs.

It also maintains a strict credit policy in order to keep accounts receivable days low, through sales with shorter terms

and adequate credit analysis, thereby reducing the risk of defaults and losses. As a result, accounts receivable days

stood at 43 days in 1Q12, in line with the 1Q11 number.

Inventory days stood at 66 days in 1Q12, higher than the 50 days than in 1Q11, as a result of the larger volume of

deliveries.

Through synergies between the commercial, supplies and logistics areas, Heringer seeks to maintain an adequate level

of inventories to meet its clients’ needs in a timely fashion and with quality.

1Q12

959,144

(882,783)

76,360

(43,538)

(35,644)

10,775

4,796

3,153

%NR

100.0%

-92.0%

8.0%

-4.5%

-3.7%

1.1%

0.5%

0.3%

1Q11

783,608

(677,584)

106,024

(44,746)

(32,732)

44,318

(20,945)

8,323

%NR

100.0%

-86.5%

13.5%

-5.7%

-4.2%

5.7%

-2.7%

1.1%

Δ % 12/11

22.4%

30.3%

-28.0%

-2.7%

8.9%

-75.7%

122.9%

-62.1%

Net Financial Income (Expenses)

Net Revenue

Cost of Goods Sold (COGS)

Gross Profit

Freight and Commissions

SG&A (excluding Freight and Commissions)

EBITDA

Net Income

1Q12 %NR 1Q11 %NR

959,144

(875,706)

83,438

(43,538)

(35,644)

14,878

100.0%

-91.3%

8.7%

-4.5%

-3.7%

1.6%

783,240

(670,219)

113,021

(44,746)

(32,732)

48,303

100.0%

-85.6%

14.4%

-5.7%

-4.2%

6.2%

1Q12 1Q11

959,144

(882,783)

76,361

(43,538)

(35,644)

10,775

783,608

(677,584)

106,024

(44,746)

(32,732)

44,318

1Q12 %NR 1Q11 %NR

-

(7,077)

(7,077)

-

-

(4,103)

0.0%

-100.0%

-100.0%

0.0%

0.0%

-100.0%

100.0%

-2001.4%

-1901.4%

0.0%

0.0%

-1082.9%

368

(7,365)

(6,997)

-

-

(3,985)

Net Revenue

COGS

Gross Profit

Freight and

Commissions

SG&A

EBITDA

FERTILIZER SALES HERINGER TOTAL SSP AND SULFURIC ACID PRODUCTION

9

Accounts payable days, including the import financing operations (FINIMP), closed at 151 days, also higher than the

1Q11 result of 123 days.

Heringer finances its working capital by drawing on credit lines from local and international suppliers and from banks,

with the aim of adequately managing its cash flow.

4939

31 3341 43

33 2641 42

34 2843

5567

48

30

4961

4832

5067

55

33

66

217

198

134115

173

202

120

89

123

147

130 93

151

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Accounts Receivables Days Inventory Days Accounts payable days - adjusted by FINIMP

-113 -92 -55 -52 -83 -98 -39 -32 -32 -39 -41 -32 -42

WORKING CAPITAL DAYS

10

CASH FLOW Heringer closed 1Q12 with cash and cash equivalents of R$275.8 million, as against R$390.3 million in 4Q11. Basically, cash flow from operating activities was R$11.1 million, investments R$10.6 million and the payment of the 1

st

installment of debentures and other loans, totaling R$114.9 million, make up the reduction of R$114.4 million in the cash balance.

5,371

(11,524)

(14,628)

31,875

11,094

(10,571)

(114,934)

(114,411)

390,251

275,840

(114,411)

1Q12

11,930

3,070

(28,925)

(46,408)

(60,333)

(7,297)

4,784

(62,846)

176,054

113,208

(62,846)

1Q11

Income before income tax and social contribution

Expenses (revenues) with no cash effect

Reduction/(Increase) in asset accounts

Increase/(Reduction) in liability accounts

Cash flow from operating activities

Cash flow from investment activities

Cash flow from financing activities

Cash Generation

Statement of Cash Position

Opening Cash Balance

Closing Cash Balance

Cash variation in the period

11

FINANCIAL RESULTS – SUBSIDIARY Heringer also provides road transport and other services through its wholly-owned subsidiary Logfert Transportes S.A. (formerly Lógica Transportes S.A.).

12,863 (1,932)

10,932 (12,521)

(1,590)

(311) -

(311) 0

(1,900)

(34) 10

(44)

(1,934)

658 -

658

(1,276)

(721) (1,900)

1,179

1Q12

LOGFERT TRANSPORTES S.A.

%NR

8,284 (1,197)

7,087 (6,991)

96

(207)-

(207) -

(111)

(13)2

(15)

(124)

42 -

42

(82)

(104) (111)

7

1Q11

100.0% -98.6%

1.4%

-2.9%0.0%

-2.9% 0.0%

-1.6%

-0.2% 0.0%

-0.2%

-1.7%

0.6% 0.0%

0.6%

-1.2%

-1.5% -1.6% 0.1%

%NR

55.3% 61.4%

54.2% 79.1%

-1755.7%

50.2% 0.0%

50.3% 0.0%

1612.0%

159.2% 400.0% 191.3%

1459.7%

1466.7% 1466.7%

1456.2

593.6% 1612.0%

16742.9%

1Q12 x 1Q11

100.0% 114.5%

14.5%

2.8% 0.0%

-2.8% 0.0%

-17.4%

0.3% 0.1%

-0.4%

-17.7%

6.0% 0.0% 6.0%

-11.7%

-6.6%-17.4%10.8%

Sales gross revenueTaxes and other deductions

Sales net revenueCost of goods sold

Gross profit

Operational (expenses) revenuesSelling expensesGeneral and Administrative expensesOther Operational (expenses) revenues, net

Operating profit (loss) before financial results

Financial Revenue (expenses)Financial RevenueFinancial ExpensesExchange variation, net

Operating profit (loss)

Income tax and social contributionFor the periodDeferred

Net income (loss)

EBITDAIncome (loss) before financial results and taxesDepreciation and Amortization

(in thousand reais)

12

HERINGER OWNERSHIP BREAKDOWN

Since April 2007, Heringer stock (FHER3) has been listed on the Novo Mercado Special Corporate Governance segment of

the São Paulo Stock Exchange (BM&FBovespa).

Heringer is a component of the following indexes: Special Tag-Along Index (ITAG) and Special Corporate Governance

Index (IGC).

Foreign investors (108) accounted for 47% of the free float on april 30, 2012, while Brazilian investors (1,848)

represented 53%.

PERFORMANCE OF FHER3 STOCK IN 2012

Up to April 30, 2012, the price of Heringer’s stock had risen by 27.0%, while IBOVESPA had fallen by 8.9%. Average

daily trading volume in the period was R$777.921. Yield in the past 12 months stood at 41%.

42% 60% 53% 48% 47% 47% 49%

58% 40% 47% 52% 53% 53% 51%

dec/10 mar/11 jun/11 sep/11 dec/11 mar/12 apr/12

% Foreign % Brasilian

Nº of Foreigners Nº Brasilian

67.8%

32.2%Free-Float

Controlling Group

9.27 10.00 9.45 8.5010.42 11.10 11.45 12.45 14.10

12/30/2010 03/31/2011 05/31/2011 08/31/2011 11/30/2011 12/29/2011 01/31/2012 03/30/2012 04/30/2012

FHER3 - PERFORMANCE

Foreign and Brazilian Investors in Free FloatOwnership Breakdown and Free Float

13

The following chart shows the banks that cover us:

Heringer continues to believe in the long-term potential of Brazil’s fertilizer sector, given the country’s excellent conditions for agriculture and the fact that average fertilizer use is still low.

Currently FHER3 is the only fertilizer company listed on the Novo Mercado listing segment of BM&FBOVESPA , making it an attractive investment opportunity.

OUTLOOK FOR 2012

Agricultural commodity prices should remain favorable in 2012, due to the continued presence of economic

fundamentals that will maintain these current price levels, such as: increase in the world’s population, urbanization

and increase in income, resulting in an increased demand for food, global consumption closely aligned with

production, resulting in low levels of grain inventories, among others. Also, the current price level of agricultural

commodities is higher than the historical average.

According to the latest report from the World Agricultural Supply and Demand Estimates (WASDE), dated March 9,

2012, disclosed by USDA, the estimated grain supplies for the 2011/2012 harvest stand at 2,766.7 million metric tons,

while consumption is 2,298.8 million metric tons, giving a final stock of 467.9 million metric tons and a stock/use ratio

of 20.3%, compared to 22.3% in the 2009/2010 harvest.

The prospects for Brazil’s agribusiness in 2012 will continue to be strongly linked to the development of the world

economy. The strength of emerging economies that have continuously driven world economic growth is fundamental

to increasing the demand for commodities and their prices.

Itaú BBAGiovana Araújo/ Antonio Barreto

giovana.araujo@itausecurities.com/ antonio.barreto@itaubba.com

Bank of America Merril LynchIsabella Simonato/ Fernando Ferreira

isabella.simonato@baml.com/ fernando.ferreira@baml.com

Deutsche Bank

Banco Safra

Morgan Stanley

XP Investimentos

Banco do Brasil

Alessandro Baldoni/ Gustavo Gregorialessandro.baldoni@db.com/

gustavo.gregori@db.com

William Castro Alveswilliam.alves@xpi.com.br

Henrique Koch/ Thiago Gramarihkoch@bb.com.br/

thiago.gramari@bb.com.br

To be defined

Javier M. Olcoz/ Wesley Brooks Javier.Martinez.Olcoz@morganstalney.com/

Wesley.Brooks@morganstanley.com

Buy

Outperfom

Overweight

Outperform

Buy

Outperform

R$ 16.00

R$ 16.80

R$ 12.40

R$ 16.50

R$ 14.00

R$ 12.80

03/13/2012Updated

02/07/2012Updated

01/17/2012Updated

11/11/2011Updated

04/26/2012Updated

01/18/2012Updated

02/10/2012Updated

Analysts Recommendations Price Target Last Revisionof Price Target

Not available Not available

14

In addition to the excellent agricultural commodity prices, another important factor is the exchange rate which, at

current levels, is favorable for the income of rural producers in relation to the same period in 2011.

As such, the expectations for 2012 are an increase in productivity and continuation of excellent yield in the majority of

the crops. In such a favorable environment, an increase in the demand for fertilizers is only expected.

AGRICULTURAL COMMODITIES – INTERNATIONAL PRICES: RECENT EVOLUTION

In 2012, the barter ratio of agricultural products for fertilizers should remain quite favorable for rural producers. The

following graph shows that the barter ratio for the main crops has been remaining at the same historical levels and is

much lower than the peaks recorded during the 2008 financial crisis.

Soybean in Paraná, for example, has a barter ratio of around 20 bags per metric ton of fertilizer, slightly down from

the level in 2011, which encourages farmers to maintain an adequate level of soil fertilization.

Another example of a healthy barter ratio is corn in Paraná, with 47 bags per metric ton of fertilizer, well below that

recorded in the last quarter of 2011.

And finally, the barter ratios for sugar cane in São Paulo and coffee in Brazil are in line with the soybean and corn

curves.

Credit conditions for agriculture will also remain at favorable levels in 2012.

Yield for producers in recent harvests, with the exception of the regions with weather problems, has been excellent,

particularly in 2010/2011. Agriculture in Brazil has continuously been registering higher yields, thanks to the increased

Soybean US$/bushel

Sugar US$/pound

Corn US$/bushel

Coffee US$/pound

15

use of technology. The record volume of fertilizers delivered in Brazil in 2011, up 15.5% year-on-year, is testament to

this.

BARTER RATIO OF AGRICULTURAL PRODUCTS VERSUS FERTILIZERS

Source: Agroconsult/sc* = bags

The price of fertilizer raw material fell by around 10% in relation to 4Q11, particularly for nitrogen-based and

phosphate-based fertilizers. According to specialized publication, a general increase of between 8% and 23% was seen

in the three chains (NPK) in April. Regardless of possible adjustments, no significant price volatility is expected in 2012.

The current installed capacity for the production of fertilizer raw materials is capable of meeting the current global

demand.

22.06

24.26

19.21

36.54

46.92

27.17

23.77

20.26

23.90

21.59

20.43

0.00

10.00

20.00

30.00

40.00

50.00

Soybean Paraná (bag/60kg)

54.13

69.69

49.90

115.54

43.9068.20

58.38

38.62

58.57

45.78

47.12

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

Corn Paraná (bag/60kg)

33.2519.97

40.97

79.72

31.11

24.10

16.87 21.31

21.94

0.00

20.00

40.00

60.00

80.00

100.00

Sugarcane São Paulo (metric tons)

5.15

2.363.31

6.60

2.252.13

1.85 2.332.63

3.51 4.17

7.69

4.09 3.91 3.03 3.53

0.00

2.00

4.00

6.00

8.00

10.00

Coffee Brasil (bag/60kg)

Robusta Coffee Arabica Coffee

16

INTERNATIONAL RAW MATERIAL PRICES

Source: Siacesp/FOB – Price in U.S. Dollar

Faced with the excellent conditions for agribusiness in Brazil, the fertilizer market in 2012 should reach deliveries of 29

million metric ton, 2.5% up on 2011.

Seasonality of deliveries in the year should be around 40% in the first half and 60% in the second half.

0.00

100.00

200.00

300.00

400.00

500.00

600.00

700.00

800.00

Ureia Ammonium Sulfate Ammonium Nitrate Triple Superfosfate Potassium Chloride MAP/DAP

17

BRAZILIAN FERTILIZER MARKET - SEASONALITY

Source: Anda / Heringer / 2012E – Estimates

According to Agroconsult and Conab, grain production in the 2011/2012 harvest should be slightly below the 162.4

million metric tons recorded in the 2010/2011 harvest, as the result of the drought in some regions in Brazil.

Nevertheless, grain production is expected to total 158.9 million metric tons in 2012. The planted area for the

2011/2012 harvest is estimated at 52 million hectares, up 4.4% on the 49.9 million hectares in the 2010/2011 harvest.

This production estimate will depend on weather conditions that interfere with productivity. These figures will be

consolidated throughout the upcoming surveys.

2010 2011 2012E

65% 61% 60%

35% 39% 40%

1st Half

2nd Half

18

GRAIN PRODUCTION AND PLANTED AREA

Source: CONAB/Agroconsult/*Agroconsult forecasts and Heringer estimates Grains: Corn, Soybean, Rice, Beans, Sorghum, Castor Bean, Cotton, Sunflower, Barley, Rye, Oat, Peanut, Wheat and Triticale. Fertilizers: Estimates for 2011

144,043135,799

149,248162,378 158,993

47,397 47,959 47,516 49,866 52,053

24,609 22,429 22,400 24,516 28,326

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

Production Planted Area (1000 ha) FertilizersProductivity/ha

3.053.04 2.83 3.14 3.26

19

APPENDIX I – BALANCE SHEET

Mar/12

275,840463,018

770,744157,226

49,6981,716,526

98,003168,218266,221

19,720472,865

7,900500,485766,706

2,483,232

FERTILIZANTES HERINGER S.A.

Dec/11

390,251517,670

662,132225,489

54,9201,850,462

95,695160,677256,372

8,998472,518

5,152486,668743,040

2,593,502

Mar/12

33,894742,377886,649

7,009123,411

52,3251,845,665

79,56681,236

160,802

448,746(18,410)

46,429

476,765

2,483,232

Dec/11

47,793782,913847,356

8,137139,787

64,7901,890,776

156,27072,844

229,114

448,746(21,833)

46,699

473,612

2,593,502

Current AssetsCash and Cash EquivalentsAccounts Receivable

InventoriesTaxes RecoverableOther Accounts Receivable

Non-Current AssetsTaxes RecoverableOther CreditsLong-Term Assets

Investments Property, Plant and

EquipmentIntangible

TOTAL ASSETS

ASSETS

Current LiabilitiesLocal SuppliersForeign Suppliers

Loans and FinancingTaxes RecoverableAdvances received from

customersOther accounts payable

Long-Term LiabilitiesLoans and FinancingOther accounts payable

Shareholders’ EquityCapitalAccumulated Earnings /LossesAdjustment to equity valuation

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES AND SHAREHOLDERS’ EQUITY

(in thousands of reais)

20

APPENDIX II – 1Q12 INCOME STATEMENT

1Q12

975,491(16,348)

959,144(882,783)

76,360

(75,785)(60,069)(19,113)

3,396

575

(4,796)116,225

(111,429)

5,371

(2,218)(4,205)(1,987)

3,153

10,775 575

10,200

FERTILIZANTES HERINGER S.A.

%NR

100.0%-92.0%

8.0%

-7.9%-6.3%-2.0%0.4%

0.1%

0.5%12.1%

-11.6%

0.6%

-0.2%-0.4%0.2%

0.3%

1.1%0.1%1.1%

1Q11

799,251(15,643)

783,608(677,584)

106,024

(73,149)(60,527)(16,952)

4,329

32,875

(20,945)45,253

(66,199)

11,929

(3,607)(924)

(2,683)

8,323

44,318 32,875 11,443

%NR

100.0%-86.5%

13.5%

-9.3%-7.7%-2.2%0.6%

4.2%

-2.7%5.8%

-8.4%

1.5%

-0.5%-0.1%-0.3%

1.1%

5.7%4.2%1.5%

1Q12 x 1Q11

22.1%4.5%

22.4%30.3%

-28.0%

3.6%-0.8%12.7%

-21.6%

-98.3%

-122.9%156.8%

68.3%

-55.0%

-38.5%

-174.0%

-62.1%

-75.7%-98.3%-10.9%

(in thousands of reais)

Gross Revenue from SalesTaxes and other deductions from sales

Net Revenue from SalesCost of Goods Sold

Gross Profit

Operating (expenses) revenuesSelling expensesGeneral and Administrative expensesOther Operating Revenues (expenses), net

Income (loss) before financial result

Financial (expenses) IncomeFinancial RevenuesFinancial Expenses

Operating Profit (Loss)

Income Tax and Social ContributionCurrent yearDeferred

Net Income (loss)

EBITDAIncome (loss) before financial results and taxesDepreciation and Amortization

21

1Q12 RESULTS CONFERENCE CALLS

Conference Call in Portuguese

May 11, 2012 at 11:00 a.m. Brazil (10:00 a.m. U.S. ET)

Dial-in: + 55 (11) 3127-4971

Code: Fertilizantes Heringer

Replay for one week: + 55 (11) 3127-4999

Password: 23586913

Conference Call in English (simultaneous translation)

May 11, 2012 at 11:00 a.m. Brazil (10:00 a.m. U.S. ET)

Dial-in: +1 (866) 866-2673

Code: Fertilizantes Heringer

Replay for one week: +55 (11) 3127-4999

Password: 28342787

EBITDA (earnings before interest, tax, depreciation and amortization) is presented as additional information, given our belief that it is an important

indicator of our operating performance, as well as useful for comparing our performance with that of other companies in the sector. However, no

single figure must be considered a substitute for net income calculated in accordance with Brazilian Corporate Law (BR GAAP) or even as a measure

of Heringer’s profitability. Moreover, our calculations may not be comparable with similar measures adopted by other companies in the sector.

We issue forward-lookingstatements about future events that are subject to risks and uncertainties. These forward-looking statements are based on

the beliefs and assumptions of Heringer’s management and information to which it currently has access. Statements about future events include

information about our current plans, beliefs or expectations, as well as those of Heringer's Board of Directors and Executive Officers.

The reservations as to forward-looking statements and information also include information on possible or presumed operating results, as well as

any statements preceded, followed or including words such as « believe », « may », « will », « expect », « intend », « plan », « estimate » or similar

expressions.

Forward-looking statements are not guarantees of performance; they involve risks, uncertainties and assumptions because they refer to future

events and, therefore, depend on circumstances that may or may not occur. Future results may differ materially from those expressed or suggested

by said forward-looking statements. Many factors that may determine these results and values are beyond Heringer’s control or ability to predict.