Apresentação institucional

THE LARGEST BRAZILIAN BIODIESEL COMPANY

1

Section I Introduction 2

Section II Market Overview 9

Section III Group Overview 33

Section IV Management, Strategy and Governance 46

Section V Operational Review 65

Section VI Financial Review 78

Section VII Conclusion 83

Title Page

Introduction

Section I

3

Brasil Ecodiesel is the leading and sole fully-dedicated producer of biodiesel in Brazil, and it believes to be the largest listed Biodiesel company in the world in terms of production capacity;

Established in July 2003, Brasil Ecodiesel began its operational activities in August 2005, throughout its Floriano Plant. The first two years after the incorporation were dedicated to the establishment of partnerships with agricultural labor unions and government entities, definition and development of technology and research of raw material options;

The Company held its IPO and became a publicly-held company in November 2006. It is listed on the Sao Paulo Stock Exchange -Bovespa and has a market capitalization of around US$ 450 million as of December 2007. The major shareholders is/are:

Ações % 43,679,955 34.58% 24,975,508 19.77% 12,315,826 9.75% 8,646,180 6.85% 36,693,272 29.05% 126,310,741 100,0%

* On November 30th, 2007

OthersTotal

Wellington Managment Company

ShareholdersEco Green Solutions LLCZartman Services LLCNelson José Côrtes da Silveira

IntroductionIntroduction

4

According to Brazilian Biodiesel Law (Law 11.097/2005), all the mineral diesel sold in the country from 2008 on will require a mandatory blend of 2% of biodiesel (“B2”), percentage that will increase to 5% in 2013. The market for biodiesel in Brazil is expected to increase to 1.0 million m3 in 2008 and 2.4 million m3 per year beginning in 2013. However, the government already announced that the 5% blend will likely be brought forward to 2010.

To stimulate private investment in the biodiesel sector, Brazilian Government started the purchases of biodiesel to Petrobras in 2006 and 2007, the state-owned oil company (rated Baa1 by Moody’s and BBB- by S&P), through public auctions organized by ANP (Oil National Council – “Agência Nacional do Petróleo”).

On the auctions organized by ANP for biodiesel delivery scheduled for 1H08, Brasil Ecodiesel sold 161,000 m3 of biodiesel. Another auction, whose volumes are also scheduled to be delivered in the same period, was done, this time, by Petrobras to build up inventories, under which Brasil Ecodiesel sold 35,900 m3;

The company maintains 6 operational plants in the cities of Floriano (Piauí), Crateús (Ceará), Iraquara (Bahia), Porto Nacional (Tocantins), Rosário do Sul(Rio Grande do Sul) and Itaqui (Maranhão), with a total capacity of 638,600 m3 /year, currently operating at around 57% of its total capacity

Considering the vertical integration strategy, the company also counts with oil extraction facilities in Iraquara (Bahia), Crateús (Ceará) which is currently unable to operate due to an environmental injunction, São Luis Gonzaga (Rio Grande do Sul) and Porto Nacional (Tocantins), which is under construction and is expected to start its operations by August 2008;

Brasil Ecodiesel accesses the necessary volumes of vegetable oil to its activities through a strategy of diversification, which includes direct purchases from vegetable oil producers, plantations in its own lands (63,349.4 hectares as of September 30) and partnerships with family farmers and commercial farmers;

As of 9M07, Brasil Ecodiesel sold 114,674 m3, and had a market share of 49% in the first 9 months of 2007, with net revenues of BRL 201.4 mm;

Brasil Ecodiesel had 1,614 employees as of November 2007

* subject to market evolution.

IntroductionIntroduction

5

Sole Fully-Dedicated and Leading Brazilian biodiesel producer

• Brasil Ecodiesel is the sole fully-dedicated and leading biodiesel producer in Brazil, responsible for 53% of biodiesel produced in Brazil in 2007, according to ANP

• As being the market leader, maintaining a strong relationship with customers, suppliers, including the federal, state and local governments, the company is placed in a favorable position to remain a leading player after the anticipated end of the auction system

Government supportive of biodiesel industry

• Brazil Government launched programs to increase sustainable production and mandatory use of biodiesel, according to the Law 11.097/05

• It has enacted laws and regulations that impose a long-term requirement to use biodiesel, and granted tax benefits favouring the sustainable production of oilseeds, which are essential raw materials in the production of biodiesel

Innovative raw material origination chain

• Brasil Ecodiesel has introduced several measures like producing vegetable oils for industrial consumption only (like castor and jatropha), diversification into more efficient sources (like sunflower seeds) and the increased use of cheaper vegetable oils. Such strategy will determine the company’s increasing profitability

Geographic and production flexibility

Flexible technology that is able to produce biodiesel from several different raw materials (castor plant, jatropha and sunflower’s vegetal oils) with no increase in cost and make adjustments to meet varying technical specifications for biodiesel required by international markets

National wide presence of operations allows the company to take advantage of:

Logistic synergies

Integration to a wider array of suppliers and clients

Lower dependency on specific weather conditions and;

Tax incentives in the different states where activities are located

Competitive Characteristics

6

Project Management experience

The company succeeded in the development of industrial projects, specifically biodiesel plant construction engineering, and have demonstrated this by implementing and completing its projects on a timeless basis

Technology and equipment are sourced domestically, enabling Brasil Ecodiesel to meet biodiesel delivery obligations in a flexible manner and to expand operations in a timely fashion

Developed its own tecnology to build and manage the operations of multifeedstock biodiesel plant

Strong ability to build a biodiesel plant in Brazil within a very competitive capital expenditure per installed capacity

Relationship management

As fuel distributors are the only entities authorized to mix biodiesel with mineral diesel, the company strives to establish an even stronger relationship with the five main distributors that account for approximately 76.3% of the market

Strong Human and Social development is a priority in the Brazilian biodiesel market adopted by the government and a fundamental aspect of the company. The company supports and promotes family farming projects, which benefits BrasilEcodiesel by providing access to guaranteed supply and good relationships with government and labor unions, in addition to tax benefits. In November 2005, Brasil Ecodiesel received the “Social Fuel Seal”, a pre-requirement to participate in some of ANP’s auctions

Competitive Characteristics

7

Regulatory changes

Increased competition

Challenges Company response / Mitigating Factors

EBITDA margins and cash flow generation

Exposure to volatile raw material prices

Short and medium term administrative reorganizationIncreasing access to cheaper grains and vegetable oils, achieved from family farmers and commercial farmersPrice increase in the domestic market, due to increasing demand, as shown on last December Petrobras auctionEconomies of scales, increasing revenues with by-products

Commitment of government to the biodiesel policy, through a new mandatory market As the pioneer in the industry, Brasil Ecodiesel helped to form the current sector’s framework and would be consulted and influence regarding future changes

Advantage of first mover and of being the sole fully-dedicated producer with substantial capacity in order to supply the marketAccess to raw material is the main barrier of entryAbility to more than double its capacity with lower levels of CAPEX

Diversification of raw material sources, diminishing exposure to price volatilityFlexibility of technology in order to diversify vegetable oil types and mitigate risksIncreasing portion of grains/ vegetable oils acquired from family and commercial farmers, with fixed prices

Challenges and Mitigating Factors

8

Challenges Company response / Mitigating Factors

Increasing financial leverage

Exposure to currency fluctuation

Global trend for the use of biodiesel

New regulatory framework

Political Risk

Potential access to long term credit lines to leverage the company

Strong cash flow projection supplied by the increasing domestic demand and existing production capacity

Future supply contracts shall be based on automatic price adjustment mechanism linked to international vegetable oil prices

Strong export potential to European Union due to its cheap production cost and strategic location on northeast of Brazil

Challenges and Mitigating Factors

Market Overview

Section II

10

Biodiesel is a renewable and biodegradable fuel, derived from renewable sources (vegetable oils and animal fat), such as:

Soybean

Castor plant

Jatropha

Rapeseed

Palm

Sunflower

Animal Fat (pork and beef)

Renewable fuel used in diesel cycle engines, as partial or total substitute for mineral diesel

It is a methylic or ethylic ester, produced from a chemical reaction between a vegetable oil (or animal fat) and an alcohol (ethanol or methanol) in the presence of a catalyst. Such reaction is denominated transesterification.

BiodieselWhat is it?

11

BiodieselAttributes of the Product

Does not harm the environment

It is renewable, biodegradable and It is renewable, biodegradable and has a positive energy balance in has a positive energy balance in productionproduction

Reduces the emissions of gases Reduces the emissions of gases causing the greenhouse effectcausing the greenhouse effect

CetaneCetane number higher than that of number higher than that of mineral dieselmineral diesel

It is a perfect replacement for It is a perfect replacement for mineral dieselmineral diesel

BIODIESELBIODIESEL

Engines do not need to be adapted

Ecologically correct, eligible for carbon credits

Flash point is higher than that of Flash point is higher than that of mineral dieselmineral diesel

Simplified distribution and greater safety in transportation

High power of ignition and combustion

Biodiesel is a premium product compared with mineral dieselBiodiesel is a premium product compared with mineral diesel

12

Many countries and regions adopting specific laws to introduce biofuels in the energy matrix

Europe and USA are today the main markets

Increasing Energy demand

High dependence

of fossil energy

High energy prices

Climate Changes

Oil reserves on the limitGeopolitical

instability of oil

producer countries

Refining capacity on the limit

Global Economic

Growth

BIODIESEL:Security of energy supply

EnvironmentSocial Development

Pollution Reduction

World Biodiesel Market OverviewGlobal Context

13

Strong growth in the demand and production of biofuels:

Security in supply, lack of dependency of regions with geopolitical problems and high prices trends;

Concern about global warming, need to replace fossil fuels.

Biodiesel market has great growth potential and the access to vegetable oils will be a key success factor

Reduction in the production in Asia, mainly due to the increasing use of palm oil for human consumption and poor characteristic of biodiesel produced from palm oil only

According to the World Economic Outlook, USA and Europe are reducing biofuels’ import taxes

Source: Oleoline, EBB, NBB

4890 468430

1400 10000

1065

852,3

2200

61,65

720

450100

3080

530

5

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2002A 2006A 2007E 2010E

Europe USA Brazil Other

World Production of Biodiesel (1000 MT)

Global Trends

14

Europe:

Directive 30/2003 established a voluntary goal to the use of 2% of biofuels in 2005, that was not attained;

This goal was raised to 5.75% in 2010 and the European Council recommended adopting a mandatory goal of 10% in 2020;

Several countries have already established mandatory goals, following the Brazilian example, which will change the price formation dynamics, making biodiesel prices independent from diesel prices;

European production shall not meet the local demand: due to limitations of arable ground and rapeseed production. The European Commissioner for Agriculture, Marian Fischer Boel estimated in the Conference by the European Grain and Oilseed Convention, on May 4th, 2007, that 10 to 30% of biofuels consumed in Europe in 2020 shall come from imports.

France: 2% since January 2005. Austria: 2% in October 2005. Slovenia: 2% in 2006;

Check Republic: 2% in September 2007;

Germany: 2%, increasing to 5% in 2007; Holland: 2% in 2007;

UK: 2% in April 2008; Sweden, 2 to 5% , depending on the country’s region, in 2007;

Spain: 3,4% in 2009, 5,75% in 2010.

World Biodiesel Market Overview

15

USA:

• Job Creation Act, 2004: tax incentives to biodiesel producers of US$ 1,00 per gallon produced, as well as credit to distributors and refineries of US$ 0,01 per gallon for each percentage point of biodiesel blended to the mineral diesel.

• Energy Policy Act 2005: credit of US$ 0,10 per gallon of biodiesel produced by small producers, up to the limit of 15 million gallons.

• “New Energy Bill”, 2007: The energy bill adopted by the Senate increases the Renewable Fuels Standard (RFS), which sets annual requirements for the amount of renewable fuels produced and used in motor vehicles. The expanded RFS requires 9 billion gallons of renewable fuels in 2008 and is expected to increase to a 36 billion gallon requirement by 2022.

“Environmental Protection Agency”:

• Sulfur is one of the most polluting elements derived from mineral diesel;

• Mineral diesel consumed in US should reduce sulfur from 300 - 500 ppm (parts per million) to at most 15 ppm. This is called ULSD (Ultra Low Sulfur Diesel), which is mandatory to all road vehicles since June 2006. Reduction of sulfur drastically decreases the fuel lubricity, which is essential for engines efficiency. Biodiesel, even in a percentage lower than 1%, solves the problem by increasing lubricity up to as much as 65%;

• US Navy: According to its memorandum US Navy should use blends of B20 in the regions where there are available supply. US Army and Navy are the largest diesel consumers of US.


16

Historic substantial growth of biodiesel production:

European Production US Production

Source: European Biodiesel BoardSource: National Biodiesel Board

132

107.661.711.5

210

104.980.2

25.9

304

102.394.167.7

491

144.6

116.4

184.3

782

218.4

131.4

305.1

0

200

400

600

800

1000

1200

1400

1600

Volu

me

(mill

ion

gallo

ns)

2002 2003 2004 2005 2006

Germany France Italy Other

313.1 421.2

568.3

935.9

1437.4

15 2025

75

250

0

50

100

150

200

250

Volu

me

(mill

ion

gallo

ns)

2002 2003 2004 2005 2006


17

Brazilian Biodiesel Market Overview

REGULATING MILESTONE: BIODIESEL LAW

Law 11.097/05: Establishes minimum percentages of

mixing biodiesel with diesel and the monitoring of the insertion

of the new fuel in the market.

Authorized Mandatory Mandatory

Potential Market:840 million liters

Firm Market:1 billion liters

Firm Market:2,4 billion liters

onwards

18

July 2, 2003 - Brazilian government issued a decree instituting a working group to assess the feasibility of the use of biodiesel as an alternative energy source and, on December 23, 2003, the Brazilian government created by decree an inter-ministerial executive commission in charge of the implementation of actions encouraging the production and use of biodiesel in Brazil;

December 23, 2003 - The Brazilian government issued a decree that create the executive inter-ministry comitee to implant the action aiming the production and commercialization of biodiesel.

November 24, 2004 - ANP issued ANP Resolutions No. 41 and No. 42, which establish, respectively, the requirement of the ANP’sauthorization for biodiesel production and the technical specifications for biodiesel production and sale;

December 6, 2004 - Brazilian government enacted Provisional Measure No. 227, converted into Law No. 11,116 of May 18, 2005, as well as Decrees No. 5,297 and No. 5,298. Subsequently, the Brazilian Secretariat of the Federal Internal Revenue Service issued Normative Instructions No. 516 and No. 526, on February 22, 2005 and March 15, 2005, respectively. These provisions regulate the special registration of a biodiesel producer or importer with the Brazilian Secretariat of the Federal Internal Revenue Service, the coefficients for the reduction of contribution rates for the PIS/PASEP and COFINS payable for the production and sale of biodiesel, as well as an exemption from the IPI contribution payable on biodiesel;

January 13, 2005 - Brazilian government enacted the Brazilian Biodiesel Law, which introduced biodiesel into the Brazilian energy matrix and broadened the ANP’s scope of action, which was expanded to include the regulation of the production and marketing activities of biofuels. Moreover, this law set minimum compulsory percentages for the mixing of biodiesel with mineral diesel sold to final consumers, determining that the minimum additional percentage must be 2.0% from 2008 to 2012, and 5.0% from 2013;

January 13, 2005 - The Brazilian Government enacted the Brazilian Biodiesel Law, which introduced biodiesel in the Brazilian energy matrix and broadened the ANP’s scope of power to include the regulation of the production and marketing activities of biofuels. Moreover, this law set minimum compulsory percentages for the mixing of biodiesel with mineral diesel sold to end consumers, requiring a minimum additional percentage of 2.0% from 2008 to 2012 and 5.0% from 2013;

May 18, 2005 - the Brazilian Government enacted the Law 11.116 regarding the Special Register on the Secretariat of Internal Revenue of the Ministry of Finance of biodiesel producer or importer and regarding PIS/PASEP and COFINS due such product revenue;

Brazilian Biodiesel Market OverviewRegulating Overview

19

May 20, 2005 - the Brazilian Government issued a Decree which amends the item 1, article 2 of law 11.097, regarding the introduction of biodiesel in the Brazilian Energetic Matrix and Provisions;

June 06, 2005 - the Brazilian Government issued a decree which reduced the portion of PIS/PASEP and COFINS importion and commercialization of biodiesel;

July 5, 2005, and on September 30, 2005, the MDA issued Normative Instructions No. 01 and No. 02, respectively, which regulate the criteria and procedures related to the granting of the Social Fuel Seal to companies and projects;

September 23, 2005 - CNPE, based on the powers granted it by the Brazilian Biodiesel Law, required the mandatory purchase of biodiesel from producers holding the Social Fuels Seal by producers and importers of diesel;

October 3, 2005, the MME issued Edict No. 483, which established the guidelines for the regulation of biodiesel public auctions;

November 4, 2005 - ANP subsequently issued Resolution No. 31, which regulates procedures and participation requirements for such auctions. Five auctions were done from November 2005 to February 2007, to supply the market in 2006 and 2007;

July 17, 2006 – ANP issued resolution N.º 15, which established the technical specifications to mineral diesel and B2 and also defines the obligations of the quality control over the products;

October 3, 2007 – MME issued Resolution No. 5, defining that new auctions would be done to supply the market in the first half of 2008, when 2% mandatory blend should begin.

October 4, 2007 - MME issued Edict No. 284, which regulates procedures and participation requirements for such auctions;

December 11, 2007 - ANP issued Resolution No. 338, indicating that Petrobras and Refap should buy another 100,000 m3 to build up inventories


20

March 7, 2007 - the ANP issued Resolution No. 9 which sets forth the technical regulation on quality control of liquid fuel used in vehicles, including biodiesel, among others, purchased by retail stores for commercialization to end consumers;

October 4, 2007 - the MME issued the Ruling No. 284 establishing the specific guidelines of the public auctions which shall be held by the ANP related to the buy of biodiesel;

October 30, 2007 - the ANP issued Resolution No. 33, which determined the guidelines for the regulation of biodiesel auctions to be held by the ANP, in connection with biodiesel to be sold in 2008, pursuant to the CNPE’s Resolution No. 5, dated October 3, 2007. This Resolution also sets forth that the ANP may hold additional auctions with the termination of purchase and sale agreements executed in previous biodiesel auctions;

December 11, 2007 - the ANP issued Resolution No. 44, which determined that the diesel producers that acquired biodiesel under biodiesel auctions in order to comply with the requirement to add 2% of biodiesel in all diesel supplied to end consumers must supply such biodiesel to all distributors notwithstanding such distributors having acquired diesel from other diesel suppliers; and

December 11, 2007 - the ANP issued Resolution No. 45, which determined that Petrobras and REFAP must form a stock of biodiesel in the amount of 100,000 m3 (and acquire the corresponding amount of biodiesel under public purchase proceedings) by February 29, 2008 in order to guarantee the continuity of supply of biodiesel to such contributors and other companies selling diesel to end consumers, which must comply with the obligations to add a minimum 2% of biodiesel, in all diesel sold to end consumers, pursuant to the Brazilian Biodiesel Law.


21

ANP (National Agency for Petroleum, Natural Gas and Biofuels)

Governmental agency created in August 1997,

Responsible for regulating, supervising and enhancing the petroleum, natural gas and biofuels industry in Brazil through the creation of competitive market conditions, bringing lower prices and better service to final consumers

The production, import, export, storage, distribution and sales of biodiesel as of any type of fuel in Brazil are subject to the ANP’s regulation and authorization

Government Incentive Policy and favourable regulatory framework

Capacity authorization:

Producers need to be authorized by ANP, by the Brazilian Secretariat of the Federal Internal Revenue Service work and also by states environmental offices;

Market mandatory demand regulated by auctions until June, 2008: mechanism for 2H08 unknown yet and free market on the medium term (Negotiations between producers and distributors) is expected;

Competition by price under auctions mechanism, without any price regulation.

Market Regulation

22

Brazilian Diesel Market

Distributors Sale (Diesel + B2) – m3

Market Size

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

45.000.000

2000 2001 2002 2003 2004 2005 2006 2007

Diesel B2

23

Brazilian Biodiesel production in clear expansion

Source: ANP

1.075 1.725 2.5786.490

3.331

8.581

17.109

22.63718.773

26.005 26.718

45.112

54.752

46.98153.699

43.366

16.025

6.735

0

10.000

20.000

30.000

40.000

50.000

60.000

jan/

06

fev/

06

mar

/06

abr/0

6

mai

/06

jun/

06

jul/0

6

ago/

06

set/0

6

out/0

6

nov/

06

dez/

06

jan/

07

fev/

07

mar

/07

abr/0

7

mai

/07

jun/

07

jul/0

7

ago/

07

set/0

7

out/0

7

nov/

07

dez/

07

CAGR 07: 9.6%

CAGR 06-07: 17.8%

Market Size

24

Brazilian Biodiesel market shall be higher than mandatory volumes, due to the early achievements of the Government goals and additional voluntary use

Potential Market Size

2005 - 2007 2010 onwards2008 - 2009

5% Mandatory *2% Authorized 2% Mandatory

68.5

2,400

800

0

500

1,000

1,500

2,000

2,500

3,000

2006 2008 2010

thou

sand

m3

1,200

2009

870

1,600

2007

500

Mandatory Market** With voluntary market**With voluntary market*** Considering advance of B5** Mandatory – MME Estimates/ Voluntary – Brasil Ecodiesel Estimates

?

Voluntary Market

400730

25

Brazilian Biodiesel market will be higher than mandatory volumes

Besides the mandatory market there is a voluntary one made up of special consumers such as the fleets of urban buses, road transport, railroads, mining equipment and thermo-electrical plants, all of which may use higher percentages of biodiesel:

• Vale, the largest consumer of diesel in Brazil, is already using B20 in its railroads;

• Public transportation companies are already using B5 in Rio, São Paulo and Belo Horizonte, among other cities;

• Agricultural fleets, which consume about 15% of the diesel in the country, are a potential market considering high diesel prices in some regions of the country due to the distance from refineries;

• Isolated thermo-electrical power plants

Source: Brasil Ecodiesel

Potential Market Size

26

The ANP Auctions (FOB prices)

26,800 m3 until 12/31/200611,200 m3 until 06/30/2007

TOTAL 1,265,000 657,000 51.9%

1,909

2nd Auction 03/30/2006 170,000 21,780 12.8% 1,905

1st Auction 11/23/2005 70,000 38,000 54.3%

Until 06/30/2007

3rd Auction 07/11/2006

50,000 40,000 80.0% 1,730 Between 01/01/2007 and 12/31/2007

4th Auction 07/12/2006

550,000 388,220 70.6%

1,845 Until 06/30/2008


45,000 8,000 17.8%

1,730 Between 01/01/2007 and 12/31/2007

1,803 Until December 2007

1,873 Until 06/30/2008


304,000


76,000 20,000 26.3%

141,000 46.4%

BRL/m3 Delivery DatesAuction Amount Auctioned m3

Brasil Ecodiesel Part

%

The Petrobras and Refap Auctions (CIF prices)

Auction Amount Auctioned m3

Brasil Ecodiesel (m3 ) %

CIF PRICE BRL/ m3

Delivery Dates

Petrobras e Refap 12/20 and 12/21/2007

Until 02/28/2008

100,000 35,900 35.90% 2,290.38

The average logistics cost of this auction is R$ 70 / m3, which would correspond to an average FOB price of around R$ 2,220 / m3.

Mandatory

Mandatory

Voluntary

Volumes

Auctions

27

0

20

40

60

80

100

120

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q070.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

Brasil Ecodiesel Production Total Production Market Share

Summary of the Biodiesel Auctions

Biodiesel Production

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

1st 2nd 3rd 4th 5th 6th 7th 8th and 9th0

500

1000

1500

2000

2500

Brasil Ecodiesel m3 Others m3 Brasil Ecodiesel Average Price

Market shareProduction in ‘000 m3

Production in m3

R$ / m3

Overview of Biodiesel’s Auctions

28Source: ANP

Biodiesel Production divided by producer – m3

Competitive Landscape

Production (m3)Brasil Ecodiesel 156 21.2% 34,768 50.7% 211,980 53.1%Granol 0.0% 30,543 44.6% 67,946 17.0%Biocapital - 0.0% - 0.0% 30,892 7.7%Caramuru 0.0% 0.0% 42,692 10.7%Barrálcool 0.0% 0.0% 12,590 3.2%Bsbios 0.0% 0.0% 13,690 3.4%Others 580 78.8% 3,237 4.7% 19,773 4.9%Total 736 100.0% 68,548 100.0% 399,563 100.0%

2005 2006 2007

Brasil Ecodiesel, 53.1%

Granol, 17.0%

Biocapital, 7.7%

Caramuru, 10.7%

Barrálcool, 3.2%

Bsbios, 3.4%Others, 4.9%

TOTAL 399,243 m3

Biodiesel Production divided by producer in 2007 – m3

29

Competition scenario for 1H08 defined by the auctions;

Small companies that had never produced biodiesel before, and which are not fully-dedicated producers, could participate of the auctions, increasing the competition and pressuring the prices down;

Trend that companies that don’t deliver the biodiesel should be banned from possible upcoming auctions;

Potential new players to enter the market only after July 2008.

6th (11/13/2007) and 7th (11/14/2007) ANP’s Auctions

Brasil Ecodiesel, 42.37%

Granol, 17.11%

Biocapital, 13.16%

Caramuru, 10.00%

Fiagril, 6.05%

Others, 11.32%

380,000m3

Competitive Landscape for 2008

30

Competition restricted to the major players

Petrobras perception on potential risk of lack of supply due to results of the 6th and 7th auctions

1st Refap (12/20/2007) and Petrobras (12/21/2007)Auctions

Volumes sold by each producer not available yet.

Competitive Landscape for 2008

31

Potential new players:

Cultural bias towards engineering fossil fuel development;Difficulty to promote its grains’origination chains, due to its needs of capillarity and dispersion;Need to develop a new social program;

Diesel production monopoly;

Strong presence in distribution;

Investment capacity.

DisadvantagesAdvantages

PETROBRAS

Biodiesel’s total market incipient in relation to its main activity;Detachment of the program’s social objectives;Dependant of other companies for supplies’origination;Limited volume of lower costs’supplies;Difficulties to structure its own supply chain.

Distribution and commercialization structure;Investment capacity.


FUEL DISTRIBUTORS

Depends on a sub-product of its main activity;Small access to tax benefits;Current logistics oriented to grain’s exports.

Domain of the vegetable oil’s market;Strong presence in the European biodiesel market;Investment capacity.


COMMODITY/TRADING VEGETABLE PRODUCERS

Small access to tax benefits;Current internal logistics oriented to grain’s exports.

Access to the international biodiesel market;Investment capacity.


INTERNATIONAL GROUPS SEEKING EXPORTS

Dependant of other companies for supplies’ origination;Limited volume of lower costs’supplies;Difficulties to structure its own supply chain.

Eventual access to lower costs’supplies;Flexibility to create independent strategies.


OTHER INDEPENDENT PRODUCERS

Competitive LandscapeGeneral

32

Imperium Renewables, Inc. was founded as Seattle Biodiesel, LLC in 2004. SaybrContractors, the leading petroleum facility contractor in the Northwest, entered into a joint venture to construct the first commercial implementation of this biodiesel refinery technology. By early 2005, the refinery opened for business. Imperium Renewables, Inc. operates the Seattle refinery as a wholly owned subsidiary with a yearly capacity of 5 million gallons per year. In August, 2007 it officially opened the USA’s largest Biodiesel refinery, capable of producing up to 100 million gallons per year, in Grays Harbor Washington. The company is in site developments that it believe will deliver another 300 million gallons per year of capacity by the end of 2009.

USAGushan is a leading producer of biodiesel

and related products in China. It was founded in 2001. Currently, it has an aggregate annual production capacity of 190,000 tons of biodiesel. As a pioneer of the biodiesel manufacturing sector in the country, it intends to promote biodiesel as one of the best solutions for China’s energy needs by producing quality and environmentally friendly biodiesel at competitive cost.

Asia

Plant Name City Province Feedstock CapacityMilligan BioTech Foam Lake SK Canola Oil 1,000,000 LBIOX Hamilton ON Tallow 66,000,000 LRothsay Montreal QC Animal Fats/Yellow Grease 30,000,000 LNorth West Bio-Energy Unity SK Wheat 25,000,000 L

Canada

EuropeBIOPETROL INDUSTRIES AG is a Swiss

company with subsidiaries in Germany, in the Netherlands and in Switzerland. Its business is the manufacture and distribution of biodiesel to DIN EN 14214 and of pharmaceutical grade glycerol from vegetable oil. Biopetrolregistered € 155.44 mm sales of which 95% belongs to biodiesel. In 9M07 Biopetrol sold 199,817 tonnes of biodiesel (114,320 tonnes in 9M06).

D1 Oils plc is a UK-based global producer of biodiesel with also commodity refining and trading activities. The company has established a global planting joint venture with BP in order to develop its biodiesel production. D1 has obtained the right to offtake a total area of 198,000 hectares of jatrophaworldwide. Turnover as of Jun 30th 2007 reached £4.1m corresponding to 8,588 tonnes.

Nova Biosource Fuels, Inc. is an energy company that synthesizes and markets ASTM standard biodisel and related co-products. Nova is focused on the construction and operation of three biodiesel refineries with total production capacity 180 to 220 million gallons of fuel on an annual basis. Nova's business strategy through the year 2010 includes building up to seven biodiesel refineries, either wholly owned or in

Oceania

South America

connection with joint ventures, each with annual production capacity ranging from 20 to 60 million gallons

Natural Fuel Limited is a renewable energy company, headquartered in Australia. Natural Fuel was incorporated in October 2003 and became a public unlisted company in June 2004. On 21 December 2006 Natural Fuel Limited listed on the Australian Securities Exchange (ASX: NFL ). Its biodiesel plant in Darwin (a 50/50 joint venture with Babcock and Brown Environmental Investments) is Australia’s largest. A wholly owned biodiesel production facility is in the final stages of construction on Jurong Island, Singapore. Once completed, it will be the largest biodiesel production facility in the world.

In tests’ period, Bertin’s Biodiesel plant will represent, according to Abiodiesel(Associação Brasileira das Indústrias de Biodiesel), 14% of the Brazilian production, and will be the biggest installed plant in the world to make biodiesel from animal fat. The plant will have a year capacity of 110 millions of litters of biodiesel. Despite the initial use of fat as supply, the plant also has conditions to operate with vegetable oils.

1 Gallon = 3.79 litters

Other Producers

Group Overview

Section III

34

July 2003 The Company entered into an agreement with the state of Piauí for the installation of a castor plant oil production center based on family farming;

November 2003 The Company began implementing its first family production center, the Santa Clara Agricultural Center, which recorded its first harvest between May and August 2004;

April 2004 Ecotrans, a subsidiary of the company, began its logistics activities;November 2004 Acquisition of Crateús Algodoeira S.A. (Crateús Algodoeira), located in the state of Ceará;August 2005 Inauguration of the Floriano plant, located in the state of Piauí;November 2005 Brasil Ecodiesel participated in the first public biodiesel auction, winning bids to supply 38,000 m3

of biodiesel, 54.8% of the total amount;March 2006 The Company participated in the second public biodiesel auction, winning bids to supply 21,780 m3,

12.8% of the total amount;May 2006 The Company began construction of its Crateús plant in the state of Ceará;July 2006 The Company began building its Iraquara plant in the state of Bahia; July 2006 Brasil Ecodiesel participated in the third and fourth public biodiesel auctions in which it won bids to

supply 428,220 m3, 71.4% of the total amount;October 2006 Inauguration of the Crateús plant;November 2006 Brasil Ecodiesel held its IPO, becoming a publicly-held company;November 2006 inauguration of the Iraquara plant;December 2006 Laying of the foundation stone for the Dourado plant, in Mato Grosso do Sul;February 2007 The Company participated in the fifth public biodiesel auction, winning bids to supply 8.000 m3

17.8% of the total amount;May 2007 Inauguration of the Porto Nacional plant, located in Tocantins state;July 2007 Inauguration of the Rosário do Sul plant, in Rio Grande do Sul and Itaquí in MaranhãoNovember 2007 Brasil Ecodiesel participated in the sixth and seventh public biodiesel auctions in which it won bids to

supply 161,000 m3, 42.4% of the total amount;December 2007 Brasil Ecodiesel participated in Petrobras and Refap auctions in which it won bids to supply 35,900 m3,

35.9% of the total amount;

Company History

35

Brief History

2004 2005 2006 2007

Expansion Formation of Productive Base Start of the Operations and Auctions of Biodiesel

Definition of the business plan

Agreements and contracts with unions of farm laborers and producers of raw materials

Start of theActivities

1st auction of purchase of

biodiesel (Nov/05)

Inauguration of the SantaClara Center

2003

Deliveries of the1st auction.

2nd, 3rd and 4th auctions (Mar/06

and Jul/06)

Deliveries of 2nd, 3rd and 4th auctions.

Start of operation of new plants (3).

Inauguration of the plant of Floriano (2005)

IPO (Nov/06)

Start of operations of plants of Crateús and Iraquara (2006)

Construction of new plants - Porto Nacional, Rosário do Sul and Itaqui(in operation in Jul/07)

Demand assured

Corporate structuring

Consolidation of market-share from 2008 onwards

36

99.0%**

Rede de Compras Intermediação de

Negócios, Comércio de Produtos e Insumos

Agrícolas Ltda.

Cratéus AlgodoeiraS.A. Buriti Agrícola Ltda.

Ecotrans Transporte, Serviços e Locação de

Equipamento e Máquinas Ltda.

Other Agriculture companies

Eco GreenSolutions

LLC***

Nelson JoséCortês da Silveira

ZartmanServices LLC

Wellington ManagmentCompany

34.58% 9.75% 19.77% 6.85%

99.0%** 99.5% 99.0%**99.9%**

* Non of the shareholders own over 5.0% of the Company’s Shares

** The remaining shares are owned by Nelson José Cortes da Silveira

*** In Sep 2007, Eco Green reduced its participations in the shareholders’ agreement and no longer indicates members to the Board

Others

29.05%*

Group Structure (as of 11/30/2007)

37

Brasil Ecodiesel divides its operational activities, assigning different roles to its Company and to each of its subsidiaries, as follows:

Brasil Ecodiesel – It is the holding company of Brasil Ecodiesel Group and operates all the industrial plants.

Rede de Compras – Rede de Compras purchases raw materials for biodiesel production, markets the by-products of its oilseed crushing process and sells basic tools, seed, fertilizer and other products to family farmers.

Crateús Algodoeira – Crateús Algodoeira leases a crushing unit it owns to Brasil Ecodiesel. This crushing unit is integrated into the transesterification plant in the same city.

Buriti – Buriti Agrícola S.A is an Agro industry with the harvest, selling and exports of agricultural products and its by products. Purchase and sale of 3rd parties agricultural production. Its mains activity today is the administration of Santa Clara Agricultural Center.

Ecotrans – Operating and maintenance of the Company ’s road transportation fleet and agricultural machinery are conducted through Ecotrans. In addition, Ecotrans conducts integrated logistics activities, including the shipment of raw-materials and by-products.

Other agricultural companies - Agro industries with the harvest, selling and exports of agricultural products and its by products. Purchase and sale of 3rd parties agricultural production: Bora Bora Agro-industrial Ltda, Bonanza Agro-industrial Ltda, Capão da Canoa Agro-industrial Ltda, Erebango Agro-industrial Ltda, Gustávia Agro-industrial Ltda, JaicóAgrícola Ltda, Mocuri Agrícola Ltda, Montana Agro-industrial Ltda, Piatã Agrícola Ltda.

Group Structure Subsidiaries Description

38

Oil and bean Storage Units

Biodiesel Plants

Oil Extraction Units

Major biodiesel producer in Brazil and the only one with a

nationwide presence

6 in operation

1 at planning stage

3 in operation

1 in construction

1 at planning stage

Farms: 63,000 hectares of its own or leased3 Laboratories of Certification

Operational Structure

39

Currently, Brasil Ecodiesel maintains 6 vegetable oil processing units, in the following locations

Production

Aiming at maintaining its market share, the Company approved an expansion plan to put in place according to market development:

• ANP, has already authorized the expansion of Floriano;

• The expansion of Iraquara, Cratéus, Porto Nacional, Rosário do Sul and Itaquí was already requested to ANP;

• The installation of the Dourados – MS plant will take place after the end of the plants’ expansion.

Aiming at increasing its production facilities and producing its own vegetable oil, Brasil Ecodiesel is installing oil extraction plants:

Oil extraction facility at Iraquara (Bahia state), integrated to biodiesel plant, to begin operations in February/ 2008;

Oil extraction facility at São Luiz Gonzaga (Rio Grande do Sul state), which is already being adapted to run with castor plant’s, sunflower’s and other vegetable’s oil, aiming to supply Rosário do Sul plant;

Oil extraction facility under construction integrated to Porto Nacional plant.

Production capacity Biodiesel sales Expanded Capacitythousands of m3/year (thousands of m3) - 9M07 (thousands of m3)

Floriano, PI Aug-05 Dec-05 44.6 24.9 89.1Crateus, CE May-06 Dec-06 118.8 32.6 165.0Iraquara, BA Jul-06 Dec-06 118.8 42.5 264.0Porto Nacional, TO Aug-06 Jun-07 118.8 7.1 264.0Rosario do Sul, RS Sep-06 Aug-07 118.8 3.7 264.0Itaqui, MA Sep-06 Aug-07 118.8 3.8 264.0Total 638.6 114.7 1310.1

Start of OperationsPlants Start of

Construction

Operational Structure

40

-

200.000

400.000

600.000

800.000

1.000.000

1.200.000

22/1

1/20

06

22/1

2/20

06

22/1

/200

7

22/2

/200

7

22/3

/200

7

22/4

/200

7

22/5

/200

7

22/6

/200

7

22/7

/200

7

22/8

/200

7

22/9

/200

7

22/1

0/20

07

22/1

1/20

07

Market Capitalization (US$)

Date

US$

Brasil Ecodiesel

Source: Bovespa – São Paulo Stock Exchange

41

Piauí State:

The Company has ICMS benefits for a 10 year period, 100% off over net payable ICMS for the first 7 years and 70% off for the 3 other years.

Bahia State:

The Plant located in Iraquara has a 80% deferment on the ICMS for 12 years. If the company pay before the maturity date, it has a discount that can reach 90% of the total amount.

Ceará State:

The Plant located in Cratéus has a deferment of 75% of the net payable ICMS for 10 years and a discount of 75% over the amount paid. It also counts with exemption of ICMS and Import taxes over the imported vegetable oil.

Tocantins State:

The tributary expenses correspond to 2% of the industrialized products sales operations. It also counts with exemption of ICMS and Import taxes over the imported vegetable oil.

Maranhão State:

The Company has a discount of 100% of the net payable ICMS. It also counts with exemption of ICMS and Import taxes over the imported vegetable oil.

Rio Grande do Sul State:

The Company has a deferment of 75% for 8 years and a discount of 60% over the amount paid;

ICMS

Tax Benefits

ICMS – State Value Added Tax

42

Income Tax

The company has received the deduction of 75% of its Income Tax and non Reimbursable Additional for 10 years (starting in 2007) for its units located in Floriano, Cratéus and Iraquara.

The plants located in Porto Nacional and Itaquí are also able to receive the deduction and the process is under analysis of the fiscal entity;

Tax Benefits

43

The proportion of revenues from biodiesel are around 98%; and other products include glycerin and castor plant cake (fertilizer);

Considering the strong development of glycerin markets, which prices recouped a lot on the latest months, the company expects todiversify its sources of revenue, mainly due to glycerin sales, that will expand from 2008 on;

The third quarter of 2007 marked the first time ever that Brasil Ecodiesel sold biodiesel from all six of its industrial plants. After a long period of investment in capacity expansion and obtaining the licenses required for operation, the company has finished all the plants and its efforts have now turned to increasing capacity utilization and operating efficiency. Improvements were already observed in the third and fourth quarter, when the company produced a record volume of biodiesel.

0

10

20

30

40

50

60

4Q06 1Q07 2Q07 3Q07

Sale

s in

100

0 m

3

Floriano Iraquara Cratéus Itaquí Rosário do Sul Porto Nacional

13.6

27.7

33.7

53.3

Revenues

44

Vegetable oil, 80.1%

Methanol, 8.8%

Other costs, 6.3%

Depreciation, 2.2%

Labor Force, 2.6%

Cost of Goods Sold3Q07

45

As of November 2007, Brasil Ecodiesel Group had 1614 employees,

Employees distribution:

Business Area November 2007Family Farming 198

Commercial Farming 12

Santa Clara Agricultural Center 135

Own Farms 118

Crushing Units 126

Biodiesel Plants 712

Engineering and Construction 164

Administrative 149

Total 1614

Personnel

Management, Strategy and Governance

Section IV

47

The board of directors is Brasil Ecodiesel’s collective deliberating body, responsible for establishing its general strategic management guidelines, including long-term strategy, controlling and monitoring its overall performance and overseeing management’s activities. In accordance with Brazilian corporation law, each director must hold at least one common share of the corporation.

The Company’s Bylaws establish that its board of directors must be composed of a minimum of five and a maximum of nine directors, including the chairman and the vice-chairman. The directors are elected at its annual shareholders meeting for a unified term of one year, with re-election permissible and until their successors have been elected and have qualified and they can be removed at any time. In order to take office, the Company’s directors are required to sign an acceptance letter (termo de anuência) as provided in the Novo Mercado rules. According to the Novo Mercado rules, at least 20.0% of the directors must be independent board members.

Any decision must be taken by an affirmative vote of a majority of the members attending the meeting, including the chairman, who retains a tiebreaking vote.

Furthermore, the new Company’s Board of Directors was elected, effective up to the next annual general meeting in 2008, which now relies on nine members, four of them are independent members. Below, the curricula vitae of the members of the Company’s new Board of Directors:

Board of Directors

48

Ambassador Dauster is a graduate in International Relations of the Preparatory Course for the Diplomatic Career -Instituto Rio Branco. Besides holding various positions in the Brazilian diplomatic service starting in 1961, he was President of the Brazilian Coffee Institute (1987 – 1990), Chief Foreign Debt Negotiator (1990 – 1991) and Ambassador to the European Union (1991 – 1998). He also held the position of CEO of Companhia Vale do Rio Docefrom 1999 to 2001.

Mr. Wagner Pinheiro holds an undergraduatedegree in Economics and graduate degrees in Financial Administration and Management and Finances He was an investment analyst for Banespa (1987 to 1991). He was advisor of Finances and Budget for the Labor Party at the São Paulo state legislature (1991 to 1994). He was elected member of the Investment Committee (1995 to 1999) and elected as Financial Officer of Banesprev (1995 to January, 2003). He is currently President of Petros – Petrobras’ Foundation of Social Security, Member of the Board of Directors of TelemigCelular Participações S/A and President of the ICSS – Cultural Institute of Social Security.

Mr. Modiano holds undergraduate degree in systems engineering, in public administration and in Economics. He concluded his MBA in Finance and Information System at MIT, Cambridge, Massachusetts, USA (1978) and Ph.D. in Economics and Operational Research from MIT, Massachusetts, USA (1978). He has broad professional experience, pointing out his positions as President of BNDES (1990-1992); President of the Privatization Committee of the National Privatization Program (1990-1992); Vice-President of Investments at Banco Itamarati S.A., managing US$ 1.2 billion (1993-1996); Executive Officer of Banco FonteCindam S.A., (1997-1999).

Mr. Gylvan holds an undergraduate degree electronic engineering from ITA (Aeronautics Engineering Institute) and a Ph.D. in Astro-geophysics by the University of Colorado, Boulder. Mr. Gylvan created and presided the Brazilian Space Agency (1994-2001), and was Secretary of Science and Technology Policies at the Ministry of Science and Technology (2001-2002). Creator and member of the oversight board of ATECH Tecnologias Críticas. (1997-1999). He is currently a consultant for several entities in the technology and climate change areas.

Jorio Dauster Magalhaes e Silva

Chairman of the Board and Independent Board Member

Wagner Pinheiro de Oliveira

Independent Board Member

Eduardo Marco Modiano

Vice-Chairman of the Board and Independent Board Member

Luiz Gylvan Meira Filho

Independent Board Member

Nelson Jose Cortes da Silveira

Board Member

Mr. Silveira holds an undergraduate degree in Electrical Engineering from the Fluminense Federal University, in 1979. He took part in various projects in the electrical energy sector, including project planning, execution and the management of transmission line works, hydroelectric and thermoelectric plants and other installations. He is a founding partner and held the position of director of Enguia Power Ltda., during the years from 2001 to 2004. Mr. Silveira serves as its CEO.

Board of Directors

49

Mr. Costa e Silva is partner of Bocater, Camargo, Costa e Silva – Advogados Associados. He is graduated in law and post-graduated in Executive MBA at COPPEAD / UFRJ. During his legal career at BNDES System, from 1970, Mr. Costa e Silva worked at several job positions, especially Legal Superintendent of BNDESPAR, Superintendent of Financial and International, Capital Markets and Administrative Areas, Officer of BNDESPAR and of BNDES. He was President, from 1995 to 2000, of the Brazilian Securities and Exchange Commission – CVM. He was also chairman of the Council of Securities Regulators of the Americas – COSRA. Besides practicing law, Mr. Costa e Silva is currently member of the Board of Directors of Companhia Vale do Rio Doce and Banco do Brasil S.A.

Marco Antonio Mouro de Castro

Board Member

Mr. Vogt is a North American citizen, controller of the shareholder Zartman Services LLC, pertaining to the control block of Brasil Ecodiesel. Mr. Vogt is graduated in Harvard and MBA by the University of Colorado, and he is also an investor with vast experience in the Latin American market, including 10 years of experience in international markets at Wells Fargo Bank. Mr. Vogt was given a medal from the “Ordem de Rio Branco” (in recognition of outstanding services and civic merit) in 1996 by the President of Brasil at that time, Mr. Fernando Henrique Cardoso.

Franciso Augusto da Costa e Silva

Board Member

Mr. Castro received a degree in Business Administration from Fundação Getúlio Vargas in 1977, and a post-graduate degree in Business Economics from the same institution in 1980. He concluded courses in Strategy and Financial Planning at PACE University, and Capital Markets, at the New York Institute of Finance, both in New York. Mr. Castro has broad experience in capital markets and also in environment-related projects.

Mr. Hime received a degree in Statistics from the Federal University of Rio de Janeiro, in 1975, and a post-graduate degree in Finance from the Pontifícia Universidade Católica, in 1982. He held executive positions in Cia. Internacionalde Seguros and in Sul América Seguros, during the years from 1977 to 1989. Currently he is the director in charge of areas of business planning and development of Banco Arbi S.A. Mr. Hime holds executive positions in Enguia Power Ltda. and Quantra Petróleo Ltda., and is a member of the board of directors of Mineração Caraíba S.A.

Leo Eduardo da Costa Hime

Board Member

Evon Zartman Vogt III

Board Member

Board of Directors

50

The Executive Board of Brasil Ecodiesel is composed of at least three and at most 16 members, either shareholders or not shareholders, residents of Brazil, elected by the Board of Directors for a term of one year, with reelectionpermissible, who must remain in their office until the installation of their successors. The installation of the members of the Executive Board is dependent on acceptance of the Term of Agreement provided for by the Regulations of the Novo Mercado listing segment on the São Paulo Stock Exchange (Bovespa).

The Executive Board of the Company is charged with the administration of the general operations and for practicing all of the acts required or convenient for said administration, notwithstanding those acts which due to Brazilian Law or the Bylaws of Brasil Ecodiesel are attributed to the responsibility of the General Meeting of Shareholders or of the Board of Directors.

At present, the Executive Board of the Company is composed of eight members, elected by the Board of Directors Meeting held on April 16, 2007, except for Mr. Fernando Costa, the company’s executive officer, that was elected at their Board of Directors’ meeting held on August 6, 2007, with a term of office lasting until the Annual General Meeting that will approve the financial statements for fiscal year 2007.

Executive Officers

51

President of Brasil Ecodiesel, Nelson Silveira holds a degree in Electric Engineering, graduated from FluminenseFederal University. Mr. Silveira has participated of several projects in the electric energy sector, including making projects, executing and managing brickworks on transmission lines, hydroelectric power plants, and other plants. Mr. Silveira is founder and partner of the company, and worked as director of Enguia Power Ltda. from 2001 to 2004.

Economist and Brasil Ecodiesel’s Executive Director, Mr. Raposo was the Logistic Director of CompanhiaSiderúrgica Nacional between March 2005 and December 2006, being promoted from his Logistic Manager job, which he occupied from January 2002 to February 2005.

Investors Relation’s Executive Director of Brasil Ecodiesel, Ricardo Vianna holds a masters degree in Economics and has occupied Director’s posts in financial institutions such as BNDES, Banco Itamarati, Banco Inter American Express and Banco Fibra, acting in the capital markets and corporate finance areas. Mr. Vianna has worked as a consultant from March 2005 to February 2007.

Mr. Fernando Costa holds a bachelor’s degree in chemical engineering and a graduate degree in marketing. He served as director of the Energy business unit of Sotreq S/A, the exclusive distributor for Brazil of Caterpillar, wherehe was also responsible for sales, leasing, engineering, product support, administration and finances activities. Mr. Costa was involved in the development and installation of the largest biogas plant, powered by landfill gas, and the supply and installation of 75% of the government’s emergency plants during the country’s electricity crisis.

Nelson Jose Cortes da Silveira

CEO

Guilherme Augusto D’Avila Mello Raposo

COO

Ricardo Luis de Lima Vianna

CFO and IRO

Fernando Antonio Lopes Costa

CCO

Executive Officers

52

Francisco Eduardo Garcez OuriqueOfficer

Brasil Ecodiesel’s Director since April 2006, Mr. Ourique received an undergraduate degree in Economics. After working as an executive in Europe for 10 years, Mr. Ourique was Commercial Director of Bozzo Commerce Café between 1986 and 1992. He is also Shareholder and Manager of SupremoCoffee Importação e Exportação since 1995.

Ricardo Vergilio Alonso da SilvaOfficer

Eduardo de ComeOfficer

Brasil Ecodiesel’s Director since June 2005, Mr. Come received an undergraduate degree in Economics and a graduate degree in Finance. Occupied the Business Development Manager job on Volkswagen Financial Services (currently Banco Volkswagen S.A.), between 1994 and 1996. From 1996 on, Mr. De Come worked at DF Vasconcellos S.A., being Market Relation’s and Financial Officer between 2001 and 2005.

Brasil Ecodiesel’s Director since May 2004, Mr. Alonso received an undergraduate degree in Electrical Engineering and Electronics and a graduate degree in Marketing. Mr. Ricardo Alonso has worked in Grupo Schneider Electric Brasil with jobs such as World Accounts’ Marketing Coordinator and National Marketing Manager of Strategy and Sales.

Ezio GuilianiOfficer

Mr. Giuliani received an undergraduate degree in Business Administration and a graduate degree rs in Finance. Mr. Giuliani has worked for 6 years in multinational auditors and consultant companies, he also occupied Executive Direction jobs in companies such as FIAT do BRASIL and FRIBOI. Since 2003 Mr. Giuliani was acting as companies’ consultant.

Executive Officers

53

The Market

Companies volunteer themselves to adopt, in addition to the rules required by law, corporate governance rule.

Its exclusively composed by Common Shares.

The Company

A company listed in the New Market has the following additional obligations:

Tag along for all shareholders at the shareholders contract sales;

Public offer of all circulation shares;

Board of Directors formed for at least 5 people of which at least 20% have to be independent counsellors;

Cash Flow demonstratives;

IFRS or US GAAP international standards;

Public meetings with investors and analysts at least once a year;

Annual timetable of the corporate events;

Publish the terms of the contract signed between the company and the related parts;

Minimum float of 25% of the shares.

New MarketSão Paulo Stock Exchange Highest Corporate Governance Level

54

Bovespa’s New Market since November 22nd 2006:

• Transparency and high standard of corporate governance

• 100% Tag-along in case of control lien

Transparency and Governance Standards – Recent Facts:

• Election of Board of Directors with 4 independent directors;

• Approval of “Política de Divulgação” and of “Código de Conduta”

• Hire of Market Maker: Higher liquidity of shares

• Entered IBrX – Index counting with the 100 most traded shares

• Auditors are Deloitte Touche Tohmatsu. They have been in place for 2 years

Shareholders’ Agreement

• On August 14, 2006, the shareholders Ecogreen, ZartmanServices LLC. and Nelson José Côrtes da Silveira signed a shareholders’ agreement valid for a term of three years, regulating (1) The transfer of their shares; (2) The exercise of voting rights; (3) The election of the members of the Board of Directors of the company. All shares owned by these shareholders are bound by this agreement, however on September 12th, 2007, Eco Green reduced the number of shares linked to the shareholders agreement and no longer indicates members to the Board.

Corporate Governance

55

Board of Directors: 9 members, of which 4 are independent directors (*):

• Chairman of the Board: Jorio Dauster (*)

• Vice Chairman: Eduardo Modiano (*)

• Evon Zartman Vogt III

• Francisco da Costa e Silva

• Leo Eduardo da Costa Hime

The Executive Board will be composed by a maximum of 16 people:

1 Chief Executive Officer

Up to 4 Executive Officer

1 Investor Relation Officer

Up to 10 Officers

Luiz Gylvan Meira Filho (*)

Marco Antonio Moura de Castro

Nelson José Côrtes da Silveira

Wagner Pinheiro de Oliveira (*)

Corporate Governance

56

Maintain the leading position as the largest and sole biodiesel dedicated producer in Brazil

• Given the company's pioneering and leading position, Brasil Ecodiesel will be able to benefit from its consolidated relationship with customers, governmental bodies, farmers, unions, which shall enable the company to actively participate in future developments of the sector's framework

Continue to develop new raw materials origination chains and increase the productivity of existing sources

• Such strategy will be conducted by continuing the development of partnerships with local producers, in order to indentify more productive and profitable sources of vegetable oil.

Strengthen institutional relations in order to expand and consolidate the biodiesel market

• Brasil Ecodiesel has entered into memoranda of understanding with government bodies in order to coordinate actions aiming at the social inclusion of new family farmers. It granted the tax benefits to the company.

Establish fuel distributor loyalty

• The company plans to invest in its own tanks in order to store biodiesel at the distributors' facilities. Besides the refineries, fuel distributors are the only entities authorized to blend biodiesel with mineral diesel. The diesel distribution industry in Brazil is highly concentrated, with the five principal distributors accounting for 76.3% of market share as of 2006.

Key Strategies

57

Develop logistical efficiency

Brasil Ecodiesel is working on the implementation of an integrated and efficient logistics system in order to ensure competitiveness of its prices and cost reductions, adopting tactics such as:

Locate its warehouses and crushing units near oilseed suppliers and customers

Continuously expand its access to agricultural suppliers

Hire third parties logistics companies and operate its own transportation system in the medium term

Establish biodiesel export channels

Despite currently having the domestic market more attractive than the export markets in terms of revenues, due to BRL valorization, low biodiesel prices in EU and US subsidies (see world market section), Brasil Ecodiesel foresee real opportunities to export biodiesel to important consumption areas such the EU, mainly because market expansion allied to limits of local production.

Negotiations with certain biodiesel importers are already underway and the Company signed a MOU with Noble Resources, a swiss trading company, to expand exports possibilities. The company's production structure is able to meet all necessary technical specifications requirements by the EU and the US

Promote the development and environmental conservation

By producing a clean and renewable fuel, Brasil Ecodiesel intents to obtain an ISO 14001 environmental certification. It will also help the Company's aim at obtaining access to the carbon credit market

Key Strategies

58

Mid/long-term Challenges

Strategy

Production Production

- Industrial efficiency- Cost and Productivity

CommercializationCommercialization

TransportationTransportation

Long-term relationships (Free Market X Auctions)

Reduction of the average radius of

transportation between plantation

and processing

OriginationOrigination

Increase in the non-feeding origination

chains

59

Vegetable oil – Type and supplier feedstock diversification

Diversification of Vegetable Oils

Complementariness

JatrophaJatropha CurcasCurcas

Family Farming Family Farming and Own Landand Own Land

Castor Oil Castor Oil PlantPlant

Family FarmingFamily Farming

SunflowerSunflower

Intensive and Intensive and Family FarmingFamily Farming

Soy OilSoy Oil

Oil IndustryOil Industry

Diversified sources of vegetable oil reduce risks and lead to good use being made of the Brazilian agricultural potential.

60


Features of the main crops for energy use

SOYBEAN

• 18 - 20% of oil in the seed

• 440 kg of oil / ha

• Global commodity

• Developed technologically

• Not perennial

• Edible

• Intensive in Brazil

SUNFLOWER



• Local commodity

• Developed technologically

• Not perennial

• Edible

• Starting in Brazil

CASTOR OIL PLANT



• Restricted world market

• Little developed technologically

• Not perennial

• Not edible


JATROPHA CURCAS



• Without world market

• Little developed technologically

• Perennial

• Not edible


61

Focus on inedible crops with a high oil content

Better ratio between oil and meal /cake

Without competition between food and power

Availability of land

Work intensive – positive impact on human and social development


Marginal useMarginal use ExpansionExpansion ofof productionproductionOil Meal

SOYBEAN

SUNFLOWERCASTOR

OIL PLANT

JATROPHA CURCAS

1.0

4.04.0

1.01.0 1.01.0 1.01.0 1.01.0 1.01.01.51.5

Oil Meal Oil Cake Oil Cake

62

As a fully-dedicated biodiesel player with its 6 plants currently operating, the company was able to participate in all ANP / Petrobrasauctions with a substantial share

This enabled the company to be viewed as a non-eventual player in the biodiesel market, differently from the other players, including commodity companies

Having the track-record of participating in all auctions, despite selling biodiesel with lower prices, the company was able to remain as one of the few reliable players in the sector and able to deliver all biodiesel bidded in the auctions.

Such strategy could be witnessed in the last Petrobras auction, where few remaining players were able to sell at higher prices, a scenario showing that only those with enough capacity and raw material diversification potential will be the ones able to supply the new mandatory market.

According to Brazilian State level legislation, all vegetable oil acquired within the state of the production of biodiesel is exempt from ICMS (12% VAT Tax). Brasil Ecodiesel located its plants of Iraquara, Itaquí and Rosário where there are abundant vegetable oil offer

Itaquí and Crateús plants are able to import vegetable oil from abroad with import and ICMS tax exemption, if used to its biodiesel production. These two plants can receive imported vegetable oil with competitive advantages

As the Company is a pure biodiesel producer, its plans and strategy are fully dedicated to be the lower cost biodiesel producer in Brazil. The development of integrated network of family and commercial farmers, the development of a multi feedstock biodiesel plant, the development of own production of non feed grains (such as jatropha), puts the company ahead of its competitors

Strategy x Tactics

63

The world is increasing significantly its demand for biodiesel. However, the main markets such as Europe and USA won’t have enough land to meet its demands:

60%

132% 145%

243%

18%40%

16%35%

USA B5 USA B10 Europe B5 Europe B10

Percentage of current area planted with oleaginous plants necessaryto replace X% of petrodiesel by biodiesel.

Percentage of total current area planted necessary toto replace X% of petrodiesel by biodiesel.

Brasil Ecodiesel has focused on local market until now, aiming at consolidating the brazilian biodiesel market, but will soon begin exports, that are already under negotiation.

Moreover, international markets were not attractive because: Real currency evaluation, low prices in European market and subsided exports from US to Europe (B99 mechanism).

Those obstacles are being removed: Oleoline indicates prices in the European market have recouped and are becoming attractive; European Biodiesel Board is preparing an action of unfair trade to de subsided US B99 exports.

Source: International Energy Agency – Biofuels Report 2004

Revenues Exports Potential

64

The biodiesel is today more expensive than mineral diesel. The long term trend is that this relation will change with the increasing industrial efficiency and more productive oilseeds, that are being developed by several R&D entities, including Brasil Ecodiesel

However, both products can’t be compared in a linear way, because:

Biodiesel is a premium product (see slide 15).

The drivers for biodiesel consumption aren’t related to price, but to energy supply security, environmental purposes, social development, among others.

Biodiesel vs Mineral Diesel

Operational Review

Section V

66

Leadership in the Brazilian Biodiesel Market

• The company is the leader, pioneer and one of the few exclusive biodiesel producer in Brazil, responsible for approximately 53%of the national production in 2006 and 2007 according to the ANP. In addition to that, Brasil Ecodiesel accounted for 42.4% and 35.9% of the total biodiesel volume offered in the auctions also organized by ANP and Petrobras, respectively, for delivery in 1H08. Despite the existence of other producers which operate at substantially lower capacity, Brasil Ecodiesel is the actual sole biodiesel producer

Innovation in the formation of the raw material origination chains

Brasil Ecodiesel believes that the profitability of biodiesel is linked to the availability, diversification and production cost of the vegetables oils used as raw materials. In the wake of that, the company is already focused on:

Producing vegetal oils for exclusive industrial consumption, such as castor plant and jatropha

Producing vegetal oils that present a more favorable balance of oil to meal, such as sunflower

Using vegetable oils that, due to their low added-value (such as cottonseed), are not currently extracted to their full potential beginning e

The acquisition of vegetable oils that are readily available in the market in order to meet short-term biodiesel production needs

Production Flexibility

In line with its diversification strategy with respect to the origination of raw materials, Brasil Ecodiesel uses flexible technology enabling it use various types of vegetable oils that it acquires, in addition to permit the production of various types of biodiesel, including those that are required by the company in order reach the international markets.

Competitive Advantages

67

Strong Human and Social Development

Brasil Ecodiesel was able to comply with the Brazilian regulatory framework, which grants benefits to the local producers that motivate the family-owned agriculture. The company has already developed the relationship with more than 80,000 families, directly or through cooperatives. The company understands that such type of relationship should provide:

institutional stability, as those relationships shall contribute a closer proximity of Brasil Ecodiesel with the Brazilian Government, to an extent that the company will be able to participate in eventual restructurings of the Brazilian biodiesel market framework

access to a guaranteed supply of raw materials through the support of the suppliers

fiscal incentives ahead of production facilities that serve for human and social purposes

Experience in the construction and implementation of industrial projects

The company has the experience in the development of industrial projects and hence is able to build its own plants. All equipments and technology are totally sourced domestically, permitting the implementation of projects at lower costs in a timelyfashion, in order to meet an eventual increase of future demand.

Decentralization of the operational structure

All facilities are decentralized in different states of Brazil, what benefits the company from taking additional tax advantages, from maximizing production and logistics practices and from limiting its exposure to bad weather or crops failures

Use of by-products in its own manufacturing process

The processing of Biodiesel generates some by-products such as biomass, glycerin and organic fertilizers, which can be used for the reduction of production costs (biomass for heating generation and fertilizers for the crops). By-products can also be sold.

Competitive Advantages

68

Exports

Consumer Market

Storage

Refineries and Distributors

Certification

TransesterificationAlcohol

PurchaseCrushing

Chemical industries

BIODIESEL PRODUCTION AND COMMERCIALIZATION

Integrated Operating Process

69

General procurement

Main raw materials purchased:

Vegetable Oil

Methanol

Catalyst

Other

Purchasing is performed by corporate level departments, being the vegetable oil purchased by a trading of oils department, oilseeds through areas responsible for agriculture development, and the other inputs, such as methanol, catalyst and daily consumption materials, by a corporate purchasing department.

To facilitate optimal purchasing arrangements, production forecasts are defined weekly by a production planning meeting performed with the presence of industrial, commercial and logistics areas. Based on such meeting, the PCP (Planning and Control of Production) area analyses necessity of purchasing raw materials and other inputs, taking into account inventory levels, material lead times and minimum batch sizes etc. The information is send to purchasing areas, which complete purchasing process.

Purchase of Raw Material

Purchasing and Production

70

Vegetable oil

Access to vegetable oil in volumes necessary and at reasonable prices is one of the most important sector success factors;

Currently, the company uses soy oil as its main raw material, considering that it is the only available vegetable oil produced in large scale in Brazil;

Brasil Ecodiesel enjoys strong long-term relationship with its suppliers (i.e. since early 2006), which represents a further competitive advantage;

Inventory policy and management: Brasil Ecodiesel receives vegetable oil on a daily basing in its plats, in a continuous process of receiving raw material and shipping biodiesel. The average time a vegetable oil stays in inventory before being used in production is 5 days.

Quality control: Vegetable oil quality is controlled each time a delivery of oil is done in our plants, by the local laboratories. Every plant count with a laboratory to control the quality of the raw materials and the biodiesel produced.

Purchasing and Production(cont)

71


Community Production Center Integrated Network of Family Farming

Brasil Ecodiesel is focused on farm crops intensive in labor:Integration of the Supply – Programs of Loyalty with FarmersInstitutional Representativeness – Relationship with rural organizationsFiscal Incentives

• Santa Clara Center, founded in 2003 • ~ 80,000 families by the end of 2007

7676

600 600 MunicipalitiesMunicipalitiesattendedattended

72

Farms Area - HectaresCratéus - CE 3,980.3 Parambu - CE 11,584.4 Buriti - PI* 17,910.7 Anda Só - PI 4,282.0 Violeto - PI 3,325.2 São José - MG 2,464.0 Relevo - BA 5,011.2 Nova Brasília - BA 7,120.0 Itaúna - BA 7,671.6 Total Area 63,349.4 *Santa Clara Nucleus Area

In the third quarter 2007 the company acquired two farms in the state of Bahia with combined area of 12,131.2 hectares, and in October it acquired a third farm in the same region with 7,671.6 hectares, which will be administered as one combined farm

With these acquisitions, Brasil Ecodiesel now has 63,349.4 hectares of own farmland for planting

The own farms will be mainly dedicated to jatropha curcas production, which takes around three years to begin producing seeds, but are perennial and produces for 40 years

Castor plants will be planted in the Company’s farms, in a consortium with jatropha, during its development

In the 2007/2008 planting season (Sep-07 to Mar-08) the company will plant approximately 12,000 hectares of jatropha curcasand castor on part of the farms located in the states of Bahia, Ceará, Minas Gerais and Piauí.


73

Catalysts and Other inputs

Purchasing department is responsible for establishing long-term relationships with suppliers, aiming at good negotiations conditions

Suppliers are regularly reviewed by Brasil Ecodiesel, in order to check if they comply with the Company’s quality standards

The subsidiary Rede de Compras Intermediacao de Negocios, Comercio de Produtos e Insumos Agricola Ltda, is currently responsible for the purchase of all the necessary agricultural inputs to the Company’s farms and partnerships with farmers.

Methanol:

• There are only two methanol producers in Brazil, Copenor, that produces around 104,430 m3 per year in Bahia and Prosint, that produces around 187,975 m3 in Rio de Janeiro;

• Until September 2007, most part of methanol was purchased from Copenor and a minor part from Prosint, considering that most part of our activities have been concentrated in the northeast region;

• An option to supply Rosário do Sul plant is import methanol from Chile, main global producer and responsible for the supply of around 90% of Brazilian imports.


74

Vegetable Oil

• Soybean oil and palm oil are the main vegetable oils produced in the world

• Vegetable oil prices have rocketed since mid-2006, mainly due to future biodiesel production expectations

• High mineral oil prices are also influencing vegetable oil markets: vegetable oils are now considered as part of the energy sector, not only from the food sector anymore

• Brasil Ecodiesel expects that vegetable oil prices can continue increasing, but in a much lower scale than on the latest years. However, company doesn’t want to be totally exposed to commodity prices volatility and its strategy of raw material diversification is part of it. The trend is that biodiesel prices increase as vegetable oil becomes higher

Risk Management

Management of raw material prices risk is done through two main actions:

Medium term contracts with suppliers allow the Company to fix prices for some periods;

Hedging policy: Brasil Ecodiesel has credit lines approved by Macquarie Bank and Standard Bank in order to make hedge operations of soybean oil (CBOT) and US$, to reduce exposure to market price fluctuations. Some operations have already been done, allowing the Company fixed its margins.

CBOT – Chicago Board of Trade

Raw Material Prices

75

Marketing – Goals for after auctions period:

Establish long term relationship with fuel distributors (top 5 count with 76.3% of diesel distribution market);

Guarantee continuous supply to the clients;

Product quality;

Export opportunities.

Develop new consumer markets for biodiesel;

Develop partnerships with final consumers, integrating the chain;

Explore markets for by-products, through the subsidiary “Rede de Compras”;

Make institutional efforts to anticipate higher percentages of mandatory blends to mineral diesel;

Begin exports;

Pricing

Cost based prices: main cost is vegetable oil;

Long term contract prices should be based on market prices for vegetable oils, plus a spread: higher prices than today;

Sales and Marketing

76

Actual customers are Brazilian mineral diesel producers – Petrobras and REFAP – which purchase biodiesel through public auctions organized by the ANP or by themselves;

The trend on the medium term, when the market becomes free, is that our main customers will be fuel distributors, with whom we already have a relationship and initial negotiations;

Potential future clients: Companhia Brasileira de Petroleo Ipiranga, Texaco Brasil S.A., Shell Brasil S.A., Esso Brasileira de Petroleo Ltda, BR Distribuidora….

Petrobras is also a potential buyer in the long term, considering its state-owned origin and the government disposal to expand biodiesel consumption in Brazil;

Customers

77

Distribution and Logistics

Brasil Ecodiesel has contracts with third party logistics companies (20 different companies) to transport its raw materials and to distribute its product when the contracts are on CIF terms;

Railroads, roads and marine transport systems are used by the Company:

Our logistics of producing and commercializing biodiesel includes the following stages: (i) fragmented collection of the production of the family farmer; (ii) centralization and sending of this production to crushing units and transportation of the vegetable oil obtained to transesterification units; (iii) transport to these units of other raw materials for producing biodiesel, including other types of vegetable oils acquired from several vendors, methanol and catalyst; (iv) transportation of subproducts for commercialization or own use; and (v) distribution of biodiesel.

The local of the plants of Brasil Ecodiesel were defined considering the logistic of transport available on the regions:

Floriano, PI – Near to a federal road, to the Transnordestina railway and to the Parnaíba River;

Crateús, CE – Adjacent to a federal road and to the CFN railway, that goes from Pecém Port (CE) to Itaqui Port (MA);

Iraquara, BA – Adjacent to a federal road that establishes a connection between grain producer region and Salvador City;

Itaqui, MA – Close to the Port, adjacent to storage facilities of Transpetro, to the Carajás railway and to the road that goes to the Port;

Porto Nacional, TO – Adjacent to a federal road, to Tocantins River and to the future expansion to Norte-Sul railway;

Rosário do Sul, RS – Adjacent to a federal road, the plant also counts with a railway station inside its area, that connects the plant to Rio Grande Port and to Argentina.

Brasil Ecodiesel counts with a subsidiary, Ecotrans Transporte, that coordinates the agricultural fleets;

Distribution and Logistics

Financial Profile

Section VI

79

1,8395,839

13,637

27,697

33,668

53,309

8,414

-

10,000

20,000

30,000

40,000

50,000

60,000

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07

Quarterly B100 sales evolution (m3)

CAGR = 75%

4,53112,780

30,448

61,13068,502

129,050

18,296

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07

Quarterly Gross Revenues evolution (BRL 1000)

CAGR = 75%

2.46

2.19

2.47

2.23 2.212.03

2.42

0.00

1.00

2.00

3.00

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07

Quarterly B100 prices evolution (BRL)

Source: Company’s Financial Statements

Historical Financial Overview

80

Dividend’s Policy

The Company intends to pay dividends and/or interest on equity in fiscal period in the approximate amount of 25.0% of adjusted net income, in accordance with the Brazilian Corporate Law and the Company’s by-laws. In accordance with article 189 and onwards of the Brazilian Corporate Law and pursuant to Brazilian accounting practices and CVM regulations, preferably through two payments per fiscal year.

Notwithstanding, the Company may pay dividends or interest on equity in an amount lower than 25.0%, whenever required to do so by legal or regulatory dispositions, or due to its financial situation, future prospects or growth as a result of contractualrestrictions, regulatory changes and the overall economic situation, plus any other factors considered relevant by the Board of Directors and the Company’s shareholders.

The annual dividend declaration, including the payment of dividends in addition to the minimum mandatory dividend, requires approval from a General Shareholders’ Meeting through a majority vote and will depend on several factors. including operating results, financial conditions, cash needs, future prospects and any other factors that the Board of Directors and shareholders may find relevant.

Brasil Ecodiesel has not yet paid any dividends or interest on equity, since the company did not declare any net income in the previous fiscal years.

Dividend Policy

81

Indebtedness BRL 1000 2Q07 3Q07Short Term 28,302 92,416 Long Term 40,854 45,459 Total Indebtedness 69,156 137,875 Cash and Equivalents 23,013 5,787 Net Debt 46,143 132,088

Brasil Ecodiesel’s net debt increased in the quarter due to two main factors:

After a long period of operations based primarily on own capital, the Company began to balance its capital structure, financing the bulk of its working capital with short-term debt.

In addition, the demand for funds for investment in fixed assets still being carried out reduces the Company’s balance of cash and cash equivalents.

100% of the total Debt is in BRL

The financing is guaranteed by: commercial pledge, promissory notes, fiduciary lien on equipments and fixtures, and fiduciary assignment on receivables and marketable securities

Most of the credit lines were renewed before December 31, 2007.

Debt Maturity / Structure(as of 09/30/2007)

82

ConsolidatedFinancial Institution Type Interests Maturity Sep-07Caterpillar Financial S.A. FINAME TJLP + 5% a.a. Mar-08 0.40Banco CNH Capital S.A. FINAME TJLP + 6% a.a. Nov-08 0.36Banco Fibra S.A. FINAME TJLP + 4.5% a.a. Mar-10 -Banco Fibra S.A. MODERMAQ TJLP + 2.7% a.a. Oct-10 6.50Banco ABN AMRO S.A. MODERMAQ TJLP + 7% a.a. Aug-10 1.93Banco ABN AMRO S.A. Financing 6.04% a.a + CDI Oct-10 46.47Banco Fibra S.A. Compror 3.65% a.a + CDI Feb-08 28.84Banco ABC S.A. Compror 3.65% a.a + CDI Jan-08 5.89Banco Banrisul S.A. Compror 3% a.a + CDI Feb-08 4.51Banco Banrisul S.A. Compror 2.4% a.a + CDI Dec-07 5.59Banco Bradesco S.A. Compror 3.65% a.a + CDI Sep-08 8.48Banco Fator S.A. Compror 3.65% a.a + CDI Jul-08 19.83Standard Bank S.A. Compror 3% a.a + CDI Oct-08 9.00Others - - - 0.08Total 137.88

ST 92.42LT 45.46

Sep-07Consolidated

2008 13.862009 17.582010 and after 14.02Total 45.46

0

10

20

30

40

50

60

70

80

90

100

Until Sep 08 2008 2009 2010 and after

Maturity Schedule

BR

L m

m

Maturity

Debt Profile

Bank GuaranteeBanco Standard de

Investimento Receivables from Petrobras; Pledge of Inventories

Banco Fator Pledge of InventoriesBradesco Receivables from BungeBanrisul Receivables from Petrobras

ABC Brasil CleanBanco Fibra Receivables from Petrobras

Banco ABNGuarantee from Nelson Silveira (CEO), Mortgage and e

Receivables from Petrobras and a negative pledge on all of the company's assets

Other Finame The asset bought with the financing.

100% of the total Debt is in BRL

The financing is guaranteed by: commercial pledge, aval, promissory notes, fiduciary lien on equipments and fixtures, and fiduciary assignment on receivables and marketable securities.

Debt Maturity / Structure(as of 09/30/2007)

Conclusion

Section VII

84

Conclusion

Leadership in the

Brazilian Market

Integrated

Process of Operation

Strong Exportation

Potential

Innovating Model of

Origination of Raw Material

Human and Social Focus

Flexible Production

Sustainable Biodiesel

Well defined growth

strategy

Apresentação institucional

Documents

Transcript of Apresentação institucional