1

São Paulo, August 13, 2009 – Fertilizantes Heringer (Bovespa: FHER3) announces today its

results for the second quarter of 2009.

2Q09 HIGHLIGHTS

Net sales revenue of R$ 1,222.8 million and net income

of R$ 64.9 million in 1H09

� Net sales revenue of R$ 582.3 million in 2Q09 and R$ 1,222.8 million in 1H09;

� Gross income of R$ 20.1 million in 2Q09 and R$ 63.3 million in 1H09;

� EBITDA of (R$ 16.1 million) in 2Q09 and (R$ 4.6 million) in 1H09;

� Net income of R$ 60.1 million in 2Q09 and R$ 64.9 million in 1H09;

� Market share increases from 12.3% in 2Q08 to 14.6% in 2Q09 and from 13.1%

in 1H08 to 15.4% in 1H09;

� Client base expands by 21.9% in 2Q09 and 13.9% in 1H09;

� Fertilizer delivery volumes down 15.7% in 2Q09 and 13.4% in 1H09;

� Specialty products sales volume increases 12.9% in 2Q09 and 9.7% in 1H09,

representing 31% of total volume in 2Q09 and 26% in 1H09.

Portuguese

12 pm BR (11 am U.S. ET)

Phone: +55 (11) 2188-0188

Code: Fertilizantes Heringer

English

12 pm BR (11 am U.S. ET)

Phone: +1 (646) 843-6054

Code: Fertilizantes Heringer

Investor Relations

Phone: +55 (19) 3322-2292

ri@heringer.com.br

Investor Relations Website:

www.heringer.com.br/ir

2Q09 Conference Call - August 14, 2009

2

Brazilian Fertilizer Market - Deliveries

Brazilian fertilizer market contracted by 28.9% in 2Q09 when compared to 2Q08, with 4.3

million metric tons delivered in the period, compared with 6.1 million in the same quarter a

year ago.

In 1H09, this market contracted by 26.5% on the same six-month period of 2008. However, the

Company's deliveries contracted less than the market, by 13.4%.

In 2007, deliveries totaled 24.6 million metric tons, with seasonality resulting in 38% in the first

half of the year and 62% in the second half, in line with the seasonality expected for 2009. In a

comparison of 1H09 with 1H07, deliveries declined by 10%, from 9.39 million metric tons to

8.45 million metric tons. In the same comparison period, Heringer’s deliveries increased by

9.1%.

Source: Anda

Quarter Half Year

2Q06 2Q07 2Q08 2Q09

2,617

4,7916,057

4,305

(in

th

ou

san

d o

f m

etr

ic t

on

s)

+83.1%

-28.9%+26.4%

1H06 1H07 1H08 1H09

5,802

9,39211,500

8,455

-26.5%

(in

tho

usa

nd

of

me

tric

to

ns)

+61.9%

+22.4%

3

Brazilian Fertilizer Market – Local Production

In 2Q09, Brazilian production fell by 15.6% when compared to 2Q08, from 2.4 million metric

tons in 2Q08 to 2.0 million metric tons in 2Q09.

In 1H09, Brazilian fertilizer output decreased by 21.2%, from 4.7 million metric tons in 1H08 to

3.7 million metric tons in 1H09.

The decrease in the production in the Brazilian fertilizer market was due to the higher level of

ending inventories at the close of 2008, which sought to adjust market supply to the level of

demand.

Source: Anda

Quarter Half Year

2Q06 2Q07 2Q08 2Q09

2,139 2,360 2,480 2,093

(in

th

ou

san

d o

f m

etr

ic t

on

s)

+10.3% -15.6%+5.1%

1H06 1H07 1H08 1H09

4,003 4,486 4,7093,712

+12.1% -21.2%+5.0%

(in

th

ou

san

d o

f m

etr

ic t

on

s)

4

Brazilian Fertilizer Market – Imports

Imports by Brazilian fertilizer market declined by 42.9% in the 2Q09, from 4.4 million metric

tons in 2Q08 to 2.5 million metric tons in 2Q09.

In the 1H09, Brazilian fertilizer imports fell 61.1%, from 8.6 million metric tons in 1H08 to 3.3

million metric tons in 1H09.

The decrease in the imports in the Brazilian fertilizer market was the reflection of the high

level of fertilizer inventories in the country at the close of 2008. From August 2008, Brazilian

agribusiness companies felt the effects of the global crisis, which generated strong impacts on

the industry's main variables, such as: agricultural commodities, international fertilizer raw

material prices, foreign barter rates and credit conditions. Projections for 2008 called for

delivery volumes above the 24.6 million metric tons registered in 2007. However, the 2008

closed with total deliveries of 22.4 million metric tons. The high ending inventories in 2008

pressured industry margins in the 1H09.

Source: Anda

Quarter Half Year

2Q06 2Q07 2Q08 2Q09

2,302

4,170 4,476

2,557

+81.1%-42.9%

(in

th

ou

san

d o

f m

etr

ic t

on

s)

+7.3%

1H06 1H07 1H08 1H09

4,036

7,6288,639

3,359

+89.0%-61.1%

+13.3%

(in

tho

usa

nd

of

me

tric

to

ns)

5

Brazilian Fertilizer Market – Inventories

During the 1H09, adjustments in inventory levels were observed, impacted by both the lower

domestic production as well as the reduction in imports. On December 31, 2008, inventories

stood at 6.4 million metric tons, falling to 5.1 million metric tons on June 30, 2009. Even when

compared with inventories on June 30, 2008, which stood at 6.2 million metric tons, the

decline was of 17.7%.

Source: Anda

0

1

2

3

4

5

6

7

8

9

10

4,4

6,2 6,45,1

(in

mil

lio

no

f m

etr

ic t

on

s)

DEC/07 JUN/08 DEC/08 JUN/09

-17.7%

6

Heringer’s Sales and Distribution by Crop

In 2Q09, Heringer’s delivery volume was 627.4 thousand metric tons, down 15.7% from 744.4

thousand metric tons in 2Q08. In 1H09, delivery volume was 1,300 thousand metric tons, a

13.4% decrease from 1,501 thousand metric tons in 1H08.

Since 2008 was completely atypical in terms of the historical seasonality of sales, with an

intense trend of anticipating sales in the first half of the year, a comparison between 2009 and

2007 is more appropriate. Therefore, the Company’s deliveries increased by 3.1% in 2Q09 in

relation to 2Q07, and by 9.1% in 1H09 compared with 1H07.

Note also the continuous decline in fertilizer consumption for sugarcane in the first six months

of 2007 and 2009, given the slower pace of expansion into new sugarcane planted area.

However, for the second half of 2009, we expect a recovery in fertilizer consumption, in view

of the better outlook for the industry.

The contraction in fertilizer consumption for reforestation observed in 1H09 was driven by the

global economic crisis. It is expected the fertilizer consumption to return to historical levels

due to the better prospects for the sector.

A highlight is for the continuous expansion in Heringer’s share of sales for other crops, which

increased from 262.3 thousand metric tons in 1H07 to 346.8 thousand metric tons in 2008 and

353.7 thousand metric tons in 2009. This diversity helps to mitigate the volatility associated

with crop prices.

Heringer’s national footprint also helps to mitigate any problems associated with weather,

pests and disease that can affect certain regions.

Soybean Corn Coffee Reforest Others Sugarcane

Quarter Half Year

Market

-26.5%

Market

-28.9%

2Q07 2Q08 2Q09

196,3 160,8 146,2

113,2 172,6 162,3

55,560,2

36,838,8

38,048,3

49,6105,6

61,4

155,0

207,2

172,4

+22.4% -15.7%

Σ 627

Σ 744

Σ 608

(in

th

ou

san

d o

f m

etr

ic t

on

s)

50

250

450

650

850

1050

1250

1450

1H07 1H08 1H09

344,3 292,5 223,5

262,3 346,8353,7

92,7114,4

77,4

161,8195,1

210,8

163,4

287,6236,2

167,3

264,6

198,0

Σ 1,501

Σ 1,300Σ 1,192

+25.4%-13.4%

(in

th

ou

san

d o

f m

etr

ic t

on

s)

7

Client Base and Market Share

The Company registered strong growth in its customer base, which surpassed 38.7 thousand of

clients in the last 12 months.

In 2Q09, the number of clients increased 21.9%, from 6.5 thousand in 2Q08 to 7.9 thousand in

2Q09. In 1H09, the number of clients grew by 13.9%, from 16.9 thousand in 1H08 to 19.2

thousand in 1H09.

The Company held market share of 14.6% in 2Q09 and 15.4% in 1H09.

The strengthening of the client base is an important factor for supporting the Company’s

sustainable growth in the coming years.

Number of Clients - Quarter Number of Clients – Half Year

Market Share

0

2,000

4,000

6,000

8,000

10,000

12,000

2Q07 2Q08 2Q09

5,0556,548

7,981

21.9%

29.5%

0

5,000

10,000

15,000

20,000

25,000

30,000

1H07 1H08 1H09

13,18716,932 19,279

13.9%

28.4%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

1H07

12.7%

1H08

13.1%

1H09

15.4%

2Q07

12.7%

2Q08

12.3%

2Q09

14.6%

8

Specialty Products

Specialty products contributes importantly to the Company’s margins and also in terms of

customer loyalty.

The share of Specialty products in the sales mix increased from 23% in 2Q08 to 31% in 2Q09. In

1H09, this share increased by 5.0 percentage points, from 21% in 1H08 to 26% in 1H09.

Specialty products registered sales volume in 2Q09 of 192 thousand metric tons, increasing by

12.9% from 170 thousand metric tons in 2Q08. In 1H09, this volume was 339 thousand metric

tons, 9.7% higher than the 309 thousand metric tons in 1H08.

26%21%23%

74%79%69%77%

31%

Specialty Products Specialty Products Mix

Conventional Specialty

2Q08 2Q09 1H08 1H09

574 435

1,192961

170 192

309

339Σ 744

Σ 627-15.7%

+12.9%

-24.2%

-13.4%

+ 9.7%

-19.4 %

Σ 1,501

Σ 1,300

9

FINANCIAL RESULTS

Income Statement - 2Q09 and 1H09 (R$ million)

1H09 % NR 1H08 % NR ∆ % 09/08 1H07 % NR 2Q09 % NR 2Q08 % NR∆ %

09/08

Gross Revenue 1,250,311 1,495,680 773,697 596,347 821,491

Net Revenue 1,222,781 100.0% 1,449,988 100.0% -15.7% 756,392 100.0% 582,312 100.0% 789,361 100.0% -26.2%

COGS (1,159,477) -94.8% (1,237,300) -85.3% (653,111) -86.3% (562,180) -96.5% (657,631) -83.3%

Gross Profit 63,303 5.2% 212,688 14.7% -70.2% 103,281 13.7% 20,132 3.5% 131,730 16.7% -84.7%

SG&A (99,152) -8.1% (103,659) -7.1% -4.3% (73,312) -9.7% (50,867) -8.7% (57,184) -7.2% -11.0%

EBITDA (4,647) -0.4% 122,384 8.4% -103.8% 25,319 3.3% (16,097) -2.8% 81,862 10.4% -119.7%

Net Fin. Income/(Exp.) 123,003 10.1% 26,898 1.9% 26,847 3.5% 116,440 20.0% 30,908 3.9%

Net Income/(Loss) 64,940 5.3% 96,962 6.7% -33.0% 32,469 4.3% 60,071 10.3% 73,848 9.4% -18.7%

In 2Q09, net revenue was R$ 582.3 million, 26.2% lower than in 2Q08, due to the 11.6%

decrease in delivery volume and the 16.5% drop in the average sales price in relation to 2Q08.

In 2Q09, gross income was R$20.1 million, down 84.7% from R$131.7 million in 2Q08. Gross

margin in 2Q09 was 3.5%, below the gross margin of 16.7% in 2Q08.

SG&A expenses in 2Q09 corresponded to 8.7% of net revenue, up from 7.2% in 2Q08,

impacted primarily by lower revenue. However, the R$ 50.8 million in SG&A expenses in 2Q09

was 11% lower than the SG&A expenses in 2Q08 of R$ 57.2 million.

EBITDA in 2Q09 was (R$ 16.0 million), versus R$ 81.8 million in 2Q08.

In 2Q09, net financial income/(expenses) was R$ 116.4 million, impacted by the appreciation

in the Brazilian real against the U.S. dollar in the period. As a result, net income in 2Q09 was R$

60.1 million, equivalent to 10.3% of net revenue, though down 18.7% from the net income of

R$ 73.8 million in 2Q08.

In 1H09, net revenue was R$ 1,222.8 million, 15.7% lower than in 1H08. The decline was due

to the 10.5% decrease in delivery volume and the 5.8% drop in the average sales price in

relation to 1H08. Gross income in 1H09 was R$ 63.3 million, for gross margin of 5.2%, below

the margin of 14.7% in 1H08. SG&A expenses in 1H09 were 4.3% lower than in 1H08.

EBITDA was (R$ 4.6 million) in 1H09, compared with R$ 122.4 million in 1H08.

In 1H09, net income was R$ 64.9 million, representing net margin of 5.3%.

A clear return to historical seasonality has been observed, combined with lower international

fertilizer raw material prices and a stronger Brazilian real. The decrease in gross and EBITDA

margins was fueled by the prices practiced in this period in a market with still high levels of

supply, combined with the declines in international fertilizer raw material prices.

10

Although net income in 1H09 was lower than in 1H08, it was much higher than in 1H07, a

period in which seasonality was very similar to this year.

11

Working Capital

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

between same quarters of the year provide a clearer understanding of working capital.

The Company maintains a strict credit policy aimed at keeping accounts receivable days at low

levels, thereby reducing default risk. Accounts receivable days stood at 39 days in 2Q09, in line

with the 34 days registered in 2Q08.

Inventory days stood at 67 days in 2Q09, down substantially from 110 days in 2Q08.

Accounts payable days closed 2Q09 at 198 days, up from 147 days in 2Q08, but lower than the

214 days in 1Q09. Heringer believes it is well positioned to continue its financing operations

for the acquisition of fertilizer raw materials.

Working Capital Days

-12 -2 -18 -26 -22 2 1 10 0 -3 -21 -59 -110 -92

77

90

52

35

54

52

39 3444

34 35 34

4939

39

92

63

19

51

76

60 59 60

110 106

4355

67

128

184

133

80

127 126

98

83

104

147

162

135

214

198

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Accounts Receivable Days Inventories Days Accounts Payable Days

12

Cash Flow (R$ million)

2Q09 1H09

NET INCOME 60,071 64,940

Non cash flow impact expenses (revenues) 57,530 1,534

Assets reduction (increase) (5,944) 109,278

Liabilities increase (reduction) (157,214) (216,080)

Operational Activities cash flow (45,557) (40,328)

Investing Activities cash flow (21,140) (23,273)

Financing Activities cash flow (1,251) 9,992

Net Increase (Decrease) In Cash (67,948) (53,609)

Net Increase (Decrease) In Cash

Initial Cash 265,149 250,810

Ending Cash 197,201 197,201

Net Increase (Decrease) In Cash (67,948) (53,609)

The Company’s cash generation was negative R$ 53.6 million. Cash at the start of the period

(December 31, 2008) was R$ 250.8 million and cash at the end of the period (June 30, 2009)

was R$197.2 million. Below are the main components of cash generation that led to the R$

53.6 million amount:

A) Expenses (revenues) that did not affect cash in the net amount of R$ 1.5 million, composed

basically of the depreciation incurred in the period, deferred income tax and social

contribution tax, reversal of the inventory adjustment provision in December of 2008 and

other amounts.

B) Reduction in assets in the net amount of R$ 109.3 million, due to the reduction in accounts

receivable of R$ 85.8 million, net inventory movements of R$ 26.8 million and other amounts.

C) Reduction in liabilities in the net amount of R$ 216.1 million. This amount resulted from the

increase in the local suppliers account of R$ 139.2 million, net reduction in accounts payable to

international suppliers and Finimp operations with banks of R$ 406.7 million, since in the

period we carried out new import and Finimp operations of R$ 501 million and paid a total of

R$ 907 million, including foreign barter variation, and the increase in advances to clients of R$

51.5 million.

D) Capital expenditure in the net amount of R$ 23.3 million.

E) Net flow from financing operations of R$ 10 million.

The Company believes that its current cash position is adequate for its cash requirements.

13

FINANCIAL RESULTS - SUBSIDIARY

Lógica Transportes S.A., a wholly owned subsidiary of Fertilizantes Heringer S.A., launched its

transport operations in January 2009, and registered the following results in 1H09:

In thousand of

Reais

Gross services revenue 3,345

Taxes and other services deductions (480)

Net Services revenue 2,865

Cost of services rendered (2,724)

Gross profit 141

Operational expenses (282)

Selling expenses (120)

General and Administrative expenses (155)

Financial expenses, net (7)

Operating loss (141)

Deferred Income tax and social contribution 48

Net loss (93)

14

Heringer Ownership Breakdown

Heringer figures among the 100 most liquid stocks on the Bovespa and is a component of the

stock indexes IBRX, INDX, IGC, SMLL and ITAG.

Foreign investors held 67.0% of the free-float in June 2008, with this figure declining to 48.0%

in June 2009, with the share of Brazilian investors in the free-float increasing from 33.0% in

June 2008 to 52.0% in June 2009.

During the 2Q09, the controlling group of shareholders increased its interest in the Company's

capital from 62.0% to 67.6%.

Ownership Breakdown and Free-Float Foreign and Brazilian in the Free-Float

Controlling

Group

67.6%

Free-Float

32.4%

67%

55%

49%43%

47% 44%48%

33%

45%

51%

57%53%

59%

52%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0%

10%

20%

30%

40%

50%

60%

70%

80%

jun-08 aug-08 oct-08 dec-08 feb-09 apr-09 jun-09

% Foreign % Brazilian

No. Foreign No. Brazilian

15

FHER3

As of July 31, 2009, the Company’s stock (FHER3) had registered a year-to-date gain of 186%.

Average daily trading volume was R$ 1,885,654 and the average daily number of trades was

326.

In 2008, the impacts from the global crisis led to strong net outflows by foreign investors to

cover positions outside of Brazil, exerting strong pressure on the Company’s stock price.

The excellent recovery in the Company's stock in 2009 was due to, among other factors, the

return of international investors to Brazilian stock markets, especially to small caps stocks like

that of the Company, strengthening the local economy and improving the prospects for the

country's agribusiness industry in 2009.

9.03

7.40

3.05

4.76

3.39

5.35

4.25

2.75 3.51

5.01

6.96

6.72

10.21 9.40

(in

bra

zili

an

re

ais

)

� MARKET CAP OF

R$ 494.9 MILLION

� MARKET CAP OF

R$ 170.1 MILLION

OCT/08 DEC/08 FEB/09 APR/09 JUN/09 JUL/09

16

2009 Outlook

Raw Material Prices

In June 2009, fertilizer raw material prices were significantly lower than in June 2008. The

current level of prices bodes well for the agribusiness industry in 2009, since it generates a

better barter ratio for fertilizers versus agricultural products. Lower raw material prices also

encourage the general market to increase its use of technology, seeking higher yields per

hectare and consequently higher revenues. As of June 2009, the volatility in raw material

prices should tend to decrease in relation to previous months.

Prices in USD. Source: The Market Magazine

0

200

400

600

800

1000

1200

1400

Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09

MAP/DAP - CFR TSP-CFR KCL in Bulk - CFR

Urea in Bulk - CFR Ammonium Nitrate - FOB Ammonium Sulphate - CFR

17

Agricultural products barter ratio versus fertilizers

The barter ratio of the main Brazilian crops that is important for fertilizer consumption,

presented significant improvement. In October 2008, to acquire one metric ton of fertilizers,

47.2 bags of soybean were required, however in July 2009 this number stood at 21.8 bags.

For corn, the barter ratio reached 102.2 bags per metric ton of fertilizers in October 2008.

However, in July 2009, this number had fallen to 52.4 bags.

In October 2008, 53.5 metric tons of sugarcane were required for one metric ton of fertilizer,

with this figure falling to 28.1 metric tons in July 2009.

The barter ratio of Arabica coffee in October 2008 was 6.3 bags per metric ton of fertilizer,

versus 3.6 bags in July 2009.

Source and Projetion: Agroconsult / * PR = Parana / SP = Sao Paulo / BR = Brazil

17.618.9

33.8

20.5

PROJECTION

29.333.0

50.6 49.2 PROJECTION

Soybean R$/bag (60kg/PR*) Corn R$/bag (60kg/SP*)

Sugarcane R$/bag (50kg/SP*) Coffee Arabica R$/bag (60kg/BR*)

PROJECTION

47.8

23.6

36.7

48.4

PROJECTION

291.5

238.6

283.8

246.7

Source: Agroconsult

23.219.2

47.2

21.8

64.1

43.6

102.2

52.4

Soybean PR (bag/60kg) Corn PR (bag/60kg)

Sugarcane SP (t) Coffee R$/bag (BR)

27.0

14.8

53.5

28.1

Coffee Arabica (bag/60kg)

Cof fee Robusta(bag/60kg)

4.8

2.6

6.6

4.4

3.3 3.6

6.3

4.1

18

Agricultural crop Financing for the 2009/10 marketing year

Through the Ministry of Agriculture, in May 2009, Brazil's federal government announced

funding of R$ 92.5 billion for commercial agriculture, 42% more than the previous harvest. For

grains, trading houses should increase slightly their share of financing in the 2009/10

marketing year. And lastly, the use of own funds by producers should tend to remain at high

levels. For soybean, an increase in own resources was observed between the 2007/08

marketing year and the 2009/10 marketing year, in line with estimates.

SOYBEAN - 2008/09* Marketing Year SOYBEAN - 2009/10* Marketing Year

* Agroconsult Estimate

SOYBEAN - 2007/08* Marketing Year

Own Capital

18%

Seeds

2%

Banks

31%

Trading

32%

Agrochemical

12%

Fertilizers

5%Own Capital

39% Seeds

2%

Banks

27%Trading

17%

Agrochemical

12%

Fertilizers

3% Own Capital

35%

Seeds

2%

Banks

30%Trading

19%

Agrochemical

12%

Fertilizers

2%

19

Fundamentals of Agricultural Commodity Demand

World grain stocks are at low levels, with consumption in line with output. Per-capita income

in emerging countries has risen significantly in recent years, which, combined with world

population growth, has been generating inertial demand for food.

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

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

Mil

lio

n t

on

s

Output Consumption

5%

10%

15%

20%

25%

30%

35% 115 inventory days

76 inventory days

Source: USDA/ Agroconsult

20

Planted Area and Brazilian Fertilizer Market

The planted area in the 2009/10 marketing year is estimated to expand by 0.5%. The

Company’s estimate for the Brazilian fertilizer market in 2009 is 23 million metric tons, which

would represent a 2.5% increase in relation to 2008.

Grain Production Planted Area Brazilian Fertilizer Market

Source: CONAB ; IBGE ; IEA-SP; SEAB-PR; EMATER-RS; Agroconsult / * Agroconsult Projection / Company’s Estimate

131,427143,859

133,371

146,757

46,051 47,376 47,656 47,908

2007/2008 2008/2009* 2009/2010*(in

tho

usa

nd

of

ton

ne

s a

nd

of

he

cta

res)

2006/2007

20,982

24,609

22,429

23,000

21

APPENDIX I – BALANCE SHEET

Fertilizantes Heringer S.A.(In thousand of Reais)

ASSETS Jun-09 Mar-09 Dec-08 LIABILITIES & SHAREHOLDERS' EQUITY Jun-09 Mar-09 Dec-08

Current Assets Current Liabilities

Cash and Banks 24,308 21,087 21,672 Suppliers: 731,598 748,095 846,650

Financial Investments 172,893 244,061 229,138 Local 242,030 152,903 50,848

Accounts Receivable 255,445 356,268 352,375 Foreign 489,568 595,192 795,802

Inventories 560,517 455,609 533,887 Loans and Financing 504,780 692,333 644,823

Taxes Recoverable 197,325 200,038 186,726 Salaries and social charges 11,934 9,181 8,482

Deferred Taxes 29,119 40,051 40,254 Taxes payable 2,154 891 2,443

Related Parties 126 3 0 Deferred taxes 8,069 6,305 2,118

Other Current Assets 50,883 64,421 52,445 Advances received from customers 141,373 88,799 64,779

1,290,616 1,381,538 1,416,497 Interest on shareholders' equity 0 0 626

Other current liabilities 49,261 50,121 72,638

1,449,169 1,595,725 1,642,559

Non-current assets Long term liabilities

Accounts Receivable 411 411 426 Loans and financing 7,955 8,922 9,775

Permanent Assets Accounts Receivable 0 0 0 Provision for contingencies 2,016 2,068 1,976

Taxes Recoverable 3,071 4,203 4,381 Taxes payable 10 10 16

Deferred Taxes 97,877 103,148 102,340 Unearned Investment subsidy 0 0 0

Judicial Deposits 8,711 8,632 8,616 9,981 11,000 11,767

Properties held for sale 14,006 14,585 13,330

Other Credits 1,706 1,803 2,856 Shareholders' Equity

Long Term Assets 125,782 132,781 131,949 Capital 448,746 448,746 448,746

Capital Reserves 14,110 7,999 0

Investments 433 498 526 Net Income 64,941 4,869 0

Property, plant and equipment 338,904 329,652 338,679 Equity appraisal adjustment 0 0 0

Intangible 5,613 4,382 3,934 Retained Earnings -225,599 -219,487 -211,488

470,732 467,314 475,088 302,198 242,127 237,258

Total ASSETS 1,761,348 1,848,852 1,891,585 Total LIABILITIES & SHAREHOLDERS' EQUITY 1,761,348 1,848,852 1,891,585

22

APPENDIX II – 2Q09 INCOME STATEMENT

Fertilizantes Heringer S.A.

(In thousand of Reais) 2Q08 %NR 2Q09 %NR 2Q09 x 2Q08

Sales Gross revenue 821,491 596,347 -27.4%

Taxes and other deductions (32,130) (14,035) -56.3%

Sales Net revenue 789,361 100.0% 582,312 100.0% -26.2%

Cost of goods sold (657,631) -83.3% (562,180) -96.5% -14.5%

Gross profit 131,730 16.7% 20,132 3.5% -84.7%

Operational (expenses) revenues (53,582) -6.8% (45,956) -7.9% -14.2%

Selling expenses (39,720) -5.0% (38,132) -6.5% -4.0%

General and Administrative expenses (10,606) -1.3% (12,735) -2.2% 20.1%

Employees Profit sharing (6,859) -0.9% 0 0.0% -100.0%

Other operational (expenses) revenues, net 3,602 0.5% 4,911 0.8% 36.3%

Operating profit (loss) before financial results 78,148 9.9% (25,824) -4.4% -133.0%

Financial (expenses) Income 30,908 3.9% 116,440 20.0% 276.7%

Financial Income 84,826 10.7% 198,672 34.1% 134.2%

Financial expenses (53,918) -6.8% (82,232) -14.1% 52.5%

Operating profit (loss) 109,056 13.8% 90,616 15.6% -16.9%

Income tax and social contribution (35,208) -4.5% (30,545) -5.2% -13.2%

For the period (41,158) -5.2% (12,578) -2.2% -69.4%

Deferred 5,950 0.8% (17,967) -3.1% -402.0%

Net income (loss) 73,848 9.4% 60,071 10.3% -18.7%

EBITDA 81,862 10.4% (16,097) -2.8% -119.7%

Income (loss) before financial results and taxes 78,148 9.9% (25,824) -4.4% -133.0%

Depreciation and Amortization 3,713 0.5% 9,727 1.7% 162.0%

23

APPENDIX III – 1H09 INCOME STATEMENT

Fertilizantes Heringer S.A.

(In thousand of Reais) 1H08 %NR 1H09 %NR 1H09 x 1H08

Sales Gross revenue 1,495,680 1,250,311 -16.4%

Taxes and other deductions (45,692) (27,531) -39.7%

Sales Net revenue 1,449,988 100.0% 1,222,781 100.0% -15.7%

Cost of goods sold (1,237,300) -85.3% (1,159,477) -94.8% -6.3%

Gross profit 212,688 14.7% 63,303 5.2% -70.2%

Operational (expenses) revenues (97,356) -6.7% (87,240) -7.1% -10.4%

Selling expenses (75,129) -5.2% (75,123) -6.1% 0.0%

General and Administrative expenses (20,080) -1.4% (24,028) -2.0% 19.7%

Employees Profit sharing (8,449) -0.6% 0 0.0% -100.0%

Other operational (expenses) revenues, net 6,303 0.4% 11,912 1.0% 89.0%

Operating profit (loss) before financial results 115,332 8.0% (23,936) -2.0% -120.8%

Financial (expenses) Income 26,898 1.9% 123,003 10.1% 357.3%

Financial Income 133,331 9.2% 242,719 19.8% 82.0%

Financial expenses (106,433) -7.3% (119,716) -9.8% 12.5%

Operating profit (loss) 142,229 9.8% 99,067 8.1% -30.3%

Income tax and social contribution (45,268) -3.1% (34,126) -2.8% -24.6%

For the period (52,110) -3.6% (12,578) -1.0% -75.9%

Deferred 6,842 0.5% (21,549) -1.8% -414.9%

Net income (loss) 96,962 6.7% 64,940 5.3% -33.0%

EBITDA 122,384 8.4% (4,647) -0.4% -103.8%

Income (loss) before financial results and taxes 115,332 8.0% (23,936) -2.0% -120.8%

Depreciation and Amortization 7,053 0.5% 19,289 1.6% 173.5%

24

2Q09 EARNINGS CONFERENCE CALLS

Conference Call in Portuguese

August 14, 2009 at 12 p.m. Brazil (11 a.m. U.S. ET)

Phone: +55 (11) 2188-0188

Code: Fertilizantes Heringer

Replay for one week: +55 (11) 2188-0188

Conference Call in English

August 14, 2009 at 12 p.m. Brazil (11 a.m. U.S. ET)

Phone: +1 (646) 843-6054

Code: Fertilizantes Heringer

Replay for one week: +1 (646) 843-6054

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 to which the Company currently has access.

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 potential 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 dependent on circumstances that may or may not occur. Future results and the 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.