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São Paulo, March 29, 2011 - Brasil Ecodiesel Indústria e Comércio de Biocombustíveis e Óleos Vegetais S.A. (“Brasil Ecodiesel” or “Company”) and (Bovespa: ECOD3), pioneer in the production of biodiesel in Brazil and currently transformed into a quite diversified agribusiness corporation, hereby announces its results for 4Q10 and 2010 and informs its shareholders on the Company’s performance. The Company’s financial statements are prepared in accordance with Brazilian Corporation Law and presented on a consolidated grounds in accordance with Brazilian accounting practices.

CONTACTS CONFERENCE CALL

2010 ANNUAL AND 4Q10 RESULTS

José Carlos Aguilera

CEO

Eduardo de Come EXECUTIVE AND INVESTOR RELATIONS OFFICER

Guilherme Raposo EXECUTIVE OFFICER

www.brasilecodiesel.com.br/ri

E-mail: ri@brasilecodiesel.com.br

Telephone: +55 (11) 3137-3114

Portuguese

São Paulo, March 30,2011

10:00 am (Brasília)/ 9:00 am (US-ET)

Telephone: 55 (11) 4688-6361

Code: Brasil Ecodiesel

Webcast: www.ccall.com.br/brecodiesel/4t10.htm

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Message from the Board of Directors

For Brasil Ecodiesel, 2010 will be marked as a turning point in the Company’s business. We passed from a biodiesel producing company to an agribusiness corporation, operating in renewable energy and food sectors. To the Company it means a growth opportunity and possibility of obtaining better profitability in its business already in short term.

Year 2010 was characterized by a greater competitiveness in the biodiesel sector. Both an increase in the number of participants and a growth in their production capacity occurred in the sector. In this race for investments, excess idle capacity ended up by becoming the greatest concern of the mills and, indeed, by the end of 2010, according to data of the National Petroleum Agency (ANP) itself, installed capacity of biodiesel companies was 6.2 million cubic meters, a 2.6 times greater volume than market demand, which was 2.35 million. In practice, the biodiesel sector works with idleness at the rate of 60%.

In line with company creation motivation, we understand that the biofuel sector is highly promising and market expansion opportunities are huge. However, as observed in biodiesel auctions held in 2010, this excess offering caused the search for volume to bring as a consequence, a price reduction. Today, the industry pleads a new regulatory milestone that will allow growth in gradual manner of biodiesel mixing in diesel, as has occurred in Argentina and several European Community countries.

As since establishment and up to 2010 we were a single product company, low margins impacted our revenues and results in 2010, especially in the 4th Quarter of 2010. In order to offset revenue loss, the Company has taken some initiatives for cost reduction, as well as soybean crushing volume increase, which contributes to raw material cost reduction.

The conclusion is that although the renewable energy sector, in Brazil, already constitutes a reality, it is necessary to observe the right time to act in more aggressive manner in expanding our share in the sector.

In this scenario, the Board of Directors has established the following for the Company: (i) diversifying the product portfolio, reaching new markets and customers; (ii) not being solely dependent on operating in a regulated market; (iii) staying in ECO sector (so-called “green products”), company primary focus; (iv) Exploiting the opportunities of a publicly held company; (v) optimizing cash in projects that allow quick revenue and income growth; and (vi) focusing on short, medium and long-term growth markets that represent natural diversification.

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In October 2010, company directors identified the opportunity to enter agribusiness, in broad sense, with diversification and a first step toward verticalization of operations. Such decision had as motivating elements: (i) growing demand for food in the domestic and foreign market; (ii) economic development of still underdeveloped countries creating a large consumer market; (iii) comparative and competitive advantages of Brazilian edaphoclimatic conditions; (iv) knowledge, productivity and competitiveness in an agribusiness without subsidies; and (v) potential business intersection, which may be completely exploited when this strategic mosaic has been completed (primary agricultural product generation, industrialization, energy production, transportation and storage). Within this context, on 12/23/2010 the merger of Maeda S.A. Agroindustrial (“Maeda”) shares was approved, which became a wholly owned subsidiary of Brasil Ecodiesel.

Maeda is an agricultural company with expertise in oleaginous planting, especially cotton, soybean and corn, having under management 86 thousand-hectare plantation in 2010/11 harvest, in addition to minority interests in agricultural land valuation company (Jaborandi Agrícola) and a sugar and ethanol mill (Tropical Bioenergia).

With this initiative, Brasil Ecodiesel has taken a decisive step toward its future Brazilian and international reference in renewable energy and food. In the stage where it stands, the Company has been transformed into a quite diversified agribusiness corporation, at the strict level of corporate governance that BMF&BOVESPA New Market is.

Furthermore, aiming to seek new markets, in December 2010, TAM, Curcas Diesel Brasil and Brasil Ecodiesel formed a company group aiming to analyze the feasibility of implementing an integrated aviation bio-kerosene sustainable production project in Brazil, from agricultural and industrial production to distribution, aimed at partial, gradual replacement of fossil renewable fuel. This project is in initial research phase and technology choice, but we understand that it may be promising after definition of bio-kerosene specification by international regulatory agencies.

On account of all this transformation at the company from this report, the Company will split its activities into Renewable Energy, which will contain the company’s industrial areas (biodiesel, vegetable oil and ethanol) and Food and Agricultural Commodities, which will contain agricultural activities. In March 2011, Brasil Ecodiesel and Petrobras executed an agreement concluding an existing process between the companies. Based on the agreement, the parties mutually waived charging penalties regarding Biodiesel Purchase and Sale Agreements

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entered into between them. To the Company, the agreement conclusion was positive, because we closed a dispute with our main customer. At last, it is worth saying that we believe that this is the best way for value generation to the company and its shareholders. We thank our customers, shareholders, collaborators and suppliers for the commitment, dedication and trust in the success of this Company .

The Board of Directors

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1. Market Outlook

1.1. Renewable Energy

1.1.1. Biodiesel

The biodiesel industry operates in a fully regulated market. Negotiations take place at quarterly auctions coordinated by ANP. Biodiesel producers rely on a single customer, Petrobras, which is responsible for selling biodiesel to fuel distributors, which in turn are responsible for mixing. In this context, the biodiesel sector has to grow and to develop into a new regulatory milestone that will ensure increasing mandatory biodiesel mixing in diesel, set today at 5%.

The scenario we had in 2010 for the biodiesel industry was a strong vegetable oil price hike and large discounts at ANP (National Petroleum, Natural Gas and Biofuels Agency) auctions, which negatively impacted biodiesel producers’ profit margins. We were able to observe in the year strong discounts in auctions referring to the second semester of 2010. The 18th and 19th auctions had average discounts of, respectively, 9.24% and 24.86%, quite high rates, which prove the previous assertion.

Brazil closed 2010 with a 2.4 million m³ of biodiesel production, which stands for a 49% growth against 2009. Production increase occurred due to biodiesel in diesel mixing increase in early 2010, which passed from 4% to 5%, three years before the forecast. Currently, Brazil has and authorized 6.2 million m³ production capacity, which means to say that we only produce 40% of our operating capacity. Some studies state that Brazil is already prepared to fill an eventual demand generated by a new regulatory milestone, even if it will determine a mix increase to 10%. Analysts, however, suggest that this increase will occur in gradual manner until it reaches 20% by 2020, bringing in this way positive externalities to the country.

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Source: ANP

Oil originating from a broad range of oleaginous such as, for example, palm, soybean, cotton and other vegetables can be used for biodiesel production, in addition to animal origin fats. Currently, this market is closely connected to soybean production chain, which stands for on average 80% of raw material used for biodiesel production, followed by animal fat (approx. 18%) and others (approx. 2%). It is not by chance that soybean is the main character of this script, because it is an already consolidated crop in the country and in international scope, which enables its large-scale production, making it capable of covering current needs of this biofuel in Brazil. However, this reality is liable to be altered in gradual manner in the years ahead , because there is already in of studies and researches that analyze the entrance of other more productive grains than soybean itself, and equally sustainable.

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1.2. Food/Agricultural Commodities

The macroeconomic conjuncture for agricultural commodities is quite positive, because the international market, after the outbreak of the world financial crisis that had its apex in 2008, starts to present a new breath, having developing countries in the forefront of economic growth.

The good moment through which the agricultural sector has been passing recently is largely due to the greater appetite of these developing countries that have pressured demand against a supply that has not grown in the same magnitude. The result was predictable, with effects on prices to mark out consumption.

The latest world supply and demand report (March 2011) published by the USDA (U.S. Department of Agriculture) draws a still high price outlook for this year, on account of production and consumption forecasts of some oleaginous. It is estimated, for example, that world soybean production is 258 million tons in 2010/2011 and consumption will reach 257 million tons. For cotton, the estimate is that production will reach 25 million tons in this harvest, consumption will be a little greater, which may reach 25.4 million tons. For corn, the estimate is an 814 million ton production opposite a projected consumption of 835 million tons. As we can see, the space between supply and demand is quite tight.

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*Projection Source USDA

In order to demonstrate price dynamics in 2010, cotton presented a 104% appreciation. Likewise, corn and soybean respectively appreciated 50% and 34% last year. This price hike of agricultural commodities has several explanations. Among them are: (i) climatic effects that have negatively affected grain supply of relevant producers such as Russia and India, affecting harvest productivity; (ii) low inventories of most agricultural products; and (iii) strong demand against existing commodities supply.

In the chart below, we use indexes prepared by ESALQ –Luiz de Queiroz College of Agriculture of the University of São Paulo, to illustrate price evolution in Brazil of three selected oleaginous:

The advantage of Brazil against other agricultural powers is that we have a huge area available for agriculture and appropriate climate for the development of

2009/10 2010/11* Variation (%)Soybean 260 258 -0.77Cotton 22 25 13.64Corn 812 814 0.25

Production (Million Tons)

2009/10 2010/11* Variation (%)Soybean 238 257 7.98Cotton 26 25 -1.55Corn 816 835 2.33

Consuption (Million Ton)

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several crops. Additionally, the country relies on advanced technology to handle several agricultural products. In the crops that we operate, we are on the frontier of what is considered the most advanced in international agribusiness.

Agricultural production growth in the country, in the past few years, can be explained by greater productivity, result of adopting the best tillage practices, harvesting mechanization and using more efficient technologies. The chart below demonstrates that production has been growing at a greater speed than planted area expansion, which leads us to conclude that Brazilian land productivity in the last years has been increasing.

According to the 6th grain survey prepared by CONAB (National Supply Company) and published in March/2011, it is estimated that planted area in 2010/11 harvest will 48.86 million hectares, i.e., 3.1% greater than planted area in 2009/2010. As regards production, a 154.2 million ton figure is expected in 2010/2011 harvest, 3.4% over the previous harvest. This figure, according to the Ministry of Agriculture, makes 2010/ 2011 grain harvest the greatest in history.

The tables below present estimated figures for planted area and soybean, corn and cotton production (2010/11 harvest).

Source: CONAB

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Table: Production Estimate in Brazil – 2010/2011 harvest

Table: Planted Area Estimate in Brazil – 2010/2011 harvest

Source: CONAB (National Supply Company) – March/2011

2. Consolidated Headline Result

Financial statements have been drafted and are presented on consolidated basis according to accounting practices adopted in Brazil, while complying with the provisions contained in the Corporation Law and incorporate amendments brought by Laws No. 11.638/07 and 11.941/09.

As the merger of Maeda’s shares by Brasil Ecodiesel was concluded on December 23, 2010, were considered, in the results of the Company, seven days of operation of the subsidiary mentioned above.

Grain Production (thousand ton)

Cotton - seed 3,040.1cotton - plume 1,950.2Corn 55,021.3Soybean 70,296.9

Grains Area (thousand ha)

Cotton 1,304.7Corn 13,166.7Soybean 24,033.9

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Note: Adjusted data disregard the following amounts: (*) Other revenues/non-recurring expenses referring right of use assignment and raw material inventory amount adjustment (*) Strategic new target adjustment (**)Reversal of fines referring to the agreement with Petrobrás (**) Correction of advance to customers received in 2007

3. Operational Performance

3.1. Renewable Energy

3.1.1. Industrial Units

Currently, Brasil Ecodiesel has in operation four transesterification units, with 518.4 thousand m3/year biodiesel production capacity.

In addition to the transesterification units, Brasil Ecodiesel has and intends to operate this year vegetable oil extraction units, where vegetable oil is extracted from agricultural production originating from own chain and partnerships.

The map below presents the location of plants and crushers.

2010 VA (%) 2009 VA (%) HA (%) 2010 (**) VA (%) 2009 (*) VA (%) HA (%)

Volume of biodiesel sold (m³) 172,247 151,966 13.35% 172,247 151,966 13.35%

Gross Revenue 465,009 117.8% 404,919 115.9% 14.84% 465,009 117.8% 404,919 115.9% 14.84%

Net Revenue 394,792 100.0% 349,322 100.0% 13.02% 394,792 100.0% 349,322 100.0% 13.02%

(-) Biological Asset Fair Value Variation 2,646 0.7% 1,591 0.5% 66.31% 2,646 0.7% 1,591 0.5% 66.31%

(-) COGS 350,328 88.7% 312,031 89.3% 12.27% 350,328 88.7% 312,031 89.3% 12.27%

Gross Profit (Loss) 41,818 10.6% 38,882 11.1% 7.55% 41,818 10.6% 38,882 11.1% 7.55%

(-) Operating expenses 62,488 15.8% 42,053 12.0% 48.59% 50,379 12.8% 36,159 10.4% 39.33%General and Administratives 45,550 34,877 30.60% 45,550 34,877 30.60%Taxes (tributárias) 756 1,282 -41.03% 756 1,282 -41.03%Others operating Income (expenses) 16,182 5,894 174.55% 16,182 5,894 174.55%

Other non recurrent Expenses 9,003 Strategic new target adjustment (14,897)Petrobras Agreement (12,109)

Operating Income (EBIT) (20,670) -5.2% (3,171) -0.9% 551.79% (8,561) -2.2% 2,723 0.8%

Financial Income (2,240) -0.6% (31,707) -9.1% 4,155 1.1% (31,707) -9.1%Reversal correction of client payment in advance

(6,395)

New profit (loss) (22,910) -5.8% (34,879) -10.0% -34.32% (4,406) -1.1% (28,985) -8.3%Net Margin -5.80% -9.98% -1.12% -8.30%

EBITDA (9,340) -2.4% 22,793 6.5% 2,769 0.7% 28,687 8.2% -90.35%EBITDA Margin -2.37% 6.52% 0.70% 8.21%

Description Book Values Adjusted Values

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3.1.2. Biodiesel

In the fourth quarter of 2010 (4Q10), Brasil Ecodiesel both sales and revenues decreased in relation to the previous quarter, on account of the low volume sold at the 19th Biodiesel Auction, which presented high discount. In 2010 aggregate, the Company sold 172.2 thousand m3 of biodiesel, 13.4% higher volume than in 2009, which was 151.9 thousand m3. 2010 billing also was higher by 6.6%, when compared to the previous year.

It is relevant to recall that in December 2009 Crateús and Floriano mills were deactivated because of the complexity and logistics costs involved in raw material purchase and handling.

The table below presents biodiesel sales and billing, ranked by mill. It is relevant to emphasize that, in March 2010, Iraquara and Itaqui mills had the Social Fuel Stamp suspended for a one-year period.

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3.1.3. Vegetable Oil

While the entire biodiesel sector is committed to obtaining a new regulatory milestone, aiming at resuming investments in biodiesel expansion, Brasil Ecodiesel directs its actions toward produced biodiesel cost reduction. It achieves this reduction by Rio Grande do Sul soybean grain crushing and also by improvements in the industrial process.

In 2010, the Company crushed, in outsourced manner, 71,461 tons of soybean grains purchased from family farming, generating revenues amounting to R$ 35.5 million with bran sale.

It is relevant to emphasize that family farming involvement in the origination process, mainly aims to obtain the Social Fuel Stamp, a necessary requirement for us to participate in the biodiesel auction solely intended for companies having the Social Fuel Stamp.

3.1.4. Sugar/Ethanol

With Maeda merger, Brasil Ecodiesel became the holder a 25% interest in Tropical Bioenergia, in a partnership with BP Biofuels (50%), and LDC-SEV Bioenergia (25%). Tropical has a sugar and ethanol production unit in the Goiás State city of Edéia.

Tropical Bioenergia has a 2.4 million ton grinding capacity, with 60%/40% sugar and ethanol production flexibility, and vice-versa.

3.2. Food/Agricultural Commodities

3.2.1. Planted Area

2009 4,053 7,031 30,238 26,793 52,666 31,183 151,966

3Q10 - - - 23,969 17,714 - 41,683

4Q10 - - 124 11,546 9,572 217 21,4592010 122 120 17,437 74,070 62,890 17,608 172,247

2009 10,939 19,114 79,349 71,023 138,196 81,703 400,325

3Q10 - - - 57,397 41,365 - 98,762

4Q10 - - 231 22,462 18,749 422 41,864

2010 323 318 45,812 180,627 152,973 46,644 426,696

Itaquí Total

Revenue B100 (m3)

Revenue from B100 (R$ mil)

Biodiesel Floriano Crateús IraquaraPorto

NacionalRosário do

Sul

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Maeda merger adds to Brasil Ecodiesel the experience of one of the most traditional agricultural producers in the Brazilian market.

Agricultural Calendar

The Agricultural Calendar is different from the fiscal calendar and varies depending on the planting site and crop to be grown. We place below the agricultural calendar of the areas that we produce.

Total planted area for 2010/2011 harvest is 85,811 hectares, according to the table below.

State 2010/2011BA 25,819MT 47,705GO 12,287

Total 85,811

Planted Area (ha)

Harvest Planting Treatment

Harvest Sep Oct Dec Feb Apr May Aug Sep Sep Dec

Soybean (MA)

Soybean (BA)

Soybean (GO)

Cotton (MT)

Cotton (BA)

Corn (MT)

Corn (CA)

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3.2.2. Land Portfolio

Farms State Available Area Planting Total Cotton Soybean Corn OthersDom Pedro BA 16,966 15,921 8,742 6,390 - 789

Amizade BA 11,298 9,898 2,269 6,418 - 1,211Sucesso BA 12,682 - -

Guapirama MT 9,001 9,374 4,299 5,075 - -São José MT 29,207 38,331 3,442 24,228 10,032 629Catalão GO 3,923 3,877 - 3,006 456 415

Bartolomeu GO 8,486 8,410 - 7,652 758 -Total 91,563 85,811 18,752 52,769 11,246 3,044

Distribution per cropAREAS STATEMENTS - CROP 2010-11 (ha)

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4. Adoption of New Accounting Procedures and Economic and Financial Performance (2010 x 2009)

4.1. Adoption of new accounting procedures issued by the Accounting Statement Committee (CPC) and international accounting practices, according to the International Financial Reporting Standards

As authorized by Securities Commission in article 1 of CVM Decision 603, Brasil has chosen to present its Quarterly Information Forms – ITR during 2010 according to accounting standards effective up to December 31, 2009. According to referred decision, in 2010 year statements, the Company adopted all statements issued by the CPC applicable to its operations, which consistent with international accounting practices – IFRS. In this manner, certain balances relative to 2009 year, previously published, were adjusted in order to reflect alterations resulting from new statements and allow comparability between presented periods.

The adjustments resulting from adopting these statements, which affected Company results in years that ended on December 31, 2010 and December 31, 2009, were as follows:

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4.2. Economic and Financial Performance

4.2.1. Gross Revenue

In 4Q10, Gross Revenue was R$ 60.9 million, being that R$ 41.8 million (68.6% of this total) originated from 21.5 thousand m3 biodiesel sale. This amount includes soybean meal sale revenue resulting from outsourced grain crushing operations, obtaining thereby an R$ 18,9 million revenue (31.0% of total).

In 2010, Gross Revenue reached R$ 465.0 million, a 14.8 % higher amount than obtained in 2009. Of the total, R$ 428.1 million came from the sale of 172.2 thousand m3 biodiesel. It is relevant to highlight the revenue coming from soybean meal sale, which accounted for 7.6% of the revenue for the year. Soybean meal sale started in 2010 by purchasing soybean grains and from outsourced crushing operations in Rio Grande do Sul.

4.2.2. Deductions

In the year, deduction total reached R$ 70.2 million, against R$ 55.6 million amount in the previous year. When we compare this amount in relation to net revenue, it is observed that this percentage passed from 15.9% in 2009 to 17.8% in 2010. R$ 51.4 million in ICMS were recorded, being that out of this total R$ 19,5 million state tax incentive credits were deducted. R$ 27.1 million of COFINS and R$ 5.9 million of PIS also were recorded, already deducted from the benefit resulting from PIS and COFINS aliquot reduction levied on biodiesel resulting from using raw material originating from family farming .

Gross Revenue

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4.2.3. Net Revenue

4Q10 Net Revenue was R$ 46.1 million, 51,0% less than the R$ 94.2 million of 3Q10, as a consequence of low volume sold by the Company at the 19th ANP Auction, which presented a high discount, as already informed in this report.

Notwithstanding the low performance observed in 4Q10, in 2010, net revenue presented a 13.01% growth when compared to 2009, passing from R$ 349.3 million in 2009 to R$ 394.8 million in 2010.

4.2.4. Cost of Goods Sold (COGS)

The company’s costs structure did not change significantly. Vegetal oil and methanol represented 89.5% of the cost of products sold regarding biodiesel. Biodiesel CPS evolution as percentage of net income was of: 82.2% in 2009 to 78.8% in 2010.

The Company has a Risk Management Policy providing for the fixation of oil prices and physical volumes with delivery schedule for suppliers, right after the biodiesel auction. This has been the strategy to fix the prices for the raw material and protect from the risk of soy bean price volatility in the international market.

In respect to the company’s total cost, in 2010 the soybean meal started participating, as result from the outsourced operations of the bean crushing. The year featured the commercialization of 71,461 tons of bran, and the cost of such sales represented 8.2% of the company’s total cost, as shown in the chart below.

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4.2.5. Operating Expenses

General and Administrative

In the year of 2010, the general and administrative expenses reached R$ 45.5 million, representing 11.52% of net operating revenue. Such expenses regard to the general administration, including salaries and benefits paid to our employees, expenses with outsourced services, travels, telecommunications, leases, and provisions for contingencies, among others.

We had the presence of several non-recurring expenses, such as: (i) the Company’s administrative head office moving to São Paulo; (ii) increase in the demand of audit and consulting services contracting; (iii) increase in the expenses with personnel due to the dismissal of employees from Rio de Janeiro and Fortaleza and new hires in São Paulo; and (iv) Freight over Sales expenses, due to the deliveries resulting from the stocks replacement auction, held in the CIF modality. These events totaled approximately R$ 9.3 million. For comparison, if we consider the deduction of these amounts of general and administrative expenses in 2010 will have a value of $ 36.2 million, equivalent to 9.17% of net operating revenues, comparable to R$ 34.9 million in 2009 which represented 9.98% of net operating revenue.

Other operating revenues/expenses

Regard to the expenses incurred, provisions made or income gained during the year, in activities not directly related to the Company’s operating activity.

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In 2010, we presented in the account of other operating revenues (expenses), an expense of R$ 16.2 million, related primarily to Petrobras Agreement. In 2009, this value was negative at R$ 5.9 million, mainly influenced by non-recurring revenue from amortization of the rescinded of the contract of Enguia and non-recurring expense strategic redirection.

4.2.6. Financial Income

In the 4Q10, we had a negative Net Financial Income of R$ 4.6 million, against a positive financial income of R$ 1.1 million registered in the previous quarter. In the 4Q10, we have had a Financial Income of R$ 3.6 million (compensation from financial investments) against a Financial Expense of R$ 1.7 million (interests over loans). Moreover, the value of the financial expense was affected by the accounting of the extraordinary value resulting from the updating of customers advance payments in the amount of R$ 6.4 million. In the year of 2010, we presented a negative net financial income of R$ 2.2 million. As compensation to our financial investments, we have had a financial income of R$ 14.0 and an expense of R$ 9.9 million resulting from the money adjustment of our debts. However, due to the accounting of the extraordinary amount abovementioned, we have had a negative impact of R$ 6.4 million, leaving the financial income with debt balance. Not considering this event, the net financial income would be positive in R$ 4.1 million.

4.2.7. Debt

On December 31, 2010, Brasil Ecodiesel’s and its controlled company Maeda’s debt represented the amount of R$ 231.5 million, divided in R$ 125.9 in the short term and R$ 105.6 in the long term.

3Q10 4Q10 2009 2010 2010 (*)Financial Result 1,171 (4,572) (31,707) (2,240) 4,155

Financial Income 4,213 3,557 9,149 13,992 13,992 Financial Expense (3,042) (8,129) (40,856) (16,232) (9,837)

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The short term debt still did not accounted the effects of the reorganization of Maeda’s debt with the banks ING, BNB and Banco do Brasil, already commercially agreed but still in the formalization phase. In the end of that process, the debt will be more concentrated in the long term.

Maeda’s current debt will be amortized with the resources from the sale of assets already made in 2010 in the amount of R$ 77,8 million, wich will reduce the net debt of the company. For analysis purposes, the following is the net debt position considering that amortization.

Note: Controller. Disconsidering the consolidated data of companies Tropical Bioenergia, Jaborandi Agrócila e Jaborandi Propriedade.

4.2.8. Income for the Period

In the end of the year, the Net Loss totaled R$ 22.9 million in relation to a loss of R$ 34.9 million in 2009. The income for 2010 was influenced mainly by non recurrent events regarding the agreement made with a Petrobras and the devolution of the customers advance payment affecting the income in R$ 18.5 million. The Net Adjusted Loss totaled R$ 4.4 million, a relevant improvement of the amount presented in 2009, whose net loss totaled R$ 28.9 million.

In the 4Q10, the Net Adjusted Loss was of R$ 15.9 million, compared to the loss of R$ 2.5 million in the 3Q10. The adjustments made in the 4Q10 were the same mentioned above. The costs of plants, crushers and farms idleness, which used to be rated as non operating expenses, were transferred to the cost of products sold, according to the CPS provisions.

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The Net Margin Adjusted was improved in 2010, reaching 1.12%, against -8.30% as observed in the accrued to 2009.

Note: Adjusted data disregard the following amounts: (*) Other revenues/non-recurring expenses referring right of use assignment and raw material inventory amount adjustment (*) Strategic new target adjustment (**)Reversal of fines referring to the agreement with Petrobrás (**) Correction of advance to customers received in 2007

4.2.9. EBITDA

The Adjusted EBITDA for the year of 2010 was of R$ 2.8 million, with adjusted margin of 0.70%. Regarding 2009, there was variation of R$ 28.7 million for R$ 2.8 million. The EBITDA margin ranged from 8.21%, in 2009, to 0.70% in 2010.

There follows the table with the history evolution of the accounts included in the calculation of the EBITDA Adjusted.

Note: Adjusted data disregard the following amounts: (*) Other revenues/non-recurring expenses referring right of use assignment and raw material inventory amount adjustment (*) Strategic new target adjustment (**)Reversal of fines referring to the agreement with Petrobrás (**) Correction of advance to customers received in 2007

In order to represent the specific income for the period more clearly, there follows the Company’s EBITDA Adjusted.

2009 2010 2009 (*) 2010 (*)Net Income (Loss) (34,879) (22,910) (28,985) (4,406)Net Margin -9.98% -5.80% -8.30% -1.12%

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Note: Adjusted data disregard the following amounts: (*) Other revenues/non-recurring expenses referring right of use assignment and raw material inventory amount adjustment (*) Strategic new target adjustment (**)Reversal of fines referring to the agreement with Petrobrás (**) Correction of advance to customers received in 2007

5. Stock Market

5.1. Shares Performance

Brasil Ecodiesel’s shares (ECOD3) ended 2010 quoted at R$ 1, totaling a market value for the company of R$ 1,084.2 million, in relation to a Shareholders’ Equity of R$ 698.7 million – Market Value/Equity Value of 1.55. ECOD3 shares presented a decrease of 8.26%, ranging from R$ 1.09/share in the end of December 2009 to R$ 1.00/share in the end of December 2010. Ibovespa performance for the same period increased in 1.04%.

5.2. Shares Liquidity

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Brasil Ecodiesel’s shares were 100% present in the auctions of 2010. That year registered a daily average volume of R$ 32.7 million and 2,923 businesses per day, respectively, 72% and 103% higher than the figures for 2009.

In October, the Company, aimed at raising the liquidity of its shares, contracted XP Investimentos CCTVM S.A. for exercising the role of market maker for its shares.

5.3. Participation in the Indexes

In December, Brasil Ecodiesel (ECOD3) started integrating the first theoretical portfolio of the Efficient Carbon Index (ICO2), created by BM&FBOVESPA and BNDES – The Development Bank, aimed at encouraging companies that issue shares to rate, disclosure and monitor its greenhouse gases (GHG) emissions. ICO2, made of the shares of the companies participating in the index IBrX-50 that agreed to participate in this initiative by adopting transparent practices regarding their greenhouse gases (GHG) emissions, considers, for measuring the participating companies’ actions, their GHG emissions efficiency level and free float.

By adhering voluntarily to the Efficient Carbon Index, Brasil Ecodiesel committed to make its greenhouse gases (GHG) inventory every year. Because of that, a specialized consulting was contracted to help us in the accomplishment of the first inventory, for the year of 2010. This initiative strengthens the company’s compliance with the environment and the respect to the practice of transparency regarding its emissions.

Brasil Ecodiesel’s shares are also part of the following indexes: Bovespa Index - Ibovespa; Brasil 50 Index – IBrX-50; Brasil Index - IBrX; Valor Bovespa Index - IVBX-

Source: Agência Estado

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2; Small Cap Index - SMLL; Differentiated Tag Along Shares Index - ITAG; and Differentiated Corporate Governance Shares Index - IGC.

5.4. Capital and Shares Wide Holding

In December, due to the incorporation of Maeda’s shares, resulting in capital increase through the issuance of new shares, subscribed by Maeda shareholders and paid up, Brasil Ecodiesel’s capital was made of 1,084,192,282 shares. Out of this total, 32% are owned by individuals, 50.9% by institutional investors and 17.1% by foreign investors, making the total of 24,158 investors. On December 31, the quantity of ordinary shares owned by shareholders holding more than 5% of shares was:

6. Estimates

The Company, based on the existing Relevant Disclosures Policy, and in compliance with the CVM Instruction no. 480/2009 will now, from this date, disclose every year the estimates below, which are to be reviewed at every quarter, upon the disclosure of the quarterly results, or upon any relevant event making the management review the estimates.

The estimates below do not include the results from the equity of the companies Tropical Bioenergia S.A, Jaborandi Agrícola Ltda and Jaborandi Propriedades S.A.

6.1. Sales Revenue Estimates (million R$)

Number of Shares Capital %

Vila Rica I - Mutual Fund 243,141,995 22.43

Bonsucex Holding 73,610,204 6.79

Others Shareholders 767,438,083 70.78

Total 1,084,190,282 100

2011 Crop year 11/12*Brasil Ecodiesel 654 654

Maeda 289 370Total 952 1,024

Sales Revenue

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Crop Year 11/12 – Corresponds to September 2011 to August 2012.

6.2. Net Income Estimates (million R$)

*Crop Year 11/12 – Corresponds to September 2011 to August 2012

6.3. EBITDA Estimates (million R$)

*Crop Year 11/12 – Corresponds to September 2011 to August 2012

6.4. Planted Area Estimates (hectares)

The estimates above related to the Company’s business perspectives, operating and financial income estimates, and references to the Company’s growth potential, are only estimates, based on the best expectations of the Management regarding its future performance. Those expectations are highly dependent on the market, the

2011 Crop year 11/12*Brasil Ecodiesel 569 569

Maeda 277 342Total 846 911

Net Income

2011 Crop year 11/12*Brasil Ecodiesel 12 12

Maeda 38 52Total 50 64

EBITDA

Farms State Available Area Planting Total Cotton Soybean Corn OthersDom Pedro BA 16,968 16,237 8,351 6,780 - 1,103

Amizade BA 12,398 10,998 2,741 5,946 - 2,311Sucesso BA 12,682 - - - - -

Guapirama MT 9,001 10,496 4,915 5,583 - -São José MT 29,208 42,494 7,066 24,723 10,076 629Catalão GO 3,923 3,877 - 3,114 348 415

Bartolomeu GO 8,486 8,410 2,975 4,621 815 -Total 92,666 92,512 26,048 50,767 11,239 4,458

AREAS STATEMENTS - CROP 2011-12 (ha)Distribution per crop

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Company’s performance in the biofuel sale auctions, the economic status of Brazil, the industry and the international markets. They are, thus, subject to changes.

6.5. Investing Activities Estimates

In order to reach the estimates above for 2011, we intend to invest in assets and working capital around R$ 124.8 million, in the following projects:

The investments resources above will be achieved through the company’s cash, in addition to resources catchment.

Brief description to the projects:

The glycerin burning project is the reapplication of a program already operating in the Biodiesel Unit, in Porto Nacional- TO. This program enables using glycerin as fuel to boilers, reducing the costs with disposal and purchase of fuel to boilers.

Glycerin Burning

Operation of the crusher of São Luiz Gonzaga, purchased in 2006. This investment will enable the Company to operate, in the second semester, the crushing unit of São Luiz Gonzaga-RS, capable of crushing 900 t/day of soy, considering an operation of 300 days/year.

Crusher of São Luiz Gonzaga – RS

The operation of this unit enables the Company crushing up to 270,000 tons of soy beans per year, enabling the sales revenue of 200,000 tons of soybean meal and the supply of 48,000 tons of soy oil.

Project DescriptionAssets Working Capital Total

Glycerin Burning • Use of glycerin and wood for supplying the

boilers of Rosário do Sul, in replacement to

the fuel oil.

R$ 2.60 R$ 2.60

Crusher - São Luis Gonzaga Operation of the crushing unit of São Luiz

Gonzaga in order to operate with soy

purchased in the RS.

R$ 1.70 R$ 43.00 R$ 44.70

Agricultural Machinery • Purchase of machinery (19 tractors, 19

seeders, 9 pulverizers and 5 cotton

harvesters).

R$ 20.00 R$ 20.00

Crusher Itumbiara - GO • Operation of the cotton crushing unit R$ 41.00 R$ 41.00

Mix Improvement • Improvement to the products mix and

higher advantage from the planted areaR$ 16.50 R$ 16.50

TOTAL INVESTMENTS R$ 24.30 R$ 100.50 R$ 124.80

Investments (Millions R$)

Machinery

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Purchase of agricultural equipment (19 tractors, 19 seeders, 9 pulverizers and 5 cotton harvesters).

The purchase of that equipment enables renewing the fleet, improving the Company’s operating efficiency and outsourcing costs reduction.

Operation of the cotton core improvement unit, in Itumbiara-GO, Maeda’s unit. This unit is capable of making 10,512 tons of linters, 88,153 cotton meal and 25,865 cotton oil, per year.

Crusher of Itumbiara - GO

The investments in the improvement to the mix is the improvement of agricultural lands of the company in two ways: (i) increase in the use of the land, making the 2nd harvest whenever possible; (ii) increase in the planting of cultures with more value added, requiring higher investments.

Improvement to Products Mix

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Attachment I – Income Statement

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Attachment II – Balance Sheet

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INVESTOR RELATIONS CONTACTS

Investor Relations Officer: Eduardo de Come

Investor Relation Analyst: Maria Luisa Soares de Almeida

E-mail: ri@brasilecodiesel.com.br

Website: www.brasilecodiesel.com.br/ir

Telephone: (00XX11) 3137-3114