1

São Paulo, November 12, 2008 – Fertilizantes Heringer (Bovespa: FHER3) announces today its results for the

third quarter of 2008.

3Q08 HIGHLIGHTS

Gross Revenue up 70%. Gross sales revenue of R$1,180 million, versus R$693 million in 3Q07. (1)

Gross Profit increases 120%. Gross profit reached R$136.1 million, 120% higher than the R$61.9

million registered in 3Q07. Adjusted gross profit in the quarter reached R$90.2 million, 31% higher

than the R$68.9 million in 3Q07. (1) (2)

Selling, General and Administrative Expenses as a percentage of net revenue decline 220 basis

points to 6.1%, from 8.3% in 3Q07.

EBITDA increases 370%. EBITDA totaled R$92.0 million, up 370% from R$19.6 million in 3Q07.

Adjusted EBITDA reached R$ 46.0 million, a growth of 73% year-on-year. (1) (2) (4)

Net Income impacted by non-cash financial expense due to local currency depreciation. The net

income in the quarter was R$72.3 million negative, impacted by foreign exchange variation in the

quarter, which generated a financial expense with no cash effect in the short term. In 9M08, net

income reduced to R$24.7 million, versus R$ 46.3 million in 9M07. (1) (3)

Expansion of Market Share. Heringer increased its domestic market share to 13.5%, which expanded

140 basis points from 12.1% in 3Q07.

Growth in Client Base. The client base grew by 10% in the quarter, from 11,800 clients in 3Q07 to

almost 13,000 clients in 3Q08.

Inauguration of New Units. Heringer inaugurated its Sulfuric Acid and SSP production plant in

Paranaguá, State of Paraná (South region), according to its verticalization process, as well as two new

mixing units, one in Iguatama, State of Minas Gerais (Southeast region) and another in Catalão, State

of Goias (Midwest region).

(1) (2) and (4) for details, please check page 2

English

12:00 pm (9:00 am U.S. ET)

Tel: +1 (412) 858-4600

Code: Fertilizantes Heringer

3Q08 Conference Calls

November 13, 2008

Portuguese

10:00 am (7:00 am U.S. ET)

Tel: +55 (11) 4688-6301

Code: Fertilizantes Heringer

Investor Relations

Tel: +55 (19) 3322-2292

ri@heringer.com.br

Investor Relations Website:

www.heringer.com.br/ir

2

3Q08 FINANCIAL HIGHLIGHTS (in R$ million)

3Q07(1)

%NR 3Q08 %NR ∆% ∆ BP

Gross Revenue 692.5 1,180.1 70.4

Net Revenue 679.4 100.0% 1,160.0 100.0% 70.7

COGS (617.4) -90.9% (1,023.9) -88.3% 65.8 -260

Gross Profit 61.8 9.1% 136.1 11.7% 120.1 260

SG&A (56.3) -8.3% (70.8) -6.1% 25.7 -220

EBITDA 19.6 2.9% 92.0 7.9% 370.2 500

Net Income 8.7 1.3% (72.3) -6.2% -933.4 -750

Adjusted Gross Profit

(2) 68.9 10.1% 90.2 7.8% 30.9 -230

Adjusted EBITDA

(2) (4)

26.6 3.9% 46.0 4.0% 73.1 10

9M08 FINANCIAL HIGHLIGHTS (in R$ million)

9M07(1)

%NR 9M08 %NR ∆% ∆ BP

Gross Revenue 1,460.2 2,675.7 83.2

Net Revenue 1,429.7 100.0% 2,610.0 100.0% 82.6

COGS (1,259.4) -88.1% (2,276.1) -87.2% 80.7 -90

Gross Profit 170.3 11.9% 333.9 12.8% 96.1 90

SG&A (126.2) -8.8% (166.0) -6.4% 31.5 -240

EBITDA 59.3 4.1% 214.3 8.2% 261.5 410

Net Income 46.3 3.2% 24.7 0.9% -46.6 -230

Adjusted Gross Profit

(2) 188.0 13.1% 313.7 12.0% 66.8 -110

Adjusted EBITDA

(2) (4)

88.1 6.2% 194.1 7.4% 120.4 120

(1) Following the sanctioning of Law 11,638/7, which amended Brazilian Corporate Law and Brazilian accounting practices as of the fiscal year

ending in December 2008, as well as the issue of CVM Instruction 469 on May 2, 2008, the Company is promoting studies about the related

impacts and since the financial statements published on June 30, 2008, the impacts referred to the Present Value Adjustments are already

being reflected in the 2008 Financial Statements. These impacts were also calculated for the same periods in 2007 and adjusted on a proforma

basis to provide comparability with 2008.

(2) To better demonstrate its effective operational margin, the company reclassifies on a proforma basis the foreign-exchange variation on the

imported inventories sold in the period, which are currently booked in the Income Statement in the “Financial Income and Expenses line”,

according to the Brazilian Accounting Practices (BRGAAP). The reclassification was it R$7.0 million in 3Q07 and (-R$45.9 million) in 3Q08,

R$17.7 million in 9M07 and (-R$20.2 million) in 9M08.

(3) Extraordinary Adjustments – Effect on Net Income: Excludes expenses in the period related to the IPO issue of R$7.3 million net of income tax

in 9M07 (R$11.1 million before income tax).

(4) Extraordinary Adjustments – Effect on EBITDA: Excludes expenses related to the IPO issue of R$11.1 million in 9M07.

3

3Q08 HIGHLIGHTS

Change in Sales Mix by Crop

In the first nine months of 2008, there was a year-on-year increase of 11% in the volume sold, driven

mainly by soybean and corn, reforestation and “other crops”. In the quarter, there was a 7.5% decrease in

volume sold versus 3Q07, mainly due to the change in seasonality in 2008, which shifted part of the

demand that typically occurs in the second half of the year to the first half of the year.

In 3Q08, the Brazilian fertilizer market contracted by 16.9% year on year, and in the first nine months of

the year expanded by 4.1% versus 9M07. The contraction in volumes in the market was registered in

Brazil’s three main consumer regions (South, Southeast and Midwest).

The chart below shows Heringer sales mix by crop in the quarter and year to date compared with the

same periods of 2007 (in thousands of tons):

3Q08

3Q07

162.3

175.7

199.7

153.7

76.0

50.1

110.5

162.5

135.3

152.6

229.5

292.3

Change in Heringer’s Sales Mix by Crop – (‘000 tonnes)

Σ 986.9

Σ 913.3

18% 16% 5% 16% 15% 30%-7.5%

Sugarcane Others SoybeansForest

CornCoffee

9M08

9M07

454.7

520.0

546.8

416.0

190.4

142.7

305.6

324.4

422.8

316.0

494.1

459.6 Σ 2,178.7

Σ 2,414.4

24% 19% 7% 15% 14% 21%+11%

Sugarcane Others SoybeansForest CornCoffee

18% 22% 8% 12% 15% 25%

19% 23% 8% 13% 17% 20%

Market

-16.9%

Market

+4.1%

4

Market Share

Heringer’s market share increased from 12.1% in 3Q07 to 13.5% in this third quarter, despite the

reduction in volume sold in the quarter. In the first nine months, market share stood at 13.2%, compared

with 12.4% in 9M07, despite the faster growth in the South and Midwest, regions where the Company

only recently started operating. Historically, Heringer is stronger in the 4th quarter.

1º Quarter 2º Quarter 3º Quarter 4º Quarter

13.2%11.8%

9.2%

13.4%12.7% 12.7% 12.1%

15.2%13.9%

12.3%13.5%

Year 9M

11.7%10.7%

13.2% 12.4%13.2%

2006 2007 2008

30%

26%32%

2%

11%

Continuous growth in the

Brazilian Fertilizer Market

Market Share

Brazilian Market 9M08 (source: ANDA)

5

Growth in the Client Base

Heringer’s client base grew to more than 24,200 active clients in 9M08, 20% more year on year, with all

regions of the country making important contributions to this growth. In 3Q08, the number of clients

expanded by 10%.

Client growth was driven by the expansion in the areas of operations, with the construction and lease of

new mixing units, especially in regions where the company only recently launched operations. Another

factor helping to attract new clients is the higher productivity offered by specialty products. Strengthening

the client base is a key factor for maintaining the company’s sustainable growth going forward and

continuing to focus on retail sales.

2006 2007 3Q07 3Q08 9M07 9M08

2,132 3,198 1,248 1,130 2,129 2,438

1,099 1,547 688 863

1,244 1,743

23,234

25,044

9,142 10,248

15,853

18,963

1,023

1,268

718726

938

1,074

Σ 11,796Σ 12,967

Σ 27,488

Σ 31,057

Growth in the Number of Clients

3Q08 x 3Q07

+ 10%

+ 13%

Σ 20,164

Σ 24,218

+ 20%

Southeast

South

Midwest

North/Northeast

- 9%

+ 1%

+ 12%

+ 25%

9M08 x 9M07

+ 15%

+ 14%

+ 20%

+ 40%

6

Mixed Mineral Fertilizer

with foliage application

Boosts usage of Urea

Micro-nutrients on 100%

of the NPK granules

Specialty Products

The share of specialty products in the sales mix in 9M08 stood at 22%. Although the share of volumes has

remained constant, the contribution of these products to margins has been increasing significantly.

2006 2007 3Q07 3Q08 9M07 9M08

1,973 2,539

733 693

1,689 1,889

488

725

254 220

490 525

Conventional Specialty

80%

20%

78%

22%

Σ 987 Σ 913

Σ 2,461

Σ 3,264

+ 7%

+ 12%

+ 11%+ 49%

+ 29%

+ 33%

(‘000 tonnes)

Share in Total Sales Volume

78%

22%

78%

22%

Σ 2,179

Σ 2,414

- 13%

- 5%

- 7%

74%

26%

76%

24%

Highlighted Products:

7

SSP Plant and Other Investments

important for soils in Brazil, especially in the Midwest, where soils has low sulfur concentrations, as well as

for grain crops, making the location of the new Paranaguá plant strategic from the distribution and logistics

standpoints.

Sulfuric Acid is made from Sulfur. Super Single Phosphate (SSP) is the product of mixing Sulfuric Acid with

ground Phosphate Rock in a process known as acidulation. Both the sulfur and phosphate rock are imported.

The total plant production is estimated at:

Sulfuric Acid: 200,000 tons/year

Granular SSP: 250,000 tons/year

The industrial unit will be energy self-sufficient, with estimated power generation of 6MW/h.

With this new industrial unit, Heringer concludes its recent verticalization process and expects to generate

significant synergy gains by producing intermediate fertilizers and NPK mixtures at the same plant.

We expect with this investment generate improvement in the Company’s EBITDA margins.

SSP Plant

Commissioning and factory tests of the

Super Single Phosphate (SSP) were carried

out in the 3Q08. The new plant was

officially inaugurated on November 1,

2008, with the presence of Mr. Reinhold

Stephanes, the Brazilian Minister of

Agriculture, Livestock and Supply, and Mr.

Orlando Pessuti, the Governor in office of

the state of Paraná, in addition to other

authorities, representing entities and

companies in the industry.

The plant has begun producing, and along

with Heringer’s mixing unit in the same

site, they form the Paranaguá Industrial

Complex (CIP).

Super Single Phosphate is a raw material

for Phosphorus (P) and is extremely

Production capacity is higher than the one that was

previously announced at the time of the Company’s IPO,

which was:

- Sulfuric Acid: 132,000 tonnes/year

- Granule SSP: 143,000 tonnes/year

8

A chart summarizing the evolution of the investments made over the last 18 months, i.e. the period

following the company’s IPO (April 2007), is shown below:

IPO (apr/2007)

Inauguration of the Iguatama-MG Unit

Announcement of the Share

Buyback Program

Acquisition of the Rio

Verde-GO Unit

Expansion of the Manhuaçú-MG Unit

Startup of the Rio Brilhantes-MS Unit

Startup of the Bom Jesus de

Goiás-GO Unit

Inauguration of the Catalão-GO

Unit

Inauguration of the Ourinhos-SP Unit

Startup of the Porto Alegre-RS Unit

Expansion of the Três Corações-MG Unit

Inauguration of SSP Unit

Capital (IPO)

CAPEX

2007 2008¹

R$ 203 MM

R$ 107 MM R$ 157 MM

Focus on the investment and on

long-term shareholder value

creation1: until sep/2008

Mix Production Capacity (+40%)3.0 MM ton 4.2 MM ton

New Mixing Facilities

Innauguration of the Iguatama plant in the

State of Minas Gerais (Southeast region), with

a capacity of 150,000 tonnes per year.

Innauguration of the Catalão plant in the State

of Goiás (Midwest region), with capacity of

150,000 tonnes per year, programmed to

initiate in the 4Q08.

With these new units, Heringer ends the year

with 16 operational mixing facilities,

strategically located and distributed among

the main Brazilian regions which use fertilizers.

New owned unit in Iguatama-MG

New owned unit in Catalão-GO

9

The investments carried out by the Company in these 18 months were fundamental for consolidating its

position as a national player in the fertilizer market.

With these investments, the Company expanded nationwide and today is present in regions where it

previously did not operate, enabling it to grow in market-share.

Note that the investments made concluded an important investment cycle for the Company, and reduce

CAPEX requirements for the coming quarters.

10

Market and Outlook for 2008 and 2009

Commodities

Commodity prices reached record levels during the year, but have fallen sharply in the past few months.

These price drops were driven mainly by financial deleveraging in some of these markets, as well as by the

sudden appreciation in the U.S. dollar versus other international currencies. Another factor is the fear of

global recession, which based on the interpretations of some market agents will translate into lower

future demand for commodities.

In this turbulent international scenario, fundamentals were relegated to the secondary plane and many

assets, including agricultural commodities, suffered exaggerated variations in prices. In the long-term

scenario, there are fundamentals to support prices of the main agricultural commodities at higher levels

than current level, since demand is driven primarily by population and income growth in emerging-market

countries, which boosts demand for food products (grains, meat, etc.).

From the standpoint of production, the chart below (source: USDA) presents data for world grain

production and consumption, which suggests a very tight supply-demand balance in which a significant

drop in production could lead to price hikes. This tight balance between production and consumption

should maintain world grain stocks at historically low levels, which represents another vector for

supporting prices at more reasonable levels than nowadays.

Grain Production and Consumption in the World

Source: USDA

1,700

1,800

1,900

2,000

2,100

2,200

2,300

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008E

MM TonnesOutput

Consumption

Source: USDA

GDP per capita – current prices

Source: IMF; Rosenberg & Associados

Grain Stock-to-Use Ratio in the World (%)

116 inventory days

62 inventory days

365 158%

3,464

341

India

(in US$)

China

Brasil

1990 %

627%

100%

4,334World 90%

942

6,938

2,483

2007

8,236

11

Raw Materials

Due to the limited national production of basic and intermediate fertilizers, Brazil imports

approximately 70% of the raw materials used in its NPK mixtures.

The international price of raw materials (basic fertilizers) is formed from the synthesis of certain

variables such as production costs (basic raw materials), agricultural commodity prices and world

supply and demand.

Since the steepening of the drop in agricultural commodity prices, fertilizer raw material prices have

reversed the upward trend they have followed since 2006 and which intensified during 2008, and

have begun to fall back, especially in some specific chains.

For 2009, raw material prices are expected to be even lower than today, indicating possible

improvement in the terms of trade (fertilizer ton vs. agricultural commodity) for producers, which

could be positive for the fertilizer distributors.

Urea in bulk – Yuzhny

Nitrate in bulk – Black sea

Ammonia Sulphate in bulk – Brazil MAP in bulk – Brazil

TSP in bulk – Africa

Potash – MOP in bulk - Brazil

150

250

350

450

550

650

750

850

25

/1

25

/22

5/3

25

/4

25

/5

25

/6

25

/7

25

/8

25

/9

25

/…

25

/…

25

/…

25

/1

25

/2

25

/3

25

/4

25

/5

25

/6

25

/7

25

/8

25

/9

US$ per Ton

200 300 400 500 600 700 800 900

1,000 1,100 1,200 1,300

25

/1

25

/2

25

/3

25

/4

25

/5

25

/6

25

/7

25

/8

25

/9

25

/10

25

/11

25

/12

25

/1

25

/2

25

/3

25

/4

25

/5

25

/6

25

/7

25

/8

25

/9

US$ per Ton

Basic Fertilizers: MAP, TSP and MOP

Nitrogen Fertilizers

Source: The Market

MAP (C&F)

YoY: + 104%3Q08: - 18%

TSP (FOB)

YoY: + 145%3Q08: - 8%

MOP (C&F)

YoY: + 192%3Q08: + 10%

Urea (FOB)

YoY: + 99%3Q08: + 2%

Nitrate (FOB)

YoY: + 82%3Q08: + 26%

Sulphate (C&F)

YoY: + 47%3Q08: - 16%

2007

2007 2008

2008

12

Market

The economic environment for Brazil’s agribusiness has changed quickly over the past three months,

being impacted by the volatility and uncertainty in international financial markets. Some of the main

industry’s variables (commodity prices, exchange rate and credit lines) were affected by this

instability just in the beginning of the Brazil’s grain harvest. Because of these changes, the Company

has revised its outlook for the end of this year and beginning of 2009.

The fertilizer market recorded year-on-year growth of 22% in the first half of this year, which

compares with forecasts for the 2008 full-year of only 4.8% (from 24.6 million tons in 2007 to 25.8

tons in 2008). The company was anticipating an adjustment in the pace of growth in the second half

of the year, after observing that the sharp growth in the first half was in large part due to the

anticipated purchases by producers, with the market not expanding proportionally. There was in a

course a change in industry seasonality, shifted due to the constant hikes in raw material prices.

Market data disclosed by ANDA in August and September confirmed this adjustment in the pace of

growth, with the industry registering growth in 9M08 of 4.1% year on year.

However, this new environment has intensified the adjustment in this growth rate. We have revised

our estimates, which now call for a slight contraction in the market in the 2008 full-year of 3% year

on year, for total volume sold in the year of around 23.8 million tons.

The likely contraction in volume sold in the industry may not translate directly into lower volumes

for Fertilizantes Heringer in 2008, in relative terms. This is because the Company inaugurated new

mixing units at the end of 2007 and in 2008 and it is now operating in new regions. Another

important factor here is that the Company has been increasing its market share along the time.

20.2 21.0 24.6 23.8

2005 2006 2007 2008E

Market Volume(million of tonnes)

Source: Historical Data 2005-2007 ANDA; Estimates 2008 from Heringer and Agroconsult

+ 17.1%

+ 4.0%

-3%

23% 25% 28%24%

1° Quarter 2° Quarter 3° Quarter 4° Quarter

48%

52%

Expected Seasonality for 2008

13

This recent change in the economic environment will impact the seasonality originally expected for this

year. We currently estimate that the first half represented 48% of consumption in the year, while the

second half will represent the remaining 52%, composed as follows: 28% in 3Q08 and 24% in 4Q08.

Heringer’s seasonality is similar to that of the market in the half-year periods, but historically has a

stronger 4th quarter, due to its sales mix by crop.

14

FINANCIAL RESULTS

Gross Revenue

In 3Q08, gross revenue grew by 70% year on year to R$1.18 billion.

2004 2005 2006 2007 3Q07* 3Q08 9M07* 9M08

1,645 1,308 1,454

373 693 1,180 1,460

2,676

400

698

834

Gross Sales Revenue (R$ MM)

+ 11%

2,305

+ 70%

-20%

+ 59%

+ 83%

Quarter 9 Months

The higher revenue reflects the increase of 84% in the average sale price versus the same quarter of last

year. The prices practiced in 3Q08 were in line with the ability to pass through higher costs to final

products.

The volume sold in the quarter was 7% lower year on year. In the same period, the market declined 17%.

The lower volume is explained by the reasons stated in the section “Market and Outlook for 2008 and

2009”, and basically involves the change in seasonality and in the economic environment for Brazil’s

agribusiness in the second half of this year.

Year to date, the Company’s volume sold expanded by 11% year on year, which compares with the market

growth of 4% in the same nine-month period.

2004 2005 2006 2007 3Q07 3Q08 9M07 9M08

2,202 1,993 2,461

584 987 913

2,179 2,414 608

987

1,085

Sales Volume (‘000 tonnes)

3,264+ 33%

+ 23%-9%+ 11%

-7%

* Pro-Forma adjustment to

maintain comparability with 2008,

as seen in note (1) of page 2.

15

Gross Profit (in R$ million and % of Net Revenue)

Gross profit totaled R$136.1million in the quarter, up 120% year on year, with gross margin of 11.7%,

expanding by 260 basis points from 9.1% in 3Q07.

The gross profit adjusted by the impact of foreign-exchange variation on imported inventories sold in

3Q08 was R$90.2 million, increasing by 31% year on year. Adjusted gross margin (% of net revenue) stood

at 7.8%

In 9M08, gross profit was R$333.8 million, 96% higher than the R$170.3 million recorded in 9M07. Gross

margin in the nine months was 12.8%, expanding by 90 basis points in relation to 9M07.

To better demonstrate its effective operational margin, the company reclassifies on a proforma basis the foreign-exchange variation on the

imported inventories sold in the period, which are currently booked in the Income Statement in the “Financial Income and Expenses line”,

according to the Brazilian Accounting Practices (BRGAAP). The reclassification was it R$7.0 million in 3Q07 and (-R$45.9 million) in 3Q08, R$17.7

million in 9M07 and (-R$20.2 million) in 9M08.

* Pro-Forma adjustment to

maintain comparability with 2008,

as seen in note (1) of page 2.

2006 2007 3Q07* 3Q08 9M07* 9M08

152.6

243.6

61.9

136.1 170.3

333.8 156.5

274.6

68.9

90.2

188.0

313.7

Gross Profit (R$ MM) and Gross Margin (%)

11.0% 12.1% 10.1% 7.8% 13.2% 12.0%

Pro-Forma Reclassification

Quarter 9 Months

GrossMargin

10.7% 10.8% 9.1% 11.7% 11.9% 12.8%

Adj.GrossMargin

Adjusted + 75%

Gross Profit + 60%

Adjusted + 31%

Gross Profit + 120%

Adjust. + 67%

Gross P. + 96%

16

Operating Expenses

Selling Expenses (in R$ million and % of Net Revenue)

General & Administrative Expenses (in R$ million and % of Net Revenue)

Selling, General and Administrative expenses were equivalent to 6.1% of Net Revenue in 3Q08, declining

by 220 basis points from 8.3% in 3Q07.

Selling expenses mainly consist of

expenses with freight and sales

commissions, indexed with the

volume and revenue.

The higher selling expenses were

driven by the increases in revenue.

However, as a percentage of net

revenue these expenses fell, due to

the dilution by higher revenue.

Although administrative expenses

and selling expenses increased in

absolute terms, they fell as a

percentage of net revenue to 1.0%

in 3Q08, versus 1.5% in 3Q07.

2006 2007 3Q07 3Q08 9M07 9M08

107.9 148.7

46.0 59.2 99.8

134.3

Selling Expenses (R$ MM)

+ 29%

+ 38%

7.6% 6.6% 6.8% 5.1%%NR

-170 BP-100 BP

7.0% 5.1%

-190 BP

+ 35%

Quarter 9 Months

2006 2007 3Q07 3Q08 9M07 9M08

31.9 37.9

10.4 11.7 26.4 31.7

Administrative Expenses (R$ MM)

+ 19%

+ 13%

2.2% 1.7% 1.5% 1.0%%NR

-50 BP -50 BP

1.8% 1.2%

+ 20%

-60 BP

Quarter 9 Months

17

EBITDA (in R$ million and % of Net Revenue)

EBITDA in 3Q08 was R$92.0 million, up 370% versus 3Q07. EBITDA margin was 7.9%, expanding by 500

basis points in relation to 3Q07.

EBITDA adjusted by the impact of foreign-exchange variation on imported inventories sold in 3Q08 was

R$46.0 million, 73% higher than in 3Q07, with adjusted margin of 4.0% in this quarter, versus 3.9% in

3Q07.

In the first nine months, EBITDA reached R$214.3 million, up 261% on R$59.3 million in 9M07. EBITDA

margin in 9M08 was 8.2%, up 410 basis points year on year.

NOTE: In 2006, the company won a lawsuit related to COFINS tax and reversed an accounting reserve in the amount of R$10.4 million, of which

R$6.4 million is non-financial and R$4.0 million has a financial impact on EBITDA. In 2006, the criterion for the international supplier bonuses also

changed, with a positive impact of R$4.0 million on EBITDA.

Adjusted EBITDA was R$46.0 million in 3Q08, R$26.6 million in 3Q07, R$194.1 million in 9M08 and R$88.1 million in 9M07. These amounts:

- excluded the non-recurring expenses of R$11.1 million in 9M07;

- included the impact from the reclassification between groups of (-R$45.9 million) in 3Q08, R$7.0 million in 3Q07, (-R$20.2 million) in

9M08 and R$17.7 million in 9M07 related to the foreign-exchange variation on inventories sold in the period.

- and calculated the adjustments to present value for 2007 according to the criteria of Law 11,638/2007 and adjusting them on a pro-forma basis

to maintain better comparability with data for 2008, in accordance with the note on page 2.

Extraordinary items in 2006 (COFINS/Bonuses)

Proforma reclassification

Extraordinary items in 2007 (IPO expenses)

* Pro-Forma adjustment to

maintain comparability with 2008,

as seen in note (1) of page 2.

2006 2007 3Q07* 3Q08 9M07* 9M08

58,6 83.3

19.6

92.0 59.3

214.3

125.3

11.1

-45.9

194.1

52.230.9 46.0 88.1

EBITDA (R$ MM) and EBITDA Margin (% NR)

EBITDA ROIC – considering SSP plant

EBITDA ROIC – excludes investment in SSP plant/not yet generating income flow

41.2%

55.3%

61.2%

Quarter

9 Months

26.6

3.7% 5.5% 3.9% 4.0% 6.2% 7.4%Adjusted

4.1% 3.7% 2.9% 7.9% 4.1% 8.2%Margin

Adjusted + 140%

EBITDA + 42%

Adjusted + 73%

EBITDA + 370%

Adjusted + 120%

EBITDA + 261%

18

Net Income (in R$ million and % of Net Revenue)

Net Income in the quarter was affected by foreign exchange variation in the period, which generates

financial expenses with no cash effect in the short term, due to foreign exchange liabilities generated by

raw material imports.

Heringer has a Hedge Policy Committee elected by the Board of Directors, which has the objective of

maintaining a hedging policy aimed at mitigating the risks of a foreign exchange variation, such as the

observed in 3Q08. The Company contracts currency swaps in which it is short in the CDI rate and long in

foreign exchange variation. In the first half of 2008, hedging operations generated financial losses, due to

the continuous appreciation in the Brazilian Real in the period. Once this trend reversed, these

instruments generated financial gains for the Company that totaled R$62.0 million in 9M08.

We also highlight that the company does not use any exotic derivatives to hedge its exposure of foreign

exchange variation.

Financial hedge instruments protect the portion of foreign exchange liabilities maturing in the short term,

with the other portion being protected by our raw material inventories, which under normal market

conditions function as a natural hedge, given that the industry in Brazil is fundamentally a raw material

importer.

In 3Q08, the company posted a net loss of R$72.3 million, which was impacted by the financial expenses

with no cash effect in the short term generated by foreign exchange variation.

In 9M08, net income remained R$24.7 million positive, including the net financial expenses of R$170.3

million.

* Pro-Forma adjustment to

maintain comparability with 2008,

as seen in note (1) of page 22

Extraordinary items in 2006

Extraordinary items in 2007

2004 2005 2006 2007 3Q07* 3Q08 9M07* 9M08

63.5

(40.3)

45.5

77.5

8.7

(72.3)

46.3

24.7 36.1

84.8

53.6

53.3%

-22.5%

28.5%37.4%

41.4%

Net Income (R$ MM) and Net Margin (% NR)

4.0% 2.5% 1.3% -6.2%-3.1%%NR

EBITDA ROIC – considering SSP plant

3.8%

EBITDA ROIC – excludes investment in SSP plant/not yet generating income flow

3.7% 0.9%

Quarter

24,7

9 Months

19

Working Capital

The Company pursues a client credit policy aimed at keeping accounts receivable days at low levels,

reducing the credit risks. As a result, accounts receivable days in the quarter stood at 35 days, very stable

in relation to 2Q08.

Regarding inventories, in the first half of the year the Company adopted a strategy of anticipating raw

material purchase, increasing inventory days. The inventories added throughout 3Q08 were due to the

purchases already shipped and/or contracted from suppliers. The Company’s target is to reduce gradually

its inventory days to historical levels by the end of this year. We highlight that inventories are currently at

lower levels than at the end of 3Q08.

Accounts payable days increased considering both supplier days only as well as after including the FINIMP

(import financing), reaching 162 days of accounts payable in the quarter. These days are sufficient to cover

all inventories days and accounts receivable days.

In the current scenario of international and national credit restrictions, Heringer believes it is well

positioned to maintain its financing operations for raw materials acquisitions.

7790

5235

54

52

39 3444

34 35

39

92

63

19

51

75

60

5960

109 10693

117

96

62

101

112

84

4946

84 103

128

184

133

80

127 126

98

83

104

146

162

0

20

40

60

80

100

120

140

160

180

200

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

Days

Accounts Receivable DaysInventories Days (1)Accounts Payable DaysAccounts Payable Days - adjusted by FINIMP

(1) Inventory Days net of client advances

23 65 19 -8 4 15 15 44 58 59 38

-12 -2 -18 -26 -22 1 1 10 0 -3 -21

Working Capital Days

Working Capital Days

(considering FINIMP in accounts payable /

working capital)

20

Cash Flow

Net cash used for operating activities

Net cash used for operating activities in 3Q08 was R$ 11.0 million. A significant portion of cash was used

to stocks, which increased due to the purchases already shipped and/or contracted at the end of 2Q08.

Another significant part of cash was used to increase the absolute value of Accounts Receivable, due to

the higher invoicing in the period (maintaining the same level of accounts receivable days). In addition,

there was a reversal in the income tax paid in the first half of the year, which generated an important

increase in the group Taxes Recoverable and consequently in the consumption of cash.

On the other hand, on the accounts payable side, the Company generated cash by increasing its value with

suppliers and drawing on the import-financing mechanism (FINIMP). The Company continued its strategy

of using the FINIMP import-financing mechanism when the instrument's interest rate was more attractive

than the interest built into the price at term of international suppliers (99% of the “loans and financing”

line on the balance sheet corresponds to FINIMP loans for purchase of raw material inventories). The

Company also opted for upfront cash payments for local purchases, avoiding the high interest rates built

in.

Cash used for investment

Cash used for investment totaled R$ 50.0 million in 3Q08. The increase between quarters was mainly due

to the investments in the SSP plant and in mixing units. CAPEX for 2009 is being revised by the Company.

Cash used for financing

In 3Q08, cash used for financing operations totaled R$ 1.8 million.

A chart presenting the main cash flow accounts follows (for more information, see Attachment IV):

21

Others Payable

Inventories

Advances from Clients

Net Non-Cash Expenses

FINIMP Contracting

Clients

Investments

FINIMP payments

Others

Others Taxes to Recover

Suppliers

Net Income

Corporate Taxes to Recover

Others Payable

Inventories

Advances from Clients

Net Non-Cash Expenses

FINIMP Contracting

Clients

Investments

FINIMP payments

Others Taxes to Recover

Suppliers

Net Income

Corp. Taxes to Recover

Others

R$ 62.8 million were used in 3Q08 R$ 72 million were generated in 9M08

Initial Cash

06/30/2008

Ending Cash

09/30/2008

Initial Cash

12/31/2008

Ending Cash

09/30/2008

22

ATTACHMENT I – 3Q08 INCOME STATEMENT

Fertilizantes Heringer S.A.

(in thousand of Reais) 3Q07 (1) %NR 3Q08 %NR 3Q08x3Q07

Gross Revenue 692,519 1,180,061 70.4%

Taxes and other deductions (13,129) (20,070) 52.9%

Net Revenue 679,390 1,159,991 70.7%

Cost of goods sold (617,540) -90.9% (1,023,877) -88.3% 65.8%

Gross Profit 61,850 9.1% 136,114 11.7% 120.1%

Operational (expenses) revenues (44,759) -6.6% (48,089) -4.1% 7.4%

Selling expenses (45,977) -6.8% (59,169) -5.1% 28.7%

General and Administrative expenses (10,366) -1.5% (11,670) -1.0% 12.6%

Employee profit sharing complement 1,268 0.2% 8,449 0.7% 566.5%

Other operational (expenses) revenues, net 10,317 1.5% 14,301 1.2% 38.6%

Operating profit (loss) before net financial results 17,091 2.5% 88,026 7.6% 415.0%

Financial (expenses) Income (4,108) -0.6% (197,204) -17.0% 4700.1%

Financial Income 63,511 9.3% 133,070 11.5% 109.5%

Financial Expenses (67,619) -10.0% (330,274) -28.5% 388.4%

Operating profit (loss) 12,983 1.9% (109,178) -9.4% -940.9%

Non-operating (expenses) revenues, net (150) 0.0% 361 0.0% 340.2%

EBT 12,832 1.9% (108,817) -9.4% -948.0%

Income tax and social contribution (4,162) -0.6% 36,556 3.2% 978.3%

For the period (7,035) -1.0% 52,391 4.5% 844.7%

Deferred 2,873 0.4% (15,834) -1.4% -651.1%

Net Income 8,670 1.3% (72,261) -6.2% -933.4%

GROSS PROFIT - PRO-FORMA ADJUSTMENT (2)

Gross Profit 61,850 9.1% 136,114 11.7% 120.1%

Foreign Exchange gain (loss) on inventories sold reclassification 7,036 1.0% (45,945) -4.0% -753.0%

Adjusted Gross Profit 68,886 10.1% 90,169 7.8% 30.9%

EBITDA 19,561 2.9% 91,975 7.9% 370.2%

Operating Profit (loss) before Net Financial Results and Taxes 17,091 2.5% 88,026 7.6% 415.0%

Depreciation & Amortization 2,469 0.4% 3,949 0.3% 59.9%

Adjusted EBITDA (2) (4)

26,596 3.9% 46,030 4.0% 73.1%

EBITDA 19,561 2.9% 91,975 7.9%

Foreign Exchange gain (loss) on inventories sold reclassification 7,036 1.0% (45,945) -4.0%

Notes (1) and (2) - Please, refer to page 2 for more detailed explanations

Note: Some figures in this Earnings Release were rounded off. Therefore, some of the totals presented in charts may

not represent exact sums.

23

ATTACHMENT II – 9M08 INCOME STATEMENT

Fertilizantes Heringer S.A.

(in thousand of Reais) 9M07 (1) %NR 9M08 %NR 9M08x9M07

Gross Revenue 1,460,153 2,675,741 83.3%

Taxes and other deductions (30,434) (65,762) 116.1%

Net Revenue 1,429,719 2,609,979 82.6%

Cost of goods sold (1,259,440) -88.1% (2,276,132) -87.2% 80.7%

Gross Profit 170,279 11.9% 333,847 12.8% 96.1%

Operational (expenses) revenues (117,123) -8.2% (130,570) -5.0% 11.5%

Selling expenses (99,801) -7.0% (134,298) -5.1% 34.6%

General and Administrative expenses (26,378) -1.8% (31,750) -1.2% 20.4%

Employee profit sharing complement (2,209) -0.2% 0 0.0% -100.0%

Other operational (expenses) revenues, net 11,265 0.8% 35,479 1.4% 214.9%

Operating profit (loss) before net financial results 53,156 3.7% 203,277 7.8% 282.4%

Financial (expenses) Income 16,904 1.2% (170,306) -6.5% -1107.5%

Financial Income 138,356 9.7% 266,401 10.2% 92.5%

Financial Expenses (121,452) -8.5% (436,708) -16.7% 259.6%

Operating profit (loss) 70,060 4.9% 32,971 1.3% -52.9%

Non-operating (expenses) revenues, net (933) -0.1% 442 0.0% 147.4%

EBT 69,127 4.8% 33,412 1.3% -51.7%

Income tax and social contribution (22,852) -1.6% (8,711) -0.3% -61.9%

For the period (17,470) -1.2% 0 0.0% -100.0%

Deferred (5,382) -0.4% (8,711) -0.3% 61.9%

Net Income 46,276 3.2% 24,701 0.9% -46.6%

GROSS PROFIT - PRO-FORMA ADJUSTMENT (2)

Gross Profit 170,279 11.9% 333,847 12.8% 96.1%

Foreign Exchange gain (loss) on inventories sold reclassification 17,732 1.2% (20,158) -0.8% -213.7%

Adjusted Gross Profit 188,010 13.2% 313,689 12.0% 66.8%

EBITDA 59,278 4.1% 214,279 8.2% 261.5%

Operating Profit (loss) before Net Financial Results and Taxes 53,156 3.7% 203,277 7.8% 282.4%

Depreciation & Amortization 6,121 0.4% 11,002 0.4% 79.7%

Adjusted EBITDA (2) (4)

88,060 6.2% 194,121 7.4% 120.4%

EBITDA 59,278 4.1% 214,279 8.2%

Foreign Exchange gain (loss) on inventories sold reclassification 17,732 1.2% (20,158) -0.8%

IPO expenses 11,051 0.8% 0 0.0%

NET INCOME - PRO-FORMA ADJUSTMENT (3)

Net Income 46,276 3.2% 24,701 0.9% -46.6%

IPO expenses, after corporate taxes 7,294 0.5% 0 0.0%

Adjusted Net Income 53,569 3.7% 24,701 0.9% -53.9%

Notes (1), (2), (3) and (4) - Please, refer to page 2 for more detailed explanations

Note: Some figures in this Earnings Release were rounded off. Therefore, some of the totals presented in charts may

not represent exact sums.

24

ATTACHMENT II – BALANCE SHEET

(in thousand of Reais)

ASSETS Sep-08 Jun-08 Liabilities and stockholders' equity Sep-08 Jun-08

Current Assets 2,271,086 1,625,287 Current Liabilities 2,093,784 1,355,573

Cash and Banks 53,609 58,425 Suppliers: 1,170,456 627,147

Financial investments 136,787 194,767 National 38,024 57,251

Accounts receivable 463,931 308,162 Foreign 1,132,432 569,896

Inventories 1,345,342 992,819 Loans and financing 673,867 469,953

Taxes recoverable 152,526 28,961 Salaries and social charges 11,013 19,671

Deferred taxes 18,125 12,364 Taxes payable 1,429 13,615

Other current assets 100,766 29,788 Deferred taxes 21,421 0

Advances received from customers 142,648 178,456

Interest on shareholders' equity 626 626

Other current liabilities 72,323 46,105

Non-current assets 25,804 51,892 Long term liabilities 12,600 12,385

Accounts receivable 1,287 2,945 Loans and financing 10,631 10,453

Taxes recoverable 432 25,522 Provisions for contingencies 1,953 1,931

Deferred taxes 1,635 1,809 Taxes payable 16 1

Judicial deposits 8,896 7,917

Properties held for sale 13,554 13,699 Deferred Income 1,229 3,057

Permanent assets 327,359 282,734 Stockholders' Equity 516,637 588,897

Investment 539 539 Capital 448,746 431,714

Property, plant and equipment 324,438 279,716 Capital reserves 14,270 25,507

Deferred charges 2,382 2,479 Revenue reserves 46,013 46,013

Treasury Stock -5,565 -5,565

Retained Earnings 13,172 91,228

Total ASSETS 2,624,249 1,959,913 Total liabilities and stockholders' equity 2,624,249 1,959,913

Note: Some figures in this Earnings Release were rounded off. Therefore, some of the totals presented in charts may

not represent exact sums.

25

ATTACHMENT IV – CASH FLOW (in R$ thousand)

3Q07 3Q08 9M07 9M08

NET INCOME 8,671 (72,261) 46,276 24,701

Non cash flow impact expenses (revenues): 7,571 203,935 8,751 214,040

Depreciation & Amortization 2,469 3,950 6,121 11,003

Interest and unrealized exchange variances (6,064) 258,663 (23,816) 255,945

Unrealized Hedge 12,974 (67,011) 12,067 (63,023)

Others (1,808) 8,333 14,379 10,115

Assets reduction (increase) (232,471) (586,356) (454,719) (1,030,802)

Trade Account Receivables (69,101) (148,540) (44,659) (151,948)

Inventories (145,645) (330,464) (398,798) (792,257)

Corporate Taxes to Recover (1,599) (67,737) (11,075) (42,781)

Taxes to Recover (10,719) (30,738) 5,168 (29,989)

Others (5,407) (8,877) (5,355) (13,827)

Liabilities increase (reduction) 245,166 443,676 321,389 1,025,222

Local Suppliers 6,549 (19,227) (14,955) 17,223

Foreign Suppliers 163,591 407,783 247,511 626,135

Contracting of Import Financings 89,419 308,280 147,171 637,354

Payment of the Import Financings Principal Amount (39,193) (220,090) (149,738) (345,770)

Interest payments (1,242) (9,028) (7,355) (20,807)

Advances from Clients 6,988 (35,808) 84,433 78,096

Others Payable 9,776 23,604 7,165 32,625

Others 9,278 (11,838) 7,157 366

Operational Activities cash flow 28,937 (11,006) (78,303) 233,161

Purchase of property, plant and equipment (40,086) (49,989) (77,596) (156,825)

Others (81) 16 (15) (5,256)

Investing activities cash flow (40,167) (49,973) (77,611) (162,081)

Contracting of Loans and Financings - 1,168 10,413 5,130

Payment of the Loans and Financings Principal Amount (11,223) (1,157) (19,998) (2,877)

Interest on Equity - - 2,255 (4,543)

Paid-in capital - - 203,163 1,932

Others 414 (1,828) 1,691 1,229

Financing activities cash flow (10,809) (1,817) 197,524 871

NET INCREASE (DECREASE) IN CASH (22,039) (62,796) 41,610 71,951

NET INCREASE (DECREASE) IN CASH

Initial Cash 240,697 253,192 177,048 118,445

Ending Cash 218,658 190,396 218,658 190,396

NET INCREASE (DECREASE) IN CASH (22,039) (62,796) 41,610 71,951

(1) Includes interest and unrealized foreign exchange in loans and financings, accounts payable, accounts receivable, inventories and others

payables.

Note: Some numbers of this Earnings Release have been rounded up. Thus, a few of the totals in the charts might not

present exact numbers.

26

3Q08 EARNINGS CONFERENCE CALL

Conference Call in Portuguese

November 13, 2008 at 10:00 am (7:00 am U.S. ET)

Telephone: +55 (11) 4688-6301

Code: Fertilizantes Heringer

Replay for one week: +55 (11) 4688-6312

Code: 141

Conference Call in English

November 13, 2008 at 12:00 pm (9:00 am U.S. ET)

Telephone: +1 (412) 858-4600

Code: Fertilizantes Heringer

Replay for one week: +1 (412) 317-0088

Code: 424813#

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 the Company's profitability. Moreover, our calculations may not be comparable with similar

measures adopted by other companies.

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

the beliefs and assumptions of the Company's management and information the Company currently has access to. Statements about

future events include information about our current plans, beliefs or expectations, as well as those of the Company's Board of Directors

and Executive Officers.

Forward-looking statements include statements and information concerning possible or presumed operating results, as well as

statements that are preceded by, followed by or include such words as “believe”, “can”, “will”, “continue”, “expect”, “predict”, “intend”,

''plan’, “estimate” or similar expressions.

Forward-looking statements are not guarantees of performance. Since they refer to future events, they involve risks, uncertainties and

assumptions and are therefore dependant on circumstances that may or may not occur. Future results and creation of value for our

shareholders may differ substantially from those expressed or suggested by said statements. Many factors that may determine these

results and values are beyond Heringer’s control or ability to predict.