Viana, May 14, 2019 – Fertilizantes Heringer (FHER3) – Under Judicial Recovery – announces today

its results for the first quarter of 2019 – Conference call on May 15, 2019.

Investor Relations HIGHLIGHTS:

Phone: +55 (19) 3322-2294

ri@heringer.com.br
www.heringer.com.br/ri
 On February 4, 2019, Heringer filed, in the City of Paulína, State of
São Paulo, the request for its Judicial Recovery;

Conference Call in Portuguese  The Company discontinued, at the beginning of 2019, the activities
11:00 a.m. BR (10:00 a.m. U.S. ET) developed in some of its mixing units, reducing its operations from 16 to
Phone: +55 (11) 3181-8565 7 production units;
Code: Heringer
Replay for a week:
+55 (11) 3193 1012
 On February 6, 2019, the 2nd Court of the City of Paulínia, State of
Password: 8621025#
São Paulo, accepted the Company’s Judicial Recovery process;

 On February 20, 2019, the Company held the Extraordinary

Conference Call in English Shareholders’ Meeting to ratify the decision to file the Request for Judicial
(SIMULTANEOUS TRANSLATION) Recovery;
11:00 a.m. BR (10:00 a.m. U.S. ET)
Phone: +1 (844) 204-8942
Code: Heringer
 On April 10, 2019, the Company filed its Judical Recovery Plan.
Replay for a week:
+55 (11) 3193 1012
Password: 8621025#

1
JUDICIAL RECOVERY

The Company filed, on April 10, 2019, its Judicial Recovery Plan, within the scope of its Judicial Recovery
process, which is under the 2nd Court of the City of Paulínia, State of São Paulo.

Feb 4, 2019 Feb 20, 2019

Acceptance of the
Approval of the
Request for Judicial Request at the
Recovery Plan by the
Recovery Extraordinary
judge
Shareholders’ Meeting

Acceptance of the Approval of the

Filing of the
Request for Judicial Recovery Plan at the
Recovery Plan
Recovery creditors’ meeting

Feb 6, 2019 Apr 10, 2019

VOLUME DELIVERED

The 90% reduction in volume delivered during the 1Q19 reflected on all crops due to several elements that
negatively impacted the Company during in this period. The difficulty in obtaining funding for the operating
activities, as already mentioned in 4Q18, intensified in January 2019 and led to a loan execution, which
definitively compromised the Company's regular operations.

The request for Judicial Recovery, filed in early February 2019, aligned with low inventories, an initial difficulty
for the Company to re-acquire new volumes and the decision to maintain operations running in 7 plants,
resulted in a very low delivery volume during the month of February.

In March, operations began to indicate a recovery trend, although at much lower levels when compared with
the same period of previous years.

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 - 90.4%

866
30
Soybean - 85.5% 83
278 4
In thousands of tons

Corn - 92.5%
21
Coffee - 83.2% 156
26
122
Sugarcane - 93.1%
9
Other 280
- 91.7% 23

1Q18 1Q19

SPECIAL PRODUCTS

In the 1Q19, the delivery volume of the special products totaled 33 thousand tons, 91.4% lower than in the
1Q18, which totaled 385 thousand tons. Special products accounted for 40% of the Company's total deliveries
in the 1Q19, lower than in the 1Q18, which stood at 44%. The Company continues to maintain its commercial
efforts in marketing its portfolio of differentiated products and expects that it will reach the same levels of
2018, which was 45% of the total volume delivered for the year.

Heringer’s special products line has implemented several agronomics differentials, generating significant
increases in productivity in several regions and cultivations.
In thousand tons

Special Traditional

3
FINANCIAL RESULTS
STATEMENT OF PROFIT AND LOSS IN THE 1Q19

The reduction in volume, as already mentioned, was the main reason for the reduction in net revenue, which
went from R$1,041.4 million in the 1Q18 to R$135.4 million at the end of the 1Q19, down by 87.0%, and
gross profit, which fell from R$67.4 million in the 1Q18 to R$20.2 million in the 1Q19. This also impacted
gross margin in the 1Q19, which came in negative at 14.9%, lower than the positive result of 6.5% in the
1Q18.

Freight and commissions in the 1Q19 totaled R$4.5 million, representing 3.3% of net revenue, while in the
1Q18 they amounted to R$51.6 million and accounted for 5.0% of net revenue. No significant variations in
percentage occurred as results are in line with the lower delivery volumes in the period.

Selling, general and administrative expenses (excluding freight and commissions) totaled R$41.5 million in
the 1Q19 against R$55.2 million in the 1Q18, accounting for 30.6% of net revenue against 5.3% in the same
period of the previous year. These expenses were affected by non-recurring items related to the Company's
Judicial Recovery process. Adjustments to these expenses will occur in the coming quarters.

In view of the abovementioned facts, EBITDA was negative by R$61.6 million in the 1Q19, representing a
negative margin of 45.5% on net revenue, against an EBITDA of R$28.1 million in the 1Q18, representing a
margin of 2.7%.

Net financial costs in the 1Q19 was R$22.0 million, versus R$34.0 in the 1Q18. Such amount is composed of
net interest, discounts granted and expenses relating to the adjustment at present value, among others, in
the amount of R$1.2 million, exchange losses of R$8.3 million and expenses from hedge operations in the
amount of R$14.9 million.

Net income in the 1Q19 came in negative by R$91.6 million, lower than the negative net income of R$46.7
million in the 1Q18.

1Q19 % NR 1Q18 % NR ∆ % 19/18

Volume 83,031 865,690 -90,3%

Net Revenue 135,386 100,0% 1,041,360 100,0% -87,0%

Cost of Goods Sold (155,599) -114,9% (973,927) -93,5% -84,0%

Gross Profit (20,213) -14,9% 67,433 6,5% -130,0%

Feight and Commissions (4,496) -3,3% (51,649) -5,0% -91,3%

SG&A (41,484) -30,6% (55,230) -5,3% -24,9%

EBITDA (61,639) -45,5% (28,052) -2,7% 119,7%

Net Financial Income (Expense) (21,986) -16,2% (34,036) -3,3% -35,4%

Net Income (91,553) -67,6% (46,749) -4,5% n.m.

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PUBLIC CIVIL ACTION – PARANAGUÁ UNIT

Fertilizer Sales SSP and Sulfuric Acid Production Heringer Total

1Q19 % NR 1Q18 % NR 1Q19 % NR 1Q18 % NR 1Q19 1Q18

Net Revenue 135,386 100,0% 1,041,360 100,0% - 0,0% - 0,0% 135,386 1,041,360
Cost of Goods Sold (152,488) -112,6% (967,478) -92,9% (3,111) -100,0% (6,449) -100,0% (155,599) (973,927)
Gross Profit (17,102) -12,6% 73,882 7,1% (3,111) -100,0% (6,449) -100,0% (20,213) 67,433
Feight and Commissions (4,496) -3,3% (51,649) -5,0% 0 0,0% 0 0,0% (4,496) (51,649)

SG&A (41,484) -30,6% (55,230) -5,3% 0 0,0% 0 0,0% (41,484) (55,230)

EBITDA (58,984) -43,6% (24,250) -2,3% (2,654) -100,0% (3,802) -100,0% (61,639) (28,052)

In May 2018, the decision rendered by the lower courts was partially accepted and determined the
performance of a new licensing process, including the preparation of the Environmental Impact Study and
Report ("EIA/RIMA") and the performing of the public hearing for return of the production activities of the
Simple Super Phosphate (SSP), which is currently discontinued and the Company was convicted of collective
damages in the amount of R$500,000; the adjusted accrued provision is R$1,420,000.

The new environmental licensing process referred to above is in progress and the protocol signing for the
EIA/RIMA is expected to take place during the first half of 2019.

CASH FLOW

At the end of the 1Q19, Heringer’s cash and cash equivalents totaled R$10.4 million. Below are the main
items that reconcile the difference:

a) Negative income tax and social contribution in the amount of R$91.6 million;
b) Revenues not affecting cash, in the amount of R$11.9 million, mainly comprised of unrealized hedges;
c) Net asset decrease, in the amount of R$132.1 million, basically due to the decrease in inventories,
taxes recoverable and trade receivables;
d) Net liability decrease, in the amount of R$40.9 million, basically due to the decrease in advances from
customers and payments of import financings;
e) Net divestures in the amount of R$3.0 million;
f) Negative net cash flow from financing activities, in the amount of R$0.4 million.

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 1Q19
Loss before income tax and social contribution (91,553)
Non-cash expenses (income) (11,925)
Decrease (increase) in assets 132,118
(Decrease) increase in liabilities (40,889)
Cash flow from operating activities (12,249)
Cash flow from investing activities 3,043
Free cash flow (9,206)
Cash flow from financing activities (432)
(9,638)

Statement of cash
Cash at the beginning of the period 19,999
Cash at the end of the period 10,361
Changes in cash for the period (9,638)

BRAZILIAN FERTILIZER MARKET AND SEASONALITY

In 2019, seasonality is expected to be in line with 2018, with approximately 37% of the total annual volume
being delivered during the first half of the year and roughly 63% being delivered in the second half.

Heringer estimates that the Brazilian consumption of fertilizers in 2018 totaled 35.5 million tons and, in 2019,
it should expand by approximately 3%.

+1% + 3% + 3%
+5% +13%
-6% 36.6
34.1 34.4 35.5
30.7 32.2
30.2
37% 37%
39% 38%
38%
40% 39%
In thousands of tons

61% 62% 63% 63%

60% 62% 61%

2013 2014 2015 2016 2017 2018E * 2019E *

1st Semester 2nd Semester

* Heringer’s estimates

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RAW MATERIAL PRICES IN THE INTERNATIONAL MARKET

Lower raw materials prices in the international market during the 1Q19.

USD Ureia Potassium Chloride MAP

600
550 1Q19
500
450
- 8%
400
350
- 1%
300
250
- 9%
200
150
100
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19

Source: Siacesp/ FOB Brasil

PRODUCTION OF GRAINS AND CULTIVATED AREA

The estimated production of grains according to CONAB, for the 2018/19 crop season, is 235.3 million tons.
The increase is estimated at 3.4% or 7.7 million tons higher than the previous crop season. The cultivated
area is estimated at 63.0 million hectares, with a calculated growth of 2.1% versus the 2017/18 crop season.

Grains: corn, soybean, rice, bean, sorghum, castor beans, cotton, sunflower, barley, rye, canola, oat, peanut, wheat and triticale
Total Brazil (all cultivations) Source: CONAB 7th estimate, April 2019
* Heringer’s estimates

7
HERINGER’S SHAREHOLDING STRUCTURE

Currently, FHER3 is the sole fertilizer company listed in B3. The Heringer’s shares are traded in the “Novo
Mercado” segment, B3 special corporate governance segment, since April 2007, under code FHER3.

Heringer’s good performance aspects comprise the significant operational potential in an increasing and
competitive market, balanced geographic sales, diversified portfolio of customers, focus on retail sales,
adequate logistics and distribution structure, highly recognized brand and comprehensive portfolio of special
products, and solid management.

Fertilizantes Heringer, within the context of its Judicial Recovery, is working to overcome this moment and,
in order to ensure its perpetuity, has maintained a great financial discipline, taking all necessary actions to
resume its profitability and gain operational efficiency through a leaner and more dynamic corporate
structure. Fertilizantes Heringer’s team will continue to focus on the pursuit of excellence in all its operating
areas through hard work and dedication by all employees, aiming to always offer its customers quality
products and services.

8
ANNEX I – BALANCE SHEET

(in thousands of Reais)

ASSETS Mar-19 Dec-18 LIABILITIES AND EQUITY Mar-19 Dec-18
Current Assets Current Liabilities
Cash and cash equivalents 10,361 19,999 Domestic Suppliers 236,152 243,817
Trade receivables 119,982 157,669 Foreign Suppliers 834,329 798,858
Inventories 244,245 293,422 Forfait 180,742 186,204
Taxes recoverable 275,776 324,408 Loans and financings 853,838 959,469
Other receivables 28,419 156,004 Taxes payable 3,734 3,448
678,783 951,502 Advances from customers 58,402 89,638
Other payables 60,796 97,489
Non-Current Assets 2,227,993 2,378,923
Taxes recoverable 348,139 353,380 Non-Current Liabilities
Other receivables 44,434 43,516 Loans and financings 131 42,748
Long-Term Receivables 392,573 396,896 Other payables 24,078 25,887
24,209 68,635
Total LIABILITIES 2,252,202 2,447,558

Property, Plant and Equipment 460,822 470,619 Equity

Intangible Assets 6,635 6,705 Capital Stock 585,518 585,518
467,457 477,324 Net income/loss for the period -1,338,334 -1,246,931
860,030 874,220 Equity valuation adjustments 39,427 39,577
-713,389 -621,836
Total ASSETS 1,538,813 1,825,722 Total LIABILITIES and EQUITY 1,538,813 1,825,722

9
ANNEX II – STATEMENT OF PROFIT AND LOSS IN THE 1Q19

(in thousand of Reais)

1Q19 % NR 1Q18 % NR 19 x 18

Gross revenue from sales 137,555 1,060,478 -87,0%

Taxes and other sale deductions (2,169) (19,119) -88,7%
Net revenue from sales 135,386 100,0% 1,041,360 100,0% -87,0%
Cost of goods sold (155,599) -114,9% (973,927) -93,5% -84,0%
Gross profit (20,213) -14,9% 67,433 6,5% -130,0%
Operating (expenses) revenues (49,354) -36,5% (107,091) -10,3% -53,9%
Selling expenses (21,017) -15,5% (78,461) -7,5% -73,2%
General and admnistrative expenses (24,963) -18,4% (28,418) -2,7% -12,2%
Other operating revenue (expenses), net (3,374) -2,5% (212) 0,0% 1487,7%
Operating Profit (69,567) -51,4% (39,658) -3,8% 75,4%
Financial income (expenses) (21,986) -16,2% (34,036) -3,3% -35,4%
Financial revenue 151,344 111,8% 43,100 4,1% 251,1%
Financial expenses (165,080) -121,9% (72,494) -7,0% 127,7%
Exchange rate variation, net (8,250) -6,1% (4,641) -0,4% 77,8%
Income before income tax and social contribution (91,553) -67,6% (73,694) -7,1% 24,2%
Income tax and social constribution 0 0,0% 26,945 2,6% -100,0%
Current 0 0,0% 0 0,0% 0,00%
Deferred 0 0,0% 26,945 2,6% -100,0%
Net income for the period (91,553) -67,6% (46,749) -4,5% 95,8%

EBITDA (61,639) -45,5% (28,052) -2,7% 119,7%

Income before financial result and taxes (69,567) -51,4% (39,658) -3,8% 75,4%
Depreciation and amortization 7,928 5,9% 11,606 1,1% -31,7%

10
EBITDA (operating income before interest, taxes, depreciation and amortization) is presented as an additional information for being an important
indicator of our operational performance, in addition to being useful when comparing our performance with other companies operating in the sector.
However, no figure shall be considered isolately as a substitute for the net profit calculated under the Brazilian Corporate Law (BR GAAP) or also as a
measure to determine the Heringer’s profitability. In addition, our calculations may not be comparable to other similar measures adopted by other
companies operating in the sector.

This release contains forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and
assumptions of our Management and on the information currently available to the Heringer. Forward-looking statements include information on our
current plans, beliefs or expectations and also those of the Heringer’s Board of Directors and its Officers.

Disclaimers involving forward-looking statements include information on potential or assumed operating results, as well as statements that are
preceded, followed or include the words “believe”, “may”, “will”, “continue”, “expect”, “project”, “seek”, “plan”, “estimate” or similar expressions.

Forward-looking statements and information provide no guarantee of performance. Because they refer to future events, and as such depend on
circumstances that may or may not occur, they involve risks, uncertainties and assumptions. Future results and the creation of value for shareholders
may differ significantly from that expressed or suggested in the forward-looking statements. Many factors that will determine these results and values
are beyond Heringer’s capacity to control or predict.

11