Guarani's Q4 and full year 2008/09 results presentation covers: - Record revenues of R$1.17 billion due to higher sugar and ethanol prices and increased volumes. - Adjusted EBITDA increased 45.6% to R$228.3 million due to price increases. - A net loss of R$291 million was reported, impacted by non-cash effects of currency depreciation and amortization expenses. - CAPEX was reduced with a focus on sugarcane plantations and selective efficiency projects. - The outlook for 2009/10 is positive with expectations for continued strong sugar prices and stable ethanol demand.

1. Q4 & Full Year 2008/09 Results
June 24th, 2009

2. 2
Disclaimer
This presentation contains forward-looking statements related to the prospects of our
business and estimates for operating and financial results. Those related to growth
prospects of Açúcar Guarani S.A. are merely projections and, as such, based exclusively
on the expectations of the management concerning the future of the business. Such
forward-looking statements depend substantially on changes in market conditions,
government regulations, competitive pressures, the performance of the Brazilian and
international economies and the industry and are therefore subject to change without prior
notice.

3. 0
200
400
600
800
Q107/08
Q207/08
Q307/08
Q407/08
Q108/09
Q208/09
Q308/09
Q408/09
3
Expected deficit of global
sugar market in 2009 world
crop primarily linked to India’s
decreased level of production
and EU imports
Increase of sugar prices
and upward trend in
second half
Strong depreciation of the
BRL versus the US dollar
since September, 2008
Sugar Market Overview in 2008/09
Guarani’s Sugar Average Prices
(R$/ton)

4. 0
200
400
600
800
Q107/08
Q207/08
Q307/08
Q407/08
Q108/09
Q208/09
Q308/09
Q408/09
4
Increase of 14.6% in Brazilian
ethanol consumption to 20.1
billion liters driven by record
sales of flex fuel vehicles
Growing ethanol prices
during most part of the crop
Fall in prices in the inter-
harvest period (4th quarter)
World ethanol market:
decrease in prices due to slump
in oil prices and credit crunch
Ethanol Market Overview in 2008/09
Guarani’s Ethanol Average Prices
(R$/m³)

5. 5
13.7% increase in volume of sugarcane
crushed in 2008/09
Sugarcane Crushed
(MM t)
4.1 4.1
8.6
10.3
2007/08 2008/09
Own 3rd Party
14.4
12.7
Increase mainly due to:
São José plant: +0.4 million tonnes
Tanabi plant: +0.8 million tonnes
Strategy of third party suppliers proved
timely in context of credit crisis

6. 6
Record Ethanol Production in 2008/09
and Stable Sugar Production
Ethanol Production
(‘000 m³)
Sugar Production
(‘000 t)
601 565
564 592
2007/08 2008/09
Refined Non-Refined
1.165 1.157
-0.7%
77 111
318
385
2007/08 2008/09
Anhydrous Hydrous
496
395

7. 7
Net Revenue
(R$ MM)1
Growth in net revenue driven by:
Increased sales: sugar (+4.6%) and
ethanol (+39.0%)
Average increase in prices in Reais:
sugar (+20.1%) and ethanol (+6.7%)
519.6 R$/ton, a growth of 13.6%
Guarani’s Net Revenue breakdown was:
Sugar: 60.6%
Ethanol: 32.2%
Other products: 7.2%
Record Net Revenue of R$ 1.2 billion Driven by
Higher Prices and Increased Volumes in
2008/09
565
709
254
37887
84
2007/08 2008/09
Sugar Ethanol Others
906
1,171
(1) 2007/08 figures have been reclassified and changed due to law 11638/07, as compared to figures previously disclosed.

8. 157
228
17.3%
19.5%
16,0%
18,0%
20,0%
0
50
100
150
200
250
2007/08 2008/09
Adjusted EBITDA Adjusted Margin
8
Sharp increase of Adjusted EBITDA
(+45.6%) because of higher sugar and
ethanol prices
Adjusted EBITDA margin of 19.5% versus
17.3% in 2007/08
Adjusted EBITDA measured per volume of
TRS sold of 109.1 R$/ton in 2008/09, as
compared with 87.6 R$/ton in 2007/08
(+24.5%)
45.6% increase in Annual Adjusted
EBITDA to R$228.3 Million
Adjusted EBITDA
(R$ MM)1
(1) 2007/08 figures have been reclassified and changed due to law 11638/07, as compared to figures previously disclosed.

9. 11
36
4.9%
11.1%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
0
5
10
15
20
25
30
35
40
4Q 07/08 4Q 08/09
Adjusted EBITDA Adjusted Margin
9
Adjusted EBITDA
(R$ MM)1
Adjusted EBITDA: R$35.8 million (+241%)
compared to Q4 07/08
Lower than Q3 08/09, impacted by normal
business model cycle (third party
sugarcane suppliers), with CONSECANA
adjustments and inter-harvest costs and
expenses effects
Q4 Adjusted EBITDA: R$35.8 Million, +241%
Adjusted EBITDA
Margin1
(1) 2007/08 figures have been reclassified and changed due to law 11638/07, as compared to figures previously disclosed.
0%
10%
20%
30%
40%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
06/07 07/08 08/09

10. 10
Adjusted Net Result
(R$ MM)1
Net Loss: R$291.0 million in 2008/09, compared with
a net loss of R$46.6 million in the prior year
Net loss impacted mainly by:
Non-cash effect of the Real depreciation in
relation to the US Dollar (R$278.9 million)
Non-cash effect of the amortization of
goodwill resulting from the acquisition of share
capital in Andrade, Tanabi and Sena plants
(R$96.2 million)
High financial expenses due to higher interest
rates on short-term debts, specially in Q4.
Capital increase to positively impact on
financial expenses
Net Result impacted by the Real
Depreciation
35
(11)
2007/08 2008/09
(1) 2007/08 figures have been reclassified and changed due to law 11638/07, as compared to figures previously disclosed.

11. 11
R$238.8 million capital increase strengthened
Guarani’s balance sheet and cash position to
R$397.7 million at the end of March, 09
Short-term debt net of cash and cash-equivalents
totaled R$144.3 million, down 63.4% versus
R$393.8 million at December, 08
Guarani successfully renegotiated contracts and
contracted new MT loans
Net Debt/Adjusted EBTIDA ratio fell to 4.4x in
March, 09 versus 6.2x in December, 08. Excluding
intercompany loans, Net Debt/Adjusted EBITDA
ratio stood at 2.2x
Net Debt Reduced by 20.5% to R$1.0
Billion at March 31, 2009
Net Debt
per Term1
Net Debt
per Currency1
Foreign
Currency
77%
BRL
23%
(1) Excluding Intercompany Loans
Current
28%
Non-
Current
72%
(1) Including R$124.4 million related to the Mozambique
plant

12. 12
CAPEX: Focus on Cost Reduction, Efficiency
and Sugarcane Plantations Q4 CAPEX
(R$ MM)1
Strong discipline on CAPEX reduction
Focus on plantation CAPEX to ensure
adequate raw material availability and
productivity
Selective CAPEX to eliminate bottlenecks
and further develop marginal capacity to
lower fixed costs (São José and Tanabi
plants)
Annual CAPEX
(R$ MM)1
302
66
66
30
4Q 07/08 4Q 08/09
PPE Planting
368
96
677
172
95
108
2007/08 2008/09
PPE Planting
772
280
1) CAPEX does not consider maintenance.

13. 13
Global deficit will continue to drive increase
in sugar prices as India’s production should
recover slowly in the next two crop seasons
Stable growth in global demand, not
affected by crisis
Return to equilibrium expected in
2010/2011 when Indian production should be
re-established (ISO)
Domestic market: Increased production and
export levels expected in 2009/10
Sugar Market: Positive Trend for 2009/10
Crop Raw Sugar Prices
(NY 11)
World Sugar Balance

14. 14
Ethanol Market: FFV Sales and Ethanol
Consumption Still Increasing
Vehicles Sales by Fuel
Type (Brazil)
Domestic Market
Sustained demand for ethanol due to attractive
ratio between ethanol and gasoline prices at the
pump
Ethanol production in 2009/10 crop expected to
increase although growth rate impacted by higher
production of sugar
International Market
Outlook for ethanol prices in the short term is
stable with a slight increase in the beginning of the
US summer
Europe remains a net importer of ethanol despite
increases in production

15. 15
Outlook: Guarani Solidly Positioned for 2009/10
to Overcome Financial Market Turmoil and Seize
Opportunities
Mix concentrated on sugar production to allow Guarani to take advantage of the
upturn in sugar prices
Sustained demand for ethanol due to attractive ratio between ethanol and
gasoline prices at the pump. Opportunities to export to US Market
Potential to further improve synergies between plants
Partnership with Tractebel in Andrade plant to start operation from beginning of
2010 and provide stable cash generation
Reduction in financial expenses due to capital increase and new MT loans
Continued focus on balance sheet strengthening
Strong commitment and support from Tereos, Guarani’s controlling shareholder

16. Thank You!
Reynaldo F. Benitez
CFO and Investor Relations Officer
Alexandre L. Menezio
Investor Relations Manager
Felipe F. Mendes
Investor Relations Analyst
Renato N. Zanetti Neto
Investor Relations Analyst
Leonardo T. Goes
Investor Relations Intern
phone: +55 (11) 3544-4900
e-mail: ri@aguarani.com.br
website:www.acucarguarani.com.br/ir