February, 2010

Disclaimer – Forward-Looking Statements

This presentation may contain certain forward-looking statements and information relating to
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (“BrasilAgro” or the “Company”)
that reflect the current views and/or expectations of the Company and its management with
respect to its business plan. Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future results, performance or
achievements, and may contain words like “believe”, “anticipate”, “expect”, “envisage”, “will
likely result”, or any other words or phrases of similar meaning. Such statements are subject to
a number of significant risks, uncertainties and assumptions. We caution that a number of
important factors could cause actual results to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in this presentation. In any event, neither the
Company nor any of its affiliates, directors, officers, agents or employees shall be liable before
any third party (including investors) for any investment or business decision made or action
taken in reliance on the information and statements contained in this presentation or for any
consequential, special or similar damages. The Company does not intend to provide eventual
holders of shares with any revised forward-looking statements of analysis of the differences
between any forward-looking statements and actual results.
This presentation and its contents are proprietary information and may not be reproduced or
otherwise disseminated in whole or in part without BrasilAgro‟s prior written consent.

2
Introduction to BrasilAgro

3
 BrasilAgro Business Model
The company has a unique business model that creates value through real state appreciation and agricultural
production

 The value creation begins on the farm selection. Generally we seek for properties where we can create value by implementing a more profitable
agricultural activity that can be achieved just by improving the agricultural standards or by changing the agricultural activity;
 Improving a farm earnings in order to get it ready to be sold may take some time, but meanwhile it also generates an important operational cash
flow stream;
 Once the farm is fully developed and has no more transformation value to be added it is ready to be sold;
 Cresud, a founding shareholder of BrasilAgro, has implemented this business model in Argentina with a successful track record for the last 15
years.

Development of
Value Creation

agribusiness

Real Estate Business

Time

4
 Founders
 Cresud was founded in 1935, went public in Buenos Aires stock exchange
in 1960 and Nasdaq in 1997
 One of the largest holders of farmland in Argentina: over 760 thousand ha
in 17 properties located in one of the most fertile areas in the world
 Producer of soybean, corn, wheat, sunflower, beef and milk
 Value drivers: agricultural activities and complementary rural real estate
operations

 Founded in 2002, Tarpon is one of the largest Brazilian independent asset

managers dedicated to long term equity investments in South America
 Over US$1.4 billion under management
 Its fund‟s investor base profile is composed of US Endowments, Pension
Plan and SWFs
 Tarpon‟s market cap. of approx. US$168.7 million(1) (TRPN3)

 Mr. Elie Horn is Chairman of the Board, CEO and controlling shareholder of
Cyrela Brazil Realty S.A. (“Cyrela”)
 Cyrela (CYRE3) is one of the most recognized and largest player in Brazil‟s
Mr. Elie Horn
commercial and residential real estate markets
(Cape Town LLC)
 Cyrela has built a track record of sound investment and steady growth
 Cyrela‟s market cap. of approx. US$5.5 billion(1)

(1) As of Feb 18th 2010 (Bloomberg) 5

 Offering Summary and Shareholding Structure
Company BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

IPO May 5, 2006

Exchange / Market Bovespa (“Novo Mercado”)

Ticker AGRO3

Market Cap R$555.01 million (~US$307.28 million)¹

Tarpon(2),
Cresud
Elie Horn(3)

22.01% 24.19% 53.80%

Know-how Paraná
and Experienced Consultora de
Investimentos S.A. (4)
Management

(1) As of Feb 18th 2010 (Bloomberg) (2) Part of the investment made through Tarpon Agro LLC. (3) Part of the investment made through Cape Town LLC. (4) Controlled by Tarpon BR and Cresud controllers 6
 Time Line

2006 2007 2008 2009/2010

 Joint Venture with  Undisputed leadership in the rural real state scenario with a
 IPO (Bovespa –  Reserva Nova Buriti
Novo Mercado) Maeda Group farm acquisition proven track record;

 São Pedro farm  Brenco indirect stake  Sugarcane supply

 Unique knowledge of Brazilian farmland landscape: database of
acquisition acquisition agreement with
Brenco 19 million ha of farmland, 2.5 million ha of farmland visited, 0.8
 Cremaq farm  Jatobá farm
million ha of farmland with due diligence;
acquisition acquisition  Engenho farm sale
 Engenho farm  Araucária farm  First year of farming  Bullet proof process to evaluate title ship and environmental
acquisition acquisition operation conclusion issues;
 Alto Taquari farm  Preferência farm
acquisition acquisition  Total portfolio of over 166,343 ha of farmland, over 40,000 ha of
 Chaparral farm  33,504 hectares farmland transformed and a total of 48,000 ha of land in
acquisition cultivated in the production in less than 3 years of operation;
 Stock split 2008/09 Harvest
 Operational capabilities with sustainable competitive advantages
 Nova Buriti farm  More than 15,000
hectares converted over the vast majority of producers: economies of scale for
acquisition
inputs and commercialization, lower cost of capital, financial
 First BrasilAgro‟s fully sophistication (i.e. portfolio management, direct hedge at CBOT),
operational year with
dual source of income (land and operations), risk mitigation
more than 20,000
hectares cultivated (climate and crops);…

 Strategic alliances, such as Brenco (ethanol producer), to

accelerate transformation process;

 Public company listed at BOVESPA – Novo Mercado (AGRO3).

7
Sector Context

8
 Agricultural Farmland Potential in Brazil
Brazil has the potential to more than double its grain area only by converting pastures alone

BRAZILIAN TOTAL AREA BREAKDOWN BRAZILIAN AVAILABLE LAND BREAKDOWN

In million ha In million ha

900 104.9
119.9
750
420
600

15
450 851
84 29
300
78.8
432 417
150 333 304 304

0
Total area Amazon Pantanal Dry land Indian reserve Avaiable land
forestry and Pastures Area with agriculture Raw land¹
conservation
units

SOURCE: Embrapa and FNP /¹ According to our estimates, roughly 70% of total raw land area have to destined to legal reserves and can not be used for agriculture 9
 Brazil has excellent natural conditions for agriculture

Climatic Factors
 Stable temperature  Abundant solar energy

 Regular rainfall  Production season lasts entire year

Cerrados (2)
Average monthly temperature (centigrade)

30
25
20
15
10
5
0
-5
-10
Sep Oct Nov Dec Jan Feb Mar Apr Mai Jun Jul Aug

Corn Belt Mato Grosso Parana

Source: Calculated using data from Joint
Agricultural Weather Facility, USDA and NOAA.

(1) Source: Mapa, Embrapa as cited in Warnken (1999). (2) Cerrados (scrubland region in Brazil's Midwest). 10
 -
10.000
12.000

4.000
6.000

2.000
8.000
In R$ / ha
Nov-Dez 2004

Source: FNP
Jan-Fev 2005
Mar-Abr 2005
Mai-Jun 2005
Jul-Ago 2005
Set-Out 2005
Nov-Dec 2005
Jan-Fev 2006

Sorriso (grain area)

Mar-Abr 2006

Mineiros (grain area)

Mai-Jun 2006

Roda Velha (grain area)

Jul-Ago 2006
Set-Out 2006
Nov-Dec 2006
HISTORICAL FARMLAND PRICES

Jan-Feb 2007
Mar-Apr 2007
May-Jun 2007
Jul-Aug 2007
Sep-Oct 2007
Nov-Dec 2007
Jan-Feb 2008
Mar-Apr 2008
May-Jun 2008
Jul-Aug 2008
Sep-Oct 2008
Nov-dec 2008

Balsas (native vegetation)

Jan-Feb 2009
Mar-Apr 2009
Roda Velha (native vegetation) May-Jun 2009
Jul-Aug 2009
Sep-Oct 2009
Nov-dec 2009
Last 12 months

+7.9%
Average:
LAND APPRECIATION PER REGION

+2.8%
Average:

+8.8%
Average:
+2.8%
Average:
+5.7%
Average:
Scenario – Land Price Evolution in Brazil

11
Strategy

12
 BrasilAgro Strategy

 Acquire large areas of undeveloped farmland with appreciation

Real Estate potential
Approach  Distressed and/or conversion strategy for developing properties
 Sale of properties after development

 Investment portfolio diversification through different locations

Portfolio and agricultural projects
Strategy  Minimize potential risk effects (climate, prices, regions, etc…)
 Lower risk, without decreasing expected returns

 Productivity directly related to technology investments

• Mechanization
State-of-the
• Soil correction
Art
Agriculture • Selected seeds
 Aiming to achieve highest productivity and land appreciation

 Long and successful track record of agricultural development

Proven
 Expertise in Brazil‟s real estate market
Management
 Knowledge of financial markets with extensive experience in
Practices risk management

13
 Conversion Land Strategy

Forestry

Raw Land Cattle Grains Sugarcane

Grains

14
 Expansion Land Strategy
We are continuously monitoring farmland prices since different market conditions creates different opportunities to
expand our portfolio whether through farms in different development levels or different agricultural type

Market Ways Land Price (R$/ha)

Future land
1
generation Long Term
value 1
 Land bank (cattle -> grains)  From 500 to 1,000
North-east properties

2 Mid Term

 Cattle / raw land ->  From 2,000 to 3,500

sugarcane / grains
 From 800 to 1,500
 Raw land for forest
2
West properties
3 Short Term

 Producing forest area

 From 5,000 to 6,000
 Developed farms (granins,
3 cotton, sugarcane and  From 6,000 to 10,000
cattle)

Cash generation

15
 BrasilAgro Portfolio vs Soybean Price
BRASILAGRO PORTFOLIO VS SOYBEAN PRICE
In R$ / 60 kg bag, bubble size equivalent to amount involved
65

Engenho¹
60 farm

55
Preferência
farm
50

Nova Buriti
45
farm

Alto Taquari
40
Jatobá farm
farm
35 Chaparral
Cremaq farm
farm
30
Engenho Araucária
farm farm
25
São Pedro
farm
20
03/2006 08/2006 01/2007 06/2007 11/2007 04/2008 09/2008

Ready area Partially ready area Raw land Sold area

1 – The farm was sold in 06/2008 for R$ 21.7 millions

Note: The size of the bubbles represents total value paid for each farm: R$ 9.9 MM for São Pedro, R$ 42.2 MM for Cremaq, R$ 10.1 MM for Engenho, R$ 35.4 MM for Jatobá, R$ 67.5
MM for Araucária, R$ 34.0 MM for Alto Taquari, R$ 47.7 MM for Chaparral, R$ 21.9 for Nova Buriti and R$ 10.1 MM for Preferência.

Source: Bloomberg and BrasilAgro 16

Company Update

17
 Projects

Grain Cattle
• Total area: 63,977 ha • Total area: 54,929 ha
• Potential production area: 46,619 ha • Potential production area: 42,199 ha
• Location: Piauí and Bahia • Location: Bahia
• Potentially convert to grains

Sugarcane Forestry

• Total area: 17,931 ha • Total area: 24,185 ha

• Potetial production area: 12,427 ha • Potential production area: 19,935 ha
• Location: Goiás, Mato Grosso and Mato Grosso do Sul • Location: Minas Gerais
• In stage of developing strategic partnership

Note: the potential production area includes the commercial agreements and JV „s with Brenco and Maeda Group. 18
 Property Portfolio
Total Area Arable Area Acquisition Price Price per Hectare
Properties Location
(ha) (ha) (R$ MM) (R$ thousand)
São Pedro Farm Chapadão do Céu/GO 2.443 1.700 R$ 9,9 R$ 4,1

Cremaq Farm Baixa Grande Ribeiro/PI 32.375 22.019 R$ 42,2 R$ 1,3

Jatobá Farm (1) Jaborandi/BA 31.602 24.600 R$ 35,4 R$ 1,1

(2)
Alto Taquari Farm Alto Taquari/MT 5.266 3.720 R$ 34,0 R$ 6,5
(3)
Araucária Farm Mineiros/GO 9.682 7.007 R$ 70,5 R$ 7,3

Chaparral Farm Correntina/BA 37.129 28.000 R$ 45,9 R$ 1,2

Nova Buriti Farm Januária/MG 24.185 19.935 R$ 21,9 R$ 0,9

Preferência Farm Barreiras/BA 17.800 14.199 R$ 10,7 R$ 0,6

Total 160.482 121.180 R$ 270,5

(1)
Total Owned by BrasilAgro 157.322 118.720 R$ 266,8
(1)
The Jatobá Farm is owned by one of our affiliated, Jaborandi S.A., of which we own 90% of the capital stock and the Maeda Group owns the remaining 10%.
(2)
Subject to compliance by the sellers with certain conditions precedent.
(3)
As of this quarter, after the agreement with Brenco had been wound up, we began to present only the area of the farm owned by BrasilAgro.

Cremaq
When fully developed BrasilAgro‟s Cremaq
São Pedro
current portfolio could generate the São Pedro
equivalent of 300 thousand tons Jatobá
Preferência
of soy bean Alto Taquari
Jatobá
Araucária
Alto Taquari
Cachoeira
Araucária
Nova Buriti
Chaparral
Preferência
Nova Buriti

19
 Grain Project – Cremaq Farm
Cremaq farm 2 years ago: Cremaq farm today:

 19.500 ha in native vegetation  16,000 ha with grains (soybean, corn and rice)
 3.000 ha with grains  216 Km of roads, of which 37 km of gravel roads
 5 employee‟s house (practically destroyed) (suitable for heavy weight trucks)

The existing infra-structure was completely reformed or

 2 supplies warehouse (practically destroyed)
rebuilt: 1 office, 1 warehouse and 1 outsourced
 1 main house employee‟s house
 1 lunch room 17 BrasilAgro‟s and 250 outsourced direct employees

20

Jatobá farm 2 years ago:
 24.600 ha of total arable area corresponding to 6,000
ha of native vegetation and 18,600 of harvested forest
 Few practically destroyed buildings
Grain Project – Jatobá Farm
Jatobá farm today:
 8,500 ha with grains (soybean)
 The existing infra-structure was completely reformed
or rebuilt: 1 office, 1 supply warehouse, 1 outsourced
employee‟s house, 1 technical house and 1 lunch room
 1 truck size scale
 4 BrasilAgro‟s and 200 outsourced direct employees
21
 Sugarcane Project
São Pedro Farm, Alto Taquari Farm and Araucária Farm

 12,427 ha (the total arable area) with soybean, corn and sugarcane

 15 BrasilAgro‟s and 85 outsourced direct employees

22
 Cattle / Grain Project – Chaparral Farm
Chaparral farm 1 years ago: Chaparral farm today:

 24.400 ha in native vegetation  6,000 ha with grains

 3.600 ha with depredated pastures
 Few practically destroyed buildings
 40 Km of gravel roads (suitable for heavy weight
trucks)
 1 main house, 1 employee‟s house, 1 office and 1
supply warehouse
 7 planting machines, 1 Balance and 1 tractor with
tools

23
 Cattle / Grain Project – Preferência Farm
Preferência Farm
Location: Barreiras/BA
Total area : 17,800 ha
Potential production area : 14,199 ha

MA
CE
RN
PB
PI
PE
AL
TO
SE

BA

GO

MG
Chaparral
Preferência

24
 Forestry Project
Nova Buriti Farm
Location: Januária/MG
Total area : 24,185 ha
Potential production area : 19,935 ha

BA

GO

MG

ES

SP
RJ

PR
Nova Buriti

25
 Deloitte appraisal on BrasilAgro portfolio

DELLOITE APPRAISAL – AS OF JUNE 2008

 BrasilAgro has already sold one of the farms (Engenho) and the In R$ millions
real state appreciation reached 116% within a 20 months period;
Acquisition Total Acquisition Delloite
Property Capex Appreciation
Date Area (há) Value Valuation
 Deloitte performed an independent appraisal of BrasilAgro‟s farms
in June 2008, at that time we had already sold Engenho farm and São Pedro Sep / 06 2,443 - 9.9 31.8 221%
we hadn‟t bought Preferência farm yet. Deloitte numbers showed
Cremaq Oct / 06 32,375 6.7 42.2 111.8 165%
an appreciation of 125% against the acquisition price added by the
capital expenditure (CAPEX) of R$ 18.7 MM in land development; Jatobá Mar / 07 31,602 4.8 35.4 153.7 334%

Araucária Apr / 07 15,543 - 90.0 170.9 153%

 Also, in order to minimize potential legal problems, BrasilAgro
perform a detailed legal due diligence comprehending the analysis Alto Taquari Aug / 07 5,266 - 34.0 66.6 96%
of the title chains, of the seller solvency and of the environmental
Chaparral Nov / 07 37,799 - 47.7 115.6 142%
issues.
Nova Buriti Dec / 07 24,185 - 21.9 20.0 -8%

Preferência Sep / 08 16,830 - 10.1 n.a. n.a.

1
Engenho Dec / 06 2,022 - 10.1 21.7 116%
1 – Engenho farm has already been sold at this price

SOURCE: BrasilAgro and Delloite 26

 Cash Analysis

BRASILAGRO’S HIGH LEVEL CASH EVOLUTION ANALYSIS NEXT 18 MONTHS

In R$ MM

250
224 41 ESTIMATED POTENCIAL
DISBURSEMENT UPSIDE
200
70

63 152
150

24

100 89

50

0
Cash - begining of the (-) Net debt - farms (-) Development capex (-) Sugarcane and Net Cash (+/-) Net Cash - end of the period
period acquisition/sale eucalyptus capex Interest/Operating cash
flow

As of February, 2010

27
Commercial Agreements, Joint Venture
and Corporate Structure

28

BRENCO – Brazilian Renewable Energy Company
On March 6, 2008, BrasilAgro signed a
Sugarcane Supply Agreement with Brenco for
the total production of two full crops cycles
of six crops years each. The agreement is for
Araucária and Alto Taquari farms.
Under the agreement, the sugarcane price
per tonne will be established based on the
TRS per tonne of sugarcane delivered, as
published by CONSECANA-SP.
BrasilAgro also acquired a 40.64% stake in
Green Ethanol LLC, which represents 3.8% of
BRENCO‟s shares.
Commercial Agreements and JV
The Maeda Group
Partnership to explore agribusiness
opportunities aimed at increasing the value
of rural properties
Partnership through the constitution of two
subsidiaries
• Real-Estate Company: dedicated to the
acquisition of properties. BrasilAgro will
retain 90% and Maeda 10%
• Operating Company: dedicated to crop
development and management.
BrasilAgro will retain 75% and Maeda
25%
The Operating Company will lease the Real
Estate Company‟s properties to carry out
agricultural activities and sublease these
properties to farmers
29
 Corporate Structure

The corporate structure approved by the Board of Directors is similar to that adopted by most of the real-
estate companies in the country

Nova Buriti Farm

Jaborandi Jaborandi Green

Fundo FIM Imobiliária Imobiliária Imobiliária Imobiliária Imobiliária
Prop. Agrícola Ethanol
Guardian Cremaq Engenho Araucária Mogno Cajueiro
Agrícolas SA Ltda LLC

100% BrasilAgro 100% BrasilAgro 100% BrasilAgro 90% BrasilAgro 75% BrasilAgro 40.64% 100% 100% 100%
Cremaq Farm Jatobá Farm Operator Jatobá BrasilAgro BrasilAgro BrasilAgro BrasilAgro
Farm Araucária Farm Alto Taquari Chaparral
São Pedro Farm Farm
BRENCO
Farm Preferência
Farm
3,8% Green
Ethanol LLC

30
 BrasilAgro‟s Management Track Record
Board Previous Experience Current role at BrasilAgro

Pedro de Andrade Faria
Alejandro Elsztain
Elie Horn
Eduardo Elsztain
José Carlos Magalhães
Saul Zang
Murilo Passos
Founder and Managing Partner of Tarpon Chairman of the Board
Board Member and CEO of Cresud, APSA and VP of IRSA Vice Chairman of the Board
Chairman and CEO of Cyrela Board Member
Chairman of Cresud, IRSA and APSA Board Member
Founder and Managing Partner of Tarpon Board Member
Vice Chairman of IRSA, Cresud and APSA Board Member
Former CEO of Suzano Papel e Celulose Independent Board Member

João de Almeida Sampaio São Paulo State Secretary for Agriculture and Supply Independent Board Member

Robert Gibbins Founder and Managing Partner of Autonomy Capital Independent Board Member

Executives Previous Experience Current role at BrasilAgro

Julio Toledo Piza Former Associate Principal of Mckinsey and Company CEO and IR Officer
Gustavo Javier Lopez Former Planning Manager of Cresud CAO

André Guillaumon Former Manager of Fertibrás S.A. Agriculture Operating Officer

Mario Aguirre Former Manager of Cresud Agriculture Technical Officer

 Highest corporate governance standards with 3 Independent Board Members

 Incentive mechanisms for the dispersion of capital

31
 BrasilAgro‟s Management Track Record

 Installation of the Fiscal Council with 1 member appointed by the minority shareholders

Fiscal Council Previous Experience Current role at BrasilAgro

Partner at Castro, Barros, Sobral, Gomes Advogados, specializing in the area of Sitting member elected by the controlling
Renato Pereira Stetner
Corporate Law shareholder

Sitting member elected by the controlling

Breno Takeshi Former financial and cash control analyst of Tarpon
shareholder

Lawyer and consultant specializing in corporate and capital market law at Fialdine, Sitting member elected by the minority
Anthonny Dias dos Santos
Penna and Tilkian Advogados shareholder

Associate at Castro, Barros, Sobral, Gomes Advogados, specializing in mergers and Alternate member elected by the
Tiago Franco da Silva Gomes
acquisitions, corporate restructurings and commercial agreements controlling shareholder

Partner at Stamm & Stamm Consultoria Empresarial Ltda and a member of the IBGC Alternate member elected by the
Flávio Stamm
(Brazilian Institute of Corporate Governance) controlling shareholder

Alternate member elected by the

Alfredo Ferreira Marques Filho Auditing partner at the firm Horwath Tufani Reis & Soares Auditores Independentes
minority shareholder

32
 Incentive mechanisms aligned with minority shareholders
Founding Shareholders were granted, proportionally to their pre-IPO ownership, two series of
warrants

1st Series - Stock Based Remuneration 2nd Series - “Anti Take Over Protection”

Size  20% of shares outstanding on a fully diluted basis  20% of shares outstanding on a fully diluted basis

 Weighted average price of capital injections,  At the price of Offer, in case of a mandatory tender
Strike price
adjusted by IPCA offer

 In the event that additional capital is issued, the  In the event that additional capital is issued, the
Anti-dilution underlying amount of shares will be adjusted to reflect underlying amount of shares will be adjusted to reflect
protection 20% of shares outstanding, on a fully diluted basis 20% of shares outstanding, on a fully-diluted basis

 1/3 in year one, 1/3 in year two and 1/3 in year three,
Vesting provided the founders maintain 80% of the initial  No vesting
period ownership in BrasilAgro

 15 years and only in the event of a mandatory

Exercise tender offer, provided founders maintain 80% of the
 15 years
period initial ownership in BrasilAgro

 Transferable within founder  Non-transferable

Transferability  After vesting, founders will be free to  Transferable within founder
transfer the warrants
Preemptive
rights to  In case of capital increase below IPO price
 None
minority adjusted by IPCA
shareholders
33
 Management Consulting Contract
Paraná Consultora de Investimentos S.A.
Consulting services will be provided by Paraná Consultora de Investimentos S.A., a joint venture
between Tarpon BR and Consultores Asset Management

 Investments and divestitures in agricultural properties

 Technical assistance
Consulting
services  M&A
 Hedging
 Other

Compensation
 Management fee: 1% of paid in capital (adjusted by IPCA), excluding capitalized profits (1) (2)

Termination  Termination fee: R$4.3 million (approx. US$2,6 million), in the event of termination without cause
and
penalty clause  No termination fee in case of willful misconduct or gross negligence

(1) 1% Management fee will be applied only to capital raised, either through a private or a public capital increase.
(2) In case BrasilAgro issues additional capital, the management fee will equal the original management fee adjusted by IPCA + 1% of capital raised.
34
 Contacts

Julio Toledo Piza Ana Paula Ribeiro

CEO and IR Officer Investor Relations
julio.piza@brasil-agro.com ana.ribeiro@brasil-agro.com
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas BrasilAgro - Companhia Brasileira de Propriedades Agrícolas
Avenida Brigadeiro Faria Lima, 1.309 Avenida Brigadeiro Faria Lima, 1.309
5o. Andar - CEP 01452-002 5o. Andar - CEP 01452-002
São Paulo - SP - Brazil São Paulo - SP - Brazil
Telephone: +55 (11) 3035-5350 Telephone: +55 (11) 3035-5374
Fax: +55 (11) 3035-5366 Fax: +55 (11) 3035-5366

www.brasil-agro.com www.brasil-agro.com

35